Parametric Insurance & Climate Resilience

Link to event recording:

financialinclusionforum.org.uk/parametric-insurance-climate-resilience-aon/

Index insurance has grown significantly in use over the last 20 years as a solution to improve climate resilience. While this has coincided with improved access to affordable technology, index insurance has also benefited from insurers, reinsurers and donors keen to improve climate adaptation and resilience among vulnerable populations. However, several services have struggled to scale – especially without significant governmental involvement. Early services did not offer products designed for the situation they were expected to cover. But improvements in data availability, distribution approaches and awareness of insurance and its benefits have led to more beneficiaries being protected from climatic shocks. 

Several organisations have significant experience in designing and supporting climate resilience solutions, index insurance in particular. Their aims have varied from attempting to build a market to developing social protection systems. Both approaches have one overarching goal: to cover the lives and livelihoods of vulnerable communities most at risk of the impact of climate change. This event will look at how insurance plays an important role, as a suite of financial products such as savings, pension and credit, to improve access to financial inclusion for vulnerable communities, as well as their ability to manage the impact of climate change.

This event brings together some of these players to discuss whether the aim of index insurance programmes should be to build markets, social protection systems or both. Insurance is not an easy sell, but an unpredictable and changing climate, and its impact on lives and livelihoods, coupled with better quality data and more awareness, makes it a compelling solution for governments, insurers, donors and other stakeholders to pursue – together.

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Speakers

Andrea Camargo is an expert in inclusive insurance and climate risk, she currently leads the Inclusive Climate Risk Financing portfolio within the Climate & Disaster Risk Finance & Insurance team in the World Food Programme (WFP). Andrea has more than 20 years of experience in the insurance sector and 15 years of experience in the inclusive insurance and climate risk sector in more than 30 countries in Latin America, Europe, Africa, and Asia.

Andrea has supported international organizations, development agencies, governments, and private sector entities, among others, proposing pioneering solutions that are legally viable, financially sustainable, and above all offer adequate protection against risks to those who need it most. Andrea is a Colombian lawyer specialized in insurance law in Colombia and in international economic law in France.

Kipkorir Koskei  is the Director of Strategic Partnerships and Policy at the Insurance Development Forum, a public-private partnership led by the insurance industry and supported by the World Bank and the United Nations, aiming to enhance the use of insurance to build greater resilience against disasters and help achieve the United Nations Global 2030 Agenda.

Kipkorir brings extensive experience in financial and disaster risk management, debt underwriting and country risk assessment from a range of global and regional financial institutions. He has been instrumental in operationalising the African sovereign insurance market, providing guidance in the design and implementation of the Africa Disaster Risks Financing (ADRiFi) Programme.

Kipkorir holds a Masters in Law – LLM (Finance Concentration) from University College London (UCL) and an undergraduate degree in Law from the University of Warwick. He is also a graduate of the University of Oxford Climate Related Financial course.

Emma Karhan is the Head of the Public Private Partnerships for Aon UK. For the last 20+ years, Emma has worked across both reinsurance and retrocession – across global and regional clients predominantly in EMEA – in her career and has had great success in building practices in areas of Terrorism Reinsurance and specialising in the private public partnerships. She is leading the approach for Aon in the humanitarian sector ; building solutions to support Aon’s strategic ambition to protect the underserved – how to create impact and build solutions to support climate change and the humanitarian agenda. Emma led and built with the International Federation of the Red Cross the first indemnity solution for their Disaster Response Emergency Fund. She is also working with other agencies to help them understand how insurance can support their needs.

Emma serves as Aon’s representative in the working group for the Humanitarian Finance Forum. She is also a member of the Executive Action Committee for the Insurance Task Force within the Sustainable Market Initiative.

Moderator

Rishi Raithatha is a financial sector specialist, focusing on mobile money, microinsurance a,d disaster risk financing in low- and middle-income countries. His recent experience spans senior roles at the GSMA, the mobile industry’s trade association, and Pula Advisors, an insurtech that provides insurance to smallholder farmers. He has also worked as a consultant for the World Bank. Rishi's previous experience includes roles at McKinsey, Willis Towers Watson, and the Foreign, Commonwealth, and Development Office.

Rishi has a BA from SOAS, University of London, and an MA from the University of Groningen. In 2020, he became a Certified Digital Financial Practitioner. An experienced writer, he also runs a bespoke business writing workshop for individuals and companies.

Agenda

6:00 – 6:30 Arrival & Registration

6:30 – 7:00 Event Start – Fireside chat 

7:00 – 8:00 Panel & Q&A

8:00 – 9:00 Reception

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