Crucial training on monitoring financing and insuring climate and disaster risks began on Tuesday, January 14, 2025 in Dakar, the Senegalese capital. Aimed at decision-makers, risk management players, producers, and development partners, this session aims to strengthen local capacities to better anticipate and manage climate and environmental risks.
Organized by the United Nations Development Program (UNDP), this three-day training which ends this Thursday, January 16, 2025, focuses on strategic issues for financing disaster risks and the development of innovative insurance solutions. It is part of the implementation of the Annual Work Plan of the Risk Insurance and Financing Facility (IRFF) project, a flagship initiative that supports UNDP country offices and national partners across the country. worldwide.
Objectives and importance of training
The main objective of this training is to help participants better understand the nature of climate and catastrophic risks, and to explore financing solutions to anticipate them. Catherine Phuong, UNDP Deputy Resident Representative, stressed the importance of building the capacity of participants so that they are better prepared in the face of natural disasters. “This training helps strengthen the capacities of participants and raise their awareness of the importance of financial anticipation to avoid significant human, economic and material losses,” she declared at the opening of the workshop. .
Climate risks: a global issue
Participants were made aware of key concepts, such as catastrophe bonds, contingency funds, and shared insurance platforms. These innovative financial mechanisms, although complex, are essential to prevent losses linked to natural disasters. Ms. Phuong recalled that this training is an opportunity to familiarize yourself with the latest innovations in insurance and risk financing.
“Here we address complex but necessary solutions to prevent and manage the impacts of disasters linked to climate change. This training also aims to provide participants with analytical tools to assess risks more precisely and integrate financial solutions into public policies,” added Catherine Phuong.
The importance of investing in training
One of the fundamental beliefs shared during this training is that “investing in training on disaster risk financing and insurance is an investment in our collective future,” insisted Catherine Phuong. Indeed, faced with the increase in natural disasters and growing climate uncertainties, it becomes imperative for developing countries to prepare and equip themselves with effective financial mechanisms to mitigate the impacts of these risks.
The key role of insurance for risk management
Mamadou Dème, representative of the Ministry of Finance and Budget of Senegal, highlighted the importance of financing and insurance initiatives to better respond to climate and catastrophic risks. According to him, these initiatives make it possible to identify the country’s strengths in terms of prevention and risk management, while integrating the solutions offered by the insurance industry.
“Faced with the emergence of risks that are difficult to understand and increasingly uncertain, we must also trust the genius of insurance and its capacity to adapt to offer solutions adapted to growing security needs,” he suggested.
The IRFF project: a pillar for inclusive insurance
With this in mind, UNDP launched the Insurance and Risk Finance Facility (IRFF) project last July. This program aims to promote inclusive insurance and allow vulnerable populations to access adapted insurance solutions. In partnership with the Insurance Development Forum (IDF) and the Ministry of Finance and Budget, the IRFF project also seeks to share diagnostic studies on inclusive insurance and disaster risk financing, particularly in Senegal.
Towards a resilient future
This training represents an important step towards the resilience of communities in the face of natural disasters, particularly those caused by climate change. By training decision-makers and key actors in risk financing, UNDP and its partners strengthen local capacities to create a safer and more resilient environment. It is essential to continue investing in training and innovation to adapt insurance solutions to the growing global challenges of climate and disaster risks.
Moctar FICUU / VivAfrik
