^aMAPFRE Mutualidad, Crta de Pozuelo a Majadahonda no. 52, Majadahonda, Madrid 28220, Spain. E-mail: fmira@mapfre.com

Abstract

Latin America is particularly susceptible to the consequences of climate change and has low insurance penetration. Urgent solutions are needed to establish a better socioeconomic framework to cope with ordinary and extraordinary losses following climate-related events. Developed countries have a role to play in mitigating these losses by sharing with developing countries their long experience in scientific research and more advanced weather and climate monitoring and forecasting.