The Munich Climate Insurance Initiative (MCII), backed by the United Nations, is partnering with the Pacific Financial Inclusion Programme to explore the potential for expanding parametric and index based insurance in the Pacific Islands, starting with studies of Fiji, Vanuatu and Tonga. The MCII aims to create fast-moving insurance products that will reduce recovery times and build resilience amid growing risks of climate change-related extreme weather events. “Insurers are looking at how they can use this new data to help them better understand their customers’ vulnerability,” said Michael Mann, director of the Earth System Science Center (ESSC) at Penn
The Munich Climate Insurance Initiative (MCII), backed by the United Nations, is partnering with the Pacific Financial Inclusion Programme to explore the potential for expanding parametric and index based insurance in the Pacific Islands, starting with studies of Fiji, Vanuatu and Tonga. The MCII aims to create fast-moving insurance products that will reduce recovery times and build resilience amid growing risks of climate change-related extreme weather events. The Pacific Islands have sovereign-level disaster coverage via the Pacific Catastrophe Risk Insurance Company and the Catastrophe Risk Assessment and Financing Initiative initiative.