The agricultural insurance industry must accelerate its digital transformation. Providers' experience over the last few years shows that cooperation with tech companies and start-ups can significantly speed up the change.
The report introduces the concept of social protection, provides an overview of the current state of social protection, discusses the linkages between social protection and climate, and sheds light on social protection in the broader realm of risk insurance.
United Nations University Institute for Environment and Human Security
Until now, there is been no way to measure objectively whether the potential benefits of disaster risk insurance outweigh the costs and risks. New research is making that possible.
The new report includes a global update of the InsuRisk assessment tool, providing information on climate and disaster risk and readiness for insurance solutions for 188 countries.
United Nations University Institute for Environment and Human Security
The $1.5 million USD policy, signed by Start Network and provided by African Risk Capacity, is built on ‘parametric’ insurance. This means it pays out before a crisis, based on pre-agreed scientific triggers, based for example on rainfall data.
Developing countries are already enduring the worst of climate change. Weather Index Insurance (WII) may increase the ability of these vulnerable farmers to face climate shocks.
The new financing goal targets for 2025 can benefit from considering V20 Climate Finance Viewpoints which also underscores for an inclusive process, commensurate with ground truths.
Connecting climate and disaster risk financing instruments with social protection systems at regional or local levels can enable insurance schemes to better reach and target the needs of vulnerable people in response to climate shocks.
