Announcement / 14 Nov, 2017
Major Climate Insurance Initiative to be Launched at COP23

On Tuesday, 14 November, A major new global partnership to bring affordable insurance and other financial protection cover to millions more vulnerable people will be announced today as part of the High-Level Presidency Event on Resilience and Risk Sharing.

The dramatic and damaging series of extreme weather events that have swept Asia and the Americas, including the Caribbean, in recent weeks and months underline the urgency of these efforts.

Frank Bainimarama, COP 23 President and Prime Minister of the Republic of Fiji will host an event with InsuResilience, set up by the G7 to insure 400 million people against the effects of climate change by 2020.

In 2017, extreme weather events are estimated to have caused more than USD 200bn worth of damage worldwide, as hurricanes, droughts and rising sea levels have devastated vulnerable communities with increased frequency and intensity.

In the face of these rocketing costs, new forms of financial protection have become an increasingly urgent part of the climate change discussion, as world leaders converge on Bonn for the second week of the UN climate talks.

The event will explore various forms of climate risk management, and will also present the UNFCCC Clearing House, which will serve as a hub of information about insurance and risk transfer.

The InsuResilience launch will take place at 13.15 in the Bonn Zone, meeting room 8 on Tuesday 14 November.

Details of what InsuResilience has so far delivered and its scaling-up plans will be announced at a press conference in advance of the event, at 12:30 in Bonn (with live webcast).

Experts will also explain how the InsuResilience Global Partnership delivers cover to countries, communities, citizens and in particular to the poor and vulnerable people through a network of partners.

Speakers scheduled to attend the press briefing are:

Frank Bainimarama, President of COP23 and Prime Minister of Fiji

Ingrid-Gabriela Hoven, Director General, German Federal Ministry for Economic Cooperation and Development

Patricia Espinosa, Executive Secretary of UN Climate Change and host of COP23

Bwalya Namwama, Climate and Insurance Index Analyst, Mayfair Insurance, Zambia.

COP23 will also see the pioneering Livelihood Protection Policy (LPP) receive a UNFCCC Momentum for Change award. The LPP is a weather-index based product that targets vulnerable and low-income communities and pays out to policyholders when they are hit by strong winds or heavy rainfall during hurricanes and tropical storms.

Ahead of a UNFCCC Momentum for Change awards ceremony on Tuesday, Peter Hoeppe, the chairman of the Munich Climate Insurance Initiative the group behind the LPP, said "2017 is on track to become the year with the highest natural disaster losses ever.

"The global protection gap - the divide of global damage that is not proactively managed for instance through risk transfer mechanisms - is widening at a rapid pace especially for the poor and vulnerable countries."

Groups such as MCII, in partnership with InsuResilience, hope that so-called "pro-poor" climate insurance will gain momentum at this COP, helping to mitigate against the extreme weather and rising heat - effects of climate change that are likely to continue to hit vulnerable communities in 2018 and beyond.

The Momentum for Change event will take place between 6-8pm, also in the Bonn zone

Media contacts:

Nick Nuttall, Director of Communications and COP23 Spokesperson, UN Climate Change, on Tel: +49 15201684831, E-mail: nnuttall@unfccc.int

Ramona Simon, Press Officer, German Federal Ministry for Economic Cooperation and Development, +49 151 57908190, E-mail: presse@bmz.bund.de