An online catalogue which provides detailed information about climate risk insurance has been officially launched this week in what industry insiders are calling a world-first.
Commissioned by the German government, the
Climate Insurance Database is a joint initiative from the Global Index Insurance Facility, the Munich Climate Insurance Initiative, and the German Corporation for International Cooperation.
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Branko Wehnert, head of integrated climate risk management at the GCIC, said the tool would provide industry figures with the information they need to create suitable policies and products.
“We are certain that the database will further support the capacity development and knowledge sharing efforts of various international organizations working on climate risk insurance,” he said.
Soenke Kreft, executive director of the Munich Climate Insurance Initiative, said the database pools resources to make things more streamlined for those in the industry.
“To strengthen action on climate risk insurance, we have initiated a central platform where information on climate risk insurance can be presented in a consolidated format for consideration by interested practitioners and policymakers,” he said.
According to the Global Index Insurance Facility, the database shares the experiences of multiple international organisations in the risk transfer and insurance solutions sectors.
Fatou Assah, program manager of the Global Index Insurance Facility, said the online platform will also allow provide a platform for sharing good practices and successful experiences in creating climate insurance products.
“Disseminating these knowledge products can help develop sustainable insurance markets that vulnerable communities can include as part of their suite of financial tools to strengthen resilience against climate and disaster risks,” he said.
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