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GRMA selected as Key Resource for Global Shield Initiative
16th November 2022
The Global Risk Modelling Alliance (GRMA) has been selected as Key Resource for the Global Shield Initiative, an initiative for pre-arranged financial support designed to be deployed during climate disasters that was launched at COP27 earlier this week. In a statement, the GRMA said that a further €10m in funding ... Read the full article
WTW to partner with UNICEF on child focused cyclone project
16th November 2022
Broking and solutions company, WTW, has helped to create the United Nations Children’s Fund’s (UNICEF) new initiative to provide sustainable disaster and climate change protection to meet the specific needs of vulnerable children. The ground-breaking UNICEF Today and Tomorrow Initiative will invest in climate resilience and anticipatory action for improved cyclone ... Read the full article
IDF and UNDP to lead on parametric flood insurance cover for Lagos, Nigeria
11th November 2022
The Insurance Development Forum and the United Nations Development Programme, along with the German Government and the Lagos State Government in Nigeria, have launched a €1.6 million project to develop a sub-sovereign risk transfer scheme to provide flood risk cover for Lagos State, Nigeria. The Insurance Development Forum, (IDF) notes ... Read the full article
Belize first to receive payout by MAR Fund after Hurricane Lisa triggers parametric policy: WTW
11th November 2022
The country of Belize is set to receive a payout of $175,000 after Category 1 Hurricane Lisa triggered its parametric policy under the Mesoamerican Reef (MAR) Insurance Programme, reports insurance and reinsurance broker WTW. Launched in June of last year via a partnership between WTW and the Mesoamerican Reef Fund, ... Read the full article
V20 & G7 to jointly launch Global Shield against Climate Risks at COP27
31st October 2022
The V20 Group of Finance Ministers from climate-vulnerable economies and the G7 Presidency have announced they have reached an agreement on financial protection cooperation, to launch the Global Shield against Climate Risks at COP27. According to a joint press release of V20 and the German Ministry for Economic Cooperation and Development, ... Read the full article
WTW adds Munich Re & AXA Climate as capacity providers for expanded reef project
5th July 2022
WTW, along with the Mesoamerican Reef Fund (MAR Fund) and the InsuResilience Solutions Fund has appointed Munich Re and AXA Climate as the insurance capacity providers that will support the MAR Insurance Programme, a central pillar of MAR Fund’s Reef Rescue Initiative. Using a model designed by WTW that captures the ... Read the full article
G7 leaders pledge to scale up CDRFI
29th June 2022
The leaders of the Group of Seven (G7) met in Elmau, Germany, between June 26th and 28th. In a statement issued after the meeting, the G7 committed to scaling up climate and disaster risk finance and insurance (CDRFI) and working towards a Global Shield against ... Read the full article
Allianz and Swiss Re to lead flood risk transfer project in Ghana
14th June 2022
Allianz and Swiss Re, members of the Insurance Development Forum (IDF), will lead a Tripartite risk transfer project for urban floods in Ghana. The IDF, alongside the Ghana Ministry of Finance, the United Nations Development Programme (UNDP) and the German Government, announced its launching during the IDF ... Read the full article
Mexico launches IDF-backed parametric climate solution for farmers
25th March 2022
The Government of Mexico has announced the launch of a tripartite project to develop a sovereign parametric insurance solution for climate-vulnerable smallholder farmers, supported by investments in long-term risk finance and insurance market development. The solution represents a partnership between the Ministry of Finance & Public Credit, the Insurance Development Forum ... Read the full article
German government to contribute €21mn to V20 climate-vulnerable countries
28th February 2022
In response to the calls from the Insurance Development Forum (IDF) and the V20 Group of Ministers of Finance from 48 climate-vulnerable countries, the German Federal Ministry for Economic Cooperation and Development (BMZ) is committing €21 million to help further protect poor and vulnerable countries against the adverse effects of ... Read the full article
Asian Development Bank & V20 partner on Philippines climate insurance
15th November 2021
The Asian Development Bank (ADB) has announced a new project to develop climate-smart insurance for micro, small, and medium-sized enterprises (MSMEs) in the Philippines to be administered through the Asia-Pacific Climate Finance Fund (ACliFF). The climate-smart insurance project represents the first project under the Vulnerable Twenty Group’s (V20) new Sustainable Insurance ... Read the full article
UNDP launches new Insurance and Risk Finance Facility
27th September 2021
The United Nations Development Programme (UNDP) has announced an initiative aimed at strengthening the protection of vulnerable communities from socio-economic, climate and health-related disasters. The Insurance and Risk Finance Facility (IRFF), established in the Finance Sector Hub, is said to significantly increase the role of insurance and risk-financing in development. The German ... Read the full article
G7 package to scale up climate protection funding
14th June 2021
A new package of support from the UK, Germany and US aims to scale up protection for vulnerable communities against the impacts of climate change. Agreed at the recent G7 summit, the package includes £120 million in new funding from the UK and €125 million from Germany, with the intention of ... Read the full article
UN chief says decisive climate action needed from re/insurers: IDF
8th June 2021
UN Secretary-General António Guterres has asserted that the re/insurance industry has a “key role to play” in promoting the transformations needed to protect the world from climate change. Speaking at an Insurance Development Forum (IDF) event today, Guterres said re/insurers must take “decisive action now” to help mitigate the impacts of ... Read the full article
WTW announces parametric cover for Mesoamerican Coral Reef system
4th June 2021
Re/insurance broker Willis Tower Watson has partnered with the Mesoamerican Reef Fund on the development and implementation of insurance solutions aimed at protecting and restoring the 1,000km reef system along the Caribbean coast post-hurricane. The parametric insurance covers hurricane risk to the critically endangered Mesoamerican Reef (MAR) and the communities dependent ... Read the full article
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