Hurricanes, flooding and droughts: KfW promotes the development of climate risk insurance

12.10.2017 - 09:23 | 1539650


Artikel von KfW



(ots) -

- Launch of the InsuResilience Solutions Fund
- 400 million poor people affected by climate change in developing
countries and emerging economies to be insured by 2020

Today, KfW and the Federal Ministry for Economic Cooperation and
Development (BMZ) have launched a further component of the climate
risk insurance initiative InsuResilience, which was initiated at the
G7 summit, and aims to offer insurance against climate-related risks
to an additional 400 million poor and vulnerable people in developing
countries and emerging economies all around the world by 2020. The
InsuResilience Solutions Fund (ISF) is endowed with EUR 15 million
and is to improve the range of climate risk insurance in developing
countries and emerging economies. It is providing a portion of the
funding for the development of new climate risk insurance products
and the expansion of existing products for private households,
companies and governments in developing countries and emerging
economies affected by climate change. The ISF is thus making an
important contribution to satisfying unfulfilled demand in the
climate risk insurance sector.

Thomas Silberhorn, Parliamentary State Secretary at the German
Federal Ministry for Economic Cooperation and Development said:
"Tropical storms, flooding, droughts - extreme weather events can
threaten livelihoods and undo any development progress that has been
made, particularly in developing countries. In the event of damage,
climate risk insurance policies provide help quickly. The fund
enables us to bring the private sector, the scientific community and
developing countries together for the first time, in order to develop
customised insurance and financing solutions."

"The involvement of the private sector is of essential importance
for the development of innovative and sustainable climate risk


insurance products and contributes to satisfying unfulfilled demand",
said Prof Dr Joachim Nagel, General Manager of KfW.

Climate risk insurance policies, such as the existing drought
insurance (African Risk Capacity) help reduce the costs associated
with extreme weather events and the accompanying financial and in
some cases existential risks for poor and vulnerable population
groups in developing countries and emerging economies. This enables
the affected countries to increase their resilience to extreme
weather events and to reduce their dependency on international
emergency aid in the event of a disaster. However, only very few
households, companies and governments in developing countries and
emerging economies have access to adequate climate risk insurance, as
appropriate insurance solutions have often not been developed or are
not offered.

The ISF is promoting partnerships for climate risk insurance
policies between developers (e.g. risk modellers, reinsurers and
brokers) and/or providers and users (e.g. local insurance companies,
aid organisations, NGOs or municipalities) of climate risk insurance
products.

More information on KfW Development Bank is available at:
www.kfw-entwicklungsbank.de



Contact:
KfW, Palmengartenstr. 5 - 9, 60325 Frankfurt
Kommunikation (KOM), Dr. Charis Pöthig,
Tel. +49 (0)69 7431 4683, Fax: +49 (0)69 7431 3266,
E-Mail: Charis.Poethig(at)kfw.de, Internet: www.kfw.de

Original-Content von: KfW, übermittelt durch news aktuell

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