Four Regional Risk Pools have signed a joint grant agreement with the Global Shield Solutions Platform (GSSP) for €4.7 million to put shared commitments into action.
Signed by the African Risk Capacity Limited (ARC Ltd.), CCRIF SPC (the Catastrophe Risk Insurance Facility of the Caribbean and Central America), the Pacific Catastrophe Risk Insurance Company (PCRIC), and the Southeast Asia Disaster Risk Insurance Facility (SEADRIF), this grant will be used to to advance the implementation of their Joint MoU signed in 2022.
Under the agreement, GSSP via its Global Shield Programme for Resilient Risk Pools (GSRRP) will provide funding to support these parametric risk pools in implementing their Joint Request for CDRFI Support.
Key objectives of the project include establishing a collaborative Risk Pools solution and learning network, creating a global facility for sharing and evaluating risk data and analytics, initiating a Risk Pools employee exchange program, and amplifying their joint advocacy efforts.
Signed on April 9, 2025, this agreement marks a significant step in fostering stronger collaboration among the Regional Risk Pools, underscoring their shared commitment to strengthening financial resilience and promoting sustainable growth.
Lesley Ndlovu, CEO of ARC Ltd., said: “This grant represents a pivotal step in turning our shared commitments into practical solutions. It enables ARC Ltd to deepen its impact across Africa while reinforcing the collective strength of the regional risk pools. By working together, we are enhancing countries’ ability to respond swiftly to climate shocks and building long-term financial resilience where it is needed most”.
In 2023, GSSP launched the GSRRP, a single funding access point for CDRFI support programs customised for Regional Risk Pools. A GSSP-commissioned WTW study on risk transfer optimisation suggested support measures to optimise the GSRRP’s and Regional Risk Pools’ exposure to the private capital / reinsurance markets.
This included investment in strategic technical support and a phased development of a dedicated global facility. These recommendations informed the Joint Request for CDRFI Support, translating research into action.
Dr. Annette Detken, Head of GSSP, stated: “At a time when political and fiscal challenges on climate finance are intensifying, this grant agreement provides a timely and necessary response.
“Regional Risk Pools are a proven, functional model for climate disaster risk financing and the Global Shield Solutions Platform is proud to facilitate their further collaboration and support their mission to enhance financial resilience against climate disasters”.
Isaac Anthony, CEO, CCRIF SPC, commented: “This joint agreement heralds an exciting new beginning in the evolution of CCRIF and other regional risk pools. It represents a game-changer in how we deliver on our mandate as development insurers.
“By providing a stronger platform for collaboration, CCRIF will be better positioned to support the Caribbean and Central America in closing the protection gap while enhancing regional resilience to climate risks.”
