At the Geneva Association’s Climate Change and Environment Conference this week, Swiss Re CEO Andreas Berger issued a compelling call for the insurance and finance industries to fundamentally rethink their role in addressing climate risk.

Speaking before a global audience of policymakers, insurers, and sustainability leaders, Berger urged a decisive move “from pure risk transfer to real risk transformation.”

Citing Benjamin Franklin’s adage that “an ounce of prevention is worth a pound of cure,” Berger said the principle must now become a mainstream practice across economies facing escalating extreme weather losses.

“Our challenge is to turn this maxim into mainstream practice, a shift from pure risk transfer, as we traditionally know it, to true risk transformation,” said Berger.

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