The Climate Risk Adaptation and Insurance in the Caribbean programme seeks to help vulnerable people adapt to extreme weather events. The programme will design and implement products that combine risk reduction and insurance for low-income groups such as small farmers and day labourers in the region. The products target medium-level weather extremes (specifically, excess rainfall and high winds), which are likely to increase in frequency and intensity with climate change. Thus, the programme will protect the livelihoods of small farmers and day labourers who are affected by a hurricane or a flood by offering microinsurance and other risk transfer solutions linked with disaster risk reduction and risk management.
Supported by the German Federal Ministry of the Environment and Nuclear Safety (BMU) and funded to the tune of €2m for a period of three years, the programme is being implemented within the Munich Climate Insurance Initiative (MCII) by a partnership made up of Munich Re, MicroEnsure and CCRIF. In the next three years, up to three different insurance products will be developed and marketed in at least three countries across the region.
The programme is designed to be a model for the international community. It will share lessons learned with policy makers at the regional and international level. This will inform decision makers about designing approaches to loss avoidance and reduction, on expanding the access of vulnerable people to these schemes and on the potential services and value addition of a regional facility. The programme will demonstrate to leaders from Africa, the Pacific and Latin America whether such an approach would be relevant for risk management in their regions. The programme partners will work with delegates to the UNFCCC to determine what role the international community might play in catalysing similar regional approaches to adaptation, reduction of loss and damage, and insurance.
For more information, please see the brochure:
Climate Risk Adaptation and Insurance in the Caribbean ~ PDF