The Global Shield Programme for Resilient Risk Pools, a support mechanism of the Global Shield Solutions Platform was launched at the 28th United Nations Climate Change Conference, COP28, on 3 December 2023.
In an effort to bolster innovative approaches to disaster preparedness and financial resilience, the Global Shield Solutions Platform (GSSP) has launched the Global Shield Programme for Resilient Risk Pools (GSRRP). A range of support for Climate and Disaster Risk Finance and Insurance (CDRFI) interventions are offered to Regional Risk Pools to access individually or jointly.
Regional Risk Pools offer a unique value proposition combining rapid financial resources with comprehensive risk management benefits. These pools serve as localised mechanisms that enable member countries to pool resources, share risks, and collectively manage the financial impact of disasters. By aggregating risks across diverse nations, they mitigate the burden on individual countries when disasters strike, enhancing their capacity to respond effectively.
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The Global Shield Solutions Platform is one of the three Global Shield Financing Vehicles. Its work focuses on promoting the development of innovative and improved financial solutions and on fostering climate and disaster risk understanding and management capacities in vulnerable countries.
Regional Risk Pools are a central part of the global disaster risk finance architecture. They provide climate-vulnerable countries with financial protection at reasonable costs through sovereign parametric insurance products. Current regional risk pools include the African Risk Capacity (ARC), CCRIF SPC (formerly The Caribbean Catastrophe Risk Insurance Facility), the Pacific Catastrophe Risk Insurance Company (PCRIC), and the Southeast Asia Disaster Risk Insurance Facility (SEADRIF).