«Arab Monetary»: a crucial role for insurance in reducing the impact of climate on the economy

«Arab Monetary»: a crucial role for insurance in reducing the impact of climate on the economy
«Arab Monetary»: a crucial role for insurance in reducing the impact of climate on the economy

Dr. Abdul Rahman Al-Hamidi, Director General and Chairman of the Board of Directors of the Arab Monetary Fund, said that the insurance industry plays a crucial role in supporting adaptation and mitigation strategies to reduce the impact of climate change on societies and economies, as a major player in risk management.

In his opening speech at the meeting of the insurance supervisory authorities in the Arab countries on “The Repercussions of Climate Change on the Insurance Industry in the Arab Region: Adaptation and Mitigation Strategies,” he added that the insurance industry requires the development of innovative products and services to help individuals, companies and governments deal with the impact of climate change and reduce their carbon footprint. .

He explained that to achieve this, a combination of risk models, data analytics, and sustainable investment strategies that support the transition to a low-carbon economy must be available, and the insurance industry must work collaboratively with other stakeholders to develop effective adaptation and mitigation strategies that can help reduce the impact of climate change. climate and support sustainable economic growth.

He added that the Arab region has significant capabilities in the field of insurance, specifically in the field of sustainable insurance, and the supervisory authorities in the Arab countries are working to direct the insurance sector towards sustainability in a way that contributes to enhancing financial stability and mobilizing and developing savings to finance sustainable development, in addition to the impact of that in strengthening the role of The insurance sector in providing protection for individuals and property, especially in light of the digital transformation.

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