Promoting Integrated Mechanisms for Climate Risk Management and Transfer
As of: August 2019
Objective and activities
As a result of climate change, it is anticipated that extreme weather events will increase in many regions worldwide. The impacts of floods, droughts and storms and their resulting damage can be devastating, particularly for societies with insufficient means to adequately adapt to climate-related changes. Societies can cope better with the impacts of climate change if insurance is part of an integrated disaster risk management system for weather extremes, which includes prevention, preparation, risk transfer, and reconstruction. The project strengthens Ghana’s adaption to climate change in the agricultural sector through direct and indirect insurance products in the framework of an integrated management of drought and flood risks. In addition, the project develops solutions in other sectors and countries including critical urban infrastructure and transport. It provides the analysis and sharing of positive examples, e.g. through the UNFCCC climate dialogue.
- Innovative Insurance Products for Climate Change Adaptation
State of implementation/results
- At the "Global Index Insurance Conference" on 4th of December 2017 in Dakar, Senegal, the database created by the project or the associated website was officially launched. The website presents the experiences and other technical information of the following organizations: ILO, JICA, UNEP FI, WFP, ADB, WB, IFAD, FAO, Mercy Corps, MCII and GIZ
- In selected pilot districts, a vulnerability analysis was carried out in rural communities and a subsequent verification workshop were conducted, including representatives of local government agencies.
- A roadmap for the development of an extended national emergency plan for drought has been developed in a multi-stakeholder approach.
- An educational video on the integrated disaster risk management approach has been produced and is available on the MCII / ACRI + website.
- The Climate Insurance database, developed in collaboration with the Global Index Insurance Facility (GIIF) of the World Bank Group, now represents the activities of 12 international organizations with 48 fact sheets (reports on project activities) and InFocus (field reports and lessons learned on project-specific topics) 10% of all clicks on the GIIF website go to the Climate Insurance database – which are 3,652 clicks in total (10/2018).
- The publications of the project so far will be available on the website ‘Prevention Web’ in the future. This opens up a broader circle of users from different disciplines (including climate risk management, insurance, change and adaptation).