Impact Of Climate Change On Insurance Industry To Be Debated At COP29 - Azerbaijan Insurers Association

(MENAFN- Trend News Agency) BAKU, Azerbaijan, June 20. Risks caused by climate change and the scale of damage caused are growing every year, which is an important signal for the insurance industry, and this topic will be discussed within the framework of COP29, Chairperson of the Supervisory Board of the Azerbaijan Insurers Association Ulviyya Jabbarova said during the opening ceremony of the Azerbaijan International Insurance Forum-2024 (AIIF-2024), Trend reports.

"Another issue that deeply concerns us, as well as the entire global insurance sector, is the environment, the green world, and climate change. As global experience shows, the risks caused by climate change and the scale of damage caused are growing every year, which is an important signal for the insurance industry. It is worth noting that at the end of this year, respected representatives of the world's countries will discuss this topic within COP29, which will be held in Azerbaijan. New regulatory changes are also among the current challenges. Changing requirements, new standards, improvement of management forms, and other directions are the main target indicators here. The main task of insurers is to adapt to these innovations as quickly as possible and, as a result, to actively participate in the overall sustainable growth," she noted.

To note, the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29) will be held in Azerbaijan in November this year. The decision was made at the plenary meeting of COP28 held in Dubai on December 11 last year. Within two weeks, Baku, having become the center of the world, will host about 70,000–80,000 foreign guests.

The UN Framework Convention on Climate Change is an agreement signed at the Rio Earth Summit in June 1992 to prevent dangerous human interference in the climate system. The acronym COP (Conference of Parties) stands for Conference of Parties, which is the highest legislative body overseeing the implementation of the Framework Convention on Climate Change. A total of 198 countries are parties to the convention. Unless the parties have decided otherwise, COP is held annually. The first COP event was held in March 1995 in Berlin, and its secretariat is located in Bonn.


Trend News Agency

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