UNDP and Generali: partnership for parametric insurance

The United Nations Development Programme (UNDP) and Generali have joined forces to develop a parametric insurance programme for the world' s most vulnerable people and businesses. The program will collect the data needed for risk assessment and strategy development.

The partnership will also help create informed leadership to address the climate change issues.

Generali will bring its insurance experience to the table and will contribute financially to the new Insurance and Risk Financing Facility (IRFF) as part of the partnership.

In the poorest countries, natural disasters cause an average of 29 billion USD of damage per year. Only 3% of these losses are insured.