$7.9m payout triggered in Syria from WFP’s drought insurance policy

A $7.9 million drought insurance payout from the World Food Programme is providing relief to vulnerable, conflict-affected communities in Syria, which are now facing the worst drought in 50 years.

As Reinsurance New understands, the policy covers critical food-growing regions in Syria and is linked to a pre-agreed operational plan, with nearly 120 thousand people in Syria set to receive early assistance for food and other essential needs.

The relief effort is supported by the United Kingdom and Germany through the Global Shield Financing Facility, in partnership with Humanity Insured and the Insurance Development Forum.

Mathieu Dubreuil, Lead Advisor for Climate & Disaster Risk Financing and Insurance at WFP, noted that implementing national-level financial protection through a drought insurance policy in conflict-affected countries like Syria helps ensure that other potentially devastating shocks, such as extreme weather events, are not overlooked.

“Overcoming these challenges to develop this first-of-its-kind policy was made possible thanks to donors such as FCDO Services and Federal Ministry for Economic Cooperation and Development (BMZ) (through GSFF The World Bank) and partners like Humanity Insured, Insurance Development Forum and Swiss Re,” Dubreuil said.

He added, “WFP will continue to expand its disaster risk financing programmes to ensure that vulnerable communities in fragile contexts are better protected against impacts of the climate crisis.”

Khalid Osman, WFP Syria Deputy Country Director, commented, “Syria is experiencing its worst drought in half a century. Rainfall is down by more than half, and in some areas, farmers have lost nearly all of their crops. Wheat production is expected to fall short by 2.7 million tons, and livestock herds have shrunk by 40%.

“Soaring costs for feed and irrigation are putting enormous strain on rural families. This is more than a climate shock; it is a livelihood crisis.

“Through WF’s Macro-level Insurance initiative, we are working to support the most vulnerable farmers and help protect the future of agriculture in Syria.”

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