African Risk Capacity (ARC)

SDGs

1, 11. 13, & 17

ARC is a Specialized Agency of the African Union formed by treaty and currently comprised of 34 member states.  Its purpose is to help governments prepare for and respond to extreme weather events and natural disasters. Leveraging public-private collaboration and finance mechanisms, such as parametric insurance, ARC’ serves to improve food security and protect vulnerable populations. GP3 advisors have served as governance and legal consultants to ARC and its affiliate ARC Ltd which delivers risk transfer services to international insurance markets.

Caribbean Catastrophe Risk Insurance Facility (CCRIF) 

SDGs

1, 11. 13, & 17

CCRIF SPC is disaster risk finance and insurance facility supporting the Caribbean and Central America. It operates as a licensed insurer from the Cayman Islands and serves the sovereign interests of its policy-holders to help address the impacts of hurricanes, earthquakes and excess rainfall through parametric insurance policies. Such insurance instruments are backed by international financial markets and are structured to provide payouts within days after a triggering event to support disaster response activities. GP3 consultants have served as legal and governance advisors to support Central American country participation in the CCRIF.

Pacific Catastrophe Risk Insurance Foundation/ Company (PCRIF / PCRIC)

SDGs

1, 11. 13, & 17

The Pacific Catastrophe Risk Assessment and Financing Initiative is a public-private initiative between private actors, States and multilateral development banks to improve disaster risk management and financing tools for Pacific Island countries. The PCRIF/PCRIC were formed by Charter of the Cook Island’s Parliament in 2016 to provide a non-profit foundation for member states and donors and an insurance facility to provide parametric and other risk transfer programs for climate-vulnerable island states. GP3 consultants have served as legal and governance advisors to support the expansion of PCRIC programs. 

Central Asia Regional Economic Cooperation (CAREC)

SDGs

1, 11. 13, & 17

The Central Asia Regional Economic Cooperation Program is a regional initiative for 11 member countries that wish to cooperate to improve economic growth and reduce poverty in the region. CAREC’s strategy to 2030 provides a cooperation framework to improve sustainable development across the region. GP3 is providing technical support for development of a Disaster Risk Transfer Facility serving the 11 members of CAREC: Afghanistan, Azerbaijan, the People's Republic of China, Georgia, Kazakhstan, the Kyrgyz Republic, Mongolia, Pakistan, Tajikistan, Turkmenistan, and Uzbekistan

Regional Contingent Savings Facility

SDGs

1, 11. 13, & 17

Pacific Island countries have been supported by multilateral development banks to create regional funding mechanisms to help pay for disaster response activities. Savings and other contingent finance programs may be complimentary to insurance programs, which generally are set to trigger for significant natural disaster events. GP3 advisors have provided input on governance and institutional design options to help countries create regional mechanisms to support disaster management and preparation financing. 

10 Cities Project

SDGs

1, 11. 13, & 17

Sub-national governmental units also seek to improve disaster preparedness, finance and response activities. The Philippines experiences significant tropical storms, earthquakes, volcanos, floods and drought from time to time. Multilateral banks have explored whether a bespoke insurance facility could be established by vulnerable cities in the Philippines to help them deal with economic loss and challenges arising from disasters. GP3 consultants have advised on institutional design and governance structures that could be used to help participating cities become more self-sustaining through disaster risk financing programs. 

 

Disaster Risk Management