About Advancing Climate Risk
Climate risk insurance which can protect people from the detrimental impact of climate-related disasters has recently gained increasing public attention. Thus, there is growing momentum across leading international policy fora, including the Paris Agreement, the Sendai Framework, the G7, and the G20, to harness the benefits of insurance as a risk management approach. These insurance schemes help to minimize the impact of climate-related events on vulnerable populations thereby allowing for faster recovery after a disaster.
Based on the growing efforts the project “Advancing Climate Risk insurance Plus” was implemented by the Munich Climate Insurance Initiative (MCII) and the Deutsche Gesellschaft für internationale Zusammenarbeit (GIZ) on behalf of the German Federal Ministry for the Environment, Nature Conservation, Building and Nuclear Safety (BMU), funded under the BMU’s International Climate Initiative (IKI). It collaborates with government authorities, the private sector and NGOs in Ghana, Morocco, China and Barbados to develop integrated climate risk management (ICRM) concepts in the Agriculture, Water, Small-Medium Enterprise (SME), Urban Resilience, and Renewable Energy sectors, respectively. To ensure a uniform framework among the countries of focus, the Integrated Climate Risk Management (ICRM) framework of this publication was developed. ICRM is an approach to dealing with risk and manifestation of climate-related disasters. It is characterized by holistic perspective with regards to the various components of risk management. ICRM advances the traditional disaster risk management cycle by including a risk retention and risk transfer phase to manage residual risk after all risk reduction measures have been implemented.
The Munich Climate Insurance Initiative (MCII) is a leading innovation laboratory on climate change and insurance. It was launched over 10 years ago in response to the growing realization that insurance-related solutions can play a role in adaptation to climate change, as advocated in the UN Framework Convention on Climate Change. MCII, through its unique set-up, provides a forum and gathering point for insurance-related expertise on climate change impacts. The Initiative brings together insurers, experts on climate change and adaptation, NGOs and researchers intent on finding effective and fair solutions to the risks posed by climate change, as well as sustainable approaches that create incentive structures for risk and poverty reduction. MCII is hosted by the United Nations University Institute for Environment and Human Security (UNU-EHS) in Bonn, Germany.
As a provider of international cooperation services for sustainable development and international education work, GIZ is dedicated to building a future worth living around the world. GIZ has over 50 years of experience in a wide variety of areas, including economic development and employment, energy and the environment, and peace and security. The diverse expertise of our federal enterprise is in demand around the globe, with the German Government, European Union institutions, the United Nations, the private sector and governments of other countries all benefiting from our services. We work with businesses, civil society actors and research institutions, fostering successful interaction between development policy and other policy fields and areas of activity.