Ministers from the G20, or Group of Twenty forum for global economic cooperation, recently came together in South Africa for annual meetings and the Disaster Risk Reduction Working Group advocated for the enhancement of risk transfer solutions, particularly including use of parametric insurance, risk pools, and catastrophe bonds.
Recognising their shared commitment to disaster risk reduction (DRR), in a statement the Ministers of G20 nations that make up the working group underscored, “the central importance of DRR for protecting people and the communities most at risk and for achieving sustainable development, resilience, economic stability, and prosperity.”
They recognised that disasters and shocks are increasing in frequency, intensity and geographical extent, which holds back development and strains the ability of national and international actors to respond and support countries DRR needs.
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