InsuResilience Solutions Fund – 3rd Call for Proposals is open!
The InsuResilience Solutions Fund (ISF) is pleased to announce the opening of its third Call for Proposals. Concept Notes for the development of climate risk insurance products can be submitted until February 7th 2020, 23:59 CET.
On behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ), KfW Development Bank launched the ISF in October 2017 to increase the resilience against extreme weather events at the micro, meso and macro level. The ISF, now managed by Frankfurt School of Finance and Management gGmbH since January 2019, supports the development of financially sustainable insurance solutions tailored to meet the needs of households, small and medium-sized enterprises, humanitarian organisations and governments in Latin American, African and Asian countries affected by climate change which are eligible to receive official development assistance (ODA). Thereby, the ISF increases the resilience of poor and vulnerable people to extreme weather events such as floods, wind/storm, excess rain, drought or cold spells.
Therefore, the ISF provides partial grant funding and advice to partnerships between (local) public entities (e.g. national or regional government bodies), private companies in the insurance sector and NGOs to
- transform climate risk insurance concepts into products ready for market placement and
- bring successfully piloted climate risk insurance products to scale.
Grants of up to EUR 2.5m can be provided for development, introduction and scale-up costs (e.g. staff costs, data collection, modelling, legal fees, sales and distribution channel development etc.) for direct and indirect climate insurance products.
The applying partnerships have to consist of at least
- a user, (e.g. national or regional government bodies, NGOs, local insurer) and
- an implementing partner and potential risk taker, (e.g. reinsurance company).
Further parties, e.g. other product implementing partners such as risk modelling agencies, insurers, brokers, can additionally be involved. By initiating the ISF, KfW is making an important contribution to one of the objectives of the InsuResilience Global Partnership: the identification and development of new climate risk finance and insurance solutions to close the protection gap in the field of climate risk.
Further information about the InsuResilience Solutions Fund and its support is provided on this webpage : https://www.insuresilience-solutions-fund.org/call-for-proposals
Contact: firstname.lastname@example.org for any further inquries.