Workshop at Innovate4Climate: Innovative insurance solutions for climate risk finance within the InsuResilience Global Partnership
Frankfurt, 23 May, 2018. Members and partners of the InsuResilience Global Partnership emphasised the advantage of building partnerships between civil society, the private and public sector to leverage funding and feature innovative approaches helping the poor and vulnerable to better manage increasing climate risks. At a workshop hosted by InsuResilience Secretariat and KfW Development Bank at this year’s Innovate4Climate forum in Frankfurt, representatives from the public and the private sector discussed how to foster cooperation between all stakeholders in implementing sustainable solutions in the field of disaster risk finance towards a climate-resilient development.
In his opening keynote speech, Frank Fass-Metz, Commissioner for climate policy and climate financing in the Federal Ministry for Economic Cooperation and Development (BMZ), emphasised the importance of disaster risk finance and insurance solutions for smoothing the financial shocks of disasters and preventing poor and vulnerable people from falling back into poverty. The InsuResilience Global Partnership offered a joint collaboration approach for all stakeholders to contribute to shaping future policy, practice and investments.
Andrea Camargo, Chief Strategy Officer of MiCRO, highlighted the importance of good communication and coordination between all actors involved in these partnerships, including regulatory authorities. Dr. Astrid Zwick, Head of InsuResilience Secretariat, explained the vital role of the private sector, bringing in expertise on data, risk modelling and product design. “But we also need the critical eye of civil society who can voice the needs of our target group, the poor and vulnerable”, she noted. This was seconded by Simone Ruiz-Vergote, Managing Director of Allianz Climate Solutions, who added that “to reach the poor and vulnerable populations, we need the support of the public sector”.
A concrete example of product development through joint projects between the private sector and other partners from the public sector and civil society is the InsuResilience Solutions Fund (ISF). The ISF, embedded within the InsuResilience Global Partnership, has been established to support the development of innovative climate risk insurances. By catalysing the formation of partnerships between public entities, private companies in the insurance sector and NGOs the ISF is taking into account the important role of the private sector in leveraging expertise and capital while ensuring the demand and sustainability of the developed climate risk insurance products.
As of 23 May, the ISF is open for applications of project ideas that offer to develop new or scale up existing insurance products for poor and vulnerable people against extreme weather events like floods, windstorms, excess rain or drought.
For more information on the InsuResilience Solutions Fund (ISF), please visit: http://www.insuresilience-solutions-fund.org/