InsuResilience
Solutions Fund (ISF) is pleased to launch
the 5th call for proposals for the Innovative Climate Risk Insurance.
The ISF especially welcomes project concepts targeting the sectors
most vulnerable to effects of the pandemic, such as critical infrastructure,
emergency relief and financial support of (M)SMEs, with products focusing on
providing coverage against climate change related perils such as flood,
wind/storm, excess rain, drought/heat wave, cold spells (in combination with
others).
Focus Areas
The InsuResilience Solutions Fund seeks to
increase the resilience and capacity of developing and emerging countries to
adapt to climate change by:
- Supporting comprehensive
climate risk analysis as the basis for governments, businesses and
households to become more proactive in risk management and to make
informed decisions on climate risk management and adaptation strategies.
- Offering studies and advice for
the development of new concepts for climate risk insurance solutions that
take into account the specific needs of the poor and vulnerable
populations and
- Co-funding the development and
market introduction of insurance products, as well as supporting the
expansion of existing innovative climate risk insurance products.
Terms of Funding
The ISF provides grant-based co-funding of up to
2.5m EUR only to Partnerships consisting of public and/ or private
organisations
- which want to
- develop new climate risk
insurance products, especially for governments or
- scale-up already existing
products, e.g. into other regions or to other groups in order to increase
the resilience of poor and vulnerable people in developing countries to
climate change
- where at least one partner is
- representing the demand and
needs of end-beneficiaries (e.g. national or regional government bodies,
NGOs, local insurers)
- willing to act as a risk taker
(e.g. reinsurance company)
- located in the target country
- which provide an own
contribution
- matching the grant funding
(in-kind and/or as financial contribution, including funds from their own
resources and co-financing2)
Target Countries and Groups
- Focus on poor and vulnerable
households (< 15 USD PPP per day) either directly (through micro-level
insurance) or indirectly (through meso- or macro-level solutions).
- Countries in Asia and the
Pacific, Africa and Latin America which are eligible to receive official
development assistance (ODA) as defined by the OECD Development Assistance
Committee and are vulnerable to extreme weather events.
- Nevertheless, countries that
are official candidates for accession to the European Union or
beneficiaries of the European Neighbourhood Instrument East are considered
to be non-eligible for ISF funding. These include: Albania, Armenia,
Azerbaijan, Belarus, Bosnia and Herzegovina, Georgia, Kosovo, Moldova,
Montenegro, North Macedonia, Serbia, Turkey and Ukraine.
- Target group of the ISF are
joint initiatives of:
- (local) public entities (e.g.
national and regional government bodies or communities),
- private companies in the
insurance sector, and
- NGOs, humanitarian
organisations.
Criteria
- The insurance product covers at
least one of the following perils: flood, wind / storm, excess rain,
drought/ heat waves, cold spells (a combination with other perils is
possible). Examples: Nat Cat, business interruption, property or
agricultural insurance
- The project has a lifespan of
up to 24 months / the product is ready for market placement and launch
within 24 months after funding approval.
- A work, budget and time plan
containing reliable cost estimations exist.
- Relevant experience of
implementing partners, reference project exist.
- Funding is requested for
product development related costs (e.g. data collection, IT, risk
modelling, etc.).
Post Date - 19-Feb-2021