Governments can benefit from the insurance industry’s historical data and analysis of weather risks, resulting in a faster assessment at reduced costs
Risks of extreme weather events that cannot be reduced or avoided can be transferred to the insurance market through a three-tiered ‘risk layered’ approach that combines both pre-disaster financing instruments and insurance
Contingency plans that include insurance policies and pay-outs have to make sure that there is accountability, and a monitoring and evaluation plan. Better asset protection through early action from an effective early warning system could possibly lower the premiums
Despite well-strategized plans, a general problem with emergency appeal-based fundraising is that it is based on a voluntary contribution, making humanitarian aid often too unreliable and unpredictable to be taken into the decision-making process by recipient governments.
Contingency plans that include insurance policies and pay-outs have to make sure that there is accountability, and a monitoring and evaluation plan. Better asset protection through early action from an effective early warning system could possibly lower the premiums
Strategically combining insurance sector expertise and value added of insurance, with other risk management measures of each phase. Synergies also harness entry points of risk and adaptation measures in each phase to leverage insurance.