Swiss Re backs $9.25mn drought insurance scheme in Syria
By Henry Gale
Feb 10 - (The Insurer) - The World Food Programme (WFP) has launched a climate risk insurance product in Syria with the support of Swiss Re and the Insurance Development Forum.
Charity Humanity Insured and the World Bank's Global Shield Financing Facility, with contributions from the UK's foreign office and Germany's development ministry, provided financial support.
The insurance product will provide pre-arranged finance for WFP's operations in Syria. In the event of severe droughts, WFP will use the payouts to assist vulnerable communities in the country.
In a LinkedIn post, WFP's lead adviser for climate and disaster risk financing and insurance Mathieu Dubreuil described the development as "a real breakthrough" after two years of preparation.
"This innovative drought insurance marks a significant step in enhancing climate resilience in fragile and conflict-affected contexts. It enables WFP to provide up to $9.25mn in timely assistance to vulnerable people in case of a severe drought, protecting their food security and development gains.
"In settings like Syria, where ongoing crisis and instability compound the impacts of climate shocks, this insurance policy is a vital tool. It empowers WFP to respond early, supporting vulnerable people to avoid taking drastic measures such as skipping meals, withdrawing children from school, or selling essential livestock."
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