The Ministry of Climate Change and Environment has drawn up an action plan to enhance the insurance sector's capabilities to adapt to the repercussions of climate change.
The plan was created in cooperation with the Insurance Authority and relevant authorities in the public and private sectors, reported Al Bayan.
The ministry has also carried out evaluation studies on the challenges that climate change poses to the insurance and other sectors in the UAE.
Mr Fahad Al Hammadi, assistant undersecretary for Green Development and Climate Change at the ministry announced these developments at a virtual workshop to discuss the opportunities and challenges of climate change.
The workshop was attended by representatives of more than 50 entities operating or associated with the insurance sector locally, and the discussion focussed on the role of the insurance sector in reducing the impact of climate and maximising growth opportunities.
For its part, the Insurance Authority reviewed the most significant negative impacts of climate change on the insurance sector globally, the expected future impacts at the local level, and the importance of intensifying efforts to adapt to climate change effects to ensure the sector's sustainability and enhance its growth.