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Strengthened Regulatory Oversight: A two-year-long capacity building program for the Central Bank of Somalia to play a leading role in developing the insurance focusing on the takaful market It is undeniable that we are seeing more extreme weather events that lead to disastrous consequences for communities and economies around the world. Building financial resilience can protect many from these potential hardships, enabling them to cope and recover when disaster strikes. Insurance is one of the...
The average annual loss from hurricanes in Sint Maarten is estimated to be US$4.1 million as estimated by the 2019 Caribbean Catastrophe Risk Insurance Facility Segregated Portfolio Company (CCRIF SPC). For decades, the beautiful Caribbean Island of Sint Maarten has been repeatedly hit by intense tropical storms and hurricanes. A single storm has the potential to directly impact the entire population and economy, as Hurricane Irma did in 2017. Irma, a Category 5 hurricane, affected 90 percent of...
The Caribbean, renowned for its marine ecosystems and tourism, depends heavily on tourism for its economic growth and financial stability, making it crucial to protect its people, economies, ecosystems, and biodiversity from the effects of natural disasters. Recent major floods, storms, and hurricanes have caused significant losses, particularly in industries reliant on the environment, such as tourism. In the Eastern Caribbean, tourism accounts for 50% of regional GDP and about 40% of...
Malawi, ranked by the World Bank as the fourth poorest country globally, faces significant socioeconomic challenges, which are exacerbated by climatic events. Recent El Niño-induced floods and droughts have devastated the agricultural sector, pushing approximately 40 percent of the population toward acute hunger. The Global Shield Financing Facility (GSFF) plays a crucial role in strengthening Malawi’s resilience by supporting systems that protect the most vulnerable communities during such...
Systematically including women in CDRFI holds tremendous potential for protecting and enhancing their economic participation. Recognizing this, GSFF developed a Gender Strategy in 2023 to provide a foundation for a systematic and results-focused approach to integrating women in GSFF-funded activities. The strategy maps out GSFF’s high-level approach to incentivizing teams and clients to scale up the inclusion of women in designing and implementing CDRFI initiatives. GSFF’s Gender Strategy...
When it comes to blending professional expertise with personal values, Yogi Rahmayanti (Director of the Center for Regional and Bilateral Policy at Indonesia’s Ministry of Finance), stands as a shining example. With over two decades of service in public financial management, Ibu Yogi’s career reflects a deep commitment to efficiency, innovation, and resilience. Her work spans critical areas such as disaster risk financing (DRF), budget optimization, and fostering collaboration across sectors—all...
They say that storms test not just resilience but readiness—and that’s exactly what we’re facing in Eastern and Southern Africa. Climate challenges like floods, droughts, and tropical storms are unrelenting, and as I work across five Indian Ocean nations, I see their impact on lives, livelihoods, and entire economies. But here’s the thing: while the challenges are immense, so are the opportunities to prepare better. This past week, I made a quick stop in the UK, and it was both eye-opening and...