What can insurance deliver for adaptation: frequently asked questions, opportunities, challenges

Relevance of Loss and Damage for LDCs

When:
Tuesday, 11 October. 12:30-14:00

Location:
Sonesta Hotel El Olivar (room will be announced on site)

Description:In the course of 2011, Parties will decide on elements to be included into a Work Programme on Loss &  Damage  under  the  SBI.  Insurance  for  weather-related  extremes  has  been  discussed  as  one possible part of a wider risk management and adaptation approach under the Framework Convention. The MCII side event in Lima aims to help delegates explore what insurance can deliver for adaptation.

The lunchtime side event brings a distinguished, small group of experts together to address frequently asked questions by delegates about the costs, benefits, functions, what risks can be addressed, what different roles the public and private sector do and can play, what are the gaps (like information), and where are there opportunities for innovation.

The side event will help prepare Parties think about when and where insurance tools may complement their own national and community risk management plans. The experts will help point out what hurdles need to be overcome, and what steps could be taken if Parties wanted to further explore
implementation of climate risk insurance approaches. MCII hopes that this side event will support Parties to examine risk management tools and how to move from ideas to implementation.

Agenda:
Introduction and moderation: Koko Warner (MCII)

Expert Panel:
The following experts will reflect on two topics and will address delegate questions in the subsequent audience discussion:

  • Simon Young (Caribbean Catastrophe Risk Insurance Facility, CCRIF)
  • Manuel F. Almenara (Willis Re)
  • Enrique Zambrano (WeatherBill)
  • Margaret Arnold (World Bank)

Topics:

  • Expert practitioner and insurers' perspectives on risk aggregation and helping affected communities managing extreme weather risks
  • Overcoming barriers around data, capacity and back-up mechanisms in sustainably designing and implementing weather-related insurance programs for vulnerable and low-income groups

Invited delegates from Australia, Bangladesh, Mexico Switzerland, EU, Tanzania, Barbados, US and Samoa will provide their perspectives and questions on the topics to be discussed.