Strengthening Financial Resilience in the Pacific: 16 Lessons Learned from Implementing Climate Risk Insurance Solutions

Parekhelashvili, Mariam, Elgiriya-Witharanage, Kushala A. N. and Buri, Sinja (2023). Strengthening Financial Resilience in the Pacific: 16 Lessons Learned from Implementing Climate Risk Insurance Solutions. United Nations University - Institute for Environment and Human Security (UNU-EHS).

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  • Author Parekhelashvili, Mariam
    Elgiriya-Witharanage, Kushala A. N.
    Buri, Sinja
    Title Strengthening Financial Resilience in the Pacific: 16 Lessons Learned from Implementing Climate Risk Insurance Solutions
    Publication Date 2023-06
    Place of Publication Bonn
    Publisher United Nations University - Institute for Environment and Human Security (UNU-EHS)
    Pages 19
    Language eng
    Abstract Pacific Insurance and Climate Adaptation Programme (PICAP) was one of the first projects of its kind in the Pacific region. It aims to improve the financial preparedness and resilience of Pacific communities against climate change and natural hazards through the development and implementation of innovative and inclusive climate risk insurance products. In addition to the major achievement of developing and launching the first parametric microinsurance products for extreme weather events in Fiji, Vanuatu and Tonga, the programme managed to co-create evidence-based solutions and digital technologies with robust private and public sector engagement and collaborative partnerships with cooperatives and associations. During its inception phase (2021-2022), PICAP has thereby laid a solid foundation for regional expansion. This publication reflects on and captures the key lessons learned of the programme team from developing and implementing parametric microinsurance solutions, specifically in a Small Island Developing States (SIDS) context.
    Keyword Climate risk insurance
    Parametric insurance
    Microinsurance
    Disaster risk financing and insurance
    Pacific island countries
    Small island states
    Lessons learned
    Copyright Holder United Nations University - Institute for Environment and Human Security (UNU-EHS)
    Copyright Year 2023
    Copyright type All rights reserved
    DOI 10.53324/UFYF8878
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    Created: Sat, 17 Jun 2023, 17:31:57 JST by Aarti Basnyat on behalf of UNU EHS