Four climate change initiatives, representing more than 100 insurers, have recommended that world leaders and governments utilize insurance-linked products to shield developing nations from the effects of climate change. These associations, including the Geneva Association, ClimateWise, the Munich Climate Insurance Initiative (MCII), and the United Nations Environment Programme Finance Initiative (UNEP FI), are advocating for the use of improved risk management and insurance strategies to lessen the vulnerability of developing countries to natural disasters. The insurance industry, along with reinsurers who spread risk throughout the sector, has historically been a key method for protecting against hurricanes, floods, and other disasters. Insurers have also explored transferring risks related to natural disasters to investors in capital markets, such as through catastrophe bonds. For example, Swiss Re collaborated with the World Bank last year to issue a $290 million cat bond to provide coverage against earthquakes and hurricanes in a particular city. Vanessa Otto-Mentz, head of the strategy unit at Santam and member of ClimateWise, emphasized at a news conference in London that the risks faced by developing countries could become risks for developed nations if action is not taken. Insurance associations like Munich Re and Allianz Insurance are advocating for global governments to collaborate with the insurance industry to enhance national risk management in vulnerable developing countries impacted by climate change. They are also calling for the development of new insurance products to cover risks related to climate and weather events, such as human health, crop yields, and animal diseases. Walter Stahel, deputy secretary general at the Geneva Association, highlighted the opportunity to prevent significant human and economic suffering through loss prevention and risk transformations. He urged governments to invest in reliable risk data and engage in public/private partnerships to provide coverage for catastrophe risk and micro insurance. He stated that the insurance industry has the necessary tools and knowledge, but now requires government leaders to establish the framework and conditions for these tools to be effective. According to Munich Re, global economic losses from natural catastrophes have averaged $90 billion per year over the past three decades, with 78 percent of these disasters being weather-related. Additionally, Munich Re reported that 85 percent of deaths from natural catastrophes in this timeframe occurred in developing countries. The four associations will advocate for world leaders and United Nations Framework Convention on Climate Change negotiators.