Initiative overview: The Ocean Risk & Resilience Action Alliance (ORRAA) brings together the insurance and finance sectors, governments and stakeholders from the Global South to pioneer finance and insurance products that incentivise investment into coastal and marine natural capital in communities adapting to the climate crisis. Their aim is to drive $500 million of investment into nature-based solutions by 2030, and surface at least 15 novel finance products by 2025.
Benefits: Members of ORRAA contribute to and gain from solutions sessions with other organizations working in the space, as well as cutting edge research, financial/insurance product innovation and input into policy relating to ocean health, coastal resilience, small scale fisheries, reef and Small Island State protection.
Geographies: Africa: Tanzania. Americas: Guatemala, Honduras, Mexico. Asia-Pacific: India,Indonesia, Philippines. SIDS: Bahamas, Belize, Fiji, Papua New Guinea, St. Lucia.
Case studies: AXA XL is working with science partners to develop a Coastal Risk Index that integrates the protective benefits of coastal ecosystems into insurance risk models. The Index will calculate physical risk to coastal assets in different projected flooding scenarios up to 2050. More here.
Suitable for: Businesses, civil society, countries, financial institutions and governments.
How to join: Organizations are invited to join as full members, directly engaging on innovative product development and delivering impact, research, and policy outcomes. Current business members include AXA, Deutsche Bank, Swiss Re and Willis Towers Watson. Annual fee or equivalent value in-kind. Applications are vetted by the Secretariat and approved by the Steering Council.
Contact Name / Email: firstname.lastname@example.org