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Lloyd’s to hold UN-backed parametric insurance workshops 

Lloyd’s has partnered with the United Nations Capital Development Fund (UNCDF) and the Sustainable Markets Initiative’s Insurance Task Force to deliver two parametric insurance workshops in Papua New Guinea and Fiji.  

The workshops will help support developments in the climate-vulnerable regions by improving understanding of parametric insurance and connecting communities with regional insurers and reinsurers.  

The effort builds on a Memorandum of Understanding signed by Lloyd’s, UNCDF, and the Sustainable Markets Initiative in September last year to strengthen the technical capacities of insurance providers in vulnerable and developing countries and states.  

The parties say their initial focus will be on Pacific states, before expanding to Africa and Asia.  

“We are delighted to be able to progress our Memorandum of Understanding with the UNCDF through our workshops in both Papua New Guinea and Fiji,” Lloyd’s Corporate Affairs Director Rebekah Clement said.  

“Parametric insurance can play a vital role to support sovereign states with the financial impact of climate disasters, unlocking funds at speed and redirecting them into resilience strategies.”