Tuesday, Jul 23 2024 | Time 23:32 Hrs(IST)
Business Economy

7th BIMTECH Insurance Colloquium sheds light on climate change's impact on insurance

Mumbai, Nov 5 (UNI) India being one of the most vulnerable countries to climate-induced flooding and heat stress, climate change will significantly impact the insurance industry with higher severity of catastrophic (CAT) losses, inadequacy of property coverages and higher business interruption losses, said M R Kumar, former chairman, LIC of India.

Speaking at the seventh BIMTECH Insurance Colloquium orgrnised by Birla Institute of Management Technology (BIMTECH) on the theme of "Expanding the Sustainable Value Chain: Climate Change's Impact on Property & Casualty, Health and Life Insurance" here recently, he further said the city of Mumbai could suffer economic damages of USD 49 to 50 billion by 2050 due to sea level rise.

He asked insurers to integrate both physical and transition risks and find ways to manage them effectively.

Prof Bejon Kumar Misra, International Consumer Policy expert, Executive Committee member - General Insurance Council, said, "In today's world, we must prioritise sustainability, innovation and the well-being of every individual."

A report of the "India Insurance Report" was released on the occasion.

Also, the Lifetime Achievement Award was given to Atul D Boda, chairman of all J B Boda Group of Companies, on the occasion, a press release said here on Sunday.


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