The newly launched Disaster Resilience Framework for Climate-Vulnerable Countries aims to pair public and private investment with insurance in a bid to improve disaster resilience in low- to middle-income countries that are most at risk from climate-exacerbated extreme weather events.
The project was launched by the Insurance Task Force, operating as part of the Prince of Wales’ Sustainable Markets Initiative. It seeks to bring together multilateral development banks, international aid donors and the private sector to create large scale and high impact physical, economic and humanitarian financing and risk mitigation solutions for climate-vulnerable developing countries.
Dominic Christian, global chairman, Aon Reinsurance Solutions and chairman of ClimateWise, said: “This framework brings focus to an urgent opportunity for public-private partnerships to support developing countries in their ability to finance, manage and build greater resilience in the face of increasing extreme weather events that bring long-term, devastating impacts to their communities and economy.”
Bruce Carnegie-Brown, chair of SMI Insurance Task Force and Lloyd’s, added: “The global insurance industry has a crucial role to play alongside private finance, international donors and sovereign agencies in addressing the needs of developing countries.
“This framework creates a vital opportunity for low- to middle-income countries to build resilience against increasingly frequent and severe weather risks, as well as driving sustainable societal and economic recovery post-disaster.”
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