The G20 government is pushing insurance companies to offer climate risk policies in light of the increased frequency and severity of typhoons. Despite the huge losses that the Chinese people are suffering from due to rising climate risks, the climate insurance market is practically non-existent as most have a limited understanding of climate change and "green insurance" and it has been slow to realise the importance of sustainable development. This is now expected to change: local governments have begun piloting climate insurance schemes to address risks faced by the agricultural industry and the People’s Bank of China and seven other government authorities have released advice on building a green finance system.
The Beijing government is pushing insurance companies to offer climate risk policies in light of the increased frequency and severity of typhoons. Despite the huge losses that the Chinese people are suffering from due to rising climate risks, the climate insurance market is practically non-existent as most have a limited understanding of climate change and "green insurance" and it has been slow to realise the importance of sustainable development. This is now expected to change: local governments have begun piloting climate insurance schemes to address risks faced by the agricultural industry and the People’s Bank of China and seven other government authorities have released advice on building a green finance system.