Climate Risk Insurance: Protect and Thrive
Side Event at SB 48
Date: 8 May 2018
Time: 15:00 – 16:30
Location: Room Bonn (181)Climate Risk Insurance: Protect and Thrive
Partners: Munich Climate Insurance Initiative (MCII), Institute for Climate and Sustainable Cities (ICSC)
Theme:
In its Founding Communique from 2015, the V20 highlighted insurance solutions as an effective tool to address climate risks. Since then, ideas about a common insurance facility which could be based on a regional approach (e.g. ASEAN, East African), have begun to take shape. At COP23, representatives of the V20 and G20 launched the InsuResilience Global Partnership, a multi-stakeholder partnership to promote risk finance and insurance for poor and vulnerable people. In addition, representatives of the Climate Vulnerable Forum (CVF) further promoted the idea of an Islamic Finance-based insurance facility, with the purpose of helping V20 members not only survive, but thrive. This side event will look at achievements and challenges in implementing climate risk insurance and aims to explore potential pathways to further expand insurance as a means to realize both, climate resilience and protection in vulnerable countries.
Objectives:
State of the art of climate risk insurance and the context of survive and thrive; Technical and political challenges and solutions
Panel and key themes to be addressed in the session:
- Soenke Kreft, Munich Climate Insurance Initiative (MCII): Climate Risk Insurance Solutions – Overview of the debate SEE PRESENTATION HERE
- Sara Jane Ahmed, Institute for Climate and Sustainable Cities (ICSC): “Survive and Thrive” – The envisioned link between increasing climate resilience through climate risk insurance and supporting climate protection through using insurance for de-risking low carbon infrastructure and energy investments SEE PRESENTATION HERE
- Clarence Samuel, Environment Office, Office of the President, Marshall Islands: Challenges, Gaps and Solutions – Perspective from a V20 country on the challenges of scaling up climate-related insurance and the political efforts needed to address these gaps
- Philipp Knill, German Federal Ministry for Economic Cooperation and Development (BMZ):Creating a global partnership for climate risk financing and insurance SEE PRESENTATION HERE
- Benjamin A. Antwi-Boasiako, Allianz Climate Solutions (Allianz ACS): Challenges, Gaps, and Solutions – Key gaps and lessons learnt from implementing climate risk insurance and support requirements from the public sector for scaling up private action
- Christoph Bals, Germanwatch and Munich Climate Insurance Initiative (MCII): Concluding remarks
COP 23 requested the Secretariat, under the guidance of the Executive Committee of the Warsaw International Mechanism for Loss and Damage (the Executive Committee) and the Chair of the Subsidiary Body for Implementation (SBI), to organize, an expert dialogue to explore a wide range of information, inputs and views on ways for facilitating the mobilization and securing of expertise, and enhancement of support, including finance, technology and capacity-building, for averting, minimizing and addressing loss and damage associated with the adverse effects of climate change, including extreme weather events and slow onset events, with a view to informing the preparation of the technical paper referred to in paragraph 2(f) of decision 4/CP.22.
COP 23 requested the secretariat to prepare a report on the Suva expert dialogue for consideration by the Executive Committee at its second meeting in 2018 (September). The report will inform the discussions around scoping the technical paper mentioned above.
The technical paper will elaborate:
The sources of financial support, as provided through the Financial Mechanism, for addressing loss and damage as described in relevant decisions, as well as modalities for accessing such support;
Finance available for addressing loss and damage as described in relevant decisions, outside the Financial Mechanism, as well as the modalities for accessing it.
This technical paper will be prepared by the Secretariat as an input to the review of the Warsaw International Mechanism, to take place at COP 25 (2019). The Executive Committee will assist the secretariat in determining the scope of the technical paper with a view to making the paper available to Parties by SB 50 (June 2019) for consideration in the review of the Warsaw International Mechanism.