The initiative could redirect NZ$600-700m (US$360-420m) annually towards natural hazard risk reduction while shifting fire services funding to the Crown.
As mainland Southeast Asia braces for a potential return of El Niño in 2026–27, SEADRIF and the FAO have rolled out an index-triggered drought insurance pilot in Laos.
The payout marks Nepal’s first use of a parametric drought insurance policy, stakeholders said, with funds supporting food aid and farming tools in Bajura district.
New mapping tools allow (re)insurers to explore physical climate risk, identify spatial patterns and hotspots, and compare impacts under different climate scenarios.