Insuresilience Solutions Fund

News & Events

Insuring the Mesoamerican Reef

Innovative insurance solution is paying to restore coral reefs after hurricane damages, enhancing the resilience of the Mesoamerican Reef and the ecosystem services it provides.

(Frankfurt am Main, Guatemala City) The Caribbean coast of Mexico, Belize, Guatemala, and Honduras is frequently affected by high intensity cyclones, which imperil lives and livelihoods. The Mesoamerican Reef (MAR) protects coastal communities against storm surges, beach erosion, and wave-induced damage as well as providing ecosystem services on which livelihoods depend, including tourism and fisheries. But the effects of climate change and other stressors exert increasing pressure on the reef, making it more vulnerable to the negative impacts of hurricanes. Insurance for reefs is an innovative financing mechanism that can underpin more rapid and successful reef restoration and recovery.

InsuResilience Solutions Fund (ISF), managed by Frankfurt School of Finance and Management and funded by KfW Development Bank, has signed a grant funding agreement supporting the implementation of a parametric insurance programme for the Mesoamerican Reef. The project is being implemented by the Mesoamerican Reef Fund (MAR Fund), a regional funding and coordination institution and the policyholder of the MAR Insurance programme, and Willis Towers Watson, a global advisory, broking, and solutions company. ISF is co-funding the project implementation.
The objective of the project is to pre-position funds for coastal communities to undertake rapid post-hurricane response to mitigate impacts to the reef. This will contribute to the resilience and conservation of these nature-based defences that protect the coastline, support livelihoods, and secure biodiversity. The project complements KfW support to MAR Fund, which includes contributions to the fund’s endowment capital to provide long-term funding for the conservation of the Mesoamerican Reef as well as project funding for the consolidation of the region’s protected areas network.

How does the insurance work?
Seven pilot reef sites across all four MAR countries have been selected for insurance coverage through national-multi-stakeholder processes. Criteria for site selection included the importance of the reef to local communities in: acting as natural breakwaters; supporting commercial and subsistence livelihood activities; and providing employment opportunities to the local population through the tourism and fisheries sectors.
In the event of a qualifying cyclone impacting any of the targeted sites, insurance pay-outs provide a predictable and timely source of funding for emergency reef response. Local communities receive direct funding to undertake pre-planned emergency response activities to ensure the survival of coral reefs, and the entire population along the MAR coast benefits indirectly through maintenance and enhancement of the ecosystem services provided by the coral reefs.

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Enhancing Colombian Cities’ Resilience through Insurance for Climate Risks and Natural Disasters

Launch of a public-private partnership project on disaster risk management and insurance in Medellin as potential blue-print for other Colombian and Latin American cities to increase climate disaster resilience of the vulnerable populations

(Frankfurt, Medellín) About half of the economic losses due to natural disasters in Colombia are caused by floods, followed by earthquakes and landslides. At the same time, however there are no adequate insurance products available on the market protecting Colombia´s urban population against the disastrous effects of these hazards.
The international humanitarian assistance and sustainable development organization Global Communities and the Insurance Development Forum (IDF), represented by its members Hannover Re, an international reinsurance company, and Willis Towers Watson, a global advisory, broking and solutions company, formed a public private partnership to promote resilience in communities susceptible to natural catastrophes by developing natural disaster risk insurance products for the City of Medellín. The InsuResilience Solutions Fund (ISF), managed by Frankfurt School of Finance and Management (FS) and funded by KfW Development Bank is providing co-funding for the product development of the insurance solution.

This public-private partnership and the Medellín project are part of implementing the Tripartite Agreement between the German Federal Ministry for Economic Cooperation and Development (BMZ), the IDF and the United Nations Development Programme (UNDP) to support risk management solutions for climate-vulnerable countries. The ISF is one of the vehicles used to support the implementation of the joint agreement.
With the objective to increase its resilience the project will develop a parametric flood and earthquake product, as well as an indemnity landslide protection for Medellín as part of the city’s Disaster Risk Management Plans. It foresees that once the product is taken to market after the end of the project, the city government of Medellín will be the policyholder via its Fund for Disaster Risk and Emergencies Management providing funding for emergencies, rehabilitation and reconstruction in Medellín. In case of an insurance event, the payouts of the insurance will benefit local affected communities in accordance with the municipality’s emergency response plans, for example via food and cash disbursements, and fast repair of basic infrastructure.
The project thus increases the resilience of Medellín to climate risks and natural disasters through insurance protection. Serving as a role model for other cities of the country, the project also fosters a favourable environment for the development of similar climate risk insurance products in the Colombian market.

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From climate risks to adaptation - Climate risk analysis supports adaptation to flooding in Honduras

San Pedro Sula, Honduras

San Pedro Sula is the second largest city in Honduras and the industrial centre of the country. The city is severely affected by hurricanes, tropical storms and flooding. Extreme weather events and natural catastrophes regularly destroy housing and infrastructure, and cause water drainage systems to collapse. In recent years, they have become more frequent and intense due to the effects of climate change and other stressors. Particularly vulnerable neighbourhoods suffer from large flooding caused by heavy rainfall and hurricanes. This is why flood risk is an important part of the “Master Plan for Municipal Development”, which the municipality developed to address the challenge of climate change.

To respond effectively to the complexity and uncertainties of these climate-related impacts and thus strengthen the resilience of the affected population in San Pedro Sula against the negative impacts of flood, a project team consisting of the United Nations University - Institute for Environment and Human Security (UNU-EHS) in cooperation with the InsuResilience Solutions Fund (ISF) and funded by KfW Development Bank on behalf of the Ministry for Economic Cooperation and Development (BMZ) implemented a climate risk analysis in San Pedro Sula. This is based on the methodology of the Economics of Climate Adaptation (ECA) framework and the risk modelling platform CLIMADA.

The ECA framework offers a helpful tool to assess and prioritize different climate adaptation options. It quantifies the economic and social-economic costs of climate risks but also identifies the most cost-effective adaptation measures in order to foster resilience against climate change. Working closely with the local government and key stakeholders, the project team collected and validated data, which was transformed into concrete scenarios on current and future climate impacts, and recommended flood adaptation options. The aim of the ECA methodology is not only to identify effective solutions, but also to assess their economic benefits and feasibility.

A total of 14 flood adaptation measures were identified and validated by the municipality. Based on the cost-benefit analysis, the following measures were particularly recommended: Drainage system improvements and maintenance, reforestation along riverbeds, and the construction of vegetated swales in the most flood-prone areas of the city. Additionally, the study concluded that the municipality would benefit from further investments into climate risk related data, improving the weather monitoring network and early warning systems.
On the one hand, the results provide important information for municipalities on where to intensify adaptation investments, which measures to prioritise and where additional climate risk financing can help build resilience to climate risks. On the other hand, international financing institutions, such as KfW, can use the results as a basis for feasibility studies, which are necessary to support the municipality in accessing finance for climate adaptation measures.

