Tripartite Agreement Wins the International Insurance Society Property & Casualty Innovator of the Year
Tripartite Agreement Wins the International Insurance Society Property & Casualty Innovator of the Year
POSTED 20 November, 2024
UNDP is proud to share that our Tripartite Agreement with the Insurance Development Forum, insurance industry and the German Federal Ministry for Economic Cooperation and Development (BMZ) has been awarded the International Insurance Society Property & Casualty Innovator of the Year award, recognising the innovation and impact of this unique collaboration.
The Tripartite Agreement was structured as a public-private partnership with the aim of developing a series of meaningful and effective climate risk financing and insurance programmes to help the populations of countries in need of greater financial resilience against the impacts of climate risk and other natural hazards.
It brings together three leading institutions - the UNDP, the BMZ and the Insurance Development Forum, representing 19 of the world’s leading insurers, reinsurers and brokers - towards this objective and leverages their in-country presence, financing, technical expertise and risk capacity to develop new risk financing solutions for sovereign, sub-sovereign and humanitarian actors. The 20 initial country programmes under the Tripartite Agreement are projected to benefit 65 million people.
The prestigious award sponsored by Lloyd’s recognises initiatives that have achieved ground-breaking innovation. It honours those who have demonstrated creativity, measurable impact, and a commitment to leveraging their innovation for the betterment of society. The selection was made by the IIS Executive council comprised of senior industry executives.
Winning this award is an incredible acknowledgment of the innovative nature of this alliance and partnership we are building. As was stated during the meeting - “there is nothing like this partnership within the insurance industry and also with the development community.” This is all testament to the leadership and that of the respective teams, companies, institutions, and government partners that collaborate on the Tripartite project and all of whom have allowed us to translate an idea from a concept to full operationalisation.
We wish to thank the International Insurance Society and the awards judges for this recognition, and our partners and members for their support in collaborating across public and private sectors to bring innovative risk solutions to life where they are most needed.