World Bank Group, Germany, and UK launch $145 million Financing Facility to support earlier action on climate and disaster shocks

News

Image: GRiF/World Bank

The InsuResilience Solutions Fund (ISF)

Project

Photo: Shutterstock

The InsuResilience Investment Fund (IIF)

Project

© Hockstein/Polaris/laif

Innovative proposal on how to strengthen the resilience of smallholder farmers wins "Absorbing Climate Impacts" contest

News

Photo: Aysan Amirghiyasvand

The Pacific Catastrophe Risk Assessment and Financing Initiative (PCRAFI)

Project

© Vlad Sokhin/laif

The Caribbean Catastrophe Risk Insurance Facility (CCRIF)

Project

© iStock.com/Claudiad

The African Risk Capacity (ARC)

Project

© FAO/Giulio Napolitano

InsuResilience Global Partnership

The InsuResilience Global Partnership for Climate and Disaster Risk Finance and Insurance Solutions was launched at the 2017 UN Climate Conference in Bonn. Since its launch, more than 40 members have joined the Partnership. The Partnership aims to strengthen the resilience of developing countries and protect the lives and livelihoods of poor and vulnerable people against the impacts of disasters.

The central objective of the Partnership is to enable more timely and reliable post-disaster response and to better prepare for climate and disaster risk through the use of climate and disaster risk finance and insurance solutions, reducing humanitarian impacts, helping poor and vulnerable people recover more quickly, increasing local adaptive capacity and strengthening local resilience. This complements ongoing efforts in countries to avert, minimize and address climate and disaster risks.

Learn more

Bringing insurance to those who need it most is a task that no actor can achieve individually. This is what makes InsuResilience unique: The initiative brings together partners from governments, insurance industry, international organizations and civil society to join forces and enhance the resilience of poor and vulnerable communities through climate risk insurance.

Ingrid-Gabriela Hoven,
Director-General for Global Issues at the German Federal Ministry for Economic Cooperation and Development (BMZ)

Insurance is an important tool in making communities more resilient when disaster strikes. Effective insurance regulation and supervision are fundamental for growth and maintenance of robust insurance industry. As the implementing partner of the IAIS on financial inclusion, A2ii provides input to global policy debates and draws attention to the key role of insurance supervisors in addressing resilience. Through our membership of the InsuResilience Network we look forward to working with others, pooling our collective expertise, to ensure appropriate insurance solutions are available to those most in need.

Hannah Grant,
Head of Secretariat, Access to Insurance Initiative (A2ii)

Risk finance and insurance solutions play a pivotal role in effective pre-disaster planning and rebuilding efforts. It is our responsibility as (re)insurers to raise awareness of the value of insurance to those regions most impacted by natural disasters. To achieve resilience on a significant scale, we need to work together, along with governments and organisations. To that end we are supportive of the InsuResilience Global Partnership mandate.

Brendan Plessis, EVP,
Head of Emerging Markets at XL Catlin

The poorest and most vulnerable people and countries suffer most from the impacts of extreme weather events. Public-private climate risk related insurance solutions – if they are part of a broader risk management strategy – can play a vital role in buffering these threats. Germanwatch therefore welcomes especially the pro poor focus of the InsuResilience Global Partnership and its effort to cooperate with different stakeholders.

Christoph Bals,
Policy Director, Germanwatch

The UK is proud to be part of InsuResilience. We strongly believe in the potential of insurance to enhance resilience by providing developing countries with faster and more reliable funding after natural disasters. We know from experience that a faster response is more efficient, saves lives and livelihoods, and helps countries recover more quickly.

Rachel Turner,
Director General, Economic Development Department for International Development (DFID), UK

I support this bold initiative and hope the public and private sectors rally behind it to spread proactive resilience globally.

Through InsuResilience, the G7 makes a powerful statement that the world needs to be more proactive in coping with climate-related disaster risk, not waiting for disaster to strike but focusing on ex ante risk management.

Dolika Banda,
CEO of African Risk Capacity Insurance Company Limited (ARC Ltd)

Climate risk insurance supports developing and emerging countries to adapt to climate change by cushioning financial impacts and providing a building block for sustainable economic growth. The insurance industry can support with risk management expertise, risk capital and innovative risk transfer solutions. The InsuResilience Global Partnership contributes with another key success factor: providing a platform for collaboration.

Ernst Rauch,
Global Head Climate & Public Sector Business Development, Munich Re

France has been supportive of InsuResilience since the beginning, and will continue to do so. In the spirit of the Paris Agreement on climate change, we need to join forces and be proactive when it comes to protection against disasters.

Cyrille Pierre,
Director for Sustainable Development at the French Ministry for Europe and Foreign Affairs

No one organization, company or individual by themselves can solve the enormous problem of under-insurance in at-risk developing economies. That’s why the public/private partnership of the Insurance Development Forum is a critical forum for collective action.

Stephen Catlin,
Chair, Insurance Development Forum (IDF)

The forum provided by the InsuResilience Global Partnership enables us to develop comprehensive and complementary solutions for and with our partners from civil society and the private sector. Solutions to give quick support to people who need it most in situations that are threating their livelihood.

Stephan Opitz,
Member of the Management Committee, KfW Development Bank

Climate risk insurance helps – in a fast and cost-efficient manner! Together with the United Kingdom, the World Bank Group and other partners, Germany is working on creating the Global Partnership on Climate and Disaster Risk Finance and Insurance Solutions, which the G20 leaders have welcomed at the Hamburg Summit.

Dr. Gerd Müller,
German Federal Minister for Economic Cooperation and Development

The InsuResilience Global Partnership offers much-needed new resources, visibility and opportunity for synergy among major insurance initiatives. CCAFS hopes the strengths of the agricultural research-for-development community will add value to other efforts to bring insurance to bear on risk-related agricultural challenges across the developing world.

James W. Hansen, Ph.D.,
Flagship 4 Leader: Climate Services and Safety Nets CGIAR Research Program on Climate Change, Agriculture, and Food Security

Why and why now? Simply because the time is right to take advantage of new technologies and increased awareness to make modern risk management solutions sustainably accessible to vulnerable and low income segments of the population, and G7’s InsuResilience initiative is an excellent platform to bring relevant actors together that can make it happen.

Carlos Boelsterli, CEO,
Microinsurance Catastrophe Risk Organisation - SCC (MiCRO)

On average, every ten years the world’s poorest countries suffer economic losses of $47B due to natural disasters, with humanitarian impacts felt by 180 million people. Yet, by 2027, insurance could reduce the “one-in-10-year” disaster loss by 24%. As part of a comprehensive investment in resilience, disaster risk finance can help vulnerable communities survive and thrive in the face of potential shocks.

Daniel Stander,
Global Managing Director, Risk Management Solutions

Mercy Corps’ programming aims to build resilience to shocks, including climate and natural disaster shocks, to ensure that the livelihoods of vulnerable low-income populations are not adversely affected. Insurance plays an important role in promoting resilience, by transferring risk that cannot otherwise be mitigated or managed.

Josh Ling,
Director of Financial Inclusion (Mercy Corps)

Our Latest Headlines