UK and US non-profit Humanity Insured has launched to aid at-risk communities to build climate resilience through insurance.
Humanity Insured’s goal is to leverage private and philanthropic capital at scale to unlock insurance protection for the 3.6 billion people living on the climate crisis frontline.
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In addition, the firm pays a share of insurance premiums so people most threatened by climate change have a safety net.
Humanity Insured was established by Howden and received funding from companies such as Allianz, Hiscox and more.
Charlie Langdale, chief executive of Humanity Insured, said: “Everyone should know the security that insurance brings as that security is what empowers people to invest in their livelihoods. This is an essential response in an ever-more volatile world that relies on post-event funding. Humanity Insured will not only stop families adopting negative coping strategies after climate shocks, but by being financially prepared, the most unprotected are able to pre-emptively manage the climate risks they face.”
Humanity Insured grants
The non-profit has also approved three grants for communities in East Africa and the Pacific.
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By GlobalDataUNHCR, the UN Refugee Agency, will fund a portion of the premium for innovative drought insurance for the growing season in Malawi which begins in November.
Emma Cherniavsky, chief executive, UK for UNHCR, explained: “In a world where displaced people are among the most vulnerable to climate change and locked out of financial systems, Humanity Insured plays a crucial role in providing innovative insurance protection that empowers these communities to rebuild their lives with dignity and hope. Supported by Humanity Insured’s leadership and expertise in this space, we hope to expand equitable access to this essential insurance as part of UNHCR’s global humanitarian work, strengthening the resilience of displaced communities against climate-induced crises.”
Furthermore, it approved a grant to help One Acre Fund, a social enterprise operating in East Africa, to subsidise an agricultural insurance programme for over 200,000 Kenyan smallholders.
In the event of poor harvests, the insurance provides a cash payout to each farmer, enabling them to pay for household necessities and agricultural materials for the next planting season.
One Acre Fund Board Member Joel Ackerman stated: “Over 90% of smallholder farmers – who represent 84% of farms worldwide – remain uninsured and face poverty traps due to more frequent and severe climate shocks and the lack of available tools to mitigate them. With assistance from Humanity Insured we can create a robust safety net for Kenyan smallholders, allowing them to invest in their farms, secure in the knowledge that they are protected from the unpredictable economic impacts of climate change. This creates financial resilience, stability and strengthens global food security.”
