InsuRisk: Disaster Risk and Readiness for Insurance Solutions

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    Project Manager :
    Michael Hagenlocher

    The ambitious goal of the InsuResilience Global Partnership is to provide 500 million poor and vulnerable people annually with financial coverage through climate and disaster risk finance and insurance (CDRFI) solutions by 2025. As there is currently no standard or methodology for benchmarking countries with poor and vulnerable populations, the InsuResilience Secretariat commissioned UNU-EHS and Social Impact Partners to develop a holistic and objective concept, methodology and tool for guiding and prioritizing the selection of potential InsuResilience partner countries. The main objectives of the proposed InsuRisk Assessment tool are: (1) to reach the main target group, i.e. the poor and most vulnerable, by providing a tool that can support the prioritization of countries according to their vulnerability, risk and corresponding needs; (2) to give orientation for donors regarding a needs-based partner country selection and associated funding decisions and to provide transparency to external actors regarding the identification and prioritization of further InsuResilience partner countries; and (3) to support the categorization of countries according to their needs for climate risk solutions and their local insurance market’s development status.

    In this first stage of the InsuRisk project, an initial version of the InsuRisk concept and methdology (incl. the InsuRisk country index) has been developed by UNU-EHS in collaboration with Social Impact Partners and the InsuResilience Secretariat in 2017 (phase 1), and updated in 2018 (phase 2). Phase 3, which runs until May 2021, aimed to develop two special reports, one focusing on small island developing states (SIDS), and the second one on social protection. For the 2021 update of the InsuRisk Assessment tool, the approach was also scaled up to cover 188 countries. Next to UNU-EHS (project leader), the consortium for phase 3 also includes the Munich Climate Insurance Initiative (MCII), the Ludwig-Maximilians-Universität München (LMU), and the InsuResilience Secretariat.