What is the purpose of the insurance sector? Presumably, it’s to provide financial security to individuals, enterprises and communities by transferring risk in a way that provides a degree of certainty to policyholders.

Unfortunately, climate change and the large, ever-growing insurance protection gap are fundamentally incompatible with this core purpose. Therefore, it’s essential that individual insurance corporations help to lead a collaborative effort to address this market failure and substantially increase industry R&D expenditures.

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