Leaders of the G20 economies, which collectively produce more than 75% of greenhouse gas emissions, must do more to tackle climate change, according to the Munich Climate Insurance Initiative (MCII).

In particular, they should look closely at climate insurance partnerships and how they can help less developed countries cope with severe climate change, it says.

“It is high time they take responsibility to support the most vulnerable countries in their fight against climate change and the increasingly severe impact of floods, heatwaves and changing weather patterns,” MCII Chairman and Munich Re Head of Geo Risks Research Peter Hoeppe said.

“One major milestone would be a climate insurance partnership that helps vulnerable and poor countries and communities better cushion the impact of extreme climatic events.”

The MCII says well-designed insurance solutions offer a host of benefits, including reliable and quick payouts after disasters, better risk assessment and incentives for risk reduction.

British Prime Minister Theresa May announced the new London Centre for Global Disaster Protection at the recent G20 summit in Hamburg.

The centre aims to harness UK expertise in insurance and reinsurance to help developing countries strengthen their disaster planning programs and use insurance to provide cost-effective financial solutions for emergencies.