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UN climate conference in Marrakech

Insurance coverage against climate risks: BMZ supports G7 initiative

A refugee camp provides shelter to victims of a natural disaster in Haiti

Press release of 15.11.2016 |

Marrakech –The German Federal Ministry for Economic Cooperation and Development has pledged to further expand its support for climate risk insurance in developing countries. The announcement was made by German Parliamentary State Secretary Thomas Silberhorn at the UN world climate conference in Marrakesh, Morocco:

'The unavoidable consequences of climate change pose the threat of more frequent and stronger hurricanes, floods and droughts in future. These endanger the lives of millions of poor and vulnerable people in developing countries. With climate risk insurance these countries are insured against drought, storms and flooding. In the event of a catastrophe, affected countries can quickly receive payouts, enabling them to rapidly help people in need.'

During the German G7 presidency in 2015, the G7 states decided to insure an additional 400 million particularly vulnerable individuals against climate risks by 2020. The Federal Development Ministry has pledged to support the InsuResilience Initiative, launched at the G7 Summit in Elmau, with an additional 40 million euros. Together with the additional commitments of other G7 states the Initiative's capital has increased from 420 to 550 million US dollars.

Climate risk insurances have proven effective in providing rapid assistance: After tropical storm Matthew wreaked havoc in Haiti and other countries a month ago, the Caribbean climate risk insurance scheme CCRIF provided nearly 30 million US dollars within only two weeks to support the affected population.

Following extreme drought in Mauretania, Niger and Senegal, the African Risk Capacity agency, which Germany is supporting with more than 90 million euros, provided some 25 million euros in payments. These countries were able to use the insurance payout to finance emergency drought aid measures for 1.3 million people and fodder for about half a million animals in need.

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