[Event Recap] The World Bank’s Disaster Protection Program and Global Shield Financing Facility Session: WTW’s inputs on the UNICEF Today & Tomorrow Initiative

The World Bank’s Disaster Protection Program and Global Shield Financing Facility (previously known as Global Risk Financing Facility) conducted a deep dive into Willis Towers Watson (WTW)’s input on the UNICEF Today & Tomorrow Initiative on January 19, 2023. The "UNICEF’s Parametric Policy for Tropical Cyclone" event was conducted both virtually and in person, in London. The speakers included Dr Simon Young (Senior Director, WTW Climate and Resilience Hub), Viktoria Seifert (DRF Associate Director, WTW Climate and Resilience Hub), and Carolyn Brooks (Vice President, Foundation Partnerships, UNICEF). 

During the session, the UNICEF team provided an overview of their Today & Tomorrow program, which is the world's first holistic, fully integrated climate change solution for children and youth. It includes financing solutions for flexible funds to respond at scale and long-term development funding for disaster risk reduction, anticipatory action, and climate resilience. The program is raising US$30 million to protect children in eight countries—Bangladesh, Comoros, Haiti, Fiji, Madagascar, Mozambique, Solomon Islands, and Vanuatu—across four different regions, including premium funds for a parametric risk transfer solution with coverage of up to US$100 million over three years.

As part of the UNICEF Today & Tomorrow Initiative, WTW has designed a parametric policy that builds on the specially developed Child Cyclone Index (CCI), capturing children’s exposure to tropical cyclones and related relief needs. This was funded with support from the German and UK governments under the newly launched G7-V20 Global Shield against Climate Risks. The WTW team, UNICEF’s technical partner on this project, set out the structure of the CCI, which uses wind speed and an estimate of the number of children affected to trigger payouts. In practical terms, when a payout is triggered, it is distributed to the UNICEF regional and then country offices who then target those in need, through support to schools, health facilities, etc.

The deep dive was followed by an illuminating Q&A session.

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