Absorb: Promoting climate risk insurance in most at risk countries/regions
The UN Climate Resilience Initiative supports countries and regions to strengthen climate risk insurance as part of the Absorb pillar. The Initiative works with Partners to identify key issues. These include the role of public-private finance in climate risk insurance to support the development of insurance markets, overcoming market barriers, and ensuring consumer protection of vulnerable populations. Linking climate risk insurance with action to address underlying risks, through integration of climate insurance into national adaptation planning and comprehensive risk management processes, is a further potential issue for exploration. Key Partners in this area include the Insurance Development Forum, G7 InsuResilience, Africa Risk Capacity (ARC) and the Munich Climate Insurance Initiative.
Absorb: Advocating for social protection of most climate vulnerable populations
Shock responsive social protection systems are an important way to support most climate vulnerable populations to cope and recover from extreme climate events and climate variability affecting their livelihoods. Key partners such as the World Bank and BRAC have substantial Social Protection programme integrating climate risks, which provide a model for replication in further vulnerable countries. Linking both climate resilience actors and social protection actors is essential for this end, where the UN Climate Resilience Initiative could play a facilitation role bridging knowledge, expertise and funding opportunities.