Grants to support Climate Risk Insurance Product

Deadline: 1-Sep-23

You are planning to develop, scale up or improve a climate risk insurance product and look for financial support? If yes, then apply for the InsuResilience Solutions Fund to promote the development of innovative and sustainable climate risk insurance products in developing and emerging countries, to improve the resilience of poor and vulnerable households against the impacts of climate change and natural disasters.

Objective and Targets

Objective: Contribution to the development and implementation of climate risk insurance coverage for poor and vulnerable beneficiaries in developing and emerging countries, and therefore contributing to the adaption to climate change (by creating resilience) as well as food security and poverty reduction.

Target 1: Capacity building and knowledge transfer on climate risks and climate risk financing instruments.
Target 2: Support for developing demand-oriented sustainable climate risk insurance solutions in developing countries.
Target 3: Crowding in of private capital for the development and implementation of climate risk insurance/financing instruments 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 by:
- Supporting comprehensive climate risk analysis as the basis for governments, businesses and households to become more proactive in risk management and to make informed decisions on climate risk management and adaptation strategies.
- Offering studies and advice for the development of new concepts for climate risk insurance solutions that take into account the specific needs of the poor and vulnerable populations and
- Co-funding the development and market introduction of insurance products, as well as supporting the expansion of existing innovative climate risk insurance products.

Support Areas of the ISF

Pillar I: Research & Education
Pillar II: Concept Development
Pillar III: Product Development

Funding Information and Duration

Maximum: EUR 2.5m
Maximum: 24 months

Target Countries

Focus on poor and vulnerable households (< 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 which 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 which are eligible to receive official development assistance (ODA) as defined by the OECD and are vulnerable to extreme weather events are now considered to be eligible for ISF funding.

Target Groups

Target group of the ISF are joint initiatives of:
- (local) public entities (e.g. national and regional government bodies or communities),
- private companies in the insurance sector, and
- NGOs, humanitarian organisations.

Eligibility Criteria

Organisations (public and / or private) forming Project Partners where:
- At least two project partners are willing and legally entitled to sign the potential Grant Agreement;
- At least one project partner is located and legally registered in the country of implementation and legally entitled to sign the potential Grant Agreement;
- At least one project partner represents demand and needs of poor and vulnerable people (beneficiaries);
- All main tasks in implementing the ISF project are covered;
- At least one entity is generally willing to act as risk taker.