August 2017, Somali Region, Ethiopia: Consecutive climate shocks have resulted in back-to-back droughts, which have caused hunger and malnutrition.
Photo: © FAO/ IFAD/ WFP/ Michael Tewe

13.11.2017

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Again and again, hurricanes, floods and droughts are rendering harvests useless throughout the world. Especially in the rural regions of the South, farmers are anything but resilient to extreme weather events. Entire societies are sliding into poverty again. Can the financial solution of a climate risk insurance mitigate loss in the event of a disaster?

Since the G7 Summit of the world’s leading industrialised nations in Elmau/Germany, the topic of climate risk insurance has been on the political agenda. By 2020, the international community seeks to provide access to insurance solutions for around 400 million people in order to lift them out of poverty. “Over the last few weeks, the topic has spoken for itself,” said Joachim Nagel, General Manager of KfW, the German development bank, in Berlin recently. Hurricanes were developing like on a string of pearls along the Caribbean and up to the USA. Recurrent droughts in East Africa are pushing entire societies into poverty. The consequential costs of weather extremes up to 2050 have been put at 30 trillion US dollars.

Regional solutions

Considerable progress has already been made in discussing the topic. Only recently, at the “Petersburger Dialog 2017” in Bonn, Germany, the World Bank presented a survey describing climate risk insurance as a further element supplementing traditional development co-operation.

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