A global online database platform to share good practices and innovative solutions in climate risk insurance has been launched by the Global Index Insurance Facility (GIIF), the Munich Climate Insurance Initiative (MCII), and the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ).
The German government commissioned platform promotes risk transfer as an approach to more effectively manage the increasing number of disasters and their impacts on vulnerable communities.
“After the big policy milestones of the Paris Agreement, Sendai Framework for Disaster Reduction, and the Sustainable Development Goals we are now in the implementation phase.” Soenke Kreft, Executive Director of MCII, said.
“To strengthen action on climate risk insurance, we have initiated a central platform where information on climate risk insurance can be presented in a consolidated format for consideration by interested practitioners and policy makers,” he added.
To ensure continuous access, the new platform is a GIIF online platform, managed by the World Bank and supported by EU/ACP, the governments of Germany, the Netherlands, and Japan.
The online database is expected to contribute towards global development goals and international government dialogue such as the Sendai Framework, Sustainable Development Goals, UNFCCC climate debate, and the G7 and G20 discussions.
Fatou Assah, GIIF Program Manager, said; “These knowledge products can help develop sustainable insurance markets that vulnerable communities can include as part of their suite of financial tools to strengthen resilience against climate and disaster risks.”
Speaking at the Insurance Development Forum panel debate on confronting global underinsurance amid heightened global risks, at the 2017 Rendezvous de Septembre (RVS), Rowan Douglas, Chief Executive Officer (CEO) of Capital Science and Policy, Willis Towers Watson, said the industry is at a turning point that could revolutionise the use of re/insurance in the global humanitarian system.
The re/insurance industry is becoming increasingly recognised by governments and development organisations as one of the most valuable components to managing the financial impact of growing climate related risks and improving resilience of the most vulnerable communities.
As such, the industry is undergoing a shift in its modus operandi, with increasing numbers of platforms like the newly established database for climate risk and the Insurance Development Forum (IDF) working towards a more collaborative private-public partnership approach to risk transfer and resilience.
Branko Wehnert, GIZ Head of Integrated Climate Risk management (ICRM), commented on this “growing and intensifying action”, saying “there is a plentitude of on-going programs, projects and measures to support the most affected countries and governments with the adaptation to climate change and the management of climate risks like typhoons, tropical storms, floods, and droughts.
“We are certain the database will further support the capacity development and knowledge sharing efforts of various international organizations working on climate risk insurance.”
