“We’re happy to see the Partnership focus on the risks that climate-vulnerable communities face. We’ve seen the catastrophic damage that extreme weather disasters can wreak on vulnerable people, like homes and livelihoods destroyed by floods and storms.
“However, we’re concerned that too much of the focus is on the ‘insurance’ aspect; insurance doesn't actually reduce risk, and it could be unaffordable for the communities it's meant to cover. The Partnership should push a comprehensive approach to climate disasters, from reducing risk through adaptation initiatives, building the capacity to deal with disasters, and supporting people recovering after the fact.
"We applaud the German government for pledging more than $100m to support the activities of the Partnership."
Notes to editors:
The G20 agreed in July 2017 to set up a Global Partnership for Climate and Disaster Risk Finance and Insurance Solutions. This builds on a G7 initiative from 2015 called InsuResilience, which set a target of providing insurance to 400 million more people by 2020.