Coastal City Adaptation Project’s use of risk finance in Mozambique
In a report on Mozambique, Marsh & McLennan Companies elaborate on the ways that risk financing can enhance climate risk and catastrophe risk resilience in developing countries. Using specifically the example of USAID’s Coastal City Adaptation Project in Mozambique, the authors describe the successes and challenges of the project.
The City Adaptation Project decreases the exposure to rising sea levels and weather events by training local communities, promoting mitigation measures, and sharing best practices in post disaster recovery. As a vital tool to foster resilience, the project aims to include private insurance markets to guarantee effective risk transfer programs to spread the risk. Challenged by an overwhelming amount of uninsured losses by catastrophes, the hope is that USAID’s Mozambique project may turn into a best practice for other countries and serve as an example for more countries.
Read the full report here: https://www.mmc.com/content/dam/mmc-web/Global-Risk-Center/Files/increasing-climate-resilience-through-risk-financing.pdf
Africa Catastrophe risk management Disaster Risk Finance Insurance