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Introducing insurance for flood prone communities in Nepal

A new partnership, co-funded by the InsuResilience Solutions Fund, aims to introduce a risk transfer mechanism to protect climate vulnerable smallholder farmers and marginalised people in Western Nepal against flood.

InsuResilience Solutions Fund (ISF), managed by Frankfurt School of Finance and Management and funded by KfW Development Bank, has signed a grant funding agreement supporting the development of a flood insurance scheme for Nepal’s smallholder farmers and marginalised people.
The project is implemented by a partnership consisting of the NGO Practical Action, as project coordinator, the insurtech Stonestep, the local insurance company Shikhar Insurance Co Ltd and the risk modeller Global Parametrics. ISF is providing co-funding for the product development of this innovative insurance solution.

Surrounded by mountains and vulnerable to diverse climatic conditions, Nepal is highly prone to multiple natural hazards. Agriculture is the main source of income for more than 65 % of Nepal's population and contributes 27 % to the national GDP. Major floods and landslides are a regular phenomenon and cause devastating impacts on agricultural production and communities every year. The riverine communities located downstream of the large Karnali river host the majority of the poor, marginalised and indigenous population and are particularly vulnerable. Despite the immense loss of life and property, so far limited investments in disaster risk reduction have been made.
Thus in order to protect the most vulnerable and marginalised people from the effects of floods, the partnership aims to develop an index-based insurance product. Large parts of the insurance premium will be subsidised by the federal government. Community cooperatives and microfinance institutions will act as insurance policy holder as well as distribution partners. Based on accurate measurement of flood flows and rainfall level by hydrometric gauging stations, insurance payouts will be made and passed on to affected households. The approach foresees an active participation and role of cooperatives, Community Disaster Management Committees and local authorities, to make sure the insurance solution is well embedded in local disaster and climate resilience plans. As such the project will complement the ongoing Flood Resilience Programme of Practical Action contributing to wider flood resilience building efforts in the region.

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Development of a natural disaster risk insurance scheme for Nagaland

Nagaland is the first Indian State to opt for insurance to increase the financial capacities of its State Disaster Response Fund. A partnership co-funded by the InsuResilience Solutions Fund kicks off a public-private partnership project strengthening the state’s climate resilience by enhancing its insurance protection against natural catastrophes.

InsuResilience Solutions Fund (ISF), managed by Frankfurt School of Finance and Management and funded by KfW Development Bank, today announced the signing of a grant agreement supporting the development of an insurance scheme for Nagaland’s State Disaster Response Mitigation Fund (SDRMF). By co-funding the development costs of the Nagaland insurance scheme the InsuResilience Solutions Fund is supporting a light-house project in the area of disaster risk management.

The project will be implemented by a partnership consisting of the Nagaland State Disaster Management Authority (NSDMA), the local insurance company Tata AIG General Insurance Company Limited, with Swiss Re as reinsurance partner and the Swiss consultancy firm Faber Consulting as project coordinator. ISF provides grant based co-funding for the implementation phase.

The Indian state of Nagaland - located to the east of Assam and west of Myanmar - is exposed to high levels of humidity and heavy rains in the monsoon months of May to September. During the Monsoon season 2017, heavy storms, flash floods, heavy rain and landslides claimed 22 lives, and caused severe damage to public and private properties, affecting 30% of Nagaland’s population. Additionally Nagaland lies in a very high seismic zone – twelve major earthquakes have occurred in the region in the last 100 years. 70% of the population is considered as poor and vulnerable and therefore are over-proportionately exposed to these extreme events.
State Disaster Response Mitigation Funds (SDRMF) are the primary fund available for disaster response measures of Indian States, with complementary funding provided by the National Disaster Response Fund (NDRF). With both funds being underfunded, Nagaland´s State Government is currently lacking the necessary resources for relief measures and the minimum compensation to victims of these disasters. To increase the state’s protection against natural catastrophes and to pilot a first insurance protection for the monsoon season in 2020, Nagaland State Disaster Management Authority (NSDMA), partnered with Tata AIG and Swiss Re. To expand and enhance the existing excess rainfall cover and develop a complementary earthquake cover, the InsuResilience Solutions Fund is now co-funding the innovative insurance programme in order to strengthen Nagaland’s resilience to natural disasters.

Johnny Ruangmei, Officer on Special Duty at NSDMA, Government of Nagaland says: “With the start of the project we will enhance the existing State and National Disaster Risk Funds by developing and implementing a parametric insurance solution for the monsoon season and earthquakes. This allows us to provide more meaningful and faster compensation in case of a disaster. Investment in risk transfer is essential to foster Nagaland’s resilience and sustainable development.

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Launch: InsuResilience Solutions Fund Annual Report 2020

The InsuResilience Solutions Fund’s Annual Report 2020 highlights the activities and engagements of ISF in the past year and shares the progress that the Fund has made in strengthening climate-risk management and insurance.
In this past year of fundamental challenges, the increasing risk of both natural hazards and pandemic crises underscored the importance of ex-ante risk financing and coping solutions. With articles, case studies, and interviews, the report illustrates the role of ISF and its partners in supporting vulnerable communities and governments to manage climate risks and strengthen their resilience.
Set up as an implementing programme of the InsuResilience Global Partnership, ISF actively supports the much needed scale-up of pre-arranged risk finance and insurance solutions.

Climate risk insurance for smallholder farmers in Tanzania

New partnership promotes agricultural insurance solution in rural Tanzania to increase resilience of smallholder farmers vulnerable to climate change.

(Dar es Salaam, Frankfurt) To improve the productivity and agricultural risk resilience of smallholder farmers in Tanzania a new partnership has been formed. The Frankfurt School of Finance and Management (FS), as implementing agency of the InsuResilience Solutions Fund (ISF) announced today the signing of a grant funding agreement with the InsurTech company Pula and Reliance Insurance Tanzania, to design and implement climate risk insurance products.

The project aims to provide affordable climate risk insurance solutions to farmers, covering a wide range of risks such as drought, flood and plant disease that affect the harvest significantly. In collaboration with local partners, such as Reliance Insurance, the Tanzania Seed Trade Association, as well as seed and fertilizer companies, the insurance will be distributed to smallholder farmers. The insurance product will be bundled with certified high-quality inputs, supplemented by tailored agronomy advice. Seeds and fertiliser will be provided by input suppliers smallholder farmers already know and trust. To reach beneficiaries across the country the project innovates new data-driven solutions and delivery mechanisms.

