Lloyd’s, the world’s leading marketplace for insurance and reinsurance, on behalf of the Sustainable Markets Initiative’s Insurance Task Force, announced a partnership with the United Nations Capital Development Fund (UNCDF) to scale insurance access for climate-vulnerable countries.
By signing of a Memorandum of Understanding (MOU), the partnership will involve all parties collaborating to design innovative insurance products that will deliver financial resilience against climate shocks in Small Island Developing States (SIDS) and Least Developed Countries (LDCs).
Initially focussing on building and scaling solutions across Fiji and the Pacific Islands, the partnership will also seek to replicate the model in other regions, including Asia and parts of Africa.
The UNCDF and Lloyd’s will also promote Public-Private Partnerships in these regions, with the aim of closing the protection gap, and ensuring the knowledge gained from these actives is shared with key national, regional, and international stakeholders (including policymaking think-tanks, United Nations agencies, and academic research institutions).