GIIF is funded by the European Union, Japan and the Netherlands.
The EU is the primary donor partner to the GIIF Trust Fund with a focus on the African, Caribbean and Pacific Group of States (ACP). The governments of Japan and the Netherlands are providing additional support to different regions/countries where IFC operates.
Due to the co-variant nature of catastrophic risks insured under the GIIF program, transferring most of the assumed risk to international markets is imperative. Besides underwriting the risk, reinsurers significantly contribute to knowledge transfer on product structuring, pricing and data analysis.
Reinsurance is an effective mechanism of ensuring that a country’s economic losses triggered by a disaster are shared with other insurance companies owned and domiciled outside the affected economy. The inflow of foreign currency at such a time is of paramount importance to a country’s recovery phase.
All GIIF projects are supported with reinsurance by key regional and international players including: