The world is getting warmer and natural hazards are becoming more intense, likely bringing higher economic losses in the future. Today, four major weather perils result in expected economic losses of USD 200 billion annually. With more severe weather coming, economic losses are set to rise. The study analysis finds …
A world at risk, Lloyd’s second underinsurance report, produced with CEBR, shows there is global underinsurance of $162.5bn in 2018. This shows there is a significant gap between the level of insurance in place to cover global risks, and the actual cost to businesses and governments of rebuilding and recovering …
Insurance can be an important mechanism to stimulate flood risk reduction and thus decrease losses. However, there is a gap between the theoretical potential described by academic scholars and the actual engagement of insurers. In the analysis, I have collected examples of insurers' engagement in flood risk reduction, focusing on …
The National Smallholder Farmers Association of Malawi (Nasfam) says it intends to reach out to 50,000 smallholders with a weather-based index insurance (WBI) to protecting farmers from crop losses due to bad weather. WBI is one of the components under a project called Scaling Up Climate Resilient Solutions (SCRS) for …
This study argues that the focus on insurance by developed countries is too narrow and comes at the expense of a serious consideration of other options. Insurance is only one tool in a much larger toolbox. The emphasis on insurance is also self-serving and diverts the focus from the failure …
The United States Agency for International Development (USAID) says between 20 to 40 per cent of funds allocated to healthcare delivery by government in Nigeria is wasted due to inefficiency. Health Finance Advisor of USAID – HFG project, Ngozi Okoronkwo, said this in Ibadan on Wednesday at a three-day intensive …
After last year’s Supreme Court order, Irdai has now mandated that every vehicle must have a valid PUC certificate on the date of renewal of motor insurance policy The insurance regulator has made it mandatory to show a valid pollution under control (PUC) certificate at the time of renewal of …
Acting tough on those violating emission norms, Irdai has said vehicles without a valid Pollution Under Control (PUC) certificate will not be insured. Irdai in a notification has directed all general insurance companies not to insure a vehicle unless it has a valid PUC certificate. Vehicle insurance is renewed every …
This report is the result of a collaboration between sixteen of the world’s leading banks with UN Environment Finance Initiative (UNEP FI), and climate risk and adaptation advisory firm Acclimatise. The banks set out to develop and test a widely applicable scenario-based approach for estimating the impact of climate change …
PANAJI: Pollution under control (PUC) centres in state soon may not face the consequence of cancellation of their licence in case of norms violation as the transport department has proposed a fine of Rs 10,000 for the first offence and Rs 25,000 for the subsequent offence. The existing harsher penalty …
The insurance industry, a sector with assets worth around USD 15 trillion, needs to urgently step up its low-carbon investments and prepare its portfolios for climate-related financial risks, according to an Asset Owners Disclosure Project report. Nine out of ten investment strategies in the insurance industry are still not aligned …
The road transport ministry has asked the insurance regulator to direct all companies not to issue or renew insurance of vehicles unless they have ‘pollution under control’ (PUC) certificate. As per law, no vehicle is allowed to ply without at least having third-party insurance, a rule which is largely flouted …
The Government of Nigeria has signed a Memorandum of Understanding with the African Risk Capacity to work together to address the impact of extreme weather events in Nigeria, including training support to Government personnel. The signing ceremony, which happened on the margins of the Annual Meetings of the African Development …
Ministers of Finance, Agriculture and Governors of Central Banks from African countries have called for further innovative financing mechanisms to deal with the impact of climate change, which has led to economic losses from cycles, conflict, insecurity and cross-border political instability in the Sahel region. African Development Bank President Akinwumi …
Kenya Parliament has been asked to consider passing laws to direct farm owners living near national game reserves and parks to take up mandatory insurance policies for protection against damages by animals. This follows an 18-year legal battle between an agricultural firm and the Kenya Wildlife Service (KWS) after the …
Every year natural and man-made catastrophes cause a distressing loss of lives and considerable economic costs around the world. Both industrialised and developing countries are affected, and surprisingly, both are also materially underinsured. This is the 3rd edition of a Closing the Protection Gap – Smart solutions for the public …
This report assess the value of insurance as an approach to reducing climate and disaster risk among poor and vulnerable people and identifies key options and challenges. It assesses the InsuResilience Global Partnership and recommends that the Partnership build more evidence of what works for poor people, invest in pro-poor …
This brief describes the implementation of index-based flood insurance (IBFI) in countries with large smallhold farming communities to insure farmers against flood losses. The brief outlines the objectives of the IBFI scheme in Bihar, India and identifies key challenges and recommendations.
A major insurance scheme launched on Thursday aims to help up to 4 million poor people in Africa and Asia rebuild their lives after climate disasters, its backers said. The insurance programme - covering droughts in Kenya, Malawi, Mali, Zambia and Cambodia, and tropical cyclones in Myanmar - will support …
There is a growing consensus that insurance, risk transfer, and sharing mechanisms have an important and growing role to play, particularly in offsetting the economic impacts associated with extreme events. What is less clear is the extent to which such instruments encourage adaptation programmes and policies that would serve to …
This brochure presents the main findings of a study into insurance mechanisms dealing with climate-related extreme weather events. Insurance has attracted much attention as a tool in climate risk management in this context. In addition to financial compensation for losses after an extreme weather event, insurance can provide incentives to …
