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UNDP launches new Insurance and Risk Finance Facility

The United Nations Development Program (UNDP) has announced an initiative to better protect vulnerable communities from socio-economic, climate and health-related disasters.

The Insurance and Risk Finance Facility (IRFF), established in the Finance Sector Hub, would significantly increase the role of insurance and risk finance in development.

The German government contributed €35 ​​million to fund the facility in a bid to meet the goals set out at the UN Climate Action Summit in 2019.

UNDP notes how disaster recovery costs the world’s 77 poorest countries an average of $29 billion annually, of which 3% is insured.

The United Nations Development Program (UNDP) has announced an initiative to better protect vulnerable communities from socio-economic, climate and health-related disasters.

The Insurance and Risk Finance Facility (IRFF), established in the Finance Sector Hub, would significantly increase the role of insurance and risk finance in development.

The German government contributed €35 ​​million to fund the facility in a bid to meet the goals set out at the UN Climate Action Summit in 2019.

UNDP notes how disaster recovery costs the world’s 77 poorest countries an average of $29 billion annually, of which 3% is insured.

In 2020 alone, 980 disasters caused by natural disasters cost the global economy more than $210 billion. After the COVID-19 crisis, 150 million people have been pushed back into poverty.

The ambition is to jointly create insurance and risk finance solutions in more than 50 developing countries by 2025, embed them in public financial decision-making and make a major contribution to the InsuResilience Vision 2025 goal of reaching 500 million poor and vulnerable people by 2025. to protect.

“Building the financial resilience of countries and communities is a critical part of tackling climate change and securing past and future development gains. Germany is strongly committed to the InsuResilience Global Partnership to improve protection against climate impacts,” said Dr. Maria Flachsbarth, Parliamentary State Secretary of the German Federal Ministry for Economic Cooperation and Development (BMZ).

“The global community has committed itself to the UN Climate Summit in 2019 and all of us – governments, industry, the development sector – must step up our work to enable climate resilient development.”

Under the IRRF, UNDP will drive change at the country level by working with governments to incorporate climate risk modeling into national development plans and financing strategies, nationally determined contributions, national adaptation plans and more.

“Risk finance and insurance solutions enable an effective response to disasters and help countries better prepare for the impacts of climate change and other shocks by reducing humanitarian impacts, increasing people’s ability to recover faster and increasing the resilience of the to strengthen the community. In 2020 alone, more than 200 projects in more than 100 countries contributed to the InsuResilience Global Partnership, protecting an additional 137 million people.”

“The insurance industry recognizes that the new challenges we face together – the climate crisis is the biggest of them all – require public-private solutions,” said Denis Duverne, Axa president and chairman of the Insurance Development Forum.

“We welcome the investment UNDP is making by launching its insurance and risk finance facility to partner with the insurance industry at this critical time.

“This demonstrates the progress the insurance and development community is making and allows us to accelerate results on the ground.”

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