Published December 03,2023
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Former U.S. Secretary of State Hillary Clinton known as on Sunday for reform of the insurance coverage sector, the place corporations are more and more withdrawing help in opposition to local weather shocks.
Lower-income international locations and staff in nations most affected by local weather change are struggling to entry insurance coverage to assist defend them from financial shocks.
“We need to rethink the insurance industry,” Clinton mentioned throughout a panel on ladies and local weather resiliency. “Insurance companies are pulling out of so many places. They’re not insuring homes. They’re not insuring businesses.”
Clinton earlier this yr joined the Arsht-Rock Foundation Resilience Center as a world ambassador on warmth, well being and gender. The heart has pioneered new types of so-called parametric insurance coverage that supply funds as soon as disasters hit a pre-set excessive.
During Sunday’s dialogue, Clinton recalled assembly Indian ladies who described working outdoor in building, farming or desert salt flats, pressured to work in “almost unbearable conditions” as a result of they’d no financial alternate options.
But “as the climate changes, as storms increase and drought and heat increase,” she mentioned, “it’s not just … poor, hard-working women in India. It’s people everywhere who are going to be left out with no backup, no insurance for their business or their home.”
In the U.S., insurers have already begun pulling again from dangerous areas corresponding to California’s fire-prone forests or alongside southeast coastlines hit by hurricanes.
Clinton warned that this development would escalate. “People in the United States, Europe, they’re going to wake up and say, ‘What do you mean, I can’t get insurance?'”
Source: www.anews.com.tr