The Insurance Authority (IA) and the Hong Kong Federation of Insurers co-hosted an event in support of the Hong Kong Green Week, themed 'Bridging Finance and Future: The Insurance Industry as a Pillar of Climate Resilience'.
The event gathered expert speakers from the insurance sector, government, academia and the commercial sector to discuss the pivotal role of insurance in enhancing climate resilience.
“Given the scale and complexity of climate-related risks, it is incumbent upon regulators and policymakers to engage proactively with the insurance industry, to strengthen our city’s climate resilience through robust risk assessment, improved risk management frameworks underpinned by a deeper understanding of the social value of insurance,” said IA chairman Stephen Yiu.
The IA has been fostering regulator-industry-academia collaboration to apply advanced climate risk research and modelling in insurance for enhancing insurers’ underwriting capability and facilitating product innovation.