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The growing toll of global disaster and climate losses seems inescapable. The year 2024 was another record-breaking year, with global disaster losses estimated at over $350 billion. In an increasingly risky world, developing country governments must juggle the difficult tradeoff of protecting their people and economies from the shocks of today, while trying to invest for the future and better prepare for the crises of tomorrow. Development brings new risk simply by adding more assets to exposure...
Public-private knowledge partnership is critical to help developing countries develop climate and disaster risk finance strategies as the range of financial products offered by both development partners and the private insurance industry is increasing. The protection gap against climate shocks and disasters keeps growing in most developing countries. The increasing frequency and intensity of climate shocks such as droughts and floods pose a serious global threat, especially to vulnerable...
Africa is one of the most susceptible regions to the impacts of climate change, and the costs of climate change can be significant. Sub-Saharan Africa is already experiencing erratic weather patterns and is projected to face more extreme climate events. The agricultural sector, which contributed 17 percent to GDP in 2022, and employs more than 50 percent of sub-Saharan Africa's workforce is particularly vulnerable. In turn, the sector affects economic growth. The impact of a drought on medium...