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Urban Infrastructure Insurance Facility (UIIF)

Providing insurance protection from natural hazard to better secure critical infrastructure and vulnerable populations in Latin American cities.

Aims

The objective of the Urban Infrastructure Insurance Facility (UIIF) project is to provide insurance protection in order to better secure critical infrastructure and poor vulnerable populations in Latin American cities from the impacts of natural hazards. The project is one of the first multi-stakeholder initiatives to enable cities to purchase insurance from a tailor-made regional risk pool that increases urban resilience against climate change. The project, through the insurance facility, will ensure rapid financial resources to local governments after damaging events to rebuild critical infrastructures and help the poor vulnerable population cope with the negative impacts.

Project Support

The project initially targets to support 10 cities by 2025 covering a minimum total population of 7.5 million. Through the facility, the participating local governments will be provided the following support:

  • Taking an informed decision on a potential insurance product by commissioning targeted technical advice to clarify the risk financing needs.
  • Developing a tailor-made insurance product that fits the needs of the local governments. The primary insurance product is placed by the city with a local primary insurance company, most likely through a public tender process. The project will be supporting local governments throughout this process.
  • Supporting local governments in purchasing the insurance policy through premium subsidy for a limited time span (max. approx. 3 years).
  • Establishing long-lasting relationships with financial institutions and banks to assist local governments after the insurance premium subsidy period.
  • Providing local governments with technical advice through the UIIF to ensure that the insurance is embedded in a consistent and comprehensive natural hazard risk management framework that maximizes its impact.
  • Supporting local governments in identifying the most cost-effective adaptation measures, e.g. through Economics of Climate Change Adaptation (ECA) studies, risk modeling, financial gap assessment as well as from capacity building and awareness-raising activities and events.
  • Creating a regional risk pool.

The project is financially supported by the KfW Development Bank in Germany, and is implemented by the ICLEI World Secretariat with its two regional secretariats in Latin America, namely (i) ICLEI- Mexico, Central American and CaribbeanSecretariat, and (ii) ICLEI - South American Secretariat.

Are you interested?

We invite cities from Central America and South America to join the project. To this end, please fill the Expression of Interest form below. For more information please contact resilient.cities@iclei.org


Download the Expression of Interest
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