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Integrating Insurance Into Climate Risk Management

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Integrating Insurance Into Climate Risk Management INTEGRATING INSURANCE INTO CLIMATE RISK MANAGEMENT Conceptual Framework, Tools and Guiding Questions: Examples from the Agricultural Sector HOSTED BY Authors Gaby Ramm (Munich Climate Insurance Initiative − MCII advisory group member) Kehinde Balogun (Munich Climate Insurance Initiative − MCII) Matthias Range (Deutsche Gesellschaft für Internationale Zusammenarbeit GmbH − GIZ) Co-authors Maxime Souvignet (MCII) We thank our contributors for their • Olu Ajayi (Technical Centre for Agricultural and Rural Cooperation − CTA) strong partnership and dedication • Florent Baarsch ( International Fund for Agricultural Development – IFAD) to provide in-depth feedback as • Daniela Bohl (GIZ) Peer Reviewers to this document: • Toon Bullens (Microinsurance Association Netherlands − MIAN) • Emily Coleman (IFAD) • Massimo Giovanola (IFAD) • Michael Hamp (IFAD) • Rachael Hansen (MCII) • Jon Hellin (International Maize and Wheat Improvement Center − CIMMYT) • Peter Hoeppe (MCII Chairman) • Vilma Hossini (Bundesanstalt Technisches Hilfswerk − THW) • Rhea Katsanakis (United Nations International Strategy for Disaster Reduction − UNISDR) • Nina Koeksalan (Food and Agriculture Organization – FAO) • Soenke Kreft (MCII) • Thomas Loster (Munich Re Foundation) • Jennifer Phillips (MCII) • Sandra Schuster (GIZ) • Mia Thom (Centre for Financial Regulation and Inclusion − CENFRI) • Branko Wehnert (GIZ) • Sebastian Wiegele (GIZ) • Michael Zissener (MCII) • Sabrina Zwick (MCII) 2 Abstract Today, emerging new risks from climate change and increasing GmbH (GIZ) have developed an Integrated Climate Risk Management disaster impacts pose a looming threat towards societies in terms (ICRM) approach. MCII and GIZ identified the disaster risk manage- of exacerbating the severity, intensity and frequency of disaster ment cycle, also known as the PPRR approach − prevent, prepare, risks. Every year, natural disasters cause the loss of thousands of respond and recover − as a valuable way to: 1) systematically lives and livelihoods, cost billions of dollars in humanitarian aid, analyse and pinpoint where insurance can add value, 2) provide an disrupt commercial services, and destroy critical infrastructure. overview to public authorities/government officials of the status of Approximately 2.5 billion people worldwide depend on the international political momentum, and 3) find synergies between agricultural sector as the main source of their livelihoods. Between the practical activities and policy of DRM and climate change 2005 and 2014 the agricultural sector sustained losses and damages adaptation (CCA). from natural disasters at a cost of $93 billion. To manage these risks, Integrating Insurance into Climate Risk Management: Conceptual a detailed risk analysis is required as a solid base to understand the Framework, Tools and Guiding Questions: Examples from the complexities of climate and disaster risks. This generally helps to Agricultural Sector aims to enable governments to enhance institu- focus on identifying and implementing disaster risk reduction (DRR) tional support and capacity, and generate knowledge to attain the measures. However, risk financing and transfer mechanisms such short-term objectives of disaster risk reduction and the longer-term as insurance can address residual risks that cannot be prevented or objectives of adaptation to climate change. The document further prepared for. Climate risk insurance is one measure that can act as provides end (technical) users with useful information on how to, a viable transfer instrument to cushion people against the adverse for example, obtain data on extreme weather events and related impacts of climate-induced disasters. It can provide vulnerable com- damages to the agricultural sector from the past, in the present munities with access to alternative coping strategies if integrated and in the future. It can therefore catalyse identification of gaps in into the broader disaster risk management (DRM) strategy. the existing CCA and DRM measures, as well as facilitate the design To facilitate this integration, the Munich Climate Insurance Initiative of mechanisms to close the gaps in order to build more resilient (MCII) and Deutsche Gesellschaft für Internationale Zusammenarbeit systems. 3 This publication has been developed within Advancing Climate Risk of the Conference of the Parties (COP 23) to the United Nations Insurance Plus (ACRI+), a project implemented by Munich Climate Framework Convention on Climate Change (UNFCCC), hosted Insurance Initiative and Deutsche Gesellschaft für Internationale in Bonn. Additionally, two national workshops were conducted Zusammenarbeit GmbH. ACRI+ is part of the project Promoting in Ghana. The validation process tested each phase of the ICRM Integrated Mechanisms for Climate Risk Management and Transfer, approach, its major steps, guiding questions and suggested tools. implemented by GIZ on behalf of the German Federal Ministry for It is to this end that the authors would like to give special thanks the Environment, Nature Conservation and Nuclear Safety (BMU), to our workshop participants for their valuable input to shape and funded under BMU’s International Climate Initiative (IKI). The aim finalize this publication: Acknowledgements of the project is to collaborate with the public authorities in Ghana, Samuel Abatey, Lorraine Abedi-Safo, Baba Adams, Charles Adams, Morocco, China and Barbados to develop Integrated Climate Joseph Adingeya, Frank Aggrey, Eric Nana Agyemmang-Prempeh, Ariku Risk Management concepts for the agriculture, water, small and Martin Akudugu, Victor Algeria, Silley Alhassan, Kennedy Amankwa, medium enterprise (SME), urban resilience, and renewable sectors Richard Amartey, Joseph Amikuzumo, Kingsley Amoako, Kenneth respectively. Amoateng, William Anamoo, Campos Angel, Stephen Abugri Anonyonde, MCII and GIZ identified the DRM cycle as a valuable way to: Jerry Asamani, Kukwa Asamoa, William Asante, Daniel Asare-Kyei, • Systematically analyse and pinpoint where insurance can add Mawuli Asigbee, Millan Atam, Phillip Ayamba, Dzigbordi Azumah, value. Bernard Baatuuwie, Sebastian Bagina, Riad Balaghi, Nana Kojo Bartels, Jacqueline Begerow, Veronika Bertram-Huemmer, Fautina Boakye, • Provide an overview to public authorities/government officials Richard Boatey, Acquah Jnr Isaac Charles, Emily Coleman, of the status of international political momentum. Evelyn R. Debrah, Hendrik Doll, Edgar Drah, Mathieu Dubreuil, Susanne • Find synergies between the practical activities and policy of Feser, Rosemary Forest, Gyamfi Foster, Massimo Giovanola, Romanus DRM and CCA. Gyan, Michael Hamp, Dassah Henry, Ulrich Hess, Ekhoseuhi Iyahen, The development of Integrating Insurance into Climate Risk George Johnson, Issac Kankam-Boadu, John Kantam, Agyei Emmanuel Management: Conceptual Framework, Tools and Guiding Questions: Kassi, Ali Muhammad Katu, Christine Kugler, Nicolas Lamade, Solomon Examples from the Agricultural Sector has been possible due to the Lansey, Nathanael Laryea, Asamoah Lydia-Kukwa, Sulemana Musah, valuable contribution of various experts from different organizations Bernard My-Issah, Mahama Nashiru, Idy Niang, Daniel Ninson, in all the phases of the DRM cycle. Following the initial draft, a Charlotte Norman, Ebenezer Nortey, Godfrey Nyelia, Selamawit one-day expert workshop was conducted to obtain inputs on Ogbachristos, Musah Osman, Aaron Oxley, Caroline te Pas, Tahiru Rafiu, how to further develop this publication on ICRM with a focus on Alexandra Rueth, Leslie Sackeyfio, Meyer Sigrun, Dyllis Sowah, Roland the agricultural sector and insurance. This was followed by digital Steinmann, Swenja Surminski, Andrew Q. Tetteh, Jennifer Tollman, Elina expert review sessions to gather international experts’ suggestions Vaananen, Timm Walker, Paul Wooma, Alhassan Zakani, Mohammed on existing approaches along the cycle, now called the Integrated Abdulai Mukasa Zoogah and Astrid Zwick. Climate Risk Management approach. To ensure user acceptance and to test the applicability of the ICRM approach, the document was validated through a delegate workshop with government officials attending the 23rd session 4 change is contributing to a soaring the face of growing weather extremes and profound shifts in Climate increase in the frequency and intensity of In climate conditions, the need is greater than ever to support disasters to unprecedented levels. Developing countries are the hardest individuals and governments in finding effective strategies to manage hit by those risks and face the particular challenge of financial cons- external shocks in order to build resilience to climate-related impacts. traints that strongly impact the livelihoods of the poor and vulnerable, The Integrated Climate Risk Management approach, developed by MCII impeding the ability to respond and recover from extreme weather and GIZ GmbH under the project ACRI+, is expanding the framework of events. Many developing nations lack the financial capacity to effectively classical disaster risk management by adding financial transfer products respond to climate-induced disasters, which hinders food security and to cover the residual risks. However, the potential of those products, long-term economic development. Climate-sensitive sectors, such as such as insurance, are not only the application of these means as such, agriculture, are especially affected by extreme weather events. Therefore, but also their integrative capability and additional leverage on other Foreword the promotion of integrated
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