Mumbai: A one-day National Workshop on Disaster Risk Financing, Insurance and Risk Transfer is being held in Mumbai tomorrow. The workshop is being organized by National Institute of Disaster Management (NIDM), in partnership with Insurance Institute of India.
Natural disasters generate significant fiscal risks, severely impacting developing countries. Given this, the workshop will focus on the importance of financing resilience in areas frequently hit by natural disasters. The workshop will concentrate on the second point in the Prime Minister’s ten-point agenda on Disaster Risk Reduction, namely “Work towards risk coverage for all – starting from poor households to SMEs to multi-national corporations to nation states” and on the third priority in the Sendai Framework for Disaster Risk Reduction 2015-2030, namely “Investing in Disaster Risk Reduction (DRR) for Resilience”. The workshop will also discuss the issues and challenges faced by different stakeholders in assessment of insurance, along with the capacity gap in undertaking such initiatives.
The ten-point agenda on Disaster Risk Reduction was announced by the Prime Minister, in his inaugural speech at the Asian Ministerial Conference on Disaster Risk Reduction (AMCDRR) 2016, which was held in New Delhi in November 2016.
The Principal Secretary to the Prime Minister, Dr. P.K. Mishra, a recipient of UN Sasakawa Award for Disaster Risk Reduction, will be the Chief Guest on the occasion. This is a precursor to the National Platform for Disaster Risk Reduction (NPDRR), being held in May 2020.
All nodal officers from for Disaster Management from relevant Central Ministries / Departments including Ministry of Finance, Home Affairs, NDMA and Principal Secretaries of Disaster Management and Resident Commissioners of all states and union territories have been invited to deliberate on the subject. Chairpersons of national insurance companies, general insurance companies, CEOs of private insurance companies, Members of Insurance Regulatory and Development Authority of India, professionals and academia are participating in this workshop. Representatives from UNDP, World Bank, ADB, and multilateral organizations will also contribute to the workshop.