InsuResilience Solutions Fund supporting the Development of Climate Risk Insurance Products

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Deadline: 12 July 2019

Submit your concept notes for InsuResilience Solutions Fund to provide partial grant-funding and expertise for the development of (new) climate risk insurance products for governments, humanitarian organisations, small and medium-sized businesses as well as for private households in developing and emerging countries.

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The InsuResilience Solutions Fund is an important contribution of KfW to achieve the target of the international initiative on climate risk insurance ’InsuResilience’. The initiative aims to offer insurance against climate risks to an additional 400 million poor and vulnerable people in developing countries by 2020.

Mandated by the German Federal Ministry for Economic Cooperation and Development (BMZ), KfW has set up a new facility to support the development of innovative climate risk insurance products and insurance markets in developing countries – the InsuResilience Solutions Fund.

Objective

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Support of the development of adequate, financially sustainable climate risk insurance products in developing and emerging countries to reduce their vulnerability against extreme weather events/ natural catastrophes.

Focus Areas

  • Development of new climate risk insurance products, especially for governments.
  • Scale-up of already existing, piloted products, e.g. into other regions or to other groups.
  • Investment in technological solutions to improve and scale-up insurance operations, e.g. through applying satellite technology or drones.

Target Markets and Groups

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  • Poor and vulnerable households (< 15 USD PPP per day).
  • Countries which are eligible to receive official development assistance (ODA) as defined by the OECD/DAC and are vulnerable to extreme weather events.

Terms of Funding

Grants up to 2.5m EUR under the condition that the partnership commits a meaningful own contribution of 50% of the total project costs in kind and/or as financial contribution, including funds from their own resources and co-financing.

Applicants

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  • The ISF will only provide financing to partnerships which consist of at least
    • a user, representing the demand-side (e.g. national or regional government bodies, NGOs, local insurers) and
    • an implementing partner and potential risk taker, representing the supply-side (e.g. reinsurance company).
  • Further parties, e.g. other product implementing partners such as risk modelling agencies, insurers, brokers, can additionally be involved.

Core Eligibility Criteria

  • Perils: floods, wind / storm, excess rain / drought, heat waves / cold spells (possibly in combination with other natural hazards).
  • Focus on poor and vulnerable households (< USD 15 PPP per day) either directly (through micro-level solutions) or indirectly (through meso- or macro-level solutions).
  • The product is ready for market placement and launch within 24 months after funding approval.
  • A risk-taking partner who is generally willing to underwrite the risk covered by the developed product is part of the partnership.
  • A business plan exists for the development phase containing reliable cost estimations and a time and working plan.
  • The partnership provides an own contribution of 50% of the total development costs in the form of a financial contribution, staff or other quantifiable Inputs.
  • Relevant experience of implementing partners, reference project exist.

ISF does not fund:

  • Early stage development projects e.g. research ideas
  • Projects without a focus on the above-mentioned target group
  • Likely unsustainable projects, e.g. relying on long-term subsidization
  • Financially-unstable and unexperienced product partners
  • Projects with a questionable demand

Examples for eligible development costs for funding:

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  • Development of new risk / hazard models
  • Technical product design incl. actuarial risk characteristics
  • Data collection and equipment
  • Policy terms and pricing
  • Legal costs, e.g. for the identification of a suitable implementation structure
  • Sales and distribution channel development
  • New technologies for product improvement and scale up

How to Apply

Applicants must submit their application form via email at the address given on the website.

For more, visit https://www.insuresilience-solutions-fund.org/en/apply-to-isf

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  • Avatar Baraka kalolela says:

    How can i submit my concept note

    • Avatar Priyanka says:

      Hello Baraka kalolela,

      Applicants must submit their application form via email at the address given on the website.

      For more information regarding eligibility criteria, application process and more, please visit the link provided at the end of the post.

      Good luck!

  • Avatar Andrew Mneuter Nguor says:

    Which countries are ligible to apply? Is Nigeria among? Please let me know.

    • Avatar Priyanka says:

      Hi Andrew Mneuter Nguor,

      For more information regarding eligibility criteria, application process and more, please visit the link provided at the end of the post.

      Good Luck!

  • Avatar Anne says:

    is kenya eligible to apply

    • Avatar Komal says:

      Hi Anne,

      Yes, Kenya is eligible to apply. For more information on eligibility criteria, application process and more, please visit the link given on the last line of the post.

      Good Luck!

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