Managing disaster risks requires a systemic effort from various actors, including those working on disaster prevention, preparedness and recovery. In a combined effort to effectively alleviate disaster risks, the key actors must understand the residual risk that remains after preventive measures have been applied, thus requiring DRF solutions. On the other side, to identify, quantify and transfer disaster risks, the insurance sector must carefully consider how the work in other areas affects the residual risk.
Based on this, the session highlights the role of the insurance sector in managing disaster risks as part of a more systemic effort. More specifically, the session discusses the following:
What is the role of the insurance sector in making the low-income informal sector more resilient to disasters, such as those arising from climate change and COVID-19? Where does the insurance sector position on the multi-stakeholder integrated disaster risk management (DRM) approach? How could insurance complement other areas and efforts, and vice versa?
What hinders governments and other key actors to integrate inclusive climate and disaster risk insurance in DRM mechanisms? Why do these obstacles exist? What immediate steps must be taken by different actors to overcome these obstacles?
What are the key areas for dialogues in order for government agencies and insurance industry to jointly better manage climate disaster risks?