GEM is set to provide risk modelling services to a landmark insurance project coordinated by the Insurance Development Forum and funded by a grant agreement from Germany’s InsuResilience Solutions Fund (ISF). The project aims to protect more than 50,000 public schools in Peru against the impact of natural disasters, and to improve continuity for children’s education by accelerating reconstruction and strengthening the country’s resilience through an innovative insurance program.
The project will kick off with the IDF project consortium led by AXA XL and Munich Re, including the Peruvian Association of Insurance Companies (APESEG) as initiator of the project, as well as JBA Risk Management and InsurTech Picsure. GEM will specifically contribute to the development of earthquake risk models for the project.
The start of the Peruvian Public Schools project marks the first country execution under the Tripartite Agreement between the IDF, the German Federal Ministry for Economic Cooperation and Development (BMZ) and United Nations Development Programme (UNDP), officially signed in September 2019, during the United Nations Secretary General’s Climate Action Summit.
This ground-breaking tripartite partnership will provide funding, technical assistance and risk solutions to 20 climate vulnerable countries by 2025, through leveraging the risk management expertise and capacities that the private sector and insurance markets can offer, in close collaboration with the public sector, to address the increasing impacts from climate change.
“GEM is proud to be part of this first project under the tripartite agreement, which is a great opportunity to demonstrate how a public-private collaboration approach can assess and mitigate multi-hazard risks. We are happy to contribute our expertise in the earthquake hazard and risk modelling toward achieving disaster resilience in the public schools of Peru.” GEM Secretary General, John Schneider.
For the full press release, click here.