The tsunamis in Indonesia, the storm surge in the Philippines, floods in Bangladesh, and droughts in India – these are the paradigms of our changing, more complex climate landscape.
With extreme weather conditions, uncertainties in the timing and severity, the insurance sector is in the middle of a compelling questions: how can we ensure the profitability and sustainability of our Microinsurance portfolios amidst the uncertain, potentially perilous impacts of climate change? How do we manage varying insurability of regions, countries, and communities? Moreover, how do we design insurance products that will prove to be a reliable mechanism for the most vulnerable to recover after a disaster?
This workshop on Climate Risk Insurance (CRI) will present the various programs and initiatives by the public and private insurance sectors that aim to solve the insurance-related dilemmas impelled by climate change.
We will immerse ourselves in the discussion on how each global, regional, and national insurance players can strengthen their roles to participate in achieving the aspiration of closing the protection gap, starting with the G7 Climate Risk Insurance Initiative’s target of 400 million of the most vulnerable covered by insurance.
The workshop shall present the status of Climate Risk Insurance in Asia and Oceania in the areas of (1.) supportive government policy framework, (2.) the development of business models, products and potential multipliers for scaling up inclusive insurance that target poor, vulnerable and marginalized population groups, (3.) use of technology, (4.) opportunities for working with international and regional partnership platforms including for knowledge management.
The presentation also features the key role of CRI in the disaster risk management system, reiterating that insurance is critical but it cannot stand in silos, therefore, a wide-ranging integrated plan should be in place.
Objectives of the workshop:
The pre-conference workshop will be hosted by the Mutual Exchange Forum on Inclusive Insurance (MEFIN), a peer network of insurance regulatory authorities and commercial providers in Asia established as a platform for an effective knowledge and best practices exchange on inclusive insurance. It was formed in May 2013 through the assistance of the GIZ program on Regulatory Framework Promotion of Pro-poor Insurance Markets in Asia (RFPI Asia) with regulators from seven (7) Asian countries who pledged to support inclusive insurance as a strategy for poverty reduction in the region. The MEFIN countries include Pakistan, Indonesia, Mongolia, Nepal, the Philippines, Sri Lanka and Vietnam.