With the support of ISF and strong public and private sector partnerships, Pula will build the basis for a scalable and sustainable model to adapt to climate change. This will pave the way not only to higher agricultural productivity, but also protect the livelihoods of smallholder farmers in Tanzania. The new product demonstrates the use and benefit of climate risk insurance, which will enable smallholder farmers to respond effectively to risks and climate change.

Agriculture as economic support in Tanzania
Agriculture is the economic backbone of Tanzania, contributing to a large share of GDP and employing over 60% of the workforce, most of them smallholder farmers. The country´s agriculture is predominantly traditional and rain-fed, resulting in high dependency on weather conditions, such as natural rainfall cycles. Rising temperatures, longer dry spells and more intense heavy rainfall make the farmers vulnerable to climate risks. The lack of access to financial services such as credit and insurance, as well as to mechanisation and extension services, such as fertilisers and improved seeds, are additional challenges Tanzanian smallholder farmers’ face. The risk and negative livelihood impact of an insufficient or failed harvest can be enormous for a smallholder household.

*The ISF was set up and is funded by KfW on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ). It is a key delivery channel for the InsuResilience Global Partnership, a joint initiative by the G20 and V20 countries to reduce vulnerability. The ISF supports innovative insurance solutions to mitigate negative impacts of climate change. It offers co-funding and advice for the development of new climate risk insurance concepts into marketable products and to expand sustainable existing products.

*Pula is an insurance & agro-tech company for smallholder farmers in Africa and other emerging markets. Its mission is to provide accessible, scalable insurance solutions for smallholder farmers. Pula uses satellite technology and farm level yield data to structure insurance products that provide a viable option for previously unbanked, uninsured and underserved farmers to insure their crops and livestock. Pula is present in 11 markets.

Photo Credit: Pula

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Product bundling, digital data processing and innovation enable smallholder farmers in Ghana to access climate risk insurance

New partnership promotes agricultural insurance solution in rural Ghana to increase resilience of smallholder farmers vulnerable to climate change while contributing to food security, which has been severely affected as a result of the economic impact of the COVID-19 pandemic.

(Accra, Frankfurt) To improve the productivity and agricultural risk resilience of smallholder farmers a new partnership has been formed. The Frankfurt School of Finance and Management (FS), as implementing agency of the InsuResilience Solutions Fund (ISF) announced today the signing of a grant funding agreement with the InsurTech company Pula and Ghana Agricultural Insurance Pool (GAIP), to design and implement climate risk insurance products.

Agriculture is the economic backbone of Ghana, contributing to a large share of GDP and employing over 50% of the workforce, most of them smallholder farmers. The country´s agriculture is predominantly traditional and rain-fed, resulting in high dependency on weather conditions, such as natural rainfall cycles. Rising temperatures, longer dry spells and more intense heavy rainfall make the farmers vulnerable to climate risks. The lack of access to financial services such as credit and insurance, as well as to mechanisation and extension services, such as fertilisers and improved seeds, are additional challenges Ghanaian smallholder farmers’ face. The risk and negative livelihood impact of an insufficient or failed harvest can be enormous for a smallholder household.
The project aims to provide affordable climate risk insurance solutions to farmers, covering a wide range of risks such as drought, flood and plant disease that affect the harvest significantly. In collaboration with Ghana Agricultural Insurance Pool, as well as other local partners from the agricultural sector the insurance will get into farmers’ hands. The insurance product in Ghana will be bundled with certified high-quality inputs, such as seeds and fertiliser from providers that smallholder farmers already know and trust, supplemented by tailored agronomy advice. To reach beneficiaries across Ghana the project innovates new data-driven solutions and delivery mechanisms.
With the support of ISF and strong public and private sector partnerships, Pula will build the basis for a scalable and sustainable model to adapt to climate change. This will pave the way not only to boost and promote agricultural productivity, but also to protect the livelihoods of smallholder farmers and demonstrate the use and benefit of climate risk insurance, which will enable them to respond effectively to risks and climate change.

*The ISF was set up and is funded by KfW on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ). It is a key delivery channel for the InsuResilience Global Partnership, a joint initiative by the G20 and V20 countries to reduce vulnerability. The ISF supports innovative insurance solutions to mitigate negative impacts of climate change. It offers co-funding and advice for the development of new climate risk insurance concepts into marketable products and to expand sustainable existing products.

*Pula is an insurance & agro-tech company for smallholder farmers in Africa and other emerging markets. Its mission is to provide accessible, scalable insurance solutions for smallholder farmers. Pula uses satellite technology and farm level yield data to structure insurance products that provide a viable option for previously unbanked, uninsured and underserved farmers to insure their crops and livestock. Pula is present in 11 markets.

Photo credit: Pula

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Frankfurt School of Finance & Management and KfW expand cooperation and extend the InsuResilience Solutions Fund II

Development of innovative climate risk insurance via InsuResilience Solutions Fund continues in the second phase

Within the framework of the InsuResilience Global Partnership, the global partnership for Climate and Disaster Risk Finance and Insurance Solutions, policy recommendations for insurance markets in developing countries are being developed, in order to scale-up the use of climate risk insurance solutions. With the Vision 2025 the Partnership set the ambitious goal to provide coverage against losses induced by extreme weather events for an additional 500 million people in developing countries until 2025.

The InsuResilience Solutions Fund (ISF) represents a pivotal delivery channel of the InsuResilience Global Partnership. On behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ), KfW Development Bank established and funded the ISF, to increase the resilience against the impacts of climate change and natural disasters at the micro, meso and macro level. The ISF promotes the development of innovative and sustainable climate risk insurance solutions tailored to meet the needs of households, small and medium-sized enterprises, humanitarian organizations and governments in developing and emerging countries affected by climate change. Thereby, the ISF increases the resilience of poor and vulnerable people to extreme weather events such as floods, wind/storm, excess rain, drought or cold spells.
Since its establishment in 2019, the ISF has already launched four Calls for Proposals that generated worldwide interest from the private and public sector as well as civil society. To date, the Fund has received over 120 applications for co-financing product development of innovative climate risk insurance solutions. So far, already six Grant Agreements for product development support have been signed, spanning from Latin America to South-East Asia.
The extension of the cooperation agreement between KfW and Frankfurt School and the signing of the contract for the second phase, will allow the ISF to continue its funding and research activities. With its strong focus on partnerships, the concept of the ISF addresses the actual needs and support required in order to better protect those affected by climate and natural disasters.

(Picture: Prof. Dr. Nils Stieglitz, President of Frankfurt School signs the contract)

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Development of a new insurance programme for public schools in Peru

A landmark PPP project for Peru kicks off to provide insurance for public schools against the impact of natural disasters, strengthening the country’s resilience.

