Lloyd’s has progressed a partnership with the United Nations Capital Development Fund and the Sustainable Markets Initiative’s Insurance Task Force to deliver two training workshops in Papua New Guinea and in Fiji.

Aligned with Lloyd’s and the UNCDF’s collective objective to scale insurance access for climate-vulnerable countries, the workshops are being run to support the local development and understanding of parametric insurance for regional insurers, reinsurers and central banks in Pacific Island countries.

Initially focusing on building and scaling solutions across Fiji and the Pacific Islands, the partnership will also seek to replicate the model in other regions, including Asia and parts of Africa.

Rebekah Clement, corporate affairs director, Lloyd’s said: “We are delighted to be able to progress our Memorandum of Understanding with the UNCDF through our workshops in both Papua New Guinea and Fiji. Parametric insurance can play a vital role to support sovereign states with the financial impact of climate disasters, unlocking funds at speed and redirecting them into resilience strategies.”

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