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 Opens external link in new windowSEE 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 Opens external link in new windowSEE 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 Opens external link in new windowSEE 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