CRISIS PROTECTION 2.0: FUTURE-PROOFING OUR WORLD
The High-Level Panel on Closing the Crisis Protection Gap formed in January 2024, comprising 20 expert members from across sectors and geographies, united by the conviction that national and international crisis, climate and development financing architectures are at a critical juncture. This report delivers the High-Level Panel on Closing the Crisis Protection Gap’s call to action - that now is the time to comprehensively rethink how the world financially prepares itself for and responds to crises. Crisis Protection 2.0 outlines ten strategic recommendations and an ambitious roadmap for the next decade.
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This insight paper aims to support policymakers and practitioners as they seek to scale up financial protection against climate-related shocks through sovereign insurance solutions. It explores the complexities of international premium support and identifies core problems with current approaches to the allocation and design of premium subsidies. It proposes some basic but vital shifts needed in the way premium support is designed, allocated and provided to create a more inclusive, transparent and sustainable approach.
Planning and preparing for shocks pays. Prearranged Financing (PAF) for disasters has the potential to significantly increase the predictability, speed and effectiveness of responses to shocks. Currently, it is unclear how much pre-arranged finance is required to protect crisis-vulnerable people against risk, how much coverage there is in place, and how far we are from achieving adequate coverage, targeted to the right places, for those people most at risk. This data-led report collates the best available data to start to assess and monitor annually the state of pre-arranged financing supported with international development financing in low-and middle-income countries.
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