Deadline: April 5, 2024

Are you planning to develop, expand, or improve a climate risk insurance product and are seeking financial support? If so, apply to the InsuResilience Solutions Fund to support innovative solutions to mitigate these negative impacts of climate change.

Climate risk insurance projects in various sectors, such as infrastructure (property), finance, emergency relief, nature, agriculture, etc., are highly welcome within the scope of... Call for Proposals from ISF.

Objectives and goals

• Contribution to the development and implementation of climate risk insurance coverage for poor and vulnerable beneficiaries in developing and emerging countries, thus contributing to adaptation to climate change (through resilience building), as well as to food security and risk reduction. of poverty .
• Goal 1: Capacity building and knowledge transfer on climate risks and climate risk financing instruments.
• Goal 2: Support for the development of sustainable, demand-driven climate risk insurance solutions in developing countries.
• Goal 3: Raising private capital for the development and implementation of insurance/financing instruments against climate risks in developing countries.

Focus areas

• The InsuResilience Solutions Fund seeks to increase the resilience and capacity of developing and emerging countries to adapt to climate change through:
  • To support comprehensive climate risk analysis as a basis for governments, companies and families become more proactive in managing risks and make informed decisions about climate risk management and adaptation strategies.
  • To offer studies and consulting services for the development of new concepts for climate risk insurance solutions that take into account the specific needs of poor and vulnerable populations;
  • To co-finance the development and market introduction of insurance products, as well as to support the expansion of existing innovative climate risk insurance products.

ISF Support Areas

• Making informed decisions
  • Research and Education
    • Climate risk analysis and advice
      • Development of climate adaptation projects
      • Political support
      • Global Risk Modelling Alliance (GRMA)
• Developing coherent concepts
  • Support for concept development
    • Granting funds
      • Feasibility studies
      • Consulting services
• Insurance product development
  • Support for product development
    • Grant co-financing
      • Product design
      • Initial costs
• Market placement
  • Premium support
    • Granting funds
      • Premium subsidies

Information on financing

• Maximum: 2.5 million euros
• Maximum: 24 months

Target groups

• The target group for ISF are joint initiatives of:
  • public (local) entities (e.g., national and regional government bodies or communities),
  • private companies in the insurance sector, and
  • NGOs, humanitarian organizations.

Target countries

• Focus on poor and vulnerable families (< 15 USD PPP per capita per day), either directly (through micro-level insurance) or indirectly (through meso- or macro-level solutions).
• Countries in Asia and the Pacific, Africa, and Latin America that are eligible to receive official development assistance (ODA), as defined by the OECD Development Assistance Committee, and are vulnerable to extreme weather events.
• With the 9th Call for Proposals, ODA countries in Europe that are eligible to receive official development assistance (ODA), as defined by the OECD, and are vulnerable to extreme weather events, are now considered eligible for ISF funding.

Election criteria

• Organizations (public and/or private) forming Project Partners where:
  • At least two project partners are willing and legally authorized to sign the potential Grant Agreement.
  • At least one project partner is located and legally registered in the country of implementation and legally authorized to sign the potential Grant Agreement.
  • At least one project partner represents the demands and needs of poor and vulnerable people (beneficiaries).
  • All the main tasks in the implementation of the ISF project are covered.
  • At least one entity is generally willing to act as a risk-taker.
• Important: In the case of a multinational approach and a country-specific partner constellation, please submit a Concept Note for each country.

Criteria

• The insurance product covers at least one of the following hazards: flood, wind/storm, excessive rainfall, drought/heat waves, cold spells (a combination with other hazards is possible).
• Examples: Nat Cat, business interruption, property or agricultural insurance.
• The project has a lifespan of up to 24 months/the product is ready for market placement and launch within 24 months of funding approval.
• There is a work plan, budget, and timeline containing reliable cost estimates.
• Relevant experience from implementation partners; a reference project exists.
• Funding is requested for costs related to product development (e.g., data collection, IT, risk modeling, etc.).

Ineligible

• Early-stage development projects, for example, research ideas.
• Projects that do not focus on the aforementioned target group.
• Projects that are likely unsustainable, for example, those dependent on long-term subsidies.
• Financially unstable and inexperienced product partners
• Projects with questionable demand

For more information, visit ISF .