Event Summary
Description
Date: Monday, May 14, 8:30am – 6:00pm
Room: La Capilla (other breakout events will take place in Room C11)
Focal points: Jack Campbell, Senior Disaster Risk Management Specialist, GFDRR; Sumati Rajput, Policy Analyst, GFDRR
Background
Understanding risk is central to all risk financing and insurance decisions. This however, is only possible if data analytics and risk information is available and accessible to policy makers, equipping them to pick the right set of financial instruments for the risks they face. Data feeds into the entire spectrum of development and implementation of risk financing strategies. For example, private sector has been using data on natural hazard, exposure, and vulnerability to quantify and manage risk accumulations for over two decades. Risk information also plays a pivotal role for targeting beneficiaries, channeling funds, and determining appropriate values for payouts and cash transfers after disasters. In general access to good data is the foundation of large scale, pre-arranged comprehensive financial packages that support countries to respond rapidly and effectively to disasters, managing climate and disaster risk rapidly and more effectively. These ideas are well aligned with the recently launched InsuResilience Global Partnership, a joint G20/V20 initiative with over 45 members so far from all stakeholder groups, which will also have a central focus on Global Data and Analytical Work and facilitate implementation of comprehensive financial packages.
Objective
Through the Understanding Risk for Financial Resilience – Partnership Day, participants will explore the role of risk information across core technical steps that the government follows while implementing financial resilience solutions to manage the financial impact of risk. These steps include: assessing risks, arranging financial solutions, and delivering funds to beneficiaries.
Format
This will be a full-day side event. Each core technical step outlined above will have two sessions each, running in parallel. After lunch, participants can either continue with the ‘conference track’ or switch to a ‘training track’ for a half-day session, including a training on fundamental of disaster risk financing.
Audience: The event will convene participants from partner countries – donors as well as clients; experts from the private sector – including risk modelers, risk assessment specialists, financial and insurance sector specialists; experts from the academic and research community; as well as representatives from multi-national organizations, NGOs, and civil society.
