Zurich alliance expands from flood to climate resilience
Zurich alliance expands from flood to climate resilience | Insurance Business Asia
Insurance News
Zurich alliance expands from flood to climate resilience
Alliance enhances efforts in vulnerable communities
Insurance News
By
Kenneth Araullo
Building on a decade of experience in flood resilience, the Zurich Flood Resilience Alliance has transitioned into the Zurich Climate Resilience Alliance. This strategic shift addresses the increasing need for adaptation efforts in response to the growing impacts of climate change.
The new alliance, spearheaded by Zurich Insurance Group and the Z Zurich Foundation, aims to evaluate resilience levels in vulnerable communities and implement solutions to various climate hazards.
The transition from the Zurich Flood Resilience Alliance, which began in 2013, reflects the broader focus on climate risks beyond floods.
The Zurich Climate Resilience Alliance includes the same nine members as its predecessor, bringing together humanitarian organisations, NGOs, research institutions, and private sector partners.
The members include Zurich Insurance Company Ltd, Concern Worldwide, the International Federation of the Red Cross and Red Crescent Societies (IFRC), Mercy Corps, Plan International, Practical Action, the International Institute for Applied Systems and Analysis (IIASA), the London School of Economics (LSE), and the Institute for Social and Environmental Transition International (ISET).
Gregory Renand (pictured above), head of the Z Zurich Foundation, highlighted the impact of the Alliance’s initiatives, stating that since 2018, they have positively affected the lives of over 3 million people across more than 350 communities worldwide.
The alliance’s advocacy efforts have also influenced an increase in resilience spending of over $1.25 billion. The expanded focus now includes additional climate hazards such as heatwaves, wildfires, and storms, reinforcing the Alliance’s commitment to building resilience in vulnerable communities.
The year 2023 marked the hottest year on record, with a notable increase in the frequency and intensity of climate-related events like storms and flash floods. Despite these growing threats, investment in climate adaptation remains insufficient, leading to greater losses and damage after each disaster.
The alliance emphasises the importance of long-term, sustainable resilience to climate hazards, which can only be achieved through collaboration with affected communities. The programs developed by the Alliance are tailored to the specific needs of each community, focusing on assessing current resilience levels and implementing appropriate solutions.
Linda Freiner, chief sustainability officer at Zurich Insurance Group, noted the significance of the Alliance’s evolution.
She acknowledged the progress made over the past decade in addressing the climate crisis and emphasised the need to accelerate efforts in the coming years. The next decade, she said, is crucial for achieving the goals necessary to secure a sustainable future.
The Zurich Climate Resilience Alliance aims to address systemic barriers to resilience-building and deliver large-scale impact. By broadening its focus and enhancing community collaboration, the Alliance seeks to create an environment where vulnerable communities are not only resilient but also thriving in the face of climate challenges.
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