The Insurance and Risk Finance Facility works with public and private partners to build the financial resilience of countries, households, businesses, nature and food systems.
The Insurance and Risk Finance Facility is powered by a global team of development leaders, insurance and risk finance specialists, campaigners and coordinators.
The Insurance and Risk Finance Facility’s unmatched partnerships with foundations, governments, the insurance industry and development actors allow us to unlock new ways to achieve sustainable development.
Our in-country work takes a systems approach, focusing on the enabling environment as well as the market conditions needed for insurance and risk finance solutions to deliver financial resilience at scale.
Our insurance and risk finance country diagnostics summarize key findings of insurance and risk finance country studies carried out by the Insurance and Risk Finance Facility and UNDP Country Offices.
Understanding and financially managing risk to build resilience
Unmanaged global risks are threatening our future in unknowable ways. Climate change, health crises and economic uncertainty are among these cascading risks and in developing countries, the financial burden of recovery falls directly on countries, businesses and households.
The global protection gap (the gap between the impact of the crisis and how much of that is insured) for health, mortality, agriculture and natural hazards reached a record $1.8 trillion in 2022, influenced by rising numbers of climate-related hazards and extreme weather events (Swiss Re Institute, 2023).
With financial losses growing more significant and unpredictable, promoting a culture of risk awareness, risk reduction and financial resilience are essential for safeguarding sustainable development and protecting long term investments.
This joint UNDP and Milliman event will unpack the strains of colliding crises on current risk management toolkits. Insurers, regulators, actuaries, and development organisations will share insights and tools for decision-makers on better understanding and managing risks. Areas of discussions will include the importance of accurately pricing new risks, developing innovative insurance products and the role of regulatory frameworks.
The discussion will highlight learnings from the UNDP-Milliman Global Actuarial Initiative (GAIN), currently working with 12 developing countries to support the management of growing risks by building actuarial capacity and deepening local insurance markets. Insights will be shared on building risk awareness, establishing supportive governance mechanisms, market functions, regulations and policies.
About GAIN
Milliman’s partnership with the United Nations Development Program (UNDP), known as the UNDP-Milliman Global Actuarial Initiative (GAIN)has a mission to grow actuarial capacity in developing countries to better manage the increasing risks faced by these countries. Since its launch in late 2022, this bold and unique initiative is thriving and growing, supporting 12 countries with insurance and risk finance solutions to face growing risks.
