More than 100 international insurance companies have called on governments to use risk management techniques and insurance expertise to help the developing world adapt to climate change.

The insurers believe existing risk management mechanisms are not helping save the developing world from natural catastrophes.

The economic losses from these catastrophes are averaging $US90 billion ($98 billion) a year, with 78% being weather-related, according to figures from Munich Re. Of those catastrophes, 85% have occurred in developing countries.

The insurers want governments to implement risk reduction measures already agreed at the 2005 World Conference on Disaster Reduction.

They also want governments to provide economic and regulatory frameworks so risk management and insurance can function at all levels of society.

Suggested measures include making reliable risk exposure data freely available to the public and acting on the benefits of regional public-private partnerships and micro-insurance schemes.

Four insurance climate change bodies – ClimateWise, the Geneva Association, the Munich Climate Insurance Initiative and the United Nations Environment Program Finance Initiative – worked on the initiatives.