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23 October 2024
Droughts have a catastrophic impact on the poorest and most vulnerable. They destroy livelihoods, create acute food insecurity, restrict economic growth, and put severe pressure on government budgets. Policies and investments to mitigate and prepare for droughts are crucial, but for the risk which cannot be managed away, a growing array of Disaster Risk Financing and Insurance (DRFI) programs have emerged in response to the needs of climate-vulnerable countries and their populations. These DRFI... Keep reading
10 October 2024
After a successful 2021 pilot disbursement of the Displacement Crisis Response Mechanism (DCRM ) – the world’s first displacement risk financing mechanism – the Government of Uganda initiated a second disbursement in 2023. The second disbursement was executed according to an adopted DCRM handbook, informing a transparent, needs-based, and pre-agreed process for selecting public service sectors and districts that will receive funds, in line with the World Bank’s new scorecard approach to... Keep reading
30 September 2024
Public-private knowledge partnership is critical to help developing countries develop climate and disaster risk finance strategies as the range of financial products offered by both development partners and the private insurance industry is increasing. The protection gap against climate shocks and disasters keeps growing in most developing countries. The increasing frequency and intensity of climate shocks such as droughts and floods pose a serious global threat, especially to vulnerable... Keep reading
21 June 2024
Around 20 typhoons occur near the Philippines every year and nearly half of them hit the country — killing scores and destroying schools, hospitals, and other public infrastructure. The search for the money to rebuild typically starts the day after the calamity. Some emergency funds flow; charitable donations, too. But overall, public assets lack financial protection against disasters, despite the Philippines being one of world’s most disaster-prone countries and among the champions of disaster... Keep reading
23 April 2024
The southwestern African country of Angola is enigmatic, it boasts of a variety of diverse ecosystems, ranging from the arid Namib Desert in the south to the lush rainforests of the north. With its rich land and tropical climate in the Northern part of the country, it has massive agricultural potential for a range of crops, including high value chains like coffee, cotton and wine. Its long coastline could deliver double digit growth of the fisheries sector. However, Angola is exposed to climate... Keep reading
22 April 2024
The global protection gap related to climate shocks and disasters keeps growing. According to the insurance industry , this protection gap worldwide is estimated at 67 percent in 2023: this means that only 33 percent of the direct economic costs of natural hazards, estimated at USD357 billion in 2023, were insured. This protection gap is even wider in emerging markets and developing economies, where it can exceed 90 percent. Climate shocks and extreme weather events not only reduce the welfare... Keep reading
12 April 2024
Sitting down with farmers in Bicol early this year, we heard a clear message: "We suffer many losses after disasters; reliable agricultural insurance could be our financial safety net,” they say. In 2023, the region experienced devastating floods and landslides. A few years earlier, Super Typhoon Goni tore through Bicol region, destroying crops and livestock. Such events are commonplace in the Philippines with an average of 20 typhoons occurring annually, and 8 to 9 of these making landfall. 1... Keep reading