Impact Of Climate Change On Insurance Industry To Be Debated At COP29 - Azerbaijan Insurers Association
Date
6/20/2024 5:19:59 AM
(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.
MENAFN20062024000187011040ID1108352282
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.