(Frankfurt, Lima, London) Peru is exposed to a variety of natural hazards, including earthquakes, tsunamis and heavy rains that lead to devastating floods and landslides. The 2017 El Niño Costero flooding in Peru was highly destructive with catastrophic effects for the country and its public infrastructure. Yet a low insurance distribution in the country left people vulnerable, with little financial protection. As a consequence significant investment was required from the Government to address the aftermath. Damaged as a result of El Niño Costero, more than 1,000 public schools will only be rebuilt after three years. Administrative hurdles and limited capacities represent major obstacles for the swift reconstruction and repair of public infrastructure. With an innovative insurance approach and more efficient loss assessment, a faster reconstruction process and resumption of schooling will be enabled through a new project promoted by Peruvian Association of Insurance Companies (APESEG), co-funded by the InsuResilience Solutions Fund (ISF) and a project consortium formed by the Insurance Development Forum (IDF).

To strengthen the resilience of the portfolio of more than 50,000 public schools in Peru to natural disaster risks, the Frankfurt School of Finance and Management (FS), as implementing agency of the ISF, today signed a grant funding agreement with the IDF project consortium partners. Led by AXA XL and Munich Re, it includes APESEG as a critical local partner. To substantiate the political, technical and legal feasibility of the insurance approach, the ISF co-financed a respective feasibility study last year. The new national insurance programme for public schools against natural hazards will be jointly designed by the re/insurance companies AXA XL and Munich Re as well as the catastrophic risk modellers GEM Foundation and JBA Risk Management, including input from the local insurance companies.
As part of this project for the Peruvian government, the insurance programme serves as a catalyst for comprehensive risk management. Ex-ante formulated financing and reconstruction procurement processes for public schools are intended to enable a faster start of reconstruction and help to improve school building standards in the long term. The use of innovative image recognition technologies, offered by the InsurTech Picsure enables a faster documentation and value assessment of assets to be insured and more cost-efficient assessment of claims.
As a result, the resilience of public schools in Peru against major climate and natural disaster risks will be enhanced and pupils and school staff throughout the country may indirectly benefit from improved and secure school buildings and a faster resumption of schooling, minimizing education interruption.

*The ISF was set up and is funded by KfW on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ). It is a key delivery channel for the InsuResilience Global Partnership, a joint initiative by the G20 and V20 countries to reduce vulnerability. The ISF supports innovative insurance solutions to mitigate negative impacts of climate change. It offers co-funding and advice for the implementation of new climate risk insurance concepts into marketable products and to expand sustainable existing products.

*The IDF is a public-private partnership led by the re/insurance industry and supported by international organisations. The IDF was first announced at the United Nations Conference of the Parties (COP21) Paris Climate summit in 2015 and was officially launched by leaders of the United Nations, the World Bank and the insurance industry in 2016. The IDF aims to optimise and extend the use of insurance and its related risk management capabilities to build greater resilience and protection for people, communities, businesses, and public institutions that are vulnerable to disasters and their associated economic shocks. Please find the IDF Practical Guide to Insuring Public Assets here

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Climate risk insurance gets a major boost in Bangladesh

Bangladesh’s smallholders face huge weather risks. A new international partnership aims to provide suitable insurance. This should greatly increase farmers’ resilience to climate change.

(Frankfurt, Basel, Dhaka) Bangladesh is one of the world’s countries likely to be most affected by climate change. As Cyclone Amphan recently demonstrated, the country’s subtropical monsoon climate leaves it highly susceptible to natural disasters. Food security depends heavily on over 12 million smallholder farmers. They are particularly vulnerable to extreme weather events. Most of the smallholders practice rain-fed agriculture, and thus face the risks of drought, excess rainfall and flooding. Despite this vulnerability, however, agricultural insurance in Bangladesh is still in its infancy.

A new partnership aims to address this challenge. The Frankfurt School of Finance and Management (FS), as implementing agency of the InsuResilience Solutions Fund (ISF*) today signed a grant funding agreement with the Syngenta Foundation for Sustainable Agriculture (SFSA )and further organizations. “This partnership aims to improve smallholders’ resilience to climate change by providing suitable insurance products”, says Annette Detken, Director of the ISF. “Our grant will co-fund the development and scale-up of climate risk insurance for a range of crops, that is tailored to meet smallholders’ needs.” With help of the Swiss digital platform developer EnvEve S.A., the partners are also developing a software platform to support product development, pricing and distribution. The Swiss Agency for Development and Co-operation (SDC) financially supports the project within its Surokkha initiative on insurance solutions in Bangladesh
In Bangladesh, getting insurance into farmers’ hands will be in collaboration with local partners. BRAC, the world’s largest NGO and microfinance institution, and Green Delta Insurance Company Ltd (GDIC), the largest non-life insurance company and the only agricultural and livestock insurance provider of Bangladesh, will distribute the insurance products in at least nine districts. They will also provide training and advice. “This partnership will encourage innovation, scale promising solutions and strengthen the use of agriculture insurance in building resilience among smallholder farmers.” says Tanvir Rahman Dhaly, Head of BRAC Microfinance Programme. “I believe that this partnership will mark a historical moment for the insurance sector of Bangladesh.” explains Farzanah Chowdhury, Managing Director & CEO, GDIC. “It will enable GDIC and ISF contribute in ensuring the country's food security by addressing the impact of climate change."
“Creating a better world requires teamwork, partnerships, and collaboration. If agriculture goes wrong, little else will have a chance to go right. So how do we boost and promote agricultural productivity and achieve global food security while at the same time managing climate change?”, asks Olga Speckhardt, Head of Global Insurance Solutions at the Syngenta Foundation. “Part of the answer lies in partnerships both public and private.”
Internationally, the 2-year initiative will also draw on the skills of the International Research Institute for Climate and Society (IRI) at Columbia University, New York, and Reading University’s Walker Institute in the UK. Their role will be to document the process of product development and to build local skilled resources for scaling up agriculture insurance in the long term.

*The ISF was set up and is funded by KfW on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ). It is a key delivery channel for the InsuResilience Global Partnership, a joint initiative by the G20 and V20 countries to reduce vulnerability. The ISF supports innovative insurance solutions to mitigate negative impacts of climate change. It offers co-funding and advice for the implementation of new climate risk insurance concepts into marketable products and to expand sustainable existing products. On the condition that applicants commit to providing half the requested funding, ISF offers grants of up to €2.5m.

