The InsuResilience Solutions Fund is pleased to announce its 4th call for project concepts aimed at the sectors most vulnerable to the effects of the pandemic,such as critical infrastructure, emergency relief and financial support for (M)SMEs.
In light of the ongoing COVID-19 pandemic, a holistic approach to disaster relief and preparedness seems more vital than ever to offset the direct effects on economic development and growth in ODA countries.
The InsuResilience Solutions Fund is pleased to announce its 4th call for project concepts aimed at the sectors most vulnerable to the effects of the pandemic,such as critical infrastructure, emergency relief and financial support for (M)SMEs.
In light of the ongoing COVID-19 pandemic, a holistic approach to disaster relief and preparedness seems more vital than ever to offset the direct effects on economic development and growth in ODA countries.
Financing Information
The ISF provides grant-based co-financing of up to 2.5 million euros only for partnerships set up by public and/or private organisations:
- Who want
- develop new climate risk insurance products, especially for governments or other organisations;
- scale-up products that already exist, for example in other regions or in other groups.
- In order to
- increase the resilience of poor and vulnerable people in developing countries to climate change.
- Where at least one partner is
- representing the demand and needs of the final beneficiaries (e.g. national or regional government bodies, NGOs, local insurers);
- willing to act as a risk taker (e.g. reinsurance company);
- located in the target country.
- Who provide their own contribution
- corresponding to grant funding (in kind and/or as a financial contribution, including funds from its own resources and co-financing2).
Target countries and groups
- Focus on poor and vulnerable families (< 15 USD PPP per day) 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.
- However, countries that are official candidates for membership of the European Union or beneficiaries of the European Neighbourhood Instrument East are considered ineligible for ISF funding. These include Albania, Armenia, Azerbaijan, Belarus, Bosnia and Herzegovina, Georgia, Kosovo, Moldova, Montenegro, North Macedonia, Serbia, Turkey and Ukraine.
Eligible items
Examples of cost items eligible for financing
- Development of new risk/risk models;
- Technical design of the product including actuarial risk characteristics;
- Data collection and equipment;
- Policy terms and prices;
- Legal costs, for example, for identifying a suitable implementation structure;
- Development of sales and distribution channels;
- New technologies to improve and scale products.
Criteria
The insurance product covers at least one of the following hazards:
- Flooding, wind/storm, excessive rain, drought/heatwaves, cold spells (a combination with other hazards is possible).
- The project has a lifespan of up to 24 months / the product is ready for placing on the market and launching within 24 months of the financing being approved.
- There is a work plan, budget and time frame containing reliable cost estimates.
- Relevant experience of implementing partners, reference project exists.
- Funding is requested for costs related to product development (e.g. data collection, IT, risk modelling, etc.).
Project Results Guidelines
To cover the full spectrum of the cause and effect chain, the structure of the project results matrix should be as follows:
- Level 1 - objective (general objective): Major objective to which the project contributes - at a national or sectoral level (providing a direct link to InsuResilience's goals).
- Level 2 - (at least one) result: The outcome level describes the anticipated direct impact of the project, respectively the likely or achieved short- and medium-term effects of the project outputs. The outcome indicators selected depend on the specific objectives and impact channels in the individual project approach.
- Level 3 outputs - (at least three): The output level describes services and capacities resulting from the direct use of resources and which will be provided by the project. It is possible to have several outputs per project.
- Level 4 - inputs (key activities): The input level describes the main partnership activities needed to achieve the defined outputs.
In order to select sensitive project objectives and indicators, the cause and effect chain of the project and its intended activities must be clearly formulated. It is the applicant's responsibility to select suitable objectives and indicators for the project in question. If it is very difficult to find indicators that directly reflect the success of a specific objective, an attempt should be made to find suitable proxy indicators.
For more information, visit https://www.insuresilience-solutions-fund.org/call-for-proposals
