The last year witnessed the destructive impacts of the global climate crisis as people around the world continued to grapple with extreme heatwaves, devastating floods, unprecedented storms and persistent droughts. Given the severe effects of the climate crisis, ÐÓ°ÉÂÛ̳recognises the need to continue to scale up Climate and Disaster Risk Financing and Insurance (CDRFI) that financially protects communities from climate-induced losses and damages and prevents them from being pushed into hunger and food insecurity. Since 2008, ÐÓ°ÉÂÛ̳has prioritised advancing financial protection for food insecure communities and strengthening governments¡¯ disaster risk financing and response strategies as a means of building resilience to extreme weather events. In 2023, ÐÓ°ÉÂÛ̳provided climate insurance protection to 5.1 million vulnerable people in 27 countries in Africa, Asia, Latin America and the Caribbean, exceeding its 2025 target two years ahead of time, with financial coverage totalling nearly US$300 million. In areas affected by drought, floods and tropical cyclones, US$17.8 million in payouts enabled ÐÓ°ÉÂÛ̳to assist nearly 800,000 people ¨C an increase of US$3 million from 2022.
