Public-private partnership the Insurance Development Forum (IDF) has launched a program aimed at developing a parametric flood and earthquake product, as well as an indemnity landslide protection, in Colombian city of Medellín.
The project includes participation from IDF members Hannover Re and Willis Towers Watson and t is part of the Tripartite Agreement launched in 2019 between the German Federal Ministry for Economic Cooperation and Development, the IDF and the United Nations Development Programme.
Its purpose is to support the development of risk management solutions for climate-vulnerable countries, and is now being leveraged to increase the resilience of Medellín to climate risks and natural disasters through insurance protection
“The IDF is delighted to see implementation of another Tripartite project involving the insurance industry working hand in hand with a government to address the significant proportion of physical damage and financial losses often incurred as a result of a disaster; in this instance, floods, earthquakes and landslides,” said IDF Secretary General Ekhosuehi Iyahen.
“The IDF is committed to playing an influential role in supporting the development of much needed practical solutions.
“The Public-private partnerships which see insurance professionals working closely with public officials to bring their risk management expertise to bear enables the delivery of solutions at scale for those who are most vulnerable.”