A global tool which will be a source for all insurance-related information for countries was launched in Bonn, Germany on Tuesday.

The Fiji Clearing House for risk transfer was launched by Prime Minister and COP23 President Voreqe Bainimarama.

Following the launch, Attorney-General and leader of the Fijian delegation Aiyaz Sayed-Khaiyum took part in a panel discussion where he explained the nature of the clearing house.

COP21 requested the Executive Committee to establish a clearing house.

“Fiji Clearing House for risk transfer”, will serve as a repository for information on insurance and risk transfer, in order to facilitate the efforts of Parties to develop and implement comprehensive risk management strategies.

More specifically it will:

Enhance understanding of information management, enabling of learning and stimulating expansive and relevant research;

Improve policy coherence to connect the important actors in the field to support collaboration and to highlight the important topics and debates in the arena; and

Enhance action and support to provide guidance on programme establishment and implementation, to disseminate the appropriate tools and methodologies, to provide technical support where possible, to support innovative funding approaches and to provide efficient access to funding support where relevant to assist parties reconstruction and rehabilitation post loss.

The clearing house has two components:

a static platform which is a website that bundles information about various organisations and studies. Here everyone can upload information about risk transfer.

The second component is an interactive platform called RISK TALK. Here people can ask questions and the question will be forwarded to an expert who will deliver a tailor made answer.

Mr Sayed-Khaiyum said: “The greatest benefit that the clearing house, information and  data, and climate risk insurance can deliver to the Pacific region is in transferring that risk from those most exposed to the greatest extent possible to those most able to quantify, price and accept those risks.”

Edited by Ranoba Baoa

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