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Historic First in Nagaland, India

Insurance Protection Against Natural Catastrophes & Disaster Risks through Parametric Insurance

In May 2020 the Nagaland State Disaster Management Authority (NSDMA) has inked a Memorandum of Understanding with Tata AIG General Insurance Company Limited and Swiss Re as its reinsurance partner, to provide insurance protection for this year's monsoon season.
This historic step by India's northeastern state of Nagaland to opt for disaster risk financing through insurance protection, can lead to a big leap in the country's efforts to strengthen resilience.
The InsuResilience Solutions Fund is proud to support the NSDMA in its effort to establish an effective and efficient disaster risk management system by providing advisory services.
Read the full article here.

Climate risk insurance as a means to provide emergency liquidity in times of crises

InsuResilience Solutions Fund (ISF) Grant to improve resilience of micro-entrepreneurs and smallholder farmers in Colombia against natural disasters and extreme weather events

Already today Colombia is severely exposed to natural disasters including floods, tsunamis and earthquakes. Intense rains that have been occurring in the framework of the winter wave 2019, have caused landslides, gales and floods after the overflow of the rivers Guaviare, Ariari and Guayabero, affecting over a third of the country’s municipalities and more than 45,000 families.
Due to climate change the frequency and severity of extreme weather events such as excess rainfall, flooding and landslides is expected to increase even further. Damages to crops and livestock but also income losses due to business interruptions put smallholder farmers and micro-entrepreneurs most at risk. Still, financial products to bridge income losses and immediate liquidity needs in the aftermath of natural disaster are hardly available for small entrepreneurs and smallholder farmers. Climate risk insurance can thus be an effective instrument to provide the necessary financial resources following adverse weather events and natural catastrophes.

With the objective to support the development of index-based insurance for micro-entrepreneurs and smallholder farmers in Colombia, the Frankfurt School of Finance and Management, as implementing agency of the InsuResilience Solutions Fund (ISF) signed a grant agreement with the joint partnership of the Microinsurance Catastrophe Risk Organization (MiCRO) and SBS Colombia S.A.
MiCRO was set up in 2011 by Mercy Corps in order to design and implement affordable and needs-based risk transfer solutions to the underserved population. Partnering with the local insurer SBS Colombia S.A., MiCRO intends to scale up its existing index insurance for small and medium-sized enterprises and farmers as well as to adjust the initial product to the needs of new aggregators’ clients. The initial product designed by MiCRO and SBS Colombia is being offered to clients of the local bank Bancamia since October 2019. The insurance products aim to protect micro-entrepreneurs and smallholder farmers against financial losses as a result of all natural hazards. With the aim of reaching 300,000 beneficiaries by 2022, the project offers a holistic solution that stabilises the income of vulnerable households, thereby strengthening their resilience. This will be achieved by combining the index-based insurance product with a value-added programme that helps raising awareness of disaster risk reduction.
The ISF has been set up and is funded by KfW on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ). It is a pivotal 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 innovative climate risk insurance solutions to mitigate the negative impacts of climate change. It 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. Under the condition that the applicants commit a meaningful own contribution of 50% of the requested funding, ISF provides grants of up to 2.5m EUR.

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Webinar - Community of Practice and Online Platform for Sustainable Climate Risk Management

via Zoom; May 25th at 2:00PM CET

eca_webinar_2020_conceptnote

To keep up with the fast-paced world of growing knowledge and to broaden the spectrum of our understanding on climate risk, mitigation and adaptation, we are delighted to invite you to the webinar on Climate Adaptation – Tools and Practices - Community of practice and online platform for sustainable climate risk management.

The platform will support practitioners in their efforts to better evaluate and manage their climate risks using the latest probabilistic analysis tools. The main objective of the webinar series is to foster discussion and dissemination of knowledge in the field.

When: Monday, May 25th at 2:00PM CET

Organized by:
ETH Zürich (Weather and Climate Risk Institute for Environmental Decisions)
Frankfurt School of Finance and Management
United Nations University (UNU-EHS)

Please find a brief description of the webinar, as well as instructions to access the meeting via Zoom in the attached concept note

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Kick-off for Economics of Climate Adaptation Study in Vietnam

Can Tho, Vietnam

The first workshop to initiate a comprehensive climate risk analysis took place in Can Tho, Vietnam on January 10 2020. The climate risk analysis is based on the Economics of Climate Adaptation (ECA) Methodology, combining risk assessment as well as identification and assessment of adaptation measures and insurance solutions.
Can Tho is the largest city in the Mekong Delta region in Vietnam, and is the main centre of trade and investment in a region counting more than 17 million inhabitants. Low elevation, with an average altitude of 0.5–1 m above sea level and rising sea levels due to climate change have contributed to an increase in severe river flooding and coastal erosion. Rapid industrialization and urbanization have heightened the effects of seasonal flooding, as the city’s economic and social institutions become more dependent on reliable electric supply and standardized transportation.

The workshop was organised and implemented by the InsuResilience Solutions Fund in cooperation with the United Nations University's Institute for Environment and Human Security (UNU-EHS). The objective of the workshop was to familiarise all relevant stakeholders with the methodology applied, to understand their specific needs, and to define the final scope for the study. The People’s Committee of Can Tho, as well as the KfW Development Bank inaugurated the workshop which was attended by representatives from the rural and urban government, business associations, academia and international organisations.
The study's results will allow policy makers to make an informed decision in prioritising cost-effective adaptation measures.
Applying risk analysis tools and models developed by the insurance sector, the ISF in cooperation with the UNU-EHS offers comprehensive climate risk analysis as an essential element of climate risk management to partners in developing and emerging economies.

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Kick-off for Economics of Climate Adaptation Study in Ethiopia

Addis Ababa

On December 17 the kick-off workshop of a comprehensive climate risk analysis took place in Addis Ababa, Ethiopia. The climate risk analysis is based on the Economics of Climate Adaptation (ECA) Methodology, combining risk assessment as well as identification and assessment of adaptation measures and risk transfer solutions.
The study is implemented in the Afar and Somali regions, in eastern Ethiopia, which are among the poorest regions in the country. Extreme climate conditions, such as high temperatures, low rainfall, sparse arable land and limited access to water, lead to high competition for pasture and water and put the pastorals' livelihood under extreme stress. Climate change is expected to aggravate the effects of drought. Thus climate analyses are extremely important to achieve drought resilience and food security for the benefit of the agro-pastoral and pastoral population.

The workshop was organised and implemented by the InsuResilience Solutions Fund in cooperation with the United Nations University's Institute for Environment and Human Security (UNU-EHS). The objective of the workshop was to familiarise all relevant stakeholders with the methodology applied, to understand their specific needs, and to define the final scope for the study. The Ministry of Agriculture of Ethiopia, as well as the KfW Development Bank inaugurated the workshop which was attended by representatives from the national and local government, academia, consultancy firms and community leaders.
The study's results will allow policy makers to make an informed decision in prioritising cost-effective adaptation measures.
Applying risk analysis tools and models developed by the insurance sector, the ISF in cooperation with the UNU-EHS offers comprehensive climate risk analysis as an essential element of climate risk management to partners in developing and emerging economies.

