InsuResilience Solutions Fund

Apply before: March 31, 2022

The 7th Call for Proposals is open now! You are planning to develop, scale up or improve a climate risk insurance project and look for financial support? Then apply now!

Climate risk insurance projects in different sectors such as infrastructure (property), finance, emergency relief, nature, agriculture, etc. are highly welcome under this 7th Call for Proposals.

In case you would like to propose an agricultural insurance project, please consider the following:
Progress in sustainable agriculture and preservation of biodiversity are amongst the priorities of the German G7 presidency. In support of these policies and moving from ambition to implementation the ISF has established a separate window specifically for climate risk insurance products complementing climate-smart agricultural practices and promoting biodiversity with its 7th Call for Proposals (CSA window).

Proposals in the area of agricultural insurance need to fulfill the following two (2) additional criteria:
Agricultural insurance solutions proposed under the 7th Call for Proposals should identify and leverage linkages to CSA by focusing directly or indirectly (or have a component) on end-beneficiaries (farmers)

who follow or adopt practices within the scope of the three overarching fundamentals of Climate-Smart Agriculture (CSA) as defined by the Food and Agriculture Organization of the United Nations (FAO):

Sustainably increase food security by increasing agricultural productivity and incomes,

AND

Build resilience and adapt to climate change (promoting adaptive capacity at multiple levels),

AND / OR

Reduce and/or remove greenhouse gas emissions where possible (enabling Greenhouse Gas – GHG – emission reductions and increase carbon sinks;

while at the same time maintaining or promoting biodiversity.

Examples of techniques and approaches can be found here.

Eligibility

Above mentioned criteria with respect to CSA have to be fulfilled only by applicants proposing agricultural insurance products.

General ISF funding criteria remain valid for all proposals (see: items eligible for grant-based funding under Pillar III and funding criteria). Therefore only costs directly or indirectly linked to the development of the specific climate risk insurance product may be co-funded by ISF.

All documents relevant to the application process and further guiding documents are published here.

Focus on poor and vulnerable households (< 15 USD PPP per day) either directly (through micro-level insurance) or indirectly (through meso- or macro-level solutions).
Countries in Asia and the Pacific, Africa, and Latin America are eligible to receive official development assistance (ODA) as defined by the OECD Development Assistance Committee and are vulnerable to extreme weather events.
Nevertheless, countries that are official candidates for accession to the European Union or beneficiaries of the European Neighbourhood Instrument East are considered to be non-eligible for ISF funding. These include Albania, Armenia, Azerbaijan, Belarus, Bosnia and Herzegovina, Georgia, Kosovo, Moldova, Montenegro, North Macedonia, Serbia, Turkey, and Ukraine.

The target group of the ISF is joint initiatives of:

(local) public entities (e.g. national and regional government bodies or communities),
private companies in the insurance sector, and
NGOs, humanitarian organizations.

Additional Criteria

The insurance product covers at least one of the following perils:
flood, wind/storm, excess rain, drought/ heat waves, cold spells (a combination with other perils is possible).
Examples: Nat Cat, business interruption, property or agricultural insurance
The project has a lifespan of up to 24 months / the product is ready for market placement and launch within 24 months after funding approval.
A work, budget, and time plan containing reliable cost estimations exist.
Relevant experience of implementing partners, reference projects exist.
Funding is requested for product development-related costs (e.g. data collection, IT, risk modeling, etc.).

If you require more information on the criteria to receive financial support from ISF, please refer to the Funding Criteria.

Examples for cost items eligible for funding

Development of new risk/hazard models
Technical product design incl. actuarial risk characteristics
Data collection and equipment
Policy terms and pricing
Legal costs, e.g. for the identification of a suitable implementation structure
Sales and distribution channel development
New technologies for product improvement and scale-up

Benefits

The ISF provides grant-based co-funding of up to EUR 2.5m only to consortia of Project Partners consisting of public and/ or private organizations

1) which want to

develop new climate risk insurance products, especially for governments or
scale-up already existing products, e.g. into other regions or to other groups

in order to
increase the resilience of poor and vulnerable people in developing countries to climate change

2) where at least one partner is

representing the demand and needs of end-beneficiaries (e.g. national or regional government bodies, NGOs, local insurers)
willing to act as a risk taker (e.g. reinsurance company)
located in the target country and legally authorized to sign a potential Grant Agreement

3) which provide an own contribution

matching the grant funding (in-kind and/or as a financial contribution, including funds from their own resources and co-financing²)

Further parties, e.g. other product implementing partners such as risk modeling agencies, insurers, brokers, can additionally be involved.

In case of applying, please bear in mind that the grant-based co-funding of up to EUR 2.5m does not include your own contribution.
Hence, the formula is as follows: ISF grant + own contribution = total project costs.

Application process

Submit your Concept Note

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