PPP launched to develop flood insurance in Ghana

The Ghana Ministry of Finance, the United Nations Development Programme, the German government and the Insurance Development Forum have today announced the launch of a collaborative project to develop a sovereign risk transfer scheme for urban floods in Ghana, alongside long-term investments in the country’s capacity to leverage and integrate insurance and risk financing into their development strategies.

The risk transfer project is led by IDF members Allianz and Swiss Re, and is supported by UNDP.

Claudia Thyme, industry deputy chair, IDF Sovereign and Humanitarian Solutions Working Group, commented: “One reason why the protection gap persists is that it is often costly to design insurance solutions tailored to the specific needs and requirements of developing countries. Co-funding from the German Government enables the IDF to uniquely address this problem by working on the product development stage in cross-company teams, as an industry. Once a programme has been designed, it is easier for governments to find insurance companies to insure the risk.”

Further partners in the project are flood risk consultants HKV, microsatellite operator ICEYE and media monitor Flood Tags.

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