Working with the Climate Action Authority

Working with the Climate Action Authority

As Malta advances its climate transition, it is essential that insurance industry expertise helps shape the standards, planning and risk frameworks that underpin it.

Following the Insurance Association Malta’s recent meeting with the Climate Action Authority, we are encouraged to be recognised as key stakeholders and look forward to continuing to build on this constructive relationship.

The insurance market will be absorbing much of the climate-related risks. As institutional investors we can also deploy capital to support long-term sustainable development. The market is committed to constructively contributing to policy development on climate mitigation and adaptation.

From an insurance and risk perspective, climate adaptation requires a geographic understanding of Malta’s vulnerability and a coordinated response across government.

IAM can bring practical insight across key adaptation areas, including climate-resilient buildings and related fire and electrical safety standards, the electric vehicle ecosystem, and generally the importance of integrating insurance risk knowledge into public policy.

Through close collaboration between government, regulators and industry, Malta can ensure its climate adaptation efforts result in keeping risks insurable, affordable and financeable so that society, the economy and public finances remain resilient as climate hazards intensify.

The meeting was attended by (from left)... Charles Zarb, IAM; Etienne Sciberras, IAM vice president; Catherine Calleja IAM president; Abigail Cutajar, Climate Action Authority CEO; and Margaret Cassar and David Muscat from the Authority.