HANNOVER RE AND WTW DEVELOP COLOMBIAN FLOOD AND QUAKE SOLUTION

Hannover Re and Willis Towers Watson have taken part in a programme by the Insurance Development Forum (IDF) to develop a parametric flood and earthquake product in Colombia. The programme, which includes indemnity landslide protection, covers the Colombian city of Medellín as part of its disaster risk management plans. The Medellín project is part of the Tripartite Agreement launched in 2019 between the German federal ministry for economic co-operation and development, the IDF and the UN Development Programme during the UN secretary-general’s climate action summit. In an insured event, the insurance payouts will benefit local communities via the municipality’s emergency response plans, for example, via food and cash disbursements, and fast repair of basic infrastructure.