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The Dominican Republic is integrating parametric insurance into its adaptive social protection system, becoming the first country in Latin America and the Caribbean to adopt this model.
The initiative is being implemented through a public-private partnership involving the Insurance Development Forum (IDF), the United Nations Development Programme (UNDP), and Germany's Federal Ministry for Economic Cooperation and Development (BMZ).
The program provides coverage for 3 030 climate-vulnerable households enrolled in the Supérate conditional cash transfer program in the provinces of Santo Domingo Norte and Puerto Plata.
The parametric insurance solution was developed by an IDF-led consortium comprising Guy Carpenter Mexico, AXA Climate, Blue Marble, CelsiusPro, and local insurer Seguros Reservas.
