LONDON (Reuters) - Britain is backing a hedge fund that aims to raise $200 million to give developing countries access to climate risk insurance.
Britain’s Department for International Development (DFID) is investing 25 million pounds ($35 million) over a 20-year period in the Natural Disaster Fund, managed by Global Parametrics, a DFID spokeswoman said on Friday.
G7 governments are looking to address a lack of access to insurance in the developing world, with a goal to insure an additional 400 million people against climate disasters by 2020.
Insurance could cover up to $6.8 billion of the losses from natural disasters if more insurance structures were used, a report prepared for DFID last year showed.
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Insurance and risk transfer
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United Kingdom of Great Britain and Northern Ireland