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The GRMA is now operational in Pakistan, Madagascar and Nigeria and is conducting preparatory work in other countries. Risk Modelling Steering Group (RMSG) Co-Chairs Jenty Kirsch-Wood, Head of the Global Risk Analysis and Reporting Section, United Nations Office for Disaster Risk Reduction (UNDRR); Jeffrey Manson, Senior Vice President, Underwriting, Head of Global Public Sector Partnership, RenaissanceRe; Technical Lead Disaster Risk Consultant Stuart Fraser; and Nick Moody, coordinator of the RMSG and co-lead of the Global Risk Modelling Alliance, provide an update. 

 

March 2024: As we embark on the journey of 2024, the Risk Modelling Steering Group (RMSG) at the Insurance Development Forum (IDF) remains dedicated to enhancing risk understanding at the local level, in countries impacted by disasters. 

RMSG Co-Chairs Jenty Kirsch-Wood, Head of the Global Risk Analysis and Reporting Section, United Nations Office for Disaster Risk Reduction (UNDRR); Jeffrey Manson, Senior Vice President, Underwriting, Head of Global Public Sector Partnership, RenaissanceRe; Technical Lead Disaster Risk Consultant Stuart Fraser; and Nick Moody, coordinator of the RMSG and co-lead of the Global Risk Modelling Alliance (GRMA), provide an update on the GRMA, a key implementation from the RMSG. 

The GRMA was initiated by IDF industry members, and gained political support from the Global South through an agreement with  the Vulnerable 20 Group of Finance Ministers of the Climate Vulnerable Forum (V20), and is supported with EUR21m in funding from the  German Federal Ministry for Economic Cooperation and Development (BMZ).

Uniquely in this space, it is a public private partnership, hosted and managed by the InsuResilience Solutions Fund at Frankfurt School, and drawing on the experience of both public and private sector experts. This programme, which is continuously supported by industry members – AIGAonAXAAXIS Capital, ConvexGuy CarpenterHowden GroupRenaissanceRe and SCOR – provides access to insurance risk analytics expertise to help develop risk insight in climate-vulnerable countries.

GRMA & the Global Shield

The GRMA has been identified by the Global Shield against Climate Risks (Global Shield) as a key resource, particularly during initial in-country climate risk assessments and subsequent capacity building.

November 2023’s COP28 meetings saw an update on progress in the GRMA’s contribution to the operationalisation of the Global Shield, with both programmes working in close partnership with the government of Ghana. This work prioritised Ghana’s needs in resilience of small farmers to the impact of drought, flood and invasive pests, in the protection of micro-businesses in urban areas against flood, and in the impact of storm surge and sea-level rise on coastal infrastructure and communities. 

Expanding Reach and Impact

The GRMA’s  partnership with the Global Shield programme underscores our commitment to climate and disaster risk finance support. As well as in Ghana, the GRMA is has been requested to support the governments in Pakistan, Costa Rica, Madagascar, and Nigeria, supporting tailored risk information programmes designed to address diverse risk priorities, enhancing national capabilities in disaster risk information management.

In Pakistan the subject matter is the effect of extreme heat on crop loss, and flood risk to inform the national social protection scheme, the Benazir Income Support Programme (BISP). Meanwhile in Madagascar, the main concern in terms of filling the risk information gap is loss and damage due to tropical cyclones, as well as building national capability in disaster risk information management. 

And, following GRMA workshops in Costa Rica and  Nigeria, further diverse risk priorities have been identified together with partner ministries and agencies in advance of their formal application for funding support.

In Costa Rica work will include potential loss of infrastructure due to flood and seismic hazard, as well as risk pricing for the protection of natural assets such as mangrove. Work continues in identifying Nigeria’s priorities, but urban flood and agricultural livelihoods are likely to be included. 

Looking Ahead

The RMSG commends the strong momentum behind the GRMA programme, and as we chart our course for 2024-2025, our priorities remain clear. Our target is for the GRMA to reach 12 operational countries by 2025, including support for Global Shield Pathfinders as required.

We are committed to accelerating private sector engagement, expanding humanitarian initiatives, and fostering collaboration with other working groups to amplify our impact.

 

We would like to thank everyone involved in the RMSG for your time and dedication  to improving global understanding and quantification of natural hazards and disaster risk through the use, development and sharing of the re/insurance sector’s risk analytics capability.

Find out more and get involved. 

Date

12th March, 2024

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