InsuResilience Global Partnership (IGP)
BACKGROUND AND MANDATE OF THE INSURESILIENCE GLOBAL PARTNERSHIP
Climate change increases the frequency and intensity of extreme weather events worldwide. Its impacts on lives, livelihoods, and assets are not evenly distributed and threaten efforts to sustainably reduce poverty. Disasters force 26 million people into poverty each year. The cost of responding to disasters will continue to increase and force countries to frequently divert longer-term development finance into short-term response measures. Hence, there is a need to shift from reactive crisis management to investing in prevention, early preparedness and action.
Disaster risk finance and insurance solutions, when used as part of a comprehensive disaster risk management approach, can enable more resilient economic development and help protect lives, livelihoods, businesses, infrastructure, and public finances by strengthening disaster preparedness, rapid response, and recovery.
Against this backdrop, the topic of climate risk finance and insurance solutions took a prominent role on the agenda of the G20 summit in Hamburg in 2017. In their Climate and Energy Action Plan for Growth the G20 expressed their support for the creation of a Global Partnership for Climate and Disaster Risk Finance and Insurance Solutions with the central objective to increase resilience amongst the most poor and vulnerable people.
In November 2017, the InsuResilience Global Partnership for Climate and Disaster Risk Finance and Insurance Solutions was officially launched at the UN Climate Conference COP23 in Bonn. It brings together G20 countries in partnership with the V20 nations, as well as civil society, international organizations, the private sector, and academia. Since the launch, more than 70 diverse partners have signed the Joint Statement and become members of the Global Partnership.
VISION AND OBJECTIVE OF THE INSURESILIENCE GLOBAL PARTNERSHIP
The vision of the InsuResilience Global Partnership is to strengthen the resilience of developing countries and to protect the lives and livelihoods of poor and vulnerable people from the impacts of disasters by enabling faster, more reliable and cost-effective responses to disasters.
To do so, the Partnership seeks to amplify the impact of ongoing initiatives, develop new climate and disaster risk finance and insurance solutions to help meet growing needs in developing countries, and ensure risk financing is well integrated within a broader dialogue on disaster risk management and humanitarian financing – including in-country systems.
The Partnership furthermore seeks to develop an open and inclusive global multi-stakeholder community of countries, experts and practitioners – from national and sub-national governments, international organizations, private sector, academia and civil society – working on financial protection at the political, operational and strategic level.See more