The primary objective of this innovative partnership is to deploy essential financial tools that will act as a shield for communities, mitigating the adverse economic impacts of climate change.
Recognising the pivotal role of insurance, particularly microinsurance, in bolstering climate resilience and preparedness for the future, The Rockefeller Foundation has pledged support to this critical initiative.
As a key component of this united effort, Himalayan Everest Insurance is gearing up to craft and introduce a suite of broad-based, comprehensive, and affordable insurance products specifically tailored to the region. These pioneering insurance offerings will be intricately linked to climate shocks, providing the entire population with a means to withstand disruptions to their livelihoods caused by climate change.
As part of the initiative, Himalayan Everest Insurance will spearhead the establishment of a community of “learning to help” insurance companies. This community aims to foster knowledge sharing among regional peers to overcome challenges in launching climate-resilient products.
The grant aligns seamlessly with The Rockefeller Foundation’s recent announcement of a US$1 billion climate strategy, spanning over five years. This comprehensive strategy is designed to promote scientific action towards climate mitigation, addressing the urgency of advancing opportunities while combating the escalating climate crisis.
In a statement to the press, Mahendra Shrestha, Chairman of Himalayan Everest Insurance, spoke about the vulnerability of the Himalayan region to the impacts of climate change, which pose threats to homes, livelihoods, and cultures. “Programmes like this are a crucial step towards building a more resilient future for these communities in our region. It combines financial protection with community engagement and climate-smart practices, making it a viable solution to the challenges at hand.”
Deepali Khanna, Vice President of the Asia Regional Office at The Rockefeller Foundation, also commented, saying: “With the push towards ESG, the insurance sector has been embracing sustainability; however, there great deal of work to do in adapting insurance products to climate change and ensure everyone can access them.”
She added: “We are excited to further build upon our work in climate and partner with NEF to identify an innovative solution that will support vulnerable people and communities in their time of need. We are committed to advancing breakthrough solutions, ideas, and conversations that promote the well-being of humanity.”
Main image: Left to right: Ms. Elizabeth Yee, Executive Vice President, Programs, The Rockefeller Foundation; Mr. Mahendra Shreshtha, Chairman of Himalayan Everest Insurance, and Ms. Deepali Khanna, Vice President, Asia Regional Office, The Rockefeller Foundation.
Author: Joanna England
