Cabo Verde Bank calls for innovation in insurance to strengthen its response to the risks of climate change

Praia, 1 July (Inforpress) – The administrator of the Bank of Cabo Verde (BCV) said today that the insurance sector must innovate and strengthen the management of climate risks, considering insurance “an essential instrument” to protect families, businesses, and national economic stability.

António Semedo was speaking at the opening ceremony of the conference on the topic ‘The role of insurance in managing the risks of climate change – innovation and development’, organised by the BCV as part of the celebrations marking its 50th anniversary.

He warned that climate change is one of the greatest challenges of our time, with growing impacts on people, businesses, infrastructure and financial stability.

‘Climate change is currently one of the greatest global challenges of our time, but it also presents an opportunity to rethink our development models, strengthen the resilience of our institutions and create innovative mechanisms to protect the economy and our society,’ he said.

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