WTW - WTW announces USAID funding for transformative climate finance solution to scale up adaptation investment in vulnerable countries | Benzinga
LONDON, March 18, 2024 (GLOBE NEWSWIRE) -- WTW (NASDAQ:WTW), a leading global advisory, broking, and solutions company, today announced that it will receive funding from the U.S. Agency for International Development (USAID) to develop a climate-resilient insurance solution that aims to unlock climate adaptation investment from the private sector.
With USAID funding, WTW will design a pilot facility enabling the U.S. Development Finance Corporation (DFC) to offer a parametric insurance solution (Resilience Wrapper) that protects its direct loans to private enterprises from climate-related shocks. Following a triggering event (such as a cyclone, flood, or drought), the subsequent loan repayment will be covered by the insurance payout. The Resilience Wrapper protects the borrowers' debt servicing obligations from the most impactful climate risks, ensuring that they can remain operational and avoid default following a shock event.