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The United Nations Development Programme said Monday that the German government has contributed €35 million ($40.9 million) in funding for a new risk transfer initiative, the Insurance and Risk Finance Facility, within its Finance Sector Hub.
The goal is to co-create insurance and risk finance solutions in over 50 developing countries by 2025 and contribute to the InsuResilience Vision 2025 target of protecting 500 million poor and vulnerable people by 2025.
“In a world of growing and converging risks, developing countries and their communities are often the worst affected and the least able to rebuild and recover,” Achim Steiner, UNDP Administrator, said in the statement.
Under the IRFF, UNDP will work with governments to include climate risk modeling work in national development plans and financing strategies, nationally determined contributions, national adaptation plans and more.
The initial funding will provide technical assistance, networks and partners, project identification and development, partner mapping and matching, and much more in all 170 countries, according to Jan Kellett, who is the UNDP special adviser, finance sector hub, and corporate lead, insurance and risk financing.
The Facility will strengthen the protection of vulnerable communities from socio-economic, climate and health-related disasters, by significantly increasing the role of insurance and risk-financing in development, the statement said Monday.
“The funds are primarily earmarked for technical, capacity-building work on the ground, as well as for the development of new risk transfer solutions with our insurance industry partners. While UNDP itself will not pay premiums, it will work – country by country and globally – to explore how governments could be supported financially, depending on their individual needs and capacity,” said Daniel Stander, senior adviser to the United Nations Development Programme and former global managing director at catastrophe modeler Risk Management Solutions Inc.
Further funding is anticipated, he said. “The UNDP team – with German government support – will be looking for more donor support.”
Pension risk transfer premiums inched up in March, according to a report from Seattle-based consulting firm Milliman, Pensions & Investments reported. The estimated buyout cost as a percentage of accounting liabilities was 102.7% at the end of March, up from 102.1% in February.