The Initiative was presented during the G7 Stakeholder Conference on Climate Risk Insurance: “Reducing risks, insuring losses, increasing resilience”, which also featured a panel discussion, including the UN Under Secretary-General and United Nations Environment Programme (UNEP) Executive Director, Achim Steiner and President of the Republic of Kiribati, H.E. Anote Tong.

The Initiative aims at increasing the resilience of developing countries against climate-induced and other natural disasters, which caused average economic losses of around US $190 billion annually in the last decade, with average insured losses of around US $60 billion.

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