Insurers team with governments, environmental groups to fight ocean risk

As part of the UN Secretary General’s Climate Action Summit, a new alliance between the insurance and finance sectors, governments and environmental organizations is being launched to build resilience to ocean risk. The Ocean Risk and Resilience Action Alliance (ORRAA) will pioneer insurance and finance products that spur investment in coastal resilience, accelerate research to better understand and manage ocean risk, and inform policy, governance, and public understanding. “Ocean changes have widespread implications for the lives and livelihoods of billions of people,” said Denis Duverne, chairman of the board at AXA, one of ORRAA’s founding member companies.

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