If this message is not displayed correctly, please click here.

Edition 03/2019

InsuResilience Newsletter

Dear reader,

Welcome to our third issue of the year.

We want to thank you for joining us for another update of our activities. Since the last issue of the newsletter, we have seen the announcement of our Vision 2025 with increased commitments, growth in the number of our members, and an active involvement at the just concluded United Nations Climate Action Summit 2019.

Discussions at the Climate Action Summit emphasized the need to include vulnerable people in actions and decisions involving them. "The best program design comes from working with and listening to the people you intend to benefit..." stated Beth deHamel,Chief Financial Officer Mercy Corps. Therefore, in this issue, our focus is on inclusivity with attention to insurance.  

This newsletter presents our partners' views and involvement on the grassroots level in the area of inclusive insurance. They tell us how they make a difference on the ground by enabling the financial inclusion of vulnerable people in the face of climate change.

We wish you a happy reading.


IN FOCUS: INCLUSIVE INSURANCE

InsuResilience in conversation with: Joan Lamm-Tennant

Inclusive insurance is a clearer definition of what was known as microinsurance. Inclusive insurance meets the needs of the underserved and has a social impact. It matters because the poor have very few safety nets and do not have enough savings. Given a catastrophe, poor people are propelled further down the economic pyramid. Therefore, inclusive insurance can give them safety nets, allowing them to build their economic well-being.

read more

LATEST NEWS FROM THE GLOBAL PARTNERSHIP

Delivering sustainable and reliable inclusive index-based insurance solutions: A few lessons learned


Inclusive index-based products must be simple to understand, should be offered with tangible value adding services, and needs to be designed broad enough to facilitate reaching scale. These basic elements enable “replicability”, whilst ensuring that the product responds to relevant needs of the target clients.

read more

BMZ, IDF and UNDP scale up efforts to strengthen climate resilience as part of the InsuResilience Vision 2025



On the marge of the UN Climate Action Summit on the 23rd of September, the German Federal Ministry for Economic Cooperation and Development (BMZ), the United Nations Development Programme (UNDP) and the Insurance Development Forum (IDF) have agreed to raise ambition levels for climate risk finance and insurance. Through a Joint Programme Commitment, collective action will be strengthened towards the systematic delivery of technical assistance to 20 priority countries exposed to climate risks by 2025.

read more

WFP's ARC Replica policies signed in 4 West African Countries

 


In August 2019, the United Nation’s World Food Programme (WFP) signed policies for Mali, Mauritania, Burkina Faso and the Gambia. These policies will unleash funds to assist vulnerable communities threatened by drought before it reaches catastrophic levels.

read more

AXA and GIIF launch the first agricultural parametric insurance programme in Cameroon


AXA Cameroon and AXA Climate in collaboration with the World Bank Group’s Global Index Insurance Facility and ACTIVA Assurance have launched an innovative project to insure tens of thousands of Cameroonian farmers against climate risks. 

read more

ARC conducts high level policy dialogue on Innovative Financial Instruments for Natural Disaster Risk and Health Outbreaks Management


African leaders who gathered in Yokohama this year to discuss Japanese-African collaboration had a common rallying point: “Advancing Africa’s development through People, Technology and Innovation”. 

read more

Increasing food system resilience through insurance


 The Alliance to Feed the Earth in Disasters (ALLFED) is one of the newest members to the InsuResilience with work focused on food security, tail risks, & financial products for risk transfer for countries.  

read more

Creating a More Resilient Fisheries Sector in the Caribbean.The Case of COAST


In July 2019, CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) and the World Bank issued the Caribbean Oceans and Aquaculture Sustainability FaciliTy (COAST) fisheries parametric insurance policy to two Caribbean countries - Grenada and Saint Lucia. The COAST insurance policies provide coverage for fisherfolk and other players in the fisheries industry to enable them to recover quickly after weather-related events.  

read more

Announcements

InsuResilience Solutions Fund Supports the Development And Introduction Of Drought Insurance For Small Farmers


On 19 September, Frankfurt School of Finance and Management signed a grant agreement on behalf of the InsuResilience Solutions Funds (ISF) together with the South African Land Bank Insurance Company and CelsiusPro. Their aim is to give small farmers in South Africa access to climate risk insurance. The ISF was established in 2017 with an initial endowment of EUR 15 million and financed by KfW Development Bank on behalf of the Federal Ministry for Economic Cooperation and Development (BMZ). It is an important implementation programme of the InsuResilience Global Partnership, a joint initiative of the G20 and V20. Needy households earning less than USD 15 per day can protect their livelihoods against weather-related risks.