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InsuResilience Solutions Fund supports climate risk insurance for family farms in Serbia and North Macedonia

Grant Agreement signing

Serbia and North Macedonia, two Balkan countries situated in Southeast Europe are strongly affected by extreme weather events. Over the last years excess rainfall, long-lasting precipitation periods and snowmelt have caused unprecedented floods. In May 2014 Serbia suffered the heaviest rainfall and worst flooding since records began 120 years ago, causing losses above USD 2 billion. More recently, heatwaves, which led to a drop in agriculture output of nearly 10%, have underscored the threat of climate change in the region. Consequently, the awareness of climate risks and its negative impacts on the livelihoods of farming households has risen significantly.

With the Grant Agreement signed between the Frankfurt School of Finance and Management, as implementing agency of the InsuResilience Solutions Fund (ISF), and the joint partnership of Europa Re Ltd. and local partners, the ISF is actively supporting Serbia and North Macedonia to increase its capacities to cope and adapt to increasing climate risks. Within the project, ISF provides grants for co-funding the development of two different climate risk insurance schemes adapted to the respective needs of the two partner countries: a national and a municipal climate risk insurance scheme. The innovative insurance approaches to be developed with the support of ISF, will help to increase the climate resilience of farmers and vulnerable families in rural areas of Serbia and Northern Macedonia.
Established in 2014 as a licensed Swiss reinsurer, Europa Reinsurance Facility Ltd. has been actively involved in the development of national catastrophe insurance markets in South East Europe and Caucasus. In order to offer insurance protection to the unserved Europa Re is partnering with Globos Osiguranje, a national Serbian insurance company and the Ministry of Agriculture, Forestry and Water Economy (MAFWE) in North Macedonia.
In case of weather related crop shortfalls and agricultural losses, the insurance product will provide compensation to a respective municipality in Serbia and the North Macedonian Ministry of Agriculture, thus enabling them to provide timely compensation to affected farmer households. These innovative climate risk insurance solutions represent an illustrative example for financing climate risks thus contributing to the objective of the InsuResilience Global Partnership and its Vision 2025 to improve the resilience of poor and vulnerable people against the impacts of climate change and natural disasters.
The ISF was set up by KfW German Development Bank, on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ) and is managed by the Frankfurt School of Finance and Management. As implementing programme of the InsuResilience Global Partnership the ISF supports innovative climate risk insurance solutions to mitigate the negative impacts of climate change. It offers co-funding and advise for the implementation of new climate risk insurance concepts into marketable products and the expansion of existing, sustainable climate risk insurance products. Under the condition that the applicants commit a meaningful own contribution of 50% of the requested funding, ISF provides grants of up to 2.5m EUR.

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InsuResilience Solutions Fund hosts reception at the 25th United Nations Climate Change Conference in Madrid

Madrid, Spain

On behalf of the German Ministry for Economic Cooperation and Development and KfW Development Bank, the InsuResilience Solutions Fund (ISF) managed by Frankfurt School of Finance & Management hosted a reception at the 25th United Nations Climate Change Conference (COP 25) in Madrid, bringing together high-level representatives of the public and private sector in the field of climate risk insurance sharing the InsuResilience Vision 2025 in its effort to improve climate resilience.

After the welcoming by Annette Detken, Head of the InsuResilience Solutions Fund, Barbara Schnell, Director Sector Policy at KfW Development Bank and member of ISF's Strategic Committee, presented the Fund and its innovative approach to promoting risk transfer solutions.

The ISF promotes the development of innovative and sustainable climate risk insurance products in developing and emerging countries representing a pivotal programme of the InsuResilience Global Partnership as a joint initiative supported by the G20 and V20.

The highlight of the reception presented the announcement of the grant agreement between the InsuResilience Solutions Fund (ISF) and the joint partnership between Europa Re Ltd. and its local partners. The aim of the product partnership is to develop a national and a municipal approach to climate risk insurance. With the help of innovative insurance products, the climate resilience of farmers and vulnerable families in rural areas of Serbia and Northern Macedonia will be increased.
Established in 2014 as a licensed Swiss reinsurer, Europa Reinsurance Facility Ltd. has been actively involved in the development of national catastrophe insurance markets in South East Europe and the Caucasus. In order to offer insurance protection to the unserved, Europa Re is partnering with Globos Osiguranje, a national Serbian insurance company and the Ministry of Agriculture, Forestry and Water Economy (MAFWE) in North Macedonia.

These innovative climate risk insurance solutions represent an illustrative example for financing climate risks thus contributing to the goal of the ISF to improve the resilience of poor and vulnerable people against the impacts of climate change and natural disasters.

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Understanding Climate Risks - What does it mean for San Salvador?

Publication

A new publication by the InsuResilience Solutions Fund (ISF) in cooperation with the Insurance Development Forum (IDF) and the Swiss Federal Institute of Technology (ETH Zurich) illustrates the importance of climate risk analysis as essential instrument of comprehensive climate risk management on the basis of results of a San Salvador case study. Including insurance in climate risk analyses shows the relevance of insurance and the incentives insurance can set for complementary adaptation measures. For the case study of San Salvador, answers to the most urgent questions policy-makers are facing with regard to climate risks are being provided, in order to define a comprehensive climate risk management approach.
understanding-climate-risks-pdf

The need for climate adaptation and risk management is most pressing in low-income countries. Climate risk modelling and analysis can provide decision-makers with the information they need to turn policies into action.
A joint side event with UNU-EHS, IDF and ETH Zurich presenting this topic in more detail will be hosted at the EU Pavilion (11 December 2019, 10:30-12:00) of the COP25 in Madrid, entitled “Decision for Action – Perspectives on implementing evidence-based climate finance”.

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Kick-off workshop of climate risk analysis in Honduras

San Pedro Sula, Honduras

On November 13 and 14 the kick-off workshop of a comprehensive climate risk analysis took place in San Pedro Sula, Honduras. San Pedro Sula is the second largest city in Honduras and the industrial center of the country. Extreme weather events and natural catastrophes have a great impact on its businesses and livelihoods of the city´s population. Especially vulnerable neighbourhoods suffer from large flooding caused by heavy rainfall and hurricanes, expected to become more frequent and intense due to climate change.

