Trilateral agreement between Germany, the United Nations Development Programme and the Insurance Development Forum

At the UN Climate Action Summit in September 2019, the BMZ, the United Nations Development Programme (UNDP) and – representing the insurance industry – the Insurance Development Forum (IDF) agreed to join forces in order to increase ambition on climate risk financing and insurance.

They resolved to provide technical assistance for 20 poor and vulnerable focus countries. More specifically, the focus is on

  • modelling climate and disaster risks,
  • applying these risk models,
  • analysing risk transfer solutions, and
  • integrating risk transfer in development processes.

Germany has committed 30 million euros in support of the implementation of this agreement. The IDF is making available five billion US dollars in reinsurance capacity as part of the agreement.