Lessons learned from the project “Enhancing Urban Resilience in Medellín through Insurance Protection for Climate Risks and Natural Disasters”

The InsuResilience Solutions Fund, alongside a consortium made up of the NGO Global Communities, the reinsurer Hannover Re, and global broker and consultancy firm Willis Towers Watson, collaborated on the project "Enhancing urban resilience in Medellín through insurance protection for climate risks and natural disasters". During this project, a parametric risk transfer product was designed to cover flooding, landslides, and earthquakes for the city of Medellín. The experiences and learning were collected in the report: Challenges and lessons learned from the project “Enhancing Urban Resilience in Medellín through Insurance Protection for Climate Risks and Natural Disasters”

The purpose of the project was to improve the Medellin's capacity to respond to natural disasters, through a product which is adapted to the specific characteristics and needs of the city and allows for resources to be made rapidly available. Through the project, it was possible to increase the understanding and capacity of the municipality, and to link the insurance sector with the needs of the local administration. The project is pioneering within the country and region, both in technical terms and in terms of governance and stakeholder coordination. The experiences, lessons learned, and challenges faced therefore serve as a precedent and useful reference for the development of similar initiatives in the future. The report that compiled these elements was developed through documentary review and interviews with the different actors involved.

The report can be read here.