Four groups representing more than 100 insurers have recommended that world leaders and governments utilize insurance-linked products to safeguard developing countries from the effects of climate change. These organizations include the Geneva Association, ClimateWise, the Munich Climate Insurance Initiative (MCII), and the United Nations Environment Programme Finance Initiative (UNEP FI). They are advocating for the use of better risk management and insurance strategies to decrease the susceptibility of developing nations to natural disasters. The insurance industry, including reinsurers who spread risk across the sector, has historically been a primary method for protecting against hurricanes, floods, and other calamities. Insurers have also sought to transfer risks related to natural disasters to investors in the capital markets through instruments like 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 specific city. Vanessa Otto-Mentz, head of the strategy unit at Santam and a member of ClimateWise, emphasized at a news conference in London that if the developed world does not take action, the risks currently faced by developing countries will eventually affect developed nations. Major insurance companies like Munich Re and Allianz Insurance are advocating for global governments to collaborate with the insurance industry in order to strengthen national risk management processes in vulnerable developing countries, particularly in regards to climate change impacts. They are also pushing for the creation 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 potential to minimize human and economic suffering through loss prevention and risk transformation. He urged governments to invest in gathering reliable risk data in developing countries and to establish public-private partnerships to provide coverage for catastrophe risks and micro insurance. He stated that the insurance industry has the necessary tools and knowledge to address natural catastrophes, but government leaders must create the framework and conditions for these tools to be effective. According to Munich Re, over the past three decades, global economic losses from natural catastrophes have averaged $90 billion annually, with the majority of these events being weather-related. Additionally, Munich Re reported that 85 percent of deaths from natural catastrophes have occurred in developing countries. The four associations will advocate for world leaders and United Nations Framework Convention on Climate Change negotiators.