Recognising the innovation and impact of the unique Tripartite Public Private Partnership
By the Insurance Development Forum Sovereign and Humanitarian Solutions Working Group Co-Chairs Karina Whalley, Head of Public Sector, Axa Climate; Ruth Lux, Head of Public Sector - India, Middle East & Africa,Guy Carpenter; Sophie Evans, Associate Director, Centre for Disaster Protection; Tuga Alaskary, Technical Specialist Risk Financing, United Nations Development Program, and Working Group Coordinator, Pedro Pinheiro.
The Insurance Development Forum (IDF), alongside its esteemed partners in the Tripartite Programme - the United Nations Development Programme (UNDP) and the German Federal Ministry of Economic Cooperation and Development (BMZ), proudly celebrates a significant milestone: the Tripartite Programme has been honored with the International Insurance Society (IIS) Property & Casualty Innovator of the Year Award. Sponsored by Lloyd’s, this prestigious accolade recognises groundbreaking advancements that deliver measurable societal impact while driving transformative innovation in the insurance sector.
A Unique Collaboration Driving Change
The Tripartite Agreement is an unparalleled public-private partnership designed to address one of today’s most critical challenges: closing the widening protection gap and building financial resilience to disasters for vulnerable communities in the global South. By uniting the technical industry expertise of the IDF, the development mandate of UNDP, and the financial support of BMZ, this initiative has created innovative and scalable climate risk financing and insurance solutions for sovereign, sub-sovereign, and humanitarian actors.
This partnership stands out for its structure and ambition. Leveraging over EUR 30 million in technical assistance funding and USD 5 billion in risk capacity, the Tripartite Agreement embodies a new standard of collaboration.The 20 initial country programmes under the Tripartite Agreement are projected to benefit 65 million people.
The scale of this ambition and the projects already in progress demonstrate how the insurance industry can work hand-in-hand with governments and development organisations to drive sustainable, long-term resilience strategies. At its core, the Tripartite Agreement aims to create actionable solutions that provide meaningful protection for populations most exposed to climate risks.
A Model for Resilience in Ghana
Ghana offers a compelling case study for the impact of the Tripartite Programme. In 2022, the partners launched a pioneering project to address the escalating flood risks in the Greater Accra Metropolitan Area (GAMA). Accra has experienced over 27 major floods in the past three decades, causing devastating economic and social consequences. Despite this, seven out of ten Ghanaians lack access to insurance, and over 42% remain excluded from basic financial services, leaving communities particularly vulnerable to the financial shocks of climate-related disasters(IIS Award - Global Inno…).
The Ghana project delivered two parametric insurance products, representing a significant leap forward in flood risk management:
- Excess Rainfall Cover: Offers quick payouts triggered by predefined rainfall thresholds.
- Flood Footprint Product: Uses satellite data to assess actual flood extents, ensuring that payouts directly align with the impacts on the ground.
Unlike traditional insurance, which relies on post-event damage assessments, these parametric solutions prioritise speed, providing funds quickly to support recovery efforts. By focusing on vulnerable households in low-income settlements, these products offer a critical financial safety net for those most at risk.
Building Local Capacity and Awareness
In addition to delivering innovative insurance products, the Ghana initiative emphasised capacity building and community engagement. Under the leadership of UNDP, the project trained 40 professionals in climate and disaster risk financing, rolled out an Inclusive Insurance Certification Programme in partnership with the Ghana Insurance College, and conducted extensive public outreach through insurance awareness clinics.
This multi-faceted approach ensured that the project’s benefits extend beyond immediate financial protection. It also contributed to the development of a Flood Contingency Plan in collaboration with Ghana’s National Disaster Management Organisation (NADMO). This plan outlines how funds from insurance payouts will be deployed to address critical needs such as food relief, emergency shelter, sanitation, and infrastructure restoration, further reinforcing the country’s disaster response capabilities.
Innovation That Inspires
The recognition by the IIS underscores the transformative potential of the Tripartite Programme. The initiative exemplifies how collaboration between the insurance industry, governments, and development organisations can tackle some of the world’s most pressing challenges.
The Ghana project, in particular, serves as a model for other countries facing similar risks. By aligning technical expertise, local knowledge, and financial resources, the Tripartite Agreement has shown that innovative risk transfer solutions can be developed, and all stakeholders welcome the offer to the government of Ghana to apply for InsuResilience Solutions Fund premium financing for the product to enter the market and protect vulnerable households and businesses that face persistent flood risks and their impacts. The offer is currently under consideration by the government of Ghana. The lessons learned in Ghana, from developing parametric products to building local capacity, provide a blueprint for scaling these solutions across other flood-prone regions.
This recognition is also a testament to the commitment and creativity of the partners involved. The IIS award celebrates initiatives that push boundaries, and the Tripartite Programme’s achievements highlight the insurance industry’s ability to innovate not only in products but also in processes and partnerships.
A Vision for the Future
While the achievements in Ghana are impressive, they represent just the beginning. The Tripartite partners are already looking ahead to 2025, aiming to expand the Programme’s reach and impact. The success of the Ghana project has sparked interest in replicating these solutions across other countries in West Africa and beyond.
Scaling such initiatives requires continuous innovation and commitment. The partners are actively exploring opportunities to integrate these solutions into broader climate resilience strategies, ensuring they remain adaptive and responsive to emerging risks. Further training and capacity-building efforts are also planned, ensuring that local governments and communities are equipped to sustain these solutions over the long term.
A Call to Action
The Tripartite Programme represents more than just an insurance initiative; it is a call to action for the global insurance industry and its partners. As the world grapples with the escalating impacts of climate change and the urgent need to prioritise pre-arranged financing for disasters, the need for innovative and collaborative approaches has never been more urgent.
This Tripartite Programme showcases what is possible when public and private actors come together to address complex challenges. It highlights the insurance industry’s unique role in providing not only financial protection but also the tools and expertise needed to build resilient communities, reshaping resilience efforts for vulnerable regions. Find out more about the Tripartite Programme and get involved.
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