Finance and insurance solutions Global Shield Solutions Platform (GSSP)

    Logo: Global Shield Solutions Platform

    The Global Shield Solutions Platform (GSSP) is a multi-donor grant facility and one of the financing vehicles under the Global Shield against Climate Risks.

    Contributors to the GSSP are Denmark, France, Germany, Luxembourg and Ireland, the EU Commission and the V20 (Vulnerable Twenty, an alliance of countries particularly vulnerable to climate change). The GSSP is managed by the Frankfurt School of Finance & Management.

    With the mandate to foster the development and use of Climate and Disaster Risk Finance and Insurance (CDRFI) solutions, the GSSP contributes to effectively addressing losses and damages caused or exacerbated by climate change.

    Acting as an impartial platform, the GSSP aims to provide needs-based support packages tailored to local contexts by catalysing partnerships between countries and a diverse range of CDRFI implementation partners, including actors from academia, non-governmental organisations, civil society organisations and the private sector, such as the insurance industry.

    To reach its objectives, the GSSP provides support via financial grants and advice along two support mechanisms: country support packages, and global and regional programmes where these bear the potential to improve the cross-country CDRFI architecture and enable delivery at the country level in an innovative and effective manner.


    Country support packages

    Countries seeking CDRFI support under the Global Shield must engage in a comprehensive analysis and consultancy process with the Global Shield Secretariat to identify suitable interventions and set priorities. This process includes country stocktaking of existing CDRFI activities and a gap analysis to assess financial protection needs.

    First global and regional programme: Global Shield Programme for Resilient Risk Pools (GSRRP)

    GSRRP support for regional risk pools fosters greater financial protection and faster and more reliable disaster preparedness and response.

    Regional risk pools are collaborative initiatives among countries that offer insurance products to help countries access quick financial resources in the event of disasters. The pools provide cost-efficient insurance coverage through pooling and diversifying risks, in order to minimise losses. They also enhance risk management through standardised risk analysis, local delivery mechanisms, and integration with countries' overall risk management policies. Regional risk pools are attractive for countries because they offer a number of benefits that extend beyond traditional insurance coverage.

    To improve the options available to member countries, all four regional risk pools – in the Caribbean, Africa, Pacific and South-East Asia – are eligible to request support under the GSRRP. Support measures may include research and capacity building, product development and enhancement as well as premium support.

    As at: 23/10/2024