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6th Call for Proposals for Climate Risk Insurance Project

6th Call for Proposals for Climate Risk Insurance Project

Deadline: 17-Dec-21

InsuResilience Solutions Fund (ISF) is pleased to launch the 6th call for proposals for the Innovative Climate Risk Insurance.

With the 6th Call for Proposals the ISF wants to highlight the importance to adopt climate smart agricultural practices (CSA) and thus foster the much needed transformation of the agricultural sector in their partner countries.

In order to strengthen this important link and emphasise potential co-benefits of agricultural insurance on the adoption of CSA practices, ISF invites project partners to submit innovative proposals for climate risk insurance products complementing climate smart agricultural practices under a separate window established specifically for its 6th Call for Proposals (CSA window).

Focus Areas

Proposals in the area of agricultural insurance need to fulfill the following additional criteria: Agricultural insurance solutions proposed under the 6th CfP should identify and leverage linkages to CSA by

complementing other agricultural risk reduction policies and measures planned or being already in implementation (e.g. sustainable water management practices, organic production, use and promotion of drought resilient crops, etc.) AND
creating co-benefits and outputs in support of sustainable agricultural practices (e.g. offering access to extension services on climate-smart / sustainable agricultural practices, early warning or weather information systems, etc). AND
incentivising transformational change in the agricultural sector (e.g. insurance solutions incentivising risk diversification and transformational change by supporting access to loans for adaptation investments, access to training or know-how transfer on product diversification and/or sustainable land management, etc.).
Terms of Funding

The ISF provides grant-based co-funding of up to 2.5m EUR only to Partnerships consisting of public and/ or private organisations

which want to
develop new climate risk insurance products, especially for governments or
scale-up already existing products, e.g. into other regions or to other groups in order to increase the resilience of poor and vulnerable people in developing countries to climate change
where at least one partner is
representing the demand and needs of end-beneficiaries (e.g. national or regional government bodies, NGOs, local insurers)
willing to act as a risk taker (e.g. reinsurance company)
located in the target country
which provide an own contribution
matching the grant funding (in-kind and/or as financial contribution, including funds from their own resources and co-financing)
Target Countries and Groups

Focus on poor and vulnerable households (< 15 USD PPP per day) either directly (through micro-level insurance) or indirectly (through meso- or macro-level solutions).
Countries in Asia and the Pacific, Africa and Latin America which are eligible to receive official development assistance (ODA) as defined by the OECD Development Assistance Committee and are vulnerable to extreme weather events.
Nevertheless, countries that are official candidates for accession to the European Union or beneficiaries of the European Neighbourhood Instrument East are considered to be non-eligible for ISF funding. These include: Albania, Armenia, Azerbaijan, Belarus, Bosnia and Herzegovina, Georgia, Kosovo, Moldova, Montenegro, North Macedonia, Serbia, Turkey and Ukraine.
Target group of the ISF are joint initiatives of:
(local) public entities (e.g. national and regional government bodies or communities),
private companies in the insurance sector, and
NGOs, humanitarian organisations.
Criteria

The insurance product covers at least one of the following perils: flood, wind / storm, excess rain, drought/ heat waves, cold spells (a combination with other perils is possible).
Examples: Nat Cat, business interruption, property or agricultural insurance
The project has a lifespan of up to 24 months / the product is ready for market placement and launch within 24 months after funding approval.
A work, budget and time plan containing reliable cost estimations exist.
Relevant experience of implementing partners, reference project exist.
Funding is requested for product development related costs (e.g. data collection, IT, risk modelling, etc.).
Ineligible

Early stage development projects e.g. research ideas
Projects without a focus on the above-mentioned target group
Likely unsustainable projects, e.g. relying on long-term subsidisation
Financially-unstable and unexperienced product partners
Projects with a questionable demand
For more information, visit https://www.insuresilience-solutions-fund.org/call-for-proposals

 

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