A Cambridge University team is calling for insurance reforms to be explicitly mentioned in the UN's forthcoming Sustainable Development Goals. They outlined their proposals at an insurance summit at the UN, New York.
G7 leaders recently pledged to help 400 million people have access to insurance cover against extreme weather events. The researchers produced a policy brief that was presented to the global gathering at the UN headquarters.
"My role was to highlight the policy implications of having insurance at the centre of requirements to protect exposed populations," explained policy-brief author Ana Gonzalez Peleaz, a fellow from the Cambridge Institute for Sustainability Leadership.
"The lack of effective insurance regulation is a problem for accessing insurance across all parts of society." For example, she told BBC News, there were a number of nations that did not allow mutual insurance companies - these are companies that are wholly owned by policyholders, with the sole purpose of providing cover for its members and policyholders.
"The lack of regulation can have devastating consequences for customer protection and also insurers cannot really grow if the regulatory environment is not supportive."...