Egypt: Insurance Federation highlights that life insurers can mitigate climate change
Source: Middle East Insurance Review | Aug 2024
The Insurance Federation of Egypt (IFE) is reviewing the role of life insurance companies in dealing with the risks of climate change and ways to improve their functions in this arena.
The IFE says that climate change poses an increasing threat to public health. Climate events such as heat waves, hurricanes and floods lead to an increase in cases of illness and injury which place a heavy burden on healthcare systems and result in higher medical care costs and even premature death rates. These cast a shadow over the life insurance sector.
Rates of non-communicable diseases will likely rise, especially those of cardiovascular diseases, respiratory diseases, and cancer, in addition to the outbreak of tropical infectious diseases and the emergence of new diseases.
It is also likely that vulnerable groups such as the elderly, people with special needs, and the injured will be affected, the IFE bulletin stated. M