Imperiled people worldwide might be saved financially from rising climate risk by "a little paragraph" in the global framework on climate change being drafted this December in Copenhagen.
The blurb could give insurance a formal role in international efforts to confront increasing threats related to drought, flooding and growing storms. That could spark a sweeping change, participants say, if one of the world's largest industries is mobilized to help protect populations. One suggestion promotes the creation of a global insurance pool meant to protect billions of people.
The outline could mean that victims in developing countries receive food and financial redress more quickly and efficiently after catastrophes. But there is perhaps a greater outcome: Many damages might never occur. Any global approach using insurance would likely contain strong prevention requirements written into policies. They would make nations in the path of hazards strengthen their ...