InsuResilience Global Partnership (IGP) Workshop Series (1) on Accessing Climate and Disaster Risk Finance Programs and IGP (2) Building Access to Sovereign Climate Risk Pooling
1. Workshop on Accessing Climate and Disaster Risk Fianace Programs and the InsuResilience Global Partnership
Virtually on Zoom at 9 am – 12 pm GMT, Wednesday, 22 June 2022
About InsuResilience Global Partnership
The InsuResilience Global Partnership (IGP) was launched by the G20 and the Vulnerable Twenty (V20) Group of Ministers of Finance in 2017. As a V20-G20 co-led initiative, IGP brings together more than 110 members from governments, civil society, international organizations, private sector, and academia.
IGP’s key objective is to strengthen the resilience of developing countries and to protect the lives and livelihoods of poor and vulnerable countries and communities against the adverse impacts of climate shocks and disasters. This is achieved by enabling faster, more reliable and cost-effective responses to disasters through Climate and Disaster Risk Finance and Insurance (CDRFI) solutions. Currently, there are over 300 InsuResilience country projects active in over 100 countries around the world.
Due to the large number of projects and multiple types of financial instruments available, there is a need for clarity and awareness on the following aspects:
- What type of CDRFI solutions exist and how do they interact?
- How to select the right combination of solutions given different types of climate and disaster risks?
- How to access them via InsuResilience programmes?
- What kind of technical and financial support can these programmes provide?
Why is this workshop being organized?
As climate change intensifies, per findings of successive IPCC AR6 reports, growing loss and damage due to insufficient adaptation responses and a 98% prevailing financial protection gap, is a fast emerging and major macroeconomic concern for the V20. Following the V20 Senior Officials Meeting in March 2022 and the V20 Ministerial Dialogue VIII, the implementation workshop aims to support access for V20 members.
What are the objectives of the workshop?
- Facilitate a better understanding of CDRFI opportunities and limits.
- Introduce IGP with a specific focus on implementation vehicles that can support V20 members in reducing the financial protection gap.
- Provide information on how to access the array of offers and programmes under the InsuResilience Global Partnership.
Who is this workshop aimed at?
- V20 member representatives and focal teams who would benefit from a better understanding of and access to CDRFI solutions under IGP
- CVF members interested in climate and disaster risk financing and insurance.
Our hope is that this workshop will contribute to enhance the understanding of CDRFI solutions available under the IGP, increase V20 countries’ access to IGP’s offers as well as country-driven solutions and uptake.
Who is this workshop aimed at?
- V20 member representatives and focal teams who would benefit from a better understanding of and access to CDRFI solutions under IGP
- CVF members interested in climate and disaster risk financing and insurance.
Our hope is that this workshop will contribute to enhance the understanding of CDRFI solutions available under the IGP, increase V20 countries’ access to IGP’s offers as well as country-driven solutions and uptake.
2. Workshop Building Access to Sovereign Climate Risk Pooling for all V20 Members
– V20 Strategic Dialogue on Gaps and Priority Areas of Action
Virtually on Zoom, 1:30 pm – 4:00 pm GMT, Thursday, 23 June 2022
Why is this workshop being organized?
The protection gap, i.e. uninsured catastrophe losses as a share of total economic losses, is an overwhelming 98% in V20 economies. The last fifteen years have seen the emergence of several sovereign catastrophic risk pools, which can be a useful delivery mechanism to provide low- and middle-income countries with pre-arranged disaster risk finance. Sovereign risk pools have proven to enable essential public financial liquidity in case of disasters and – with a single instrument – provide for one of the biggest contributions to lowering the protection gap.
The uptake of sovereign insurance products is partly limited and the participation in regional risk pools remains out of reach for some countries. However, the uptake of sovereign insurance products is partly limited and the participation in regional risk pools (i.e. the number of policyholders and regular policy renewals) remains out of reach for some countries. Currently, 42 out of the 55 V20 members are eligible to access sovereign risk pools, with 13 countries that are not eligible to join any sovereign risk pools. In the context of the V20 members, for the policy year 2021/2022, however, only 18 V20 members purchased sovereign insurance products.
What are the objectives of the workshop?
The objective is to urgently drive scale and quality of investment resources to close the financial protection gap. Discussing the points below the dialogue will capture important perspectives towards promoting V20 interests in exchanges with the IGP Programme Alliance as well as general deliberations of the High-Level Consultative Group (HLCG) on reforms of the CDRFI architecture.
- Expansion of Product Offerings and Country Accessibility
- Risk Layering Practices
- Market Building and Sub-National Risk Pooling
- Better Risk Pool Coverage through Premium and Capital Support (PCS)
- Sustained International Support and Joint Advocacy
Who is this workshop aimed at?
- The dialogue on sovereign climate risk pooling aims at key policy makers in V20 countries and representatives of regional risk pools.
Kindly register your participation in either of the workshops or both through the registeration link below.
