Advancing Disaster Resilience: UNDP Launches Diagnostic Study on Inclusive Insurance and Risk Financing in the Comoros

The United Nations Development Programme (UNDP) spearheaded a pivotal workshop in the Comoros focused on a diagnostic study regarding inclusive insurance and risk financing. This initiative is a significant stride in introducing the Insurance and Risk Finance Facility to bolster the country’s preparedness against various disasters and climate-related challenges.

The Comoros, classified among the most vulnerable nations to natural disasters and climate change, faces recurring adversities impacting its socio-economic fabric. To counter these challenges, UNDP, in collaboration with Milliman, convened a workshop bringing together vital stakeholders like the General Directorate of Civil Protection, financial institutions, government bodies, private sector entities, and civil society. The goal was to devise strategic measures and financial mechanisms to reinforce insurance coverage and financial resilience nationwide.
Recent catastrophic events, including cyclones, floods, landslides, and volcanic eruptions, have taken a toll on the Comoros, necessitating substantial financial investments in recovery and reconstruction efforts. The Insurance and Risk Financing Facility (IRFF) is part of UNDP’s global strategy to provide innovative protection solutions, specifically focusing on vulnerable regions like the Comoros.

During the workshop, UNDP Deputy Resident Representative Vera Hakim highlighted the IRFF’s mission to foster inclusive insurance products and market transformation, emphasizing gender equality and empowerment in resilience-building efforts. The Comorian government’s commitment to subscribing to the African Risk Capacity for parametric insurance against tropical cyclones further underscores the nation’s dedication to disaster preparedness and mitigation.

The diagnostic study launched in this workshop is a foundational step in comprehensively understanding risks, identifying solutions, and formulating an action plan for effective disaster risk management in the Comoros. This collaborative approach, involving public and private stakeholders, civil society, and technical experts, sets a path for sustainable resilience and aligns with UNDP’s commitment to supporting countries in achieving the Sustainable Development Goals.