The workshop was organised and implemented by the InsuResilience Solutions Fund in cooperation with the United Nations University's Institute for Environment and Human Security (UNU-EHS) with the aim to familiarise all relevant stakeholders with the methodology applied, to understand their specific needs, and to define the final scope for the study. The mayor of San Pedro Sula inaugurated the workshop which was attended by over 60 representatives from the municipality, private sector, academia, community leaders and civil society organisations.
The climate risk analysis is based on the Economics of Climate Adaptation (ECA) Methodology, combining risk assessment as well as identification and assessment of adaptation measures and risk transfer solutions. The study's results allow policy makers to make an informed decision in prioritising cost-effective adaptation measures.
Applying risk analysis tools and models developed by the insurance sector, the ISF in cooperation with the UNU-EHS offers comprehensive climate risk analysis as an essential element of climate risk management to partners in developing and emerging economies.

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ISF presents at 15th International Conference on Inclusive Insurance

Dhaka, Bangladesh

In the course of the 15th International Conference on Inclusive Insurance for Emerging Markets hosted by Munich Re Foundation in cooperation with BIA and MIN, the ISF presented its activites and application process to experts from the private and public sectors.

The 15th International Conference on Inclusive Insurance for Emerging Markets was held in Dhaka, Bangladesh from 5 to 7 November 2019. Hosted by Munich Re Foundation and in cooperation with the Bangladesh Insurance Association (BIA) and the Microinsurance Network (MIN), the conference featured panel discussions on key topics, working groups and interactive sessions addressing more than 400 participating experts from private and public sectors around the world with varying topics on developing insurance markets, the role of stakeholders, societal capacity building, the role of technolgy and more. For more information on the conference agenda, visit the IMC website.
Being awarded the opportunity to use this platform to gain visibility, the ISF hosted a side event at the conference venue presenting its mandate and structure as well as ongoing acivities, and providing detailed information on the different steps of the application process for a Call for Proposals. The side event was received with great interest emphasising the significant potential of such events to reach future partners. In addition, the conference provided the setting to further nurture established cooperations with partnerships in different emerging markets.
The 16th International Conference on Inclusive Insurance for Emerging Markets will take place in November 2020 in Jamaica.

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Beneficiaries of Rapid Response Reef Risk Financing in the MAR Region

REPORT

Insurance for reefs is an innovative financial mechanism that can contribute to reef restoration and recovery. The insurance element is part of a larger programme of work to build long-term resilience of reefs and the livelihoods they support and protect along the entire Mesoamerican Reef. In preparation for the development of a reef insurance product in the Mesoamerican Reef (MAR) Region, the ISF funded two preparatory studies by WTW and MAR Fund.

The InsuResilience Solutions Fund (ISF) supports the development of innovative climate risk insurance solutions by funding preparatory studies necessary for the development of the insurance concept as well as for assessing the feasibility of the envisaged solution.
In preparation for the development of a reef insurance product in the Mesoamerican Reef (MAR) Region, the ISF funded two preparatory studies. The studies have been prepared accordingly by Willis Towers Watson and MAR Fund.
Insurance for reefs is an innovative financial mechanism that can contribute to reef restoration and recovery. The insurance element is part of a larger programme of work to build long-term resilience of reefs and the livelihoods they support and protect along the entire Mesoamerican Reef.
The overall objective of the project is to contribute to the conservation of the MAR region (Mexico, Belize, Guatemala, Honduras) by implementing a parametric insurance model for reefs to deliver quick financing for rapid response and reef restoration actions, after damages caused by hurricanes.
Socioeconomic analysis and identification of the indirect beneficiaries of insurance program in the Mesoamerican Reef (MAR) region.
mar-reef-risk-financing_beneficiaries-study

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Sustainability of Rapid Response Reef Risk Financing in the MAR Region

REPORT

In preparation for the development of a reef insurance product in the Mesoamerican Reef (MAR) Region, the ISF funded two preparatory studies by WTW and MAR Fund. The overall objective of the project is to contribute to the conservation of the MAR region (Mexico, Belize, Guatemala, Honduras) by implementing a parametric insurance model for reefs to deliver quick financing for rapid response and reef restoration actions, after damages caused by hurricanes.

The InsuResilience Solutions Fund (ISF) supports the development of innovative climate risk insurance solutions by funding preparatory studies necessary for the development of the insurance concept as well as for assessing the feasibility of the envisaged solution.
In preparation for the development of a reef insurance product in the Mesoamerican Reef (MAR) Region, the ISF funded two preparatory studies. The studies have been prepared accordingly by Willis Towers Watson and MAR Fund.
Insurance for reefs is an innovative financial mechanism that can contribute to reef restoration and recovery. The insurance element is part of a larger programme of work to build long-term resilience of reefs and the livelihoods they support and protect along the entire Mesoamerican Reef.
The overall objective of the project is to contribute to the conservation of the MAR region (Mexico, Belize, Guatemala, Honduras) by implementing a parametric insurance model for reefs to deliver quick financing for rapid response and reef restoration actions, after damages caused by hurricanes.

Preparation study of the associated sustainability for the implementation of a parametric insurance instrument for reefs in the Mesoamerican Reef (MAR) Region
mar-reef-risk-financing_sustainability-study

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ISF and Frankfurt School support the development of drought insurance for smallholder farmers in South Africa

Frankfurt am Main / South Africa

In 2015 and early 2016, a severe drought drastically reduced water supplies and agricultural production in South Africa. Maize and other crops did not grow, livestock was threatened to starve. Especially smallholder farmers and their families were heavily impacted not only by losing their income but also risking going hungry. Economic loss from the drought was estimated close to half a billion USD.

Although insurance could effectively reduce the vulnerability of smallholder farmers towards extreme weather events like drought, as of today less than one percent have access to agricultural insurance - thus leaving an estimated 1.7 million smallholder and subsistence farmers in South Africa uninsured against weather related risks. Although the Department of Agriculture has a disaster relief programme, its ex-post financing has proven not to be timely and has led to a significant number of these farmers being left destitute due to delays associated with the current programme in place. Hence, Adam Maniki Rakgalakane, Managing Director of Land Bank Insurance Company, emphasises the relevance of the innovative insurance product: “With the support of the InsuResilience Solution Fund we will develop a drought insurance solution for smallholder farmers, which will allow faster pay-outs and relief in case of a drought."
To improve access to agricultural insurance for smallholder farmers, the InsuResilience Solutions Fund (ISF), represented by its management, the Frankfurt School of Finance and Management, South African Land Bank Insurance Company and Celsius Pro have signed a grant funding agreement. This grant - the first provided by ISF since its commencement of operation in 2019 - will serve to co-fund the development and market introduction of an innovative index-based insurance for crop and livestock for smallholder farmers in South Africa, intending to provide insurance cover to some 240,000 people by 2021. As a government-owned institution, Land Bank and its subsidiary Land Bank Insurance Company are mandated by the government to facilitate access of poor and vulnerable population to financial services. In order to offer insurance protection to the unserved Land Bank Insurance Company is partnering with CelsiusPro, a highly experienced Swiss Insurtech company specialised in inclusive climate and natural catastrophe insurance. Mark Rueegg, CEO of CelsiusPro: “We are proud to provide, an automated insurance administration platform enabling quick payouts, reducing costs and making insurance affordable for smallholder farmers. It is our aim to include poor and vulnerable people into the financial system.”

Dr. Annette Detken, Head of InsuResilience Solutions Fund, points out: ”The project shows the way to concrete and scalable solutions improving resilience and adaptation to climate impacts.” This innovative climate risk insurance thus represents an illustrative example for the Resilience and Adaptation action track of the UN Climate Action Summit to be convened by UN Secretary-General António Guterres on September 23 in New York.

The ISF has been set up and is funded by KfW on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ). It is a pivotal 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 innovative climate risk insurance solutions to mitigate the negative impacts of climate change. It 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. Under the condition that the applicants commit a meaningful own contribution of 50 per cent of the requested funding, ISF provides grants of up to 2.5 million euros.

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Bringing Climate Risk Insurance forward – the 2nd InsuResilience Global Partnership Forum at the COP24

Katowice, Poland

On December 10th, KfW participated at the 2nd InsuResilience Global Partnership Forum “Paving the way to effective risk financing solutions”. The Forum is the annual meeting of the InsuResilience Global Partnership for Climate and Disaster Risk Finance and Insurance Solutions (IGP).

This year´s Forum took place at the margins of the UN Climate Conference (COP 24) in Katowice. The partnership counts more than 60 members, which convene annually to exchange experiences, share knowledge and raise awareness about disaster risk finance and insurance. In five different sessions, approaches to promote climate and disaster risk finance and insurance solutions in Pakistan, Colombia, Sri Lanka, Zambia and West Africa were discussed, including climate risk insurance concepts linked to KfW.
Both, the Sri Lanka and the Colombia session, debated insurance concepts which seek financial support from KfW’s InsuResilience Solutions Fund (ISF).
As the ISF is continuously evolving, we thank all the participants for fruitful and lively discussions.

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COP24 - United Nations Climate Change Conference

Katowice, Poland

The 24th conference of the parties to the United Nations Framework Convention on Climate Change will take place in Katowice, Poland.

With the 24th conference of the parties to the United Nations Framework Convention on Climate Change (COP24) only days ahead, we are pleased to announce that the ISF will be part of this event. Within two breakout sessions of the InsuResilience Global Partnership Forum, concepts will be presented seeking co-financing from the ISF. Furthermore, the advantage of building public-private-partnerships to help the poor and vulnerable to better manage increasing climate risks will be explored.

For further information on COP24, visit the website.
For further information on the Global Partnership Forum, follow this link.

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ISF at the annual IIS Global Insurance Forum on the 11th of July 2018

Berlin, Germany

Please take not of a joint event on INSURANCE FOR DEVELOPMENT AND RESILIENCE in cooperation with the International Insurance Sociatey (IIS), the Insurance Development Forum (IDF) and the InsuResilience Global Partnership during the annual IIS Global Insurance Forum the 11th of July 2018 which will be devoted to insurance and development themes involving public, private, NGO and academic communities from developed and developing countries. A key objective is to showcase early success and illustrate how visionary cooperation across sectoral, international, regional and national schemes will pave the way towards a resilient future.

The InsuResilience Secretariat is delighted to invite you to the Global Insurance Forum, hosted by the IIS and The Institutes, with a full day dedicated to Insurance for Global Development & Resilience in collaboration with InsuResilience Global Partnership and the Insurance Development Forum (IDF).

The third day of the annual IIS Global Insurance Forum, Wednesday 11 July, will be devoted to the role and potential of climate and disaster risk finance and insurance to build resilience in developed and developing countries as a contribution to economic and social prosperity, including sessions focusing on climate risk resilience for the poor and most vulnerable. An agenda can be viewed here

The open session will feature keynote addresses from Joaquim Levy, Managing Director and World Bank Group Chief Financial Officer and Denis Duverne, Chairman of the Board of Directors of AXA alongside senior global leaders in a series of high-level panel discussions, and practical working sessions. The day will present an array of innovative risk finance and insurance solutions on how visionary cooperation across sectoral, international, regional and national schemes will pave the way towards a resilient future.

www.insuresilience.org/

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Launch Event of the InsuResilience Solutions Fund

Berlin, Germany


Mandated by the German Federal Ministry for Economic Cooperation and Development (BMZ), KfW has set up a new facility to support the development of innovative climate risk insurance products and insurance markets in developing countries - the InsuResilience Solutions Fund. The fund will support the development of new climate risk insurance products for governments, humanitarian organizations, small and medium sized enterprises as well as private households by providing partial grant-funding and expertise for product development.

The InsuResilience Solutions Fund is an important contribution of KfW to achieve the target of the international initiative on climate risk insurance ’InsuResilience’ aiming at increasing the number of the most vulnerable developing countries who have access to climate risk insurance coverage by up to 400 million between 2015 and 2020.

High level representatives from our partner countries, Global Parametrics, Save the Children, Vision Fund International and Welthungerhilfe will discuss how to further develop climate risk insurance products most suitable to support the poor and vulnerable.

www.insuresilience-solutions-fund.org

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Annual Meetings of the World Bank and the International Monetary Fund

Washington DC, US

The Annual Meetings of the Boards of Governors of the World Bank Group (WBG) and the International Monetary Fund (IMF) bring together central bankers, ministers of finance and development, parliamentarians, private sector executives, representatives from civil society organizations and academics to discuss issues of global concern, including the world economic outlook, poverty eradication, economic development, and aid effectiveness.

Also featured are seminars, regional briefings, press conferences, and many other events focused on the global economy, international development, and the world's financial system. This year's events will take place in Washington, DC, October 9-15, 2017.

www.imf.org/external/am/2017/index.htm

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Focus areas

The InsuResilience Solutions Fund seeks to increase the resilience and capacity of developing and emerging countries to adapt to climate change by:
  1. Supporting comprehensive climate risk analysis as the basis for governments, businesses and households to become more proactive in risk management and to make informed decisions on climate risk management and adaptation strategies.
  2. Offering studies and advice for the development of new concepts for climate risk insurance solutions that take into account the specific needs of the poor and vulnerable populations and
  3. Co-funding the development and market introduction of insurance products, as well as supporting the expansion of existing innovative climate risk insurance products.
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