This study argues that the focus on insurance by developed countries is too narrow and comes at the expense of a serious consideration of other options. Insurance is only one tool in a much larger toolbox. The emphasis on insurance is also self-serving and diverts the focus from the failure of developed countries to provide adequate and predictable public climate finance in order to fulfill their obligations under the climate regime to one of blaming developing countries for a lack of effort to manage their growing climate risk. This is an unfair and unreasonable expectation, as developing countries did not cause climate change.