ILO wants insurance protection for the poor against global warming impact

Insurance can help protect the poor against the impact of global warming, according to the International Labour Organization (ILO).

The ILO says that the poor will suffer the most from the effects of global warming.

The ILO says that insurance against natural hazards is a risky business and not always viable, particularly in the case of low-cost insurance aimed at impoverished people.

However, the agency adds, it can work.

It says that in India, more than nine million farmers are covered by a scheme that is subsidized by the government, making insurance premiums more affordable to low-income farmers.

The agency also refers to the Caribbean Catastrophe Risk Insurance Facility.

Which it says it’s a pooling facility that provides coverage at a significantly lower cost than what governments in the hurricane-prone region could obtain individually from the insurance market.

Source: UN Radio