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New partnership establishes parametric solution for Nepalese farmers
1st April 2021
A new partnership co-funded by the InsuResilience Solutions Fund has been established to help protect climate-vulnerable smallholder farmers and marginalised people in Western Nepal against flood. The parametric risk transfer mechanism, managed by Frankfurt School of Finance and Management and funded by KfW Development Bank, measures flood flows and rainfall level ... Read the full article
Swiss Re backs disaster risk insurance scheme in Nagaland, India
31st March 2021
Swiss Re has been confirmed as the reinsurance partner to a new public-private disaster risk insurance scheme in the Indian state of Nagaland, which aims to increase the region’s climate resilience. The scheme is co-funded by InsuResilience Solutions Fund (ISF), an initiative managed by Frankfurt School of Finance and Management and ... Read the full article
German gov assists ARC members with €19mn COVID-19 support programme
18th June 2020
In light of the ongoing COVID-19 pandemic, the German government has committed to assume premium payments of approximately €19 million for the drought insurance offered by the African Risk Capacity (ARC). In a recent video message, Maria Flachsbarth, Parliamentary State Secretary at the German Federal Ministry for Economic Cooperation and Development ... Read the full article
Hannover Re backs parametric disaster fund for developing markets
9th December 2019
Hannover Re has committed $50 million of capacity to a new risk transfer fund for natural disasters, developed in partnership with the German government and Global Parametrics, a provider of parametric protection in developing markets. The NDF Deutschland has also secured initial commitments of €25 million from the German Federal Ministry ... Read the full article
ARC and UNCCD to collaborate on drought, extreme weather resilience
24th October 2019
The Africa Risk Capacity (ARC), the parametric development insurance provider, is once again collaborating with the United Nations (UN) to develop financial tools to help Africa become more resilient to drought and other extreme weather events. This year alone, more than 45 million people across Africa are food insecure as a ... Read the full article
UN partnership sees IDF members pledge $5bn of capacity to climate resilience
23rd September 2019
As part of a new collaboration with the UN Development Programme (UNDP), members of the Insurance Development Forum (IDF) have committed to offer up to US $5 billion of risk capacity to support climate resilience in developing countries. The initiative hopes to increase insurance protection in climate-exposed countries in lines with ... Read the full article
IDF calls for more public-private collaboration to close protection gap
26th June 2019
The Insurance Development Forum (IDF), a partnership consisting of the World Bank Group, the United Nations Development Programme, and global re/insurers, has called for further public-private collaboration to help close the protection gap. Speaking at the International Insurance Society’s (IIS) Global Insurance Forum in Singapore last week, representatives from the IDF ... Read the full article
KfW, World Bank announce €15m contribution to enhance Caribbean disaster insurance
18th December 2018
Germany’s government-owned development bank, KfW, and the World Bank have signed an agreement that will see €15 million contributed, from the Federal Republic of Germany, to the Central America and Caribbean Catastrophe Risk Insurance Program (CACCRIP). This is the biggest contribution to the CACCRIP from a single donor and is part ... Read the full article
Vulnerable countries push re/insurance agenda at COP24 climate event
11th December 2018
Representatives of some of the world’s most vulnerable countries have used the ongoing 24th Climate Change Conference of the Parties (COP24) in Katowice, Poland to push for a broader climate and disaster risk financing and re/insurance agenda. Members of the Vulnerable Twenty (V20) group, which represents 48 of the world's most ... Read the full article
World Bank Group launches $145mn cat risk facility with UK and German govs
15th October 2018
The World Bank Group, in partnership with the governments of the UK and Germany, has announced the launch of a US $145 million Global Risk Financing Facility (GRiF) to help vulnerable countries manage the financial impact of natural catastrophes and climate change. The Group explained that this kind of disaster risk ... Read the full article
Willis partners with MAR Fund on parametric reef insurance project
12th July 2018
Global re/insurance broker Willis Towers Watson has announced a partnership with the Mesoamerican Reef Fund to develop and implement an insurance model for reefs across seven sites in the four countries of the MAR Region: Mexico, Belize, Guatemala and Honduras. Through its Global Ecosystem Resilience Facility, Willis plans to develop parametric reef ... Read the full article
Insurance Development Forum aims to “change hearts and minds”
6th October 2017
With major ground-breaking public-private initiatives about to be launched to kickstart insurance in previously underexplored markets, leaders of the Insurance Development Forum (IDF) at the annual Monte Carlo Rendezvous de Septembre, invited re/insurers to "invest" in their future. Swiss Re's Christian Mumenthaler said the IDF needs "other CEO's to join the ... Read the full article
Germany’s BMZ provides World Bank’s Global Index Insurance Facility (GIIF) with €10mn
4th October 2017
Germany's Federal Ministry for Economic Cooperation and Development (BMZ) has provided the World Bank's Global Index Insurance Facility (GIIF) with €10 million to improve the utilisation of insurance solutions by vulnerable, poorer smallholder farmers. The signed agreement is part of the InsuResilience initiative on climate risk insurance, which aims to provide ... Read the full article
UK & Germany praised for efforts to reduce protection gap in emerging regions
21st July 2017
Intentions of the UK partnership with the World Bank Group and Germany to establish a Global Partnership for Climate and Disaster Risk Finance and Insurance Solutions, has been praised by the Insurance Development Forum (IDF), the United Nations Development Programme (UNDP), and global re/insurers. Expanding on the announcement that the Read the full article
Technology and getting closer to the risk key for Munich Re: Doris Höpke
8th March 2017
Doris Höpke, Munich Re’s Management Board member responsible for Special and Financial Risks, discussed notable trends in the reinsurance space, as well as strategies for negotiating the fast-changing market, in a recent interview with Reinsurancene.ws. Höpke discussed the rise of insurtech, reinsurers increasingly moving closer to direct and primary sources of risk, ... Read the full article
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