InsuResilience Global Partnership Announces its Vision 2025
With the adoption of the Vision 2025, a six-year work plan setting ambitious and comprehensive resilience targets, the InsuResilience Global Partnership has raised ambitions to strengthen concerted efforts on Climate and Disaster Risk Finance and Insurance. In times of increasing frequency and severity of extreme weather events, the Partnership addresses the urgency for better preparedness and for effective, reliable and timely responses to disasters across vulnerable countries. The Vision 2025 pushes for a substantial scale up in the use of pre-arranged risk finance and insurance mechanisms, embedded within comprehensive disaster risk management, and complementing broader resilience and adaptation efforts. With a renewed focus on impact, it takes on a people-centered and needs-based approach to the design and implementation of financial solutions for climate and disaster risk.
The Vision is put forward through a detailed work plan that incorporates four work streams: (i) Strategic Guidance and Convergence; (ii) Action and Implementation; (iii) Capacity Building; and Knowledge Management; as well as (iv) a Collaborative Network. A pro-poor approach and increased efforts in gender mainstreaming are identified as additional crosscutting objectives.
The work streams will guide the members of the Partnership to collaboratively work towards the following global targets by 2025:
- 500 million poor and vulnerable people covered against disaster and climate shocks by pre-arranged risk finance and insurance mechanisms, including the InsuResilience G7 goal.
- 150 million people covered by microinsurance, including the InsuResilience G7 goal.
- US$ 5 billion of risk capital offered by the insurance industry (on the basis of IDF private sector commitment).
- 10% of average annual climate and disaster losses in V20 and other vulnerable countries covered by pre-arranged risk finance and insurance mechanisms.
- 80 V20 and other vulnerable countries with comprehensive disaster risk finance strategies in place.
- 60 V20 and other vulnerable countries with new or enhanced (sub) sovereign pre-arranged risk financing and insurance mechanisms for critical infrastructure and/or rapid funding for disaster response.
- 70 V20 and other vulnerable countries have developed property and agricultural microinsurance solutions.
Read the full Vision 2025 here and find out how the InsuResilience Global Partnership aims to achieve the outcomes through its Workplan. For more information, or should you want to contribute to the InsuResilience Vision 2025, please contact the InsuResilience Secretariat.