Original source: Microinsurance Network
Inclusive insurance has the potential to be a significant weapon in the fight against climate change, which is one of the main drivers of both daily impacts and major disasters. Inclusive insurance can also play a crucial role in national risk reduction strategies – of course, it is not the only tool to increase climate disaster risk resilience, but it is an important one which does not always get the recognition it deserves.
Risk management and insurance are vital for building the resilience that underpins the sustainable development agenda. Inclusive insurance has the potential to be a significant weapon in the fight against climate change, which is one of the main drivers of both daily impacts and major disasters. Inclusive insurance can also play a crucial role in national risk reduction strategies – of course, it is not the only tool to increase climate disaster risk resilience, but it is an important one which does not always get the recognition it deserves.
Many of our members already offer agricultural insurance and disaster risk reduction (DRR) to smallholder farmers in developing countries who are highly exposed to climate change. These include index-based crop and livestock insurance, and practical DRR programmes such as hazard vulnerability assessments and contingency planning. Some are also partners in the G7’s InsuResilience initiative, which aims to provide 400 million people with climate risk insurance by 2020, and the InsuResilience Investment Fund, which has so far benefitted more than 17.5 million people worldwide.
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