13 October 2017
In the Caribbean countries, individuals are particularly susceptible to damages aggravated by climate change. Extreme weather, such as hurricanes or tropical storms, which bring heavy rainfall and high winds, can negatively impact their livelihoods. From its inception, the Munich Climate Insurance Initiative (MCII) has focused on one solution to this problem— climate risk insurance. Climate risk insurance enables vulnerable people to recuperate from climate change induced losses as quickly as possible.
For its work on climate change financing, the Munich Climate Insurance Initiative (MCII) has won the UN Climate Change Secretariat's 2017 Momentum for Change Awards for the category of "Financing for Climate Friendly Investment." The Momentum for Change Awards honor cutting-edge projects worldwide that demonstrate concrete approaches to combating climate change and its effects.
In the case of MCII, it was honored for its project "Climate Risk Adaptation and Insurance in the Caribbean” (CRAIC). This project was created in cooperation with the International Climate Initiative (IKI) of the German Federal Ministry for the Environment, Nature Conservation, Building and Nuclear Safety. The main achievement of CRAIC was its establishment and implementation of the Livelihood Protection Policy (LPP) for the residents of Jamaica, St. Lucia, and Grenada. Under the LPP, MCII is able to provide climate risk insurance to individuals regardless of their financial situations.
RISK's role in MCII
Risk and Resilience (RISK) Program Director JoAnne Bayer is a founding member of the Munich Climate Insurance Initiative (MCII). Bayer is currently serving as a member of the executive board.
Last edited: 01 December 2017
International Institute for Applied Systems Analysis (IIASA)
Schlossplatz 1, A-2361 Laxenburg, Austria
Phone: (+43 2236) 807 0 Fax:(+43 2236) 71 313