ILO and UNCDF Collaborate to Grow Parametric Insurance in the Pacific

The International Labour Organization (ILO) and the United Nations Capital Development Fund (UNCDF) have signed an agreement to collaborate on climate adaptation and insurance in the Pacific. From June 2023, the ILO and UNCDF will work together in the context of UNCDF’s Pacific Insurance and Climate Adaptation Programme (PICAP) to expand the initiative to eight countries and build on the growing role of insurance in disaster risk reduction and climate change adaptation. The engagement will also explore placing inclusive climate risk insurance as one of the potential solutions to address loss and damage at the community and household levels.