Details - International Climate Initiative (IKI)

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Climate Risk Insurance and Adaptation in the Caribbean

As of: June 2019

Objective and activities

The project aims to scale-up the implementation of climate risk insurances in those countries, where the Livelihood Protection Policy (LPP) is already available and by introducing the LPP to additional countries. In addition to that, the measureable links to disaster risk reduction policies and practices of participating countries shall be increased. The project also aims to increase the awareness of livelihood protection, climate change adaptation, and insurance in participating countries and to contribute knowledge to regional and international policy processes (e.g. UNFCCC). As a result, the number of potential clients and their access to climate risk insurance shall be increased as will be the number of companies offering climate risk insurance products to vulnerable populations.

Predecessor project(s)
Regional institutions, adaptation, and insurance: expanding coverage for medium-level weather extremes in vulnerable countries using risk reduction and innovative insurance solutions

State of implementation/results

  • October 2018, the Livelihood Protection Policy (LPP) Flyer for St. Lucia was developed. Please refer to: www.climate-insurance.org/…
  • November 6th 2018, the Climate Risk Adaptation and Insurance in the Caribbean (CRAIC) (Phase II) Factsheet has been updated based on a request from Gesellschaft für Internationale Zusammenarbeit GmbH (Ad-vancing Climate Risk Insurance+) to develop and standardize a format that will be integrated into a publicly accessible database (Green Innova-tion and Investment Forum (GIIF) – Climate Insurance and Prevention-web). The updated document is available on our website under: www.climate-insur-ance.org/… The GIIF has uploaded our factsheet on their Index In-surance Forum website (which shares the experiences of numerous in-ternational organizations in the field of risk transfer and insurance solu-tions to climate risk management).
  • A policy brief on “Linking social protection with Climate Resilience and Adaptation” with a focus on weather-based insurance and microinsur-ance as a component of social protection strategies in the Caribbean was published in January 2019 under: www.ccrif.org/…
  • February 2019, a press release on the Pacific Regional Climate Risk Adaptation and Insurance scoping mission has been published which is a result upon a request from the Pacific Financial Inclusion Programme to adapt and implement potential Climate Risk Management and Disaster Risk Financing and Transfer mechanism (including micro index-based and meso-level climate risk insurance) to the Pacific based on the CRAIC Team’s work in the Caribbean. The work directly relates to the Outreach component under workstream 4. Please refer to: ehs.unu.edu/…
  • March 2019, the “Disaster Preparedness & the Role of the Livelihood Protection Policy” video was uploaded to MCII’s Climate Insurance web-site. This video was created to educate communities in the Caribbean about disaster risk management measures that can be taken to prepare for natural disasters. The video, which was created for use throughout the Caribbean, is currently available in English and has first been trans-lated for the Jamaican market into the local language – Jamaican Patois. Other translations are intended to follow. The CRAIC project’s UN Volun-teers use these videos when they host community meetings as a way to start the conversation on disaster risk reduction (DRR) and to introduce the Livelihood Protection Policy (LPP). Please refer to: www.climate-insurance.org/…

Project data

Country:
Belize, Grenada, Jamaica, Saint Lucia, Trinidad and Tobago

Implementing organisation:
Munich Climate Insurance Initiative (MCII)

Partner institution(s):
  • Caribbean Catastrophe Risk Insurance Facility (CCRIF) - Grand Cayman
  • Diverse climate change relevant institutions in the respective partner countries/Diverse klimarelevante Institutionen in den entsprechenden Partnerländern
  • Munich Climate Insurance Initiative (MCII)

BMU grant:
€ 2,628,510

Duration:
11/2016 till 10/2019



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