Caribbean Countries to Improve Insurance Coverage against Disasters
The UN Climate Change Conference (COP24) concluding in Katawoice Friday after two weeks of meetings and discussions on the Paris Agreement will close with important contributions for the Caribbean. Such is the largest donation to the Central American and Caribbean Catastrophe Risk Insurance Program (CACCRIP), made by the German development bank KfW, which will provide countries in the region with more affordable coverage.
The new financing will be used to continue improving affordability of high quality sovereign catastrophe risk transfer associated with earthquakes and climate risks for the Council of Finance Ministers countries of Central America and the Dominican Republic.
It will also be used to enhance the capacity of these ministries to develop and implement disaster risk insurance and financing strategies.
CACCRIP also supports activities in CARICOM countries with similar objectives.
The contribution was announced jointly by Frank Fass-Metz, Commissioner for Climate Policy and Finance of the German Federal Ministry for Economic Cooperation and Development; André Ahlert, KfW Director for Latin America and the Caribbean; and John Roome, World Bank Senior Director for Climate Change, both signatories to the agreement.
COP24 held from December 2 to 14 in Katowice, southern Poland, gathered some 30,000 people in an event aimed at finalizing the regulations for operating the Paris Agreement, a guide to global climate action from 2020.
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