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Edition 02/2019

InsuResilience Newsletter

Dear reader,

Welcome to the second edition of the InsuResilience Newsletter in 2019. Since our last issue, the InsuResilience Global Partnership has welcomed three new members: the International Cooperative and Mutual Insurance Federation (ICMIF), the private sector consortium-led Blue Marble working on Microinsurance ventures and the index insurance start up OKO. Great strides have been set in the work of the different working groups. In addition, the Pro-Poor Principles have been published and the Partnership’s Vision 2025 with the associated Workplan has been finalized and endorsed by the High Level Consultative Group. 

There is an increasing focus within the international discourse on improving the resilience of infrastructure, for example at last month's Global Platform for Disaster Risk Reduction in Geneva, Switzerland. Addressing this need, this edition puts a spotlight on resilient infrastructure. We discuss why governments should insure public assets to build resilience of infrastructure with Claudia Thyme of AXA XL, and as well present interesting readings on the topic from the Centre of Disaster Protection and a view by Risk Management Solutions. 

We hope you enjoy reading our newsletter!

in focus: resilient infrastructure

InsuResilience in conversation with: Claudia Thyme

When public infrastructure assets are severely damaged or destroyed by a natural disaster – particularly in developing and emerging markets – it can often have a significant impact on a country's economy. This is why building, managing, and maintaining infrastructure is one of governments’ most fundamental responsibilities. 

The insurance industry is ready to play a greater role and contribute its vast technical capabilities to help national and subnational governments increase their resilience to climate risk. This requires private-public collaboration, through organizations like the IDF and InsuResilience, to drive greater insurance demand where it is needed most so that countries can continue to grow and prosper.

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Making the World Bank’s IDA19 a vital tool for managing crisis risk - Centre for Disaster Protection sets out recommendations

The World Bank’s International Development Association (IDA) is its main source of finance for low-income countries. As donors plan IDA’s focus for 2021-2024, a new series of papers commissioned by the Centre for Disaster Protection offer suggestions for improving the way the world’s poorest people are protected against the worst impacts of disasters.

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Innovation in financing resilient infrastructure

The human and economic losses from disasters across the globe are huge, and data shows that these losses continue to grow, driven by factors ranging from increases in wealth and exposure in high hazard areas, through to climate change. Estimated global economic losses from disasters during 2017 and 2018 totalled more than US$500 billion – with US$219 billion insured (Swiss Re Sigma, April 2019).  However, for low-income nations the portion uninsured is often in excess of 90 percent. And it is these nations that are most frequently hit the hardest: direct economic losses from disasters as a percentage of GDP have been shown to be 14 times higher in low-income countries than high-income countries (Ranger and Surminski, 2013).

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15th Consultative Forum on Inclusive Insurance

Organised by the International Association of Insurance Supervisors (IAIS), the Access to Insurance Initiative (A2ii) and the Microinsurance Network (MiN), the 15th Consultative Forum provided a platform for in-depth discussions on the role of insurance providers, policymakers, regulators and supervisors in reducing the protection gap in the face of climate risk. It was organised in partnership with the Association of Insurance Supervisors of Latin America (ASSAL) and the InsuResilience Global Partnership, and hosted by the Superintendencia de Seguros y Reaseguros de Panamá. Around 70 participants from 19 countries, representing all stakeholder groups – including supervisors and policymakers, shared their views on how cooperation among each other can facilitate innovative and suitable tools to build resilience of the most vulnerable segments of the population against natural disasters.

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Global Facility for Disaster Reduction and Recovery Resilient Homes Challenge: winners video

The World Bank, Build Academy, Airbnb, and the Global Facility for Disaster Reduction and Recovery (GFDRR) launched a global crowd-solving challenge for designs of Resilient Homes. The goal of this challenge was to generate designs for low-cost and sustainable small houses (under $10,000) for people living in vulnerable areas affected by natural disasters. Over 3,200 participants entered the Challenge and nine winners were announced. These Winning Designs could eventually inform resilient housing or reconstruction work for World Bank-funded projects in places like the Caribbean, South and East Asia, etc.

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InsuResilience Solutions Fund – Second call for proposals is open!

