But experts - including the authoritative Intergovernmental Panel on Climate Change (IPCC) in its Special Report on Managing the Risks of Extreme Events and Disasters to Advance Climate Change Adaptation (SREX) - have sounded a word of caution in portraying insurance as a panacea for improving resilience to climatic shocks.
Even in the developed world, insurers are reluctant to provide regional or even nationwide coverage for floods and other natural hazards because of the systemic nature of those risks, the SREX pointed out.
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