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This paper emphasises the key role that insurance plays when it comes to dealing with climate and environmental risks and how this industry can contribute in a positive way to cope with the challenges confronting humankind. It asserts that it is important to focus on how societies can adapt to and manage the inevitable consequences for the economy, environment and society. It is also stated that whilst efforts at mitigation require broad international political consensus amongst governments, decision-making on adaptation measures will take place primarily on a national, regional or even local level where insurers’ specific risk expertise resides.