Understanding specific risks through risk modelling. A key capability which can help countries’ progress. It is the basis of risk-informed decision making. Of disaster preparedness. Protecting public assets, communities and people – and attracting capital to where it is needed most. This is why the Insurance Development Forum (IDF) is pleased to highlight recent progress from the Global Risk Modelling Alliance (GRMA)*, which convened public institutions, technical experts, and the insurance sector in Costa Rica to deliver key risk modelling results.
Hosted by the Insurance Superintendency (SUGESE) and delivered by INGENIAR and CIMNE and the GRMA team, this workshop followed a 15-month collaboration which has strengthened probabilistic modelling capabilities for climate and disaster risks across critical sectors including infrastructure, agriculture, and tourism.
The workshop demonstrated how insurance-grade risk analytics can support risk finance decisions and risk management strategies, with several impactful outcomes:
- The Heredia infrastructure risk project gave a multi-hazard view of risk to municipal assets. Its outputs are already being embedded into urban planning, climate policy, and public investment processes.
- Risk assessment of the strategic Inter-American Highway (Ruta 2) proved how probabilistic modelling and resilience analysis can help protect critical infrastructure. This new capability is already being replicated across further transport corridors.
- In the tourism sector, a new knowledge platform is empowering MSME hotel and hostel owners to better understand their risk exposure and explore adaptation and insurance solutions.
- New agricultural risk analysis demonstrated the value of risk metrics to development banking, agricultural credit, and resilience-focused financing mechanisms.
A key message from participants was clear: this work was not just a diagnostic exercise, but the foundation of a long-term framework for embedding risk-informed decision-making into policy, planning, and investment.
Through GRMA, the IDF continues to support the development of accessible, high-quality risk insights to help countries strengthen resilience and build future ready nations.
* The GRMA is a public-good service platform dedicated to delivering access and capability in climate and disaster risk insight to build resilience where it is needed the most. It was co-founded by the IDF and the CVFV20; it is funded by the German government and operated in partnership by the IDF and the InsuResilience Solutions Fund (ISF), hosted at Frankfurt School of Finance & Management.
