1st meeting of the DRR expert advisory group on financial risk transfer

Overall goal of the meeting

The overall aim of meeting is:

- Provide guidance on the priorities, targets and deliverables for strengthening of weather, hydrological and climate services to support financial risk transfer markets (2012- 2015);
• Drivers of the markets, opportunities, gaps and challenges with respect to provision of services (research, operational, service delivery, cooperation and partnership aspects) (user / provider perspective)
• Documentation of good practices, lessons learned, development of guidance materials and awareness raising within the meteolrogical, hydrological and climate community
• Opportunities for strengthening coordination across industry-led and other international weather and climate research programmes and operational services
• Identification and implementation of (national and regional) capacity development projects for weather, hydrological and climate products and services to support financial risk transfer markets
• Service delivery models and partnership aspects (user interface)
- Finalize the Terms of Reference of the EAG – FRT with respect to the identified priorities, targets and deliverables

Expected outcome of the meeting

- Concrete recommendations for priorities, target and deliverables between 2012 and 2015
- Final Terms of Reference of EAG-FRT, particularly in relation to the implementation of deliverables
- Criteria for what constitutes a good practices (national and regional), identification of cases that can be documented in 2012 through cooperation with WMO Members and the partners, and documentation plan
- Work plan (2012 – 2013)
- Date of the 2nd meeting of the EAG-FRT in 2012

Sessions of the meeting

- Disaster Risk Financing and Financial Risk Transfer Markets Related to Weather, Hydrological and Climate Extremes in a Changing Climate (User Perspectives)
• Implications of climate change for the financial markets and needs for climate Services
• Perspectives of insurers, reinsures and insurance brokers
• Disaster risk financing in the agricultural sector (traditional insurance and ART mechanisms)

- Traditional and Alternative Risk Transfer Markets (Physical assets and property) and Needs for Meteorological, Hydrological and Climate Services
• Challenges and opportunities for disaster risk financing from policy to development within a changing climate (traditional insurance and ART mechanisms)

- Agricultural Risk Transfer Mechanisms (traditional and ART) and Needs for Weather and Climate services

- Research and Operational Meteorological, Hydrological and Climate Services to Support Target FRT Markets and Lessons Learned
• Discussion on good practices, opportunities and challenges for delivery of operational weather, hydrological and climate services to support these markets
• Discussion on Needs and Opportunities for Weather and Climate Research and Development related to Extreme events in a changing Climate

- Finalization of the Terms of Reference of ERG-FRT and the work plan