read more

Broader Collaboration And Partnerships Are Crucial To Building Resilience


On the night of 14 to 15 March this year, winds of 170 km/h and heavy rains devastated the lives of over 2.6 million people in Malawi, Mozambique and Zimbabwe. The World Food Programme declared this massive disaster, christened Cyclone Idai, a ‘level-three emergency’, the highest level of crisis, in the category of civil wars in Yemen, Syria and South Sudan. Climate and disaster risk insurance is one piece of the puzzle to help people better deal with risk related to climate change and disasters, as outlined by Teresa Pelanda (A2ii) at the 16th Consultative Forum held in Johannesburg. However, access to responsible and valuable insurance products to promote resilience remains low in the region. In Mozambique for example, only 10% of claims were insured when Idai hit, as highlighted by Israel Muchena from Hollard Mozambique during the event.

read more

InsuResilience - Gender Working Group


The Gender Working Group is up and running under the InsuResilience Global Partnership, with more than 15 members. The first kick-off call was held mid-August to bring together various stakeholders who are driving gender-responsive approaches to climate and disaster risk finance and insurance (CDRFI) solutions and confirm the scope of objectives. The working group aims to ensure that gender is integrated as a crosscutting topic in the Partnerships’ commitment and activities. As part of their mandate, the Working Group will provide strategic guidance and support to the members of the Partnership with the operationalisation of gender considerations into their work on CDRFI and specifically key recommendations stemming from the Partnerships publications on gender.

read more

GIIF’s Agriculture Insuretech Forum Awards Nine Entrepreneurs For Innovative Agriculture Solutions


The Global Index Insurance Facility (GIIF) and Sankalp Forum by Intellecap, announced the winners of Agriculture Insuretech Innovation Challenge at the Agri Insuretech Forum that took place at the Taj Mahal Hotel in Mumbai. The Awards recognized some of South and South-East Asia’s most promising entrepreneurs who are using technology to address challenges in providing agricultural insurance to farmers.

read more

New publications

InsuResilience Global Partnership Vision 2025


InsuResilience's Global Partnership Vision 2025 represents an ambitious contribution to increasing ambition in the area of adaptation and resilience for Climate Action. It sets asssertive goals: by 2025, 500 million people should be protected against climate and catastrophe risks through pre-defined risk financing and insurance solutions and 80 vulnerable countries should have included comprehensive risk strategies in their national planning.  

read more


The Future Of Disaster Risk Pooling For Developing Countries: Where Do We Go From Here?


The concept of sovereign parametric insurance has caught on in many developing countries. It began with the Caribbean Catastrophe Risk Insurance Facility (now CCRIF SPC) in 2007. Caribbean countries created CCRIF to provide them with insurance coverage for hurricanes and earthquakes. After that, similar facilities were launched in two other regions: African governments launched the African Risk Capacity (ARC) in 2012 to provide drought coverage, and the Pacific Catastrophe Risk Insurance Company (PCRIC) was launched in 2016 to provide cyclone and earthquake coverage to Pacific Island countries. A fourth pool, the Southeast Asia Disaster Risk Insurance Facility (SEADRIF), is under development and focuses currently on flood insurance for Lao PDR, Cambodia, and Myanmar.

read more

Insurance for Climate Adaptation: Opportunities and Limitations 


Informing the Global Commission on Adaptation’s flagship report for the UN Cimate Action Summit, InsuResilience Global Partnership contributed to a new report that has been published on “Insurance for Climate Adaptation: Opportunities And Limitations”. Its content elaborates on climate and disaster risk insurance, its role, its making and recommendations.

read more

Upcoming Events

18. - 20. October 2019 World Bank Annual Meetings
Washington D.C, U.S.A
22. - 23. October 2019 Making Finance Work For Women Summit
Singapore
04. November 2019 17th Consultative Forum on Climate and Disaster Risk for insurance supervisory authorities, insurance practitioners and policymakers
Dhaka, Bangladesh
05.- 07 November 2019 15th International Microinsurance Conference
Dhaka, Bangladesh
05.- 06 November 2019 Decentralized Insurer Developer Conference
Malta
09. December  2019 InsuResilience Global Partnership Forum
Santiago Chile
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
                                      
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

If you no longer wish to receive this e-mail (to: unknown@noemail.com), you can unsubscribe here  free of charge.

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
Friedrich-Ebert-Allee 40
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:
© Pexels, GIZ / GTZ, Nicolas Gras, Rebecca Lewis, WFP/Cecilia Aspe, AXA, ARC, Dean Kruger, CCRIF, ISF, A2ii, Ostmeier GIZ, GIIF

Data protection:
For information on our data protection regulation, please visit the InsuResilience Global Partnership website