In news– Recently, ten global organisations with partial funding and in-kind contributions from the insurance sector and partner institutions have launched a Global Resilience Index Initiative (GRII) at COP26.
About GRI initiative
- It will provide a globally consistent model for the assessment of resilience across all sectors and geographies.
- It will use cross-sector risk modelling experience, including public-private partnerships between governments, academia, insurance and engineering.
- Its mission is to address the data emergency that is contributing to the climate crisis by helping sectors across the global economy quantify the value of building climate resilience and the costs of doing nothing.
- The coalition wants to achieve two immediate goals:
- They want to provide global open reference risk data developed using insurance risk modelling principles.
- They want to provide shared standards and facilities applicable to a wide range of uses: Corporate climate risk disclosure, national adaptation planning and reporting, and the planning of pre-arranged humanitarian finance.
- GRI will be a curated, open-source resource offering high level metrics across the built environment, infrastructure, agriculture and societal exposures with many potential applications in aggregated risk management worldwide.
- It could enable asset owners to compare portfolio risks across geographies and hazards, as well as helping countries to prioritise national adaptation investments.
- It can play an important role by creating a shared understanding of mounting physical climate risks.
- In turn, this will help close the insurance protection gap and direct investment and aid to where they are needed the most.
GRII partners and supporters are:
- Coalition for Climate Resilient Investment (CCRI).
- Coalition for Disaster Resilient Infrastructure (CDRI).
- GEM Foundation.
- Insurance Development Forum (IDF)
- Oasis Loss Modelling Framework.
- UK Centre for Greening Finance and Investment (CGFI).
- United Nations office for Disaster Risk Reduction (UNDRR).
- University of Oxford.
- Willis Towers Watson.