First-Ever Climate Risk Insurance Online Database Launched

On the International Day for Disaster Risk Reduction, 13 October 2017, the first-ever online database on climate risk insurance is being launched by the Global Index Insurance Facility (GIIF), the Munich Climate Insurance Initiative (MCII), and the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, commissioned by the German Government. The Climate Insurance database shares the experiences of numerous international organizations in the field of risk transfer and insurance solutions in the context of climate risk management and disseminates information on good practices and innovative solutions. 

Climate risk insurance which can protect people from the detrimental impact of climate-related disasters has recently gained increasing public attention. These insurance schemes help to minimize the impact of climate-related events on vulnerable populations thereby allowing for faster recovery after a disaster.

Anyone can sign up for climate risk insurance, however, there has not been an independent comprehensive source of information available that interested parties could turn to for their decision-making. This is changing today with the online database “Climate Insurance”.

The database is a recent collaborative effort to promote risk transfer and insurance as an approach to more effectively manage the increasing number of disasters and their impacts on vulnerable communities. This need has been referred to in the 2015 Paris Climate Agreement under the United Nations Framework Convention on Climate Change (UNFCCC), the Sendai Framework for Disaster Risk Reduction 2015-2030, and the G7 Initiative on Climate Risk Insurance (InsuResilience). In July 2017, insurance was included in the Climate and Energy Action Plan for Growth by the G20.

Visitors to the database are presented with various types of reports, collected by the project “Advancing Climate Risk Insurance Plus (ACRI+),” a group made up of MCII and GIZ members. These documents present the experiences of different organizations in structured formats. Users of the database who want to learn about solutions and lessons learned by organizations and individuals can find factsheets and in-depth analyses of individual issues related to climate risk insurance.

To ensure continuous access, the new platform is a GIIF online platform, managed by the World Bank Group. GIIF is supported by EU/ACP, the Governments of Germany, the Netherlands, and Japan. It is envisaged that the database further will invite synergies among various efforts such as such as the Sendai Framework, Sustainable Development Goals, UNFCCC climate debate, and the G7 and G20 dialogues.

Read the full press release Initiates file downloadhere

See the database Opens external link in new windowhere