India joins the InsuResilience Global Partnership
As per the Joint Declaration of Intent between the Republic of India and the Federal Republic of Germany on the Partnership for Green and Sustainable Development, India’s Prime Minister Shri Narendra Modi signed up India as a member country of the InsuResilience Global Partnership on 02 May 2022. This partnership will support India in its achievement of the climate goals under the 2030 Agenda for Sustainable Development, in the implementation of the National Action Plan on Climate Change (NAPCC) as well as State Level Action Plans on Climate Change (SAPCC) and will strengthen the impacts of the cooperation between India and Germany.
The InsuResilience Global Partnership
The InsuResilience Global Partnership brings together G20+ and V20 countries, international stakeholders, civil society, academia, and the private sector and serves as the leading global platform to strengthen financial resilience and close the protection gap in vulnerable countries. Members have access to a wide range of knowledge, expertise and services surrounding financial solutions to disaster protection and contribute to a global community shaping the possibilities and options of climate risk insurance. As of now, more than 110 partners have joined the InsuResilience Global Partnership, such as the World Bank Group, the International Fund for Agricultural Development (IFAD), the World Food Programme (WFP), Germanwatch, Cropin Technology Solutions, Allianz, Swiss Re, the Frankfurt School of Finance and Management as well as Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH. With its signature, India is now the 18th country to join the InsuResilience Global Partnership, amongst them Germany, USA, UK, the Netherlands, Switzerland, Canada, Ethiopia, Rwanda, Bangladesh and the Philippines.
Why Climate and Disaster Risk Finance and Insurance (CDRFI)?
India is one of the countries most affected by climate change worldwide (ranked 7th in the Global Climate Risk Index 2021, Germanwatch). This has devastating consequences for the food security and livelihood of people, about 60% of whom work in the agricultural sector. Despite diverse adaptation measures, unavoidable risks, damages, and losses remain and particularly affect vulnerable groups in rural settings. Risk financing and insurance tools enable pre-determined disaster response measures and emergency relief to be applied quickly and reliably. Additionally, it gives the affected people agency over how climate and disaster-related losses are compensated for. This approach works significantly better when it is actively integrated into the disaster risk management approach of its country and supported by a global network.
On behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ), Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH supports India’s climate change mitigation strategy through the Indo-German development cooperation project ‘InsuResilience: Innovative Climate Risk Insurance (ICRI)’. ICRI supports the Ministry of Environment, Forest & Climate Change (MoEFCC), Government of India on integrating Climate Risk Insurance into the planning and implementation of climate change adaption in India by e.g., setting up a Climate Risk Dialogue Platform, capacity building for nodal agencies, and working closely with the Tamil Nadu Agricultural University (TNAU) on technological innovations for crop insurance on farm level.