Vulnerable 20 nations to establish climate risk pooling facility
Saturday, 10 17 2015, Category: Insurance and Reinsurance, Country: World
The Vulnerable 20 (V20), a group of the most vulnerable nations to weather extremes and a changing climate, is aiming to establish a risk pooling mechanism for climate related risks within the next five years, it was announced at a recent meeting.
The V20 held its inaugural meeting at the IMF and World Bank meetings in Lima, Peru at the end of last week. Members of the group represent 700 million people in nations vulnerable to climate and weather risk with the goal of putting in place action plans to build resilience and improve risk financing by 2020.
At the meeting the V20 group, with each nation represented by finance ministers and the meeting led by the Philippines Finance Secretary Cesar Purisima, announced a number of initiatives, the most relevant to Artemis’ audience being a goal to establish a climate risk pooling facility, to provide insurance and risk financing to enable members to recover more rapidly from climate risk related extreme weather and disasters.