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The French Insurance Federation and its members make commitments at COP26

In auto insurance, insurers commit to promote the use of spare parts from the circular economy following a claim.

In home insurance, insurers commit to promote the repair of damaged goods rather than their replacement.

In building insurance, insurers are involved in developing the reuse sector.

For decades, the frequency and intensity of natural events have been increasing. In recent years, this trend has gathered momentum: from an average annual cost of just over €1 billion in the 1980s, it has evolved to over €3 billion in the last five years. Climate change is becoming a collective emergency, as shown by the latest study published by the French Insurance Federation, which is now forecasting that climate-related claims will nearly double by 2050.

Insurers are at the forefront of climate change: they finance the ecological transition as long-term investors and are also at the side of their policyholders to support them in terms of prevention and compensation.

The 26th United Nations Climate Change Conference of the Parties (COP26) is taking place in Glasgow until 12 November. Invited as an accredsited observer, Florence Lustman, President of the French Insurance Federation is participating in several round tables as the representative of insurers for France. She is taking this opportunity to announce a new commitment from its members.

Indeed, in addition to their prevention and compensation role, French insurers are also encouraging their policyholders to adopt more virtuous behaviour.

The insurers who are members of the French Insurance Federation are therefore making commitments within several business lines:

  • In auto insurance, insurers commit to promote the use of spare parts from the circular economy following a claim.
  • In home insurance, insurers commit to:
    • promote the repair of damaged goods rather than their replacement,
    • develop, in their networks of repairers in kind, the use of repairers committed to eco-responsible approaches, following the example of those with the “Répar’acteurs” label,
    • establish partnerships with companies specialising in repairs, particularly, ecological repairs.
  • in building insurance, insurers are involved in developing the reuse sector in the construction industry. They undertake to accept, after study, building sites integrating reused materials.
  • in health insurance, insurers commit to promote physical exercise or to cover it on medical recommendation.

According to Florence Lustman, President of the French Insurance Federation: “We are all affected by climate change and I am convinced that we all have a role to play. Generating the most virtuous behaviour in terms of re-use and repair is part of the role of insurers. This is what we are showing through these new commitments. Thanks to the action of our members, we will thus make a very tangible contribution to the decarbonisation of our economy while supporting innovative sectors, in line with local economic issues.”