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Britain puts $35 million into natural disaster hedge fund

Source(s): Thomson Reuters
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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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Themes Insurance and risk transfer
Country and region United Kingdom of Great Britain and Northern Ireland
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