IDF targets consolidation of Tripartite Programme gains in 2024
The Insurance Development Forum (IDF) Sovereign and Humanitarian Solutions (SHS) Working Group has noted that in 2024, it aims to consolidate Tripartite Programme gains as it continues on its mission to reduce the protection gap in vulnerable and climate-exposed regions.
The Tripartite Programme is a platform that fosters collaboration between public and private actors.
It was first initiated in 2019 through an agreement between the IDF, the United Nations Development Programme (UNDP), and the Federal Ministry for Economic Cooperation and Development (BMZ), and persists in being “the linchpin of the SHS Working Group’s efforts.”
“Our primary objective is to provide technical assistance and risk financing tools to at least 20 climate-vulnerable countries by 2025, aligning with the InsuResilience Global Partnership Vision 2025,” IDF explained.
More than 90 experts from 20 re/insurance companies and brokers, along with more than 70 UNDP representatives, are currently engaged in Tripartite work, which when in progress, will reportedly bring benefits to 24 nations. There are now 7 countries with Tripartite programmes in implementation, which include Peru, Columbia, Nigeria, Argentina, Mexico, Ghana, and Uzbekistan.
Ivo Menzinger, Managing Director, Public Sector Business, Swiss Re, commented, “The Tripartite Agreement is a public private partnership that provides an operational platform for industry collaboration with the international development community for impact at country level. This is unique and precious and we are looking to build on its progress to date.”
Tuga Alaskary, Technical Specialist for Risk Financing, UNDP, added, “Over the course of 2023, UNDP has been working closely with industry teams to advance the development of tailored risk finance solutions across Tripartite Agreement Program countries.
“At UNDP we are implementing a comprehensive programme with governments to embed this risk finance solution and more broadly insurance, into the governance and sustainable development.
“Working hand-in-hand with governments, we have sought to seize opportunities, for example in Ethiopia a national Disaster Risk Financing process is underway and UNDP is working to integrate this into the broader governance framework and the Tripartite Agreement work with our industry partners will be a critical part of this.”
In closing, the IDF said, “As we move forward into 2024, we aim to consolidate Tripartite Programme gains, strengthen governments’ strategic and policy environments to support risk finance solutions, mobilise premium financing support, and position insurance at the heart of development.
“The upcoming COP28 provides a valuable platform to advocate for the critical role of insurance in development.”
The post IDF targets consolidation of Tripartite Programme gains in 2024 appeared first on ReinsuranceNe.ws.