Sovereign catastrophe risk pools: a brief for policy makers

This briefing note outlines the basis for the creation of a Global Partnership for Climate and Disaster Risk Finance and Insurance Solutions through the G20, to achieve the overarching objective of reducing the protection gap in vulnerable developing countries, build resilience, and safeguard poverty reduction and development gains. This policy briefing note was prepared in the lead up to the 2017 G20 summit in Hamburg, Germany.

The Global Partnership could bring together relevant partners from developing and developed countries, international organizations, the private sector, and civil society. To achieve maximum impact, the Global Partnership would leverage the comparative advantages of all partners and build on the work of existing platforms and initiatives. It will leverage the technical expertise and capacity of the private insurance and reinsurance industry. The G20 could develop a work program structured around the four priority action areas identified above to specify how countries will support specific activities. Such efforts will not only promote financial protection and help close the protection gap, but will also support the broader disaster and climate resilience agenda.