In a new report, “Planning for the Future: A Road Towards Resilience”, the Global Federation of Insurance Associations (GFIA) sets out recommendations for involving insurers to help communities better prepare for natural catastrophes. As natural disasters grow in frequency and cost, GFIA is calling for action to strengthen the insurance sector’s role, integrating risk and resilience into land-use planning.
The report notes that across the world natural disasters caused $120 billion in economic losses in the first half of 2024 alone - of which only half was insured. It argues that land-use planning is a vital and effective tool for building resilience to natural catastrophes. Given the insurance sector’s expertise in risk management, GFIA highlights the importance of involving insurers in land-use decisions to enhance resilience and improve insurability.
The report makes the following recommendations:
1. Build a culture of prevention at all levels, starting locally and involving all relevant stakeholders.
2. Increase collaboration between the private sector—including insurers—and public authorities.
3. Integrate risks into insurance underwriting policies.
4. Promote resilient infrastructure.
