Towards proactive disaster risk management: Benefits and challenges in linking early warning with risk financing
Acting in anticipation of or early after a disaster can save lives and livelihoods, protect public finances and safeguard development gains. For early warning systems to inform governments and humanitarian actors about oncoming climate impacts and trigger effective anticipatory and response measures, they need to be underpinned by funding through pre-arranged risk finance, such as insurance instruments. However, working across various systems, technologies and institutions can be challenging, especially when data availability and quality are poor and institutional capacity is low.
This Focus Day event will provide opportunities for learning on comprehensive approaches to preparedness, engaging a diverse community of stakeholders to explore how early warning systems can be used to shift risk financing to an even earlier, anticipatory stage, and help decision-makers become proactive risk managers. It will showcase innovative examples that demonstrate how early warning combined with risk financing has triggered anticipatory action, which thereby mitigates disaster impacts. Participants will learn of the Philippines’ experience in implementing risk financing and preparedness strategies, including its multi-hazard early warning system that is linked to local disaster management plans. The workshop will explore how risk finance instruments could build on these systems to deliver anticipatory funding, and how to overcome gaps between data providers (early warning systems) and data consumers (cost-effective risk finance arrangements).
Previous dialogue under the InsuResilience Global Partnership on the synergies between early warning and risk financing has suggested that regular roundtables between early warning experts, risk finance practitioners, and country representatives could help address challenges, promote innovation towards integrated approaches, and strengthen early action capacity across vulnerable regions. Building on the lessons captured in this dialogue, this event will facilitate an in-depth discussion on tackling the challenges around linking risk finance to early warning systems, including data and modelling, transparency in risk analysis and human impact-focused forecasting to reduce risk and build resilience.
Organizer: InsuResilience Secretariat hosted by GIZ
Partner Organizations: CREWS (TBC)Department of Finance of the Philippines (TBC)