A joint report published by insurance giant Generali and the United Nations Development Programme (UNDP) highlights parametric risk transfer and insurance as a key solution that can help to close the US $1.8 trillion protection gap.
“Parametric insurance is speeding up recovery from climate-related hazards and other shock events, especially for communities in vulnerable contexts,” the pair explain.
Adding that case studies show how parametric insurance can contribute to improved financial resilience for households, businesses and global value chains.
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