New UNDP initiative addresses underlying challenges to building resilience through disaster risk finance and insurance in Least Developed Countries (LDCs) and Vulnerable Twenty (V20) countries.
In 2021, economic losses from disasters caused by natural hazards totalled almost $270 billion. The impact of disasters can significantly undermine development progress and push communities deeper into poverty, making them less resilient to the next disaster shock.
Recognizing the importance to plan and finance disaster response, UNDP’s Insurance and Risk Finance Facility (IRFF), a flagship initiative within the Programme’s Sustainable Finance Hub, is working together with government partners to better protect vulnerable communities from socioeconomic, climate and health-related disasters by significantly increasing the role of insurance and risk financing in development.
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