On behalf of the German Ministry for Economic Cooperation and Development and KfW Entwicklungsbank, the InsuResilience Solutions Fund (ISF), managed by Frankfurt School of Finance & Management, hosted a reception at the 25th United Nations Climate Change Conference (COP 25) in Madrid, bringing together high-level representatives of public and private sector in the field of climate risk insurance sharing the InsuResilience Vision 2025 in its effort to improve climate resilience.
After the welcoming by Annette Detken, Head of the InsuResilience Solutions Fund, Barbara Schnell, Director Sector Policy at KfW Development Bank and a member of ISF's Strategic Committee presented the Fund and its innovative approach to promoting risk transfer solutions.
The ISF promotes the development of innovative and sustainable climate risk insurance products in developing and emerging countries representing a pivotal program of the InsuResilience Global Partnership as a joint initiative supported by the G20 and V20.
The highlight of the reception presented the announcement of the grant agreement between the InsuResilience Solutions Fund (ISF) and the joint partnership between Europa Re Ltd. and its local partners. The aim of the product partnership is to develop a national and a municipal approach to climate risk insurance. With the help of innovative insurance approaches, the climate resilience of farmers and vulnerable families in rural areas of Serbia and Northern Macedonia will be increased.
Established in 2014 as a licensed Swiss reinsurer, Europa Reinsurance Facility Ltd. has been actively involved in the development of national catastrophe insurance markets in South East Europe and Caucasus. In order to offer insurance protection to the unserved Europa Re is partnering with Globos Osiguranje, a national Serbian insurance company and the Ministry of Agriculture, Forestry and Water Economy (MAFWE) in North Macedonia.
These innovative climate risk insurance solutions represent an illustrative example for financing climate risks thus contributing to the goal of the ISF to improve the resilience of poor and vulnerable people against the impacts of climate change and natural disasters.