Yemen

Overview

Main Natural Hazards

Flood, Tsunami, Cyclone

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Source:

https://drmkc.jrc.ec.europa.eu/inform-index/INFORM-Risk/Country-Risk-Profile}

State of multidimensional fragility

Extremely fragile

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Source:

https://www3.compareyourcountry.org/states-of-fragility}

Number of insurance providers

12 insurance companies

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Source:

https://gaif.org/FE/Members/Details/ef8d1ce0-c13f-4d96-89b1-ccae9775b539}

% Workforce engaged in agriculture

29% (2022)

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Source:

https://data.worldbank.org/indicator/SL.AGR.EMPL.ZS}

Multidimensional poverty

48.5% (2013)

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Source:

https://hdr.undp.org/system/files/documents/hdp-document/2023mpireporten.pdf}

Insurance penetration

0.37% (2017)

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Source:

https://businesslife.net/images/stories/Full_Issue_pdf/BUSINESS_LIFE_February_2023.pdf}

Biodiversity ranking

#104 out of 239 countries and territories (2023)

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Source:

https://worldrainforests.com/03highest_biodiversity.htm}

Protecting people, jobs, agriculture and public assets.

Securing key outlets for food, fuel and life-saving supplies.

Avoiding costs related to severe environmental impacts on coral reefs, mangroves and marine life through disaster prevention.

The number of people whose livelihoods would be wiped out by an oil spill, including fishing communities.

Creating innovative insurance solutions for complicated risks
UNDP’s Insurance and Risk Finance Facility provides tailored solutions in fragile state contexts to leverage insurance and risk finance for sustainable development. The 2023 FSO Safer Operation in Yemen successfully transferred an estimated 1.1 million barrels of light crude oil from the FSO Safer supertanker – moored in the Red Sea north of Yemen – to a replacement vessel. The operation prevented the immediate threat of a massive spill and avoided humanitarian and environmental catastrophe impacts estimated at US$20 billion in clean-up costs, 17 million people affected, and 200,000 livelihoods lost instantly. The complex operation was able to take place thanks to an exceptionally specialized set of insurance policies supported by more than 100 individual underwriters. The process to bind the insurance coverage was successfully managed by the Insurance and Risk Finance Team thanks to its long-term relationship with the insurance industry.
UNDP is also working with Yemen’s government and insurance sector partners to create war risk insurance schemes, enabling lower-cost food supply by reducing insurance premiums that raise the cost of imports.