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Meeting the Unmet Demand

Meeting the Unmet Demand. Insuring the Uninsurable Climate Change and Insurance Munich Re – GERMANWATCH Briefing 2004 Arun Kashyap Climate Change & CDM Adviser UNDP 10 May 2004. Presentation Format. Underlying Principle Why, What, How Possible Strategy & Interventions Debt Swaps

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Meeting the Unmet Demand

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  1. Meeting the Unmet Demand Insuring the Uninsurable Climate Change and Insurance Munich Re – GERMANWATCH Briefing 2004 Arun Kashyap Climate Change & CDM Adviser UNDP 10 May 2004

  2. Presentation Format Underlying Principle Why, What, How Possible Strategy & Interventions Debt Swaps Linking disaster assistance with prevention/mitigation of adverse impacts of disasters Next Steps

  3. Underlying Principle – Why? Millennium Development Goal Halve the proportion of people living in extreme poverty by 2015 Water, Energy, Health, Agriculture & Biodiversity (WEHAB) Climate Change - a cross cutting issue Possible basis for provision of insurance services

  4. Hypotheses Disasters contribute to persistent poverty Reducing vulnerability is about risk reduction and risk management Sustainable livelihood implies reduced vulnerabilities Disasters reduction efforts make economic and development sense Insurance as a safety net mechanism can contribute towards overall economic development

  5. Enhanced Vulnerability Climate variability and change significantly endanger livelihoods Increase in the frequency and intensity of extreme events Natural disasters Frequency and intensity of droughts High human and economic costs in Developing Countries

  6. Focus of Interventions --What? Reducing vulnerability to shocks and stresses Strengthening sustainable livelihoods Access to resources Building Assets Developing capabilities

  7. Focus of Interventions – How? Adaptation (Risk management) interventions must be integrated in to national strategies for poverty eradication Translating new and existing knowledge into policy formulation and implementation Innovative and integrative approaches to capacity development Undertake Pilot Projects

  8. Possible Interventions Disaster Management Continuum Priority Disaster Reduction (Prevention, Mitigation and Preparedness) Follow up Disaster Response (Relief, Rehabilitation, Reconstruction) Debt for Adaptation Swaps (MDG)

  9. Debt Swaps Public Private Engagement National Host Governments (Sustainable development priorities Bilateral (debt write off and terms of reference) Private Sector (Insurance possibilities – premiums nature of contracts) Multilateral organizations (Due Diligence) Civil Society (Due Diligence) Learning by doing

  10. Disaster Reduction Public Private Engagement National Host Governments (sustainable development priorities) Bilateral (Resource advancement from disaster mitigation budget) Fulfilling Monterey commitment Engaging the Private Sector (Insurance possibilities) Linking local action to global mandates Transparency, Monitoring and Evaluation

  11. Premise for Insurance Community/province/state level rather than household Guaranteed premium payment Diversification of risk Partial Coverage of extreme events/natural disasters Lessons from developed countries New Insurance products Commercial debt insurance

  12. Next Steps Strengthen Insurance & Sustainable Development linkage Relationship: risk management, insurance and adaptive capacity Foster dialogue: Re/insurance industry, governments and civil society Seek partnerships

  13. Next Steps: Barbados+10 Risk Management, Adaptation and Insurance for SIDS Comprehensive paper Side Event MoU Pilot Projects

  14. Selection of Pilot Countries LDC/Highly Indebted Presence of basic infrastructure Insurance industry Enabling policy framework Political commitment Private sector/bilateral interest Direct Foreign Investment/Commercial Debt Replicability

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