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Climate Change and Insurance Business in Developing Economies
Abstract
The capacity of insurance systems to reduce immediate losses caused by disasters through the provision of financial security against extreme weather conditions such as hurricanes, tropical cyclones, droughts, and floods avails an opportunity to developing countries for reduction of poverty and steady economic growth. The process of negotiating premium creates a platform for incentives to reduce risk and adapt to the climate change. There are opportunities for donors to combine resources so as to support the vulnerable communities with measures to reduce risk. In this research work, the scholar examines the process of financing disaster risk in developing countries, insurance of disaster in developing economy, advantages of disaster insurance, cost and risks involved in the insurance business, the concept of adaptation in insurance system, proposal of the Munich climate insurance initiative, the impact of insurance on the reduction of greenhouse gasses, and the globalisation of climate change risk.
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