G7 Climate Risk Insurance Initiative
| Type | Government announcement |
|---|---|
| Country | Germany |
| Government type | Central government |
| Scope | Global |
| Themes | Cross-cutting areas; International public finance |
Description
The G7 will intensify its support particularly for vulnerable countries’ own efforts to manage climate change related disaster risk and to build resilience. We will aim to increase by up to 400 million the number of people in the most vulnerable developing countries who have access to direct or indirect insurance coverage against the negative impact of climate change related hazards by 2020 and support the development of early warning systems in the most vulnerable countries. To do so we will learn from and build on already existing risk insurance facilities such as the African Risk Capacity, the Caribbean Catastrophe Risk Insurance Facility and other efforts to develop insurance solutions and markets in vulnerable regions, including in small islands developing states, Africa, Asia and Pacific, Latin America and the Caribbean.
Targets
We will aim to increase by up to 400 million the number of people in the most vulnerable developing countries who have access to direct or indirect insurance coverage against the negative impact of climate change related hazards by 2020 and support the development of early warning systems in the most vulnerable countries.
Indicators
To be developed by the G7 Accountability Working Group.
Resources
The G7 will provide the necessary resources to achieve the initiative’s goal. The German Government already committed 150 million euros.
Timeframe
by 2020