Dhaka: Policymakers, experts, and senior journalists today emphasized the need for climate risk insurance and enhanced media involvement to educate the public and influence national policy on climate resilience financing, as Bangladesh faces various natural disasters resulting from global warming.
According to Bangladesh Sangbad Sangstha, the workshop titled ‘Enhancing Media Capacity on Climate Risk Insurance (CRI)’ was organized by Oxfam in Bangladesh, the Economic Reporters’ Forum (ERF), and the World Food Programme (WFP), with support from the European Union. It brought together over 80 senior economic and environmental journalists, alongside government regulators, climate change experts, and CRI specialists, to deepen understanding of climate risk insurance and its role in protecting vulnerable communities.
Bangladesh is among the world’s most climate-vulnerable countries, yet, insurance penetration remains critically low as non-life insurance covers just 0.48 percent of GDP, leaving millions exposed to economic ruin from floods, cyclones, and droughts. Dr. M. Aslam Alam, Chairman of the Insurance Development and Regulatory Authority (IDRA), highlighted the annual losses faced by citizens due to climate change, stressing the need for robust social protection and sustainable insurance systems. He advocated for parametric or weather-based insurance, which anticipates future climate risks.
Recent pilots in Kurigram have shown promise for CRI, as more than 20,000 flood-affected farmers in 2024 received immediate mobile payouts under an index-based flood insurance scheme led by WFP, Oxfam, and Green Delta Insurance Company. This product, calibrated with over 40 years of flood data, provided relief quickly without individual damage verification.
Husne Ara Shikha, Executive Director of Bangladesh Bank, emphasized the evolving role of financial institutions in mitigating rising climate risks. She noted the critical importance of climate insurance in preventing poor households from falling into debt post-disasters and highlighted the vulnerability of women to climate impacts.
Moderated by Md Sariful Islam, Head of Influencing, Communications, Advocacy, and Media at Oxfam in Bangladesh, the workshop provided journalists with technical insights into CRI models, data sources, and policy trends. Participants were encouraged to focus on proactive solutions, fiscal protection, and justice-based narratives, rather than just post-disaster payouts.
Norul Amin, Programme Policy Officer at WFP Bangladesh, underscored the significance of fast, reliable instruments in disaster response, stating that CRI embeds predictability and that journalists play a crucial role in disseminating this information. The workshop also emphasized translating technical mechanisms for public understanding.
Dr. Mohammad Emran Hasan, Head of Climate Justice and Natural Resource Rights at Oxfam in Bangladesh, pointed out that Bangladeshis in climate hotspots bear the brunt of a crisis