UNDP / Colombia
Mauricio Enriquez
Our 5 key work areas
Integrating Insurance into Development
The Integrating Insurance into Development workstream focuses on integrating the industry’s intimate understanding of risk and its analytical capacity and expertise into development. Key activities include:
- Integrating risk modelling, scenarios and related options into government decision-making on financing, as well as into country development frameworks such as their Paris commitments or National Adaptation Plans
Inclusive Insurance
Inclusive Insurance protects communities and broadens financial inclusion, including through banking and financial service opportunities. Many products leverage mobile and digital platforms, improving access to critical services such as telemedicine. Key activities include:
- Legislative and regulatory reform along with institutional capacity development
- Identifying and assessing market demand for insurance, followed by market transformation, including training and education of insurance distribution partners and beneficiary advocacy
- Developing and delivering new inclusive insurance products, tools and services
Sovereign Risk Finance
The Sovereign Risk Financing workstream builds on UNDP’s decades of work to help countries manage and reduce risks and vulnerabilities. The work focuses on partnering with governments and other stakeholders to provide technical assistance to deliver risk finance solutions across development, recovery and humanitarian settings. Key activities include:
- Supporting country modelling efforts across all relevant risks
- Legislative and regulatory reform alongside institutional capacity development for sovereign risk
- Collaborating with the private sector and government to provide long-term risk financing solutions
Insuring Natural Capital
The Natural Capital workstream matches the protective value of nature, such as coral reefs and mangroves, with investments in risk and resilience that protect assets and livelihoods, while decreasing community vulnerability. Key activities include:
- Global, regional and country mapping of natural capital/risk solutions, methodologies and examples
- Piloting insurance initiatives that leverage the protective value of nature, such as the Reef2Resilience initiative
Insurance & Investment
The Insurance and Investment workstream is creating opportunities for insurance investors to finance more SDG-focused projects in developing countries and also focusing on blending insurance and investment to pilot innovative resilience investment vehicles. Key activities include:
- Advocating for legislative and regulatory reform to incentivize sustainable infrastructure investment
- Facilitating insurance investment in low-carbon and climate-resilient infrastructure
- Developing innovative resilience finance tools and using insurance as a de-risking instrument
Global Commitments and Partnerships
All Insurance and Risk Finance Facility activities are underpinned by our commitment to delivering on the Sustainable Development Goals & the InsuResilience Global Partnership Vision 2025. Achieving these global goals and building long-term resilience requires effective partnerships with governments and insurance actors at all levels.
The Tripartite Agreement to deliver the InsuResilience Global Partnership Vision 2025
The Tripartite Agreement between the IDF, BMZ and UNDP is a global partnership contributing to the delivery of the InsuResilience Vision 2025 target of reaching 500 million additional beneficiaries of insurance by 2025. The partnership leverages the expertise and capacity of the insurance industry to enhance risk understanding and resilience-building in countries.
Vision 2025
Major Commitments
1
500 million poor and vulnerable people covered against disaster and climate shocks
2
150 million people covered by microinsurance
3
80 vulnerable countries to have comprehensive disaster risk finance strategies
The Tripartite Agreement focuses on:
Political dialogue, leadership, advocacy and research
- South-South collaboration and knowledge sharing
- Delivering country diagnostics and analysis including the state of insurance supply and demand
- Advocacy for engagement and investment
Inclusive insurance
- Access to appropriate and affordable insurance products for vulnerable and low-income populations
- Creating an enabling environment with a view to achieving long term market transformation
- Impact measurement
Risk finance
- Improving the ability of governments to model risk and develop risk-financing solutions
- Integrating Risk Finance into critical development processes
The facility is a flagship of the UNDP SDG Finance Sector Hub
Scaling insurance and risk transfer solutions is critical to financing the Sustainable Development Goals (SDGs). The Facility is advocating and working to create an SDG-aligned environment for development focused insurance and risk transfer to grow.
The Insurance and Risk Finance Facility is a flagship of the UNDP SDG Finance Sector Hub. The SDG Financing Hub has four flagship initiatives including SDG Impact, Integrated National Frameworks (INNFs) and Digital Financing, designed to seize opportunities and address bottlenecks in scaling up finance for the SDGs.