Yemen
Yemen
Flood, Tsunami, Cyclone
1Extremely fragile
112 insurance companies
129% (2022)
148.5% (2013)
10.37% (2017)
1#104 out of 239 countries and territories (2023)
1Overview
The conflict in Yemen since 2014 has inflicted huge harm on the country’s population and left economic and institutional structures in disarray. Food insecurity threatens millions, as high import costs limit supply, and the complex context makes tackling development and environmental challenges extremely difficult. Insurance and risk finance solutions can provide some relief.
UNDP has worked with partners in Yemen to apply innovative insurance solutions to improve the lives of Yemenis and avert ecological disasters.
Our work in numbers
2
Insurance solutions in development
Protecting people, jobs, agriculture and public assets.
17
Million people protected
Securing key outlets for food, fuel and life-saving supplies.
20
Million in environmental costs avoided
Avoiding costs related to severe environmental impacts on coral reefs, mangroves and marine life through disaster prevention.
200
Thousand livelihoods protected
The number of people whose livelihoods would be wiped out by an oil spill, including fishing communities.
Our projects
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Creating innovative insurance solutions for complicated risks
UNDP’s Insurance and Risk Finance Facility provides tailored solutions in fragile state contexts to leverage insurance and risk finance for sustainable development. The 2023 FSO Safer Operation in Yemen successfully transferred an estimated 1.1 million barrels of light crude oil from the FSO Safer supertanker – moored in the Red Sea north of Yemen – to a replacement vessel. The operation prevented the immediate threat of a massive spill and avoided humanitarian and environmental catastrophe impacts estimated at US$20 billion in clean-up costs, 17 million people affected, and 200,000 livelihoods lost instantly. The complex operation was able to take place thanks to an exceptionally specialized set of insurance policies supported by more than 100 individual underwriters. The process to bind the insurance coverage was successfully managed by the Insurance and Risk Finance Team thanks to its long-term relationship with the insurance industry.
UNDP is also working with Yemen’s government and insurance sector partners to create war risk insurance schemes, enabling lower-cost food supply by reducing insurance premiums that raise the cost of imports.
