The InsuResilience Solutions Fund, represented by the Frankfurt School of Finance and Management, has signed a grant agreement to help strengthen Colombia’s resilience to natural catastrophes.
Under the condition that the applicants commit a meaningful own contribution of 50% of the requested funding, ISF provides grants of up to €2.5 million.
The agreement has been signed with the Microinsurance Catastrophe Risk Organization (MiCRO) and local insurer SBS Colombia S.A..
MiCRO, a socially oriented commercial enterprise focused in Latin America, provides technology-based solutions designed to help families and micro-entrepreneurs recover from the effects of natural catastrophes.
After the successful pilot of its inclusive insurance solution in Guatemala and El Salvador, MiCRO recently expanded its activities to Colombia through a partnership with SBS Seguros Colombia S.A, as it looked to maximise impact and reach scale.
The ISF has been set up and is funded by KfW on behalf of the German Federal Ministry for Economic Cooperation and Development.
It is a delivery channel of the InsuResilience Global Partnership, a joint initiative of the G20 and V20 to reduce vulnerability of poor and vulnerable.
The ISF supports climate risk insurance solutions to mitigate the impacts of climate change and offers co-funding and advisory for the implementation of new climate risk insurance concepts into marketable products and the expansion of existing, sustainable climate risk insurance products.