Antoine Bavandi, Global Head of Public Sector, Parametric & Climate Resilience Solutions at Gallagher Re highlighted the growing recognition of disaster risk financing and insurance in disaster response during his summary of key takeaways from COP 29 in Baku.
He noted that effective private-sector strategies include risk pooling, public-private partnerships, parametric insurance, and catastrophe bonds. Gallagher Re expects continued growth in sovereign risk transfer and the re/insurance sector as premium financing expands and re/insurance adoption accelerates in developing countries.
During the event, Gallagher Re brought together clients, partners, and industry players to discuss the benefits of a holistic approach to climate and disaster risk finance. The group agreed that subsidies alone are insufficient; combining them with practical solutions and on-the-ground impact is crucial. Gallagher Re shared case studies of its public-sector clients’ engagement with reinsurance, demonstrating how it has not only created business opportunities but also been effective in developing countries.
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