|Introduction : |
Risk Model and Monitoring System
The overall objective is to develop a parametric (trigger-based) insurance product for selected Pacific Small Island Developing States (PSIDS), including but not limited to Fiji, Vanuatu, Tonga, Samoa, Papua New Guinea, Kiribati, Timor-Leste and Solomon Islands covering extreme weather and natural hazards (namely extreme wind, extreme rain, and drought and geo hazards such as earthquakes, tsunami). At a secondary level, the objective includes the development of a near real-time extreme weather monitoring system and calculating agent.
It should be noted that these parametric insurance products are intended to be sold to the lower- and middle-income groups in the Programme focus countries.For that reason, it is important to keep the potential product cost as low as possible so that individuals and groups of different income levels will be able to afford them. It will thus be appreciated if, when possible, the firm minimizes running costs so that these additional costs are not passed on to potential policy holders. Additionally, at the end of the contract’s duration, country partners should be able to own, use and further develop their risk information.
The firm shall aim to adhere to the guidelines specified in the Insurance Development Forum (IDF)’s “Risk modelling standards and best practices for companies engaged in IDF projects for sub/sovereigns, including the Tripartite Agreement” (found in the Annex).
Pre-proposal conference is schedule for:
Date: Thursday 16-Nov-23
Time: 4pm (Fiji Time)
Please email below to register your interest to attend the conference:
Further to the initial advertisement, please also find attached the RMSG Standards as additional information for the Request for Proposal.
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UNDP PACIFIC OFFICE