Thomas Loster

COP19: Thomas Loster on insuring developing countries against climate change

COP19 (18/11/13) – Thomas Loster, Chairman of the Munich Re Foundation, part of insurance company Munich Re says although insurance only plays a small part in risk management it is nonetheless important.

The Foundation looks to insure poor people against risk. Micro-insurance schemes are tailor made with very low premiums.

Already 500 million people around the world are covered by micro insurance and in Asia alone it has grown by 40%.

Loster insists insurance companies cannot get rich by insuring poor people because of such low premiums, instead the money goes to the communities and not the pockets of wealthy banks.