Global News - US pledges $30 mln for climate risk insurance
Source: Middle East Insurance Review | Jan 2016
The US will contribute US$30 million to help insure vulnerable communities in the Pacific, Central America and Africa against climate risks, President Barack Obama announced at the 2015 UN Climate Change Conference in Paris.
The US fund will support insurance initiatives operated by the Pacific Catastrophic Risk Assessment and Financing Initiative (PCRAFI), the Caribbean Catastrophic Risk Insurance Facility (CCRIF), and the African Risk Capacity (ARC).
The money is part of a wider set of actions to assist nations that are most vulnerable to climate change and will boost their resiliency to impacts such as rising sea levels, flooding and droughts, according to the US Department of State. Under the initiative, the US will provide climate data, tools and services, and will incorporate climate change considerations into development assistance.
In addition to the US announcement on climate risk insurance, UN Secretary-General Ban Ki-Moon also launched the Anticipate, Absorb, Reshape climate resilience and insurance initiative, which will provide $2 billion in weather-related coverage to 30 countries around the world.