7 April 2015 Insurance

RMS unveils new resilient infrastructure insurance product

RMS, in partnership with The Rockefeller Foundation, Swiss Re and Goldman Sachs, has unveiled a new insurance-based product to generate capital for risk-reduction infrastructure projects.

RE.bound, launched by re:focus partners, is a new catastrophe bond-like product that can promote project-based risk reduction solutions.

This new product would recognise the insurance benefits for resilient infrastructure projects and integrate insurance coverage with investment in long-term risk and reduction, such as seawalls and green stormwater infrastructures.

If this structure is viable, it will be announced at the UN Climate Change and Sustainable Development Goals conferences in Paris in December 2015.

“At The Rockefeller Foundation we recognise that in order to solve today’s challenges, communities need innovative tools, such as these new bonds, that have the potential to transform how they think and operate through a resilience lens,” said Judith Rodin, president of The Rockefeller Foundation.

“RE.bound will use the expertise of leaders in investment banking, reinsurance, infrastructure, and climate risk analysis. We are confident that well-structured risk transfer mechanisms can both help communities recover more quickly from severe shocks and make them more resilient ahead of potential disasters.”

Shalini Vajjhala, founder and chief executive officer (CEO) of re:focus partners, added: “RE.bound is an exciting next step to our work on the RE.invest Initiative. This new programme builds on the local resilient infrastructure solutions developed through RE.invest to create a global financing opportunity for cities around the world.”

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