Four groups representing more than 100 insurers have recommended that world leaders and governments utilize insurance-linked products to safeguard developing nations from the effects of climate change. The Geneva Association, ClimateWise, MCII, and UNEP FI are advocating for the implementation of improved risk management and insurance strategies to enhance the resilience of developing countries to natural disasters. The insurance industry, including reinsurers, has traditionally played a key role in mitigating risks associated with hurricanes, floods, and other disasters. Insurers have also explored transferring these risks to capital markets investors through methods like catastrophe bonds. Last year, Swiss Re collaborated with the World Bank to issue a $290 million cat bond for earthquake and hurricane coverage in a specific city. Vanessa Otto-Mentz, head of the strategy unit at Santam and a member of ClimateWise, emphasized the importance of addressing the risks faced by developing countries before they become risks for developed countries. She stated this at a news conference in London, where associations representing insurers like Munich Re and Allianz Insurance called for global governments to involve the insurance industry in national risk management processes in vulnerable developing countries affected by climate change. The group also recommended 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 opportunity to prevent human and economic suffering through loss prevention and risk transformations. He urged governments to invest in reliable risk data in developing countries and to collaborate with public/private partnerships to provide insurance coverage for catastrophic risks and microinsurance. He stated that the insurance industry has the necessary tools and knowledge, and now it is crucial for government leaders to establish the framework and conditions for these tools to be effective. Munich Re, the world's largest reinsurer, reported that over the past three decades, global economic losses from natural catastrophes have averaged $90 billion per year, with 78 percent of these disasters being weather-related. The reinsurer also stated that 85 percent of deaths from natural catastrophes in that time period have occurred in developing countries. The four associations will be working to persuade world leaders and negotiators of the United Nations Framework Convention on Climate Change.