The InsuResilience Solutions Fund (ISF) is pleased to announce the opening of its second call for proposals. Concept notes for the development of climate risk insurance products can be submitted until July 12th. On behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ), KfW Development Bank launched the InsuResilience Solutions Fund (ISF) in October 2017 to increase the resilience against extreme weather events at the micro, meso and macro level. 

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Call for Applications – Allianz Climate Risk Research Award 2019

The Allianz Climate Risk Research Award supports scientific research that improves our understanding of climate change-related risks. The 2019 Award focuses on how science can help insurers deal with extreme weather and climate risks. The Award is intended to support researchers whose research focuses on: reducing the risk of extreme weather events that are intensified by climate change and fostering resilience by applying technological solutions.

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2019 Impact Insurance Academy in Turin, Italy – 8- 12th July

The Facility and the International Training Centre of the ILO are excited to announce the 2019 edition of the Impact Insurance Academy. The academy will bring together more than ten years of experience and innovations in inclusive insurance facilitated by experts in the field. Testimonials from enthusiastic participants in last year’s Academy are available on their website.

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New publications

Report on the second InsuResilience Global Partnership Forum 2018 in Katowice, Poland

The second annual Partnership Forum showcased and celebrated a number of achievements of the InsuResilience Global Partnership (‘the Partnership’) in 2018. The Partnership formed and convened the first meeting of its strategic guiding body, the High-Level Consultative Group. Additionally, a strong focus within the Partnership lied on implementation this year, supporting a total of 25 programs active across 78 countries. Throughout this, the Partnership focused on knowledge sharing, networking, and innovation.

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As climate risks rise, insurance needed to protect development

Less than 5 percent of disaster losses are covered by insurance in poorer countries, versus 50 percent in rich nations.

In February, the World Meteorological Organization confirmed the past four years as the warmest on record, and to underline the trend, they confirmed the 20 warmest years have all occurred within the last 22 years. These findings, along with those from the 1.5 C report produced by the Intergovernmental Panel on Climate Change (IPCC), urging us to take drastic action, must be heeded – and heeded now..

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Linking climate risk insurance with shock-responsive social protection

Climate change can already be felt by most people around the world. The poor and vulnerable are often least able to prevent, cope and adapt to climate change impacts and stand to lose more overall in extreme weather events. Linking insurance with social protection systems could enhance households and communities’ ability to absorb climate shocks, and improve their ability to reduce and manage risk, and reduce poverty. Social protection and climate risk insurance are complementary instruments that respond to different types of shocks. Insurance cannot finance annually occurring events nor does social protection provide sufficient coverage for exceptional events. Combining insurance with broader social protection measures is a way to enhance the ability of vulnerable communities to absorb climate impacts.

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Upcoming Events

17. - 27. June 2019 SB | 50 UNFCCC
Bonn, Germany
30 Jun. - 1. July 2019 Prep.UN Climate Action Summit
Abu Dhabi, United Arab Emirates
9. July 2019 Agriculture InsureTech Forum
Mumbai, India
23. September 2019 UN Climate Summit 2019
New York City, United States
For more events check our website
Every day, we post climate and disaster risk finance and insurance stories on Twitter. Join the conversation by following us.Last month we were present at GPDRR

You could as well be a part of an interactive online community where solutions are offered in the world of risk transfer expertise. Join Risk Talk here

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The Secretariat of the InsuResilience initiative is hosted by GIZ on behalf of the Federal Ministry for Economic Cooperation and Development

Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH
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D-53113 Bonn, Germany
Email: secretariat@insuresilience.org

Registered offices
Bonn and Eschborn, Germany

Registered at
Local court (Amtsgericht) Bonn, Germany: HRB 18384
Local court (Amtsgericht) Frankfurt am Main, Germany: HRB 12394

Photo credits:
GIZ / Thomas Imo/photothek.net, DFID/Henry Donati, RMS, GIZ / Michael Tsegaye, GFDRR, KfW Development Bank, Markus Kirchgessner/GIZ, International Labor Organisation, InsuResilience Secretariat/Ralf Rühmeier, Markus Kirchgessner/GIZ, Ursula Meissner/GIZ. 

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