Insuring for a Changing Climate
A review and reflection on CARE’s experience with microinsurance
The impact of climate change is already having devastating effects on lives and livelihoods. Planning and programming to strengthen climate resilience is now commonplace in development interventions. As part of a set of disaster risk financing tools, insurance schemes are being championed as a way to finance the mitigation of negative effects that extreme weather events can have on individuals, households, communities, and countries.
This report reviews CARE’s experience with microinsurance through seven case study examples across its global programmes in Bangladesh, Ghana, India, Kenya, Nepal, and Tanzania. The case studies presented cover climate risk insurance and other social microinsurance products that, whilst not categorised as “climate insurance,” provide relevant lessons.
It concludes by outlining 12 recommendations for when and how to employ insurance products within programming.