International development organisations are actively supporting innovations in insurance to enhance climate adaptation. Our panel will discuss how some of these mechanisms are enabling investment in climate resilience while bringing co-benefits and positive social outcomes.
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Registration for this event is now closed. Meetings slides and recordings for select events are available to Members. Event recordings require an access code.
International development organisations are actively supporting innovations in insurance to enhance climate adaptation. Initiatives like the InsuResilience Global Partnership aim to increase the availability and affordability of climate risk insurance in vulnerable countries, thereby improving resilience and recovery from climate-related disasters.
Parametric insurance, also known as index-based insurance, provides pre-specified payouts based on the occurrence of a triggering event, such as an earthquake or flood, rather than indemnifying the actual loss incurred. This type of insurance relies on objective data to determine when the payout is triggered, allowing for faster and more transparent claims processing.
Other types of insurance that cover climate risk include traditional indemnity insurance, which reimburses the insured for the actual loss incurred from events like floods or storms. In addition, there are specialised products like energy efficiency insurance, which supports investments in energy conservation projects, and carbon offset insurance, which covers the financial risks associated with carbon reduction initiatives.
Our panel will discuss how some of these mechanisms are enabling investment in climate resilience while bringing co-benefits and positive social outcomes.
For example, Practical Action in collaboration with the Zurich Flood Resilience Alliance and the InsuResilience Solutions Fund is developing index-based flood insurance for smallholder farmers in flood-prone areas of South-West Nepal. This innovative insurance aims to enhance the resilience of these communities by providing timely financial support based on predefined flood indices.
