Following the launch of the Global Shield against Climate Risks at COP27, the CEOs of three regional risk pools met with the InsuResilience Global Partnership (IGP) Secretariat for an introduction and further understanding of how this new initiative can effectively collaborate together with the risk pools.
The Global Shield aims to help low-income and vulnerable countries to rebound in the event of climate calamities. It is intended to create an influential architecture for climate and disaster risk finance and insurance funding, with Germany already committing €84M.
Drawing on their experiences of working with the World Bank, the Pacific Catastrophe Risk Insurance Company (PCRIC) CEO Mr. Aholotu Palu, the African Risk Capacity Ltd. (ARC Ltd.) CEO Mr. Lindelwe Lesley Ndlovu, and the CCRIF SPC (formerly The Caribbean Catastrophe Risk Insurance Facility) CEO Mr. Isaac Anthony, all raised their challenges with the entity regarding their existing financing mechanisms and the need for added premium and capital support.
Based off this, they then provided recommendations for the progression of the Global Shield and how best it could potentially serve its purpose. Another meeting between the IGP Secretariat and the regional risk pool CEOs is scheduled for early next year when further details come to light.