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Climate Insurance

Welcome to the "Climate Insurance" database, a joint project between the Global Index Insurance Facility (GIIF), Munich Climate Insurance Initiative (MCII), and the German Corporation for International Cooperation GmbH (Deutsche Gesellschaft für Internationale Zusammenarbeit, GIZ), commissioned by the German Ministry for the Environment, Nature Conservation, Building and Nuclear Safety. This database shares the experiences of numerous international organizations in the field of risk transfer and insurance solutions to climate risk management. Its main objective is to share best practices and innovative solutions to contribute to successful and sustainable climate risk insurance projects in climate-vulnerable countries.
 

On this database, users can find factsheets, InFocus, videos, and reports which they can filter by type, topic, country, region, or organization. The factsheets show the experiences of international organizations with relevant projects on climate risk insurance to identify lessons-learned, challenges, best practices and innovative solutions. The InFocus identifies and focuses on one technical topic within a climate risk insurance project and pinpoints the barriers, necessary steps, remedial actions, and overall recommendations. The videos and reports give more in-depth information on specific aspects of climate risk insurance. 

If you are interested in sharing your knowledge on the Climate Insurance database, please contact mcii@ehs.unu.edu.

** What are factsheets and InFocus documents in this section?

Roadmap for Integrated Climate Risk Management: Flood Risk and Micro, Small and Medium Enterprises in Morocco

Roadmap for Integrated Climate Risk Management: Flood Risk and Micro, Small and Medium Enterprises in Morocco

Content owner:
ACRI+
Date:
Author:
GIZ, MCII

This roadmap is developed from work undertaken on ICRM through the “Advancing Climate Risk Insurance plus” (ACRI+) implemented by the Deutsche Gesellschaft für International Zusammenarbeit (GIZ) GmbH and the Munich Climate Insurance Initiative (MCII). In Morocco, ACRI+ is working with Micro, Small and Medium Enterprises (MSMEs) in the Ait-Melloul industrial zone to support the development of financial and strategic capacities for managing climate risks, particularly from flooding, with a focus on the potential role of risk transfer. La gestion intégrée des risques climatiques (ICRM) est une

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Roadmap for Integrated Climate Risk Management: Climate Risk in Barbados’ Renewable Energy Sector

Roadmap for Integrated Climate Risk Management: Climate Risk in Barbados’ Renewable Energy Sector

Content owner:
ACRI+
Date:
This roadmap is developed from work undertaken on ICRM through the “Advancing Climate Risk Insurance plus” (ACRI+) proejct implemented by the Deutsche Gesellschaft für International Zusammenarbeit (GIZ) GmbH and the Munich Climate Insurance Initiative (MCII). In Barbados, the ACRI+ project is working with stakeholders to improve the resilience of existing and future renewable energy generation, transmission and distribution infrastructure to climate and disaster risks.
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Finance & Insurance Toolkit for the Renewable Energy Sector in Barbados

Finance & Insurance Toolkit for the Renewable Energy Sector in Barbados

Date:
Author:
ACRI+
ACRI+’s objective is to enhance local climate and disaster risk practices, therewith integrating residual risk into the disaster risk management cycle of prevention, preparation, response, and recover practices. ACRI+ operates in three countries with varying climate risks. In Barbados, ACRI+ supports local authorities with their envisioned renewable energy transition and aims to improve the resilience of existing and future renewable energy generation, transmission and distribution infrastructure towards extreme weather events. The Barbados Renewable Energy Association (BREA) is the local
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Central America & Caribbean Catastrophe Risk Insurance Project

Central America & Caribbean Catastrophe Risk Insurance Project

Content owner:
World Bank
Date:
The overall aim of the project is to improve the affordability of high-quality sovereign catastrophe risk transfer associated with earthquakes and climate-related events of CCRIF participating countries.
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The Caribbean: Enabling Policy Environment

The Caribbean: Enabling Policy Environment

Date:
Topics:
Enabling Policy Environment
Government institutions provide support to develop the market for innovative extreme weather insurance and adopt the regulatory and institutional frameworks so that these kinds of insurance products can be promoted. Challenges related to this objective are: Lack of an effective regulatory environment for establishing products as parametric index insurance exists in the region; the current Insurance Acts in the target countries do not address weather-based index insurance. Previous market failures in the Caribbean have resulted in extra vigilance and caution being exercised by the regulatory
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The Caribbean: Financial Literacy

The Caribbean: Financial Literacy

Date:
Author:
MCII
Topics:
Financial Literary
Insurance – though no panacea for climate change-related extreme weather events – can serve as a measure for adaptation of vulnerable populations to climate change. People that are especially vulnerable to climate change predominantly rely on traditional coping mechanisms, such as the use of savings. However, these traditional measures are often insufficient and can lead to a negative impact on their overall resilience in the long term. Insurance could serve as one measure to cover losses occurring from an extreme weather event but the vulnerable population are often not familiar with
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The Caribbean: Innovation & Technology

The Caribbean: Innovation & Technology

Date:
Author:
MCII
Topics:
Innovation & Technology
Vulnerability to climate change can lead low-income communities deeper into poverty in the long run. Improving their ability to respond to, and cope with climate change-related shocks can increase social resilience and decrease vulnerability. Therefore, by establishing a mobile phone text message that alerts insurance policyholders to approaching extreme weather events, the project has sought to improve the risk management capacities of target communities. Challenges related to this objective are: Close cooperation is required between the local insurers and national disaster management
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Peru: Market Development

Peru: Market Development

Date:
Author:
GIZ
Topics:
Market Development
Sustainable insurance solutions for agricultural and climate risk requires a joint effort of both the public and the private sector: the partners need to cooperate and commit to facilitating a market development process. Private insurance companies design appropriate insurance products, establish administrative processes and carry the risk. They invest financial and human resources and commit themselves to the agricultural and climate risk insurance markets. Government support that goes beyond creating an enabling regulatory environment can be critical to the sustainability of such systems
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Peru: Financial Literacy

Peru: Financial Literacy

Date:
Author:
GIZ
Topics:
Financial Literary
The Peruvian agricultural sector, which is fundamentally important to the national economy, is particularly affected by natural hazards caused by climate change. Insurance as a possible risk management strategy has received only little attention so far (both by clients and by the industry) due to the following reasons. Limited experience with financial products including insurance. Overall lack of understanding of and interest in (climate) insurance among most stakeholders. Widespread lack of trust in insurance companies amongst the population. Lack of investigation and research with respect
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Insurance for Climate Change Adaption Project

Insurance for Climate Change Adaption Project

Date:
Author:
GIZ
The core objective is to provide the target group with the opportunity to obtain insurance by means of an innovative insurance scheme for extreme weather events.
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