Applications Invited for InsuResilience Solutions Fund ISF Grant 2024

Follow us@ngobox

About the Organization

Natural disasters are a major impediment to development in many countries, undermining sustainable development, threatening earlier achievements in poverty alleviation and leading to loss of lives and livelihoods. With climate change extreme weather events such as floods, storms and droughts are expected to increase in frequency and intensity. Aid often comes too little, too late – around one to six months after the disaster has struck - increasing the impacts of natural disasters by twofold and more. As an essential element of comprehensive risk management, climate risk insurance can mitigate the negative consequences providing reliable and fast financial support in the aftermath of extreme weather events.

The mission of the InsuResilience Solutions Fund (ISF) is to support innovative solutions to mitigate these negative impacts of climate change. Therefore ISF fosters the development of needs-based and financially sustainable climate risk insurance products in developing and emerging countries, increasing the resilience of poor and vulnerable households against extreme weather events and natural catastrophes. As implementing programme of the InsuResilience Global Partnership, the ISF is an important contribution of the German Government to achieve the target of the international initiative on climate risk insurance, or 'InsuResilience'. The ISF further serves as an implementation vehicle for the Tripartite Agreement; for this purpose, the Project Coordination Unit (PCU) has been established.

About the Grant

You are planning to develop, scale up or improve a climate risk insurance product and look for financial support?

Climate risk insurance projects in different sectors such as infrastructure (property), finance, emergency relief, nature, agriculture etc. are highly welcome under the ISF's Call for Proposals.

The ISF provides grant-based co-funding of up to EUR 2.5m only to consortia of Project Partners 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
• improve an existing climate risk insurance product or program

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 and legally authorised to sign a potential Grant Agreement

which provide an own contribution

• matching the grant funding (in-kind and/or as financial contribution, including funds from their own resources and co-financing2)

Further parties, e.g. other product implementing partners such as risk modelling agencies, insurers, brokers, can additionally be involved.

Target Countries and Groups

• Focus on poor and vulnerable households (< 15 USD PPP per capita 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.
• With the 9th Call for Proposals, ODA countries in Europe which are eligible to receive official development assistance (ODA) as defined by the OECD and are vulnerable to extreme weather events are now considered to be eligible for ISF funding.

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.

Additional 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.).

How to Apply

All documents relevant for the application process and further guiding documents are published here.

For any questions, please do not hesitate to contact us via info@insuresilience-solutions-fund.org.

Deadline: Friday, 5 April 2024

For more information please check the Link

Stay in the loop with the newest RFPs and Grants through NGOBOX's WhatsApp Channel. Join now by clicking here!

Tags Sustainable Development Goals (SDGs) Others