The high-level technical roundtable, hosted by UNCCD in collaboration with the Commonwealth secretariat as a part of London Climate Action Week events, brought insurance stakeholders, private sector, UN organizations and NGOs together to discuss how we can integrate climate resilience into existing parametric insurance models and leveraging data analytics and new technologies.

The UNCCD and the Commonwealth aim to enhance the adoption of risk transfer mechanisms, with a focus on parametric climate risk insurance. Such insurance serves as a crucial protective measure for farmers, who are particularly susceptible to climate-triggered yield reductions, including risks from climate shocks and other factors like pests, epidemics, and conflict.

The UNCCD proposed a Sustainable Land Management (SLM) linked index insurance to bolster drought resilience for the most vulnerable populations. As climate change impacts grow, supporting national governments in developing comprehensive risk strategies is crucial, particularly for small and vulnerable states.

It is anticipated that these discussions will lead to an innovative approach to bolster drought resilience by integrating with existing insurance models, leveraging convergence of evidence through data analytics, and employing scalable technologies for effective communication and monitoring.