Insuresilience Solutions Fund

News & Events

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 and terms of funding

ISF has three focus areas:
  1. Development of new climate risk insurance products, especially for governments.
  2. Scale-up of already existing, piloted products, e.g. into other regions or to other groups.
  3. Investment in technological solutions to improve and scale-up insurance operations, e.g. through applying satellite technology or drones.

ISF provides grants up to 2.5m EUR under the condition that the partnership commits a meaningful own contribution of 50% of the requested funding1 in kind and/or as financial contribution.

apply
1 Lower rates may apply if state organizations/ public entities or none profit organizations provide the most part of the contribution.
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