Excerpt from eco-business.com Photo credit: Noel Celis / Greenpeace via eco-business.com
As the world accelerates efforts to decarbonise, a crisis continues to unfold: the rising toll of climate shocks on people least equipped to bear them. When Hurricane Melissa slammed into Jamaica as a Category 5 storm, it produced extensive damage and highlighted the exposure of vulnerable communities to climate risk.
Early estimates suggest tens of billions of dollars in economic losses, yet insurance penetration - a tool that could help remedy these losses - remains very low with less than 5 per cent of properties estimated to have meaningful cover.