AXA XL is delighted to be sponsoring the Resilience Hub at COP26 as part of our ongoing commitment to develop resilient communities, respond to climate change and deliver sustainable insurance solutions. The Resilience Hub provides a platform from which we can help to raise awareness and discuss best practice around the importance of building resilience.
by Suzanne Scatliffe, global sustainability director, AXA XL
Insurance is a key market mechanism, providing a safety net for many millions of people. AXA XL is committed to providing innovative solutions by extending the use of its insurance provision and risk analysis expertise in countries around the world. However, given the disproportionate impact of climate change and natural disasters on developing economies, these represent a particular focus for us in relation to efforts around adaptation and resilience.
At COP26, we’ll showcase our commitment to building resilience around ocean-related risks and water security. Take, for example, our Ocean Risk Initiative, which drives product innovation around mangroves and coral reefs. We believe that integrating nature-based solutions into formal planning, investment and risk management frameworks, can provide long-term benefits to building resilience for economies, local communities and biodiversity.
We’ll launch the Coastal Risk Index on November 5. This includes an innovative, interactive tool that allows users to assess coastal flood hazard and quantify the risk reduction benefits of mangroves and coral reefs for coastal communities, national, regional and city planners, investors, risk managers and insurers. Watch this space!
The impact that climate change is having on the world’s water supply is not only limiting water availability but is also adversely affecting its quality. Given AXA XL’s role in providing solutions to the most complex risks, we believe we’re uniquely positioned to contribute to a more water-secure world.
Our Valuing Water initiative considers both the social and economic value of freshwater. We’re helping to develop water resilience by providing targeted funding, leveraging our risk expertise and partnering with thought leaders in academia and industry.
Our hopes for COP 26
This year’s COP will see countries try to agree their action plans to cut emissions to limit climate change and its effects – such as rising sea levels and extreme weather. As a major provider of capital for disaster risk finance and insurance, as well as a source of technical knowledge that governments can benefit from, the insurance industry has a key role to play in developing solutions to these risks.
By working collaboratively across sectors, we can help to build resilience for many hundreds of millions of people and use our skills and ambition to bring about lasting change.
Main image: The use of nature-based solutions, including mangroves as seen here, is a critical component of disaster risk management and climate adaptation