The problem: The climate crisis and insurance
Climate change disproportionately affects low-income and vulnerable populations around the world, which could lead to an additional 100 million people living in extreme poverty by 2030. For many low-income populations, climate risks impact agricultural livelihoods, as well as businesses, health, and even people’s lives. Organizations from all sectors are putting forward their solutions to tackle the global climate crisis, and we can learn a lot from each other.
With limited resources, in terms of available data and clear examples, it can be difficult to move into climate risk microinsurance. Insurers and intermediaries often face doubt and uncertainty, which influences decisions not to support low-income populations in mitigating their risks from climate change.
Knowledge as a first step to developing climate risk insurance solutions
The MicroInsurance Centre at Milliman collaborated with five different programs to develop case studies about their journeys to building a viable climate risk insurance solution. We intended to help risk carriers and other relevant stakeholders learn more about real-world solutions. This report compiles the results from the individual case studies in an attempt to provide key insights and trends for insurers, reinsurers, governments and donor groups to shape successful climate risk insurance programs that focus on low-income populations.
Learn more about the series “Making Climate Risk Microinsurance Work” by exploring the individual case studies and complementary videos.
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