Media OutReach Newswire

2024-11-21 11:25

2024 Triggers First-Ever Insurance Payout for Disaster Fund

NEW YORK, US/GENEVA, SWITZERLAND - Media OutReach Newswire - 21 November 2024 - For the first time, an insurance payout has been triggered by the International Federation of Red Cross and Red Crescent Societies' Disaster Response Emergency Fund ('IFRC-DREF'), as demands for disaster relief surpassed its 'deductible' threshold.

A Bangladesh Red Crescent volunteer helps a lady away from her flooded home following Cyclone Remal. The response was part funded through an IFRC-DREF allocation Photo: BRCS
A Bangladesh Red Crescent volunteer helps a lady away from her flooded home following Cyclone Remal. The response was part funded through an IFRC-DREF allocation
Photo: BRCS

The IFRC-DREF is a vital fund that provides immediate funding for National Red Cross and Red Crescent Societies when disasters strike, especially for smaller-scale emergencies that may not attract global attention. Previously, the fund could run dry before year-end, prompting the IFRC to secure a groundbreaking — and humanitarian-sector first — indemnity insurance policy with Aon and reinsurers.

Since the start of 2023, and for an annual premium of CHF3m, the IFRC-DREF 'pot' has been insured on an indemnity basis. A potential payout of up to CHF15m is available if, or when, demands on the IFRC-DREF fund because of natural hazard-associated disasters hit a certain threshold — a 'deductible' set at CHF33m in one calendar year. For the rest of the calendar year, further demands on the IFRC-DREF for natural hazard disasters are covered by the insurance payout, up to that total maximum of CHF15m.

In 2023, the threshold was not reached so the policy did not pay out. But in 2024 it has been, with allocations to respond to Super Typhoon Yagi in Asia last week tipping IFRC-DREF spend over the insurance trigger threshold. Overall, there have been almost 100 separate IFRC-DREF allocations in 2024; combined those to respond to the impacts of eligible natural hazards have exceeded CHF 33m. When National Red Cross and Red Crescent Societies make further requests of the fund in September, October, November or December, allocations to respond to natural hazard disasters will be paid for by the commercial insurers, up to that CHF15m cap.

The IFRC's Under Secretary General for Global Relations and Humanitarian Diplomacy, Nena Stoiljkovic, announced the insurance payout at an event at the United Nations General Assembly in New York on Wednesday.

Ahead of it, Ms Stoiljkovic said:

"The triggering of the IFRC-DREF insurance policy is a significant moment. For the first time ever a single, worldwide, commercial indemnity insurance policy will pay the emergency humanitarian costs of disasters. The scale of the needs caused by 2024's disasters is sobering. But the fact the insurance is helping with the burden is good news and proof that there are innovative finance solutions that we hope to grow in coming years."

The IFRC has plans to grow its IFRC-DREF insurance, to widen coverage beyond disasters caused by natural hazards — to epidemics and anticipatory action, for example. It hopes grant donors will see the added value of contributing to the IFRC-DREF fund if their humanitarian contributions could potentially be multiplied in particularly calamitous years.

Notes to journalists

In 2024, IFRC-DREF allocations so far have been paid, among others to:
  • Maldives Red Crescent to help deal with a Filariasis outbreak in January (CHF 299,986)
  • Chile Red Cross to help deal with wildfires in February (CHF 496,982)
  • Eswatini Red Cross to help with its drought response in March (CHF 546,683)
  • Iraqi Red Crescent to help with it deal with Flash Floods in April (CHF 499,900)
  • Honduran Red Cross to help it deal with a hospital fire in May (CHF 336,394)
  • Armenia Red Cross to help its response to floods in June (CHF 499,759)
  • Venezuelan Red Cross in the aftermath of Hurricane Beryl in July (CHF 270,049)
  • Philippines Red Cross after floods in August (CHF 738,170)
  • Cameroon Red Cross after floods in September (CHF 421,471)

The single largest allocation so far in 2024 was to the Sudanese Red Crescent after floods in September (CHF 943,271); the single 'smallest' allocation was the Red Cross of Equatorial Guinea after a shipwreck in July (CHF 24,962).

  • More data is available by searching 'DREF' under 'Appeal Type' at the 'IFRC's Go Platform'
  • 1 CHF = 1.19 USD
  • IFRC-DREF insurance is co-funded by InsuResilience Solutions Fund (ISF) to support project preparatory work, development and refinement of the insurance product as well as premium funding.
  • IFRC-DREF insurance is also made possible by generous support in paying the premium, particularly from the British Red Cross, the Danish Red Cross and the British government (FCDO).
  • IFRC-DREF has provided rapid and efficient funding to local Red Cross and Red Crescent Societies before and after disasters strike since 1979. However, with the increasing frequency and intensity of disasters, particularly due to climate change, the demand for humanitarian assistance continues to grow.
  • More information on IFRC-DREF insurance can be found here: IFRC-DREF Insurance

For more information, for interviews, for quotes from IFRC-DREF partners or for video of IFRC and Red Cross Red Crescent responses to disasters contact media@ifrc.org

Hashtag: #Aon #IFRC

發佈者對本公告的內容承擔全部責任

source: Aon plc and International Federation of Red Cross

【你點睇?】美歐官員今周商俄烏戰爭問題,你認為俄烏戰爭是否正加快步向結束?► 立即投票

人氣文章
最近7天
1
PapaHome淘寶家具實體店22日開幕,選址尖沙咀中港城,料創100個就業機會
2
高息定存 | 一周高息合集,蛇年定存金蛇起舞,1個月定存高達8厘
3
港股 | 午市前瞻 | AI應用概念炒作有錢途 下階段部署邊隻好?
4
日入而息 | 習近平據報下周見科企領袖,證監會審視8券商孖展風控,大酒店轉蝕9億
5
高息定存 | 信銀國際12個月港元定存高達3.5厘
6
彭博亞洲20大富裕家族,香港5大家族上榜,新地郭氏排名最高,無李嘉誠李兆基?
7
David Webb:因病情惡化,將有序結束個人財經網站
8
港股 | 蕭猷華:恒指短線回調,中線繼續看好
9
iPhone SE 4或於本周內上架官網
10
AI | 蔡崇信確認阿里與蘋果合作,撰文談DeepSeek崛起帶來兩大啟示
1
港股 | 蕭猷華:內地AI發展迅速,阿里巴巴股價看俏
2
高息定存 | 一周高息合集,銀行高息搶存,富邦1個月4.88厘,華僑1年期3.6厘
3
PapaHome淘寶家具實體店22日開幕,選址尖沙咀中港城,料創100個就業機會
4
英偉達 | DeepSeek衝擊AI晶片行業結構 英偉達暴跌仍未急抄底
5
高息定存 | 華僑銀行推新春港元定存優惠,88天或188天享3.68厘
6
啟德體育園明天足球賽測試,4.4萬公僕參與涉逾400萬車馬費
7
高息定存 | 花旗3個月港元定存息加至4厘,信銀國際3.88厘
8
環球央行 | 歐洲央行宣布再次減息0.25厘,符合市場預期
9
一本萬利 | 2025年的五個「勿」(有片)
10
電騙 | 黃俊碩:多管齊下,防治內地留學生受騙
11
高息定存 | 一周高息合集,蛇年定存金蛇起舞,1個月定存高達8厘
12
易經看世界 | 乙巳蛇年趨吉五招:言行注意甚麼?應遠離甚麼人?(有片)
13
專訪 | 關稅戰 | 香港物流協會副會長梁庭彰:美物流商停收包裹對跨境電商打擊重大
14
港股 | 午市前瞻 | iPhone SE難救中國市場 專家提醒比電已超買
15
洪灝專訪 | 淘寶衝擊巨大,港樓價未反映大周期拐點(有片)
16
【FOCUS】螺絲殼裏做道場,DeepSeek致勝啟示
17
專訪|洪灝:美股更大跌幅在前面,恐需習慣4%通脹(有片)
18
習近平應約與特朗普通電話,特:冀盡快與習見面
19
大S | 台灣藝人徐熙媛因流感併發肺炎逝世,享年48歲
20
新世界 | 摩通:新世界若債務違約或打開行業「潘朵拉盒子」
21
DeepSeek推出即上蘋果中國區榜首,能力直追OpenAI
22
收市短打 | 楊韻銳:港股升勢有成交配合 惟留意關鍵阻力位!
23
高息定存 | 一周高息合集,部分銀行逆市加息,南商3個月加至3.8厘
24
港股 | 蕭猷華:春節假後,恒指逐步上望21000點
25
特朗普就職 | 特朗普上台後行動列表
26
馬斯克明拆特朗普台,指其星際之門計劃「假大空」
27
【FOCUS】侵侵呼籲全球「降息」,日銀祭18年最激進加息
28
港股 | 午市前瞻 | AI應用概念炒作有錢途 下階段部署邊隻好?
29
神州經脈 | 特朗普或與華討論關稅,人民幣大漲,滬指連升兩周
30
高息定存 | 富邦一周港元定存高達9.88厘,一個月4.88厘
專業版
HV2
精裝版
SV2
串流版
IQ 登入
強化版
TQ
強化版
MQ

【etnet 30周年】多重慶祝活動一浪接一浪,好禮連環賞!

【蛇年行大運 新年好賞「飾」】etnet賞太歲開運趨吉避凶神器

etnet榮獲HKEX Awards 2023 「最佳證券數據供應商」大獎

貨幣攻略

大國博弈

說說心理話

Watch Trends 2024

北上食買玩

Art Month 2024

理財秘笈

流感高峰期

山今養生智慧

輕鬆護老