Parametric ILS “vital” to reduce protection gaps, increase resilience: Mark Carney, Bank of England

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Mark Carney, the Governor of the Bank of England, discussed the role of insurance and reinsurance technology as an essential financial took to smooth the world’s transition to a 1.5 degree world and highlighted the role of insurance-linked securities (ILS) within that.

Speaking on Sunday in New York, on the sidelines of the Climate Action Summit held at the United Nations, Carney said that the insurance and reinsurance sectors role in responding to climate change is “crucial” and can be “decisive.”

The Governor of the Bank of England explained that the re/insurance market brings three valuable traits with it, expertise, money and a perspective on climate related risks, which are all “crucial in helping society adjust to the reality of that transition.”

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