Pre-COP27 Hybrid Conference: Adapting to a changing climate in the management of catastrophic risks in Egypt
Thursday 3 November 2022
09:00 - 16:00 EET
Join the Insurance Federation of Egypt and Marsh McLennan (Guy Carpenter and Marsh) virtually as we partner with government and industry leaders outlining the 2023 and beyond climate change impacts in Egypt and delve into the “best practices” in mitigation, management, adaptation and risk transfer.
The 27th session of the Conference of the Parties (COP27) to the United Nations Framework Convention on Climate Change (UNFCCC) will take place in Sharm El-Sheikh, Egypt, from 6-18 November 2022. Egypt is highly vulnerable to water scarcity, droughts, rising sea levels, and other adverse impacts of climate change. The Global Facility for Disaster Reduction and Recovery (GFDRR), a grant-funding mechanism managed by the World Bank, found that natural hazards killed nearly 1,500 people in Egypt over the last 20 years, with estimated economic damages of USD346.7 million. Climate change is also expected to increase the potential impact of these risks, the GFDRR noted, particularly given that most of Egypt’s population and infrastructure is concentrated around the Nile Delta and Mediterranean coast, where sea level rise could become a real danger. Without adaptation, agriculture, tourism, and coastal communities will be at particular risk.
To support the move to a greener, climate-resilient economy, the Egyptian government recently launched the National Climate Change Strategy. The private sector is scaling up adaptation efforts and will play a key role in this transition. To develop the green finance market, Egypt has also issued the region’s first sovereign green bond to finance projects in clean transportation and sustainable water management. As host of COP27, Egypt is also coordinating global action on climate adaptation, mitigation, and finance.
Insurance, in combination with other risk transfer and financing mechanisms, is an important tool to address catastrophic risk. Insurance plays an important role in financially supporting the recovery of individuals, businesses and communities affected by natural catastrophes. Large natural catastrophe losses in recent years have led insurance companies to re-examine their approach to providing insurance for natural catastrophe risks in some areas. This includes increasing their investment in assessing and modelling natural catastrophe risks, developing advice on risk prevention and establishing new forms of coverage to support government in managing the costs they face due to catastrophic risks. During this conference, invited government officials will share how Egypt is deploying capital and resources as part of a targeted resilience plan. The conference will also include a discussion on natural catastrophe reinsurance capacity and products and the need for solutions beyond those readily available today. We look forward to your participation.
Please register for the event by completing the form on this page.
Should you have any questions surrounding the event, please contact Ruth Lux, Head of Public Sector UK, Europe, Middle East & Africa, Guy Carpenter at Ruth.Lux@guycarp.com
