One of the missions of SEADRIF at COP29 is to stand together with fellow Regional Risk Pools to help influence the larger international conversation, especially around integrating insurance into the emerging Loss and Damage Fund international financial architecture.
On 13 November, at COP29 Azerbaijan, SEADRIF Insurance Company's Executive Director, Benedikt Signer, co-hosted a panel discussion titled, “Addressing Loss and Damage from Climate Change: The Role of Risk Pools", with fellow Regional Risk Pools' leaders: ARC Ltd’s CEO Lesley Ndlovu, CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility)'s CEO Isaac Anthony, and Pacific Catastrophe Risk Insurance Company (PCRIC)'s CEO Aholotu Palu. They discussed the role risk pools play in addressing loss and damage from climate change before disasters happen. The panel revealed the challenges of accessing funds from global vehicles and suggested introducing dedicated channels for disaster financing that leveraging existing institutions such as risk pools, their member mandates and governance frameworks. This should support faster fund deployment without creating new and duplicative processes.
This panel was moderated by Avinash Rhamessur, Senior Programme Manager at ARC Ltd.
The four leaders continued the conversation at the Global Shield’s side event, co-hosted by the Global Shield Secretariat and Global Shield Solutions Platform (GSSP).
