Supporting a Global Shield against Climate Risks: 6th Meeting of the InsuResilience High-Level Consultative Group
The High-Level Consultative Group (HLCG) of the InsuResilience Global Partnership reconvened on 7 April 2022 to follow up on the strategic topic set during its previous meeting, the enhancement of the Global Climate and Disaster Risk Finance and Insurance (CDRFI) Architecture.
Following the InsuResilience recommendations for strengthening the Global CDRFI Architecture and the Principles for SMART Premium and Capital Support, the German G7 Presidency has shared its vision for establishing a Global Shield against Climate Risks and is seeking the feedback from the different stakeholder groups to contribute to its design.
At the HLCG Meeting, Jürgen Zattler, Director-General for Climate at Germany’s Federal Ministry for Economic Cooperation and Development (BMZ), presented to the Group Germany’s vision for working towards a Global Shield against Climate Risks and the key components to be developed in that context:
- a truly global, flexible, and collaborative financing structure;
- coordination between implementing programs to overcome fragmentation through a redesigned InsuResilience Program Alliance; and
- G7 endorsement of the SMART Premium and Capital Support Principles.
The V20 underlined that the Global Shield needs to :
- focus on mobilizing and providing access to new and timely financial resources,
- tackle affordability barriers through time-bound subsidization strategies,
- develop effective and appropriate delivery structures and
- include V20 representation in global governance processes.
V20 members also stressed that demand-side engagement is central to success and needs to be matched with coordination among delivery partners in the Program Alliance as service providers.
Subsequently, all members of the InsuResilience HLCG provided valuable input for the development of the Global Shield initiative and expressed their commitment to further collaborate on the enhancement of the Global CDRFI Architecture.
To read the 6th HLCG conclusions full report, click here.
HLCG members represent various stakeholder groups. As a platform encouraging exchange among members, the HLCG strives to achieve a balance of representation from the Global South and Global North. Additionally, it aims to encourage seminal dialogues between the public and private sector. Together, members work to help countries better prepare for climate-induced disasters and build resilience in the face of climate and disaster risks.