Prince Charles launches a partnership with the global insurance industry to tackle climate change at Lloyd’s building in

The video discusses the global impact of the pandemic and highlights climate change as a major systemic risk. It emphasizes the role of the insurance industry in building resilience and supporting recovery from disasters. The video also explores the need for global collaboration to transition to a low carbon economy and introduces the Sustainable Markets Initiative Insurance Task Force.

What has the pandemic highlighted about systemic risks?

• They are easy to predict and manage.

• They are always hypothetical and never become reality.

• They only affect specific regions.

• They can have unprecedented societal and economic impacts.

Why is climate change considered the biggest systemic risk?

• It only affects the insurance industry.

• It has a minor impact on daily life.

• It can dramatically affect lives and livelihoods if unaddressed.

• It is already completely under control.

How is the insurance industry responding to climate change?

• By focusing solely on profit maximization.

• By building resilience and providing financial support for recovery.

• By ignoring the increasing frequency of extreme weather events.

• By reducing their involvement in climate-related issues.

What is required for a successful transition to a low-carbon economy?

• Ignoring commitments to decarbonize.

• Global collective collaboration on a vast scale.

• Individual efforts without global collaboration.

• Complete reliance on fossil fuels.

What role does the insurance industry play in the transition to a sustainable future?

• It has no significant role.

• It discourages sustainable practices.

• It provides innovative products and services to manage changing risks.

• It focuses only on traditional insurance products.