Innovative Approaches to Catalyze the Delivery of Meso-Level Climate and Disaster Risk Finance and Insurance: Roundtable Discussion by Shenequa Williams & Carol-Faye Bynoe-George
Amid escalating climate risks that threaten the economic and social fabric of Small Island Developing States (SIDS) in the Caribbean, key stakeholders gathered in Antigua and Barbuda for a two-day roundtable discussion. Today marked the first day of this intensive consultation, organized by the Gilbert Agricultural Rural Development Center (GARD Center) and the Caribbean Policy Development Centre (CPDC), which focused on pioneering finance and insurance solutions designed to mitigate climate and disaster risks at the meso-level. The consultation brought together representatives from vulnerable communities, government agencies, non-governmental organizations, and financial institutions. While the initiative aims to build climate resilience across Antigua and Barbuda, Barbados, Dominica, Grenada, and Jamaica.
Caribbean nations are increasingly vulnerable to climate-related events that trigger sudden spikes in expenditure, erode revenue streams, and hamper essential services. Recognizing these challenges, the CPDC is spearheading efforts to build a comprehensive knowledge base on Climate and Disaster Risk Finance and Insurance (CDRFI). The overarching aim is to improve access to these financial mechanisms for civil society organizations and meso-level institutions, thereby enhancing the resilience of the region’s most vulnerable populations.
Day 1 Objectives Included:
- Analyzing the Climate Risk Financing Environment
- Presenting Initial Findings
- Enhancing Product Understanding
- Examining Existing CDRFI Products
- Soliciting Participant Feedback
The proceedings began with opening remarks from Ms. June Jackson, Executive Director of the GARD Center. Ms. Jackson established the day’s protocols, emphasizing the importance of representation from government officials and project consultants to civil society and community partners. Her address set a collaborative tone, underscoring the need for meso-level solutions that integrate seamlessly with national and local insurance frameworks to support vulnerable communities.
Mrs. Gale Inhoff-Gordon, Director of the Ministry of Finance Project Management Unit, provided critical insights into the challenges faced by small island states. She highlighted that the region is particularly vulnerable to intensified hurricanes, shifting rainfall patterns, and rising sea level, all of which can lead to immediate revenue losses and unplanned emergency expenditures. Her remarks stressed that robust financial mechanisms, bridging both government policy-based insurance and private-sector initiatives, are essential to cushion the economic impacts of climate disasters.
Mr. Norense Iyayen, Project Consultant and CDRFI Lead Researcher, set the stage for a broader discussion by explaining the inherent risks associated with climate and disasters. He emphasized the indispensable role of finance and insurance in not only managing but also mitigating these risks. Mr. Iyayen presented best practices and global examples that demonstrated how tailored financial products can offer critical protection against the adverse impacts of climate-induced events. His presentation provided a strong framework for understanding the subsequent discussions on innovative financial mechanisms.
A highlight of the session was an in-depth discussion on the spectrum of insurance products and the potential for meso-level risk aggregation.
Day 2
The session continued but with much more interaction from the participants. The attendees were divided into the three working groups. They were asked to process the matters established from the previous day in constructive brainstorming then present their findings along with suggestions to address the same.