The Commonwealth Secretariat, in partnership with the United Nations Convention to Combat Desertification (UNCCD), is hosting a technical round table titled "Enhancing Climate Resilience: Integrating SLM and Index Insurance" on 25 June 2024.
This roundtable, as a part of London Climate Action Week events, will bring insurance stakeholders together to discuss how we can integrate climate resilience into existing insurance models and leveraging data analytics and new technologies.
The UNCCD and the Commonwealth aim to enhance the adoption of risk transfer mechanisms, with a focus on parametric climate risk insurance. Such insurance serves as a crucial protective measure for farmers, who are particularly susceptible to climate-triggered yield reductions, including risks from climate shocks and other factors like pests, epidemics, and conflict.
As climate change impacts grow, supporting national governments in developing comprehensive risk strategies is crucial, particularly for small and vulnerable states.
It is anticipated that these discussions will lead to an innovative approach to bolster climate resilience by integrating with existing climate insurance models, leveraging convergence of evidence through data analytics, and employing scalable technologies for effective communication and monitoring.
