Climate change insurance: Poor reach, reliance on fossil fuel key issues

India's challenge is that the insurance coverage and penetration vary by lines of business and the low penetration problem is acute

Subhomoy Bhattacharjee New Delhi
climate change, flooding

Climate change and the risk associated with it is a major topic that is discussed at global forums. Yet, discussion on climate issues was conspicuously low-key at a meeting of global insurance mavens in New Delhi last week to decide their priorities for the year and possibly for the decade.
For the Institute of Actuaries of India, the experts who figure out what premium to charge for a risk, their list of priorities included the need for insurance and pension industries as well as actuaries to look holistically at products, regulation, and policy against the backdrop of changing consumer needs. Somewhere in the list at the Global Conference of Actuaries hosted in New Delhi by the India-based Institute of Actuaries, climate change did surface, but this was clearly a proforma issue.
R Arunachalam, president of the Institute of Actuaries of India, told Business Standard that climate change issues are important, but they follow the ot

Also Read

Emissions to hit a peak by 2025, demand for fossil fuel to reduce: IEA

EU, China remain Russia's largest fossil fuel customers: CREA data

COP27 summit 2022: Informal draft has little new for poor nations

PM Modi bats for more RE and less fossil fuel or gas-based economy

NTPC, Tata Motors: Analysts bet on renewable energy stocks for long-haul

To cover mental illness, buy health insurance policy offering OPD coverage

Life Insurance Corporation recoups losses as Adani Group shares rise

Irdai to bring in 'EASE' in delivering entire suite of insurance services

Ask for a benefit illustration of the 'tax-saving' plan you're being sold

Health insurance plan: Protect yourself with reinstatement benefit

First Published: Mar 12 2023 | 5:48 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on are available only to BS Premium subscribers. Already a BS Premium subscriber?LOGIN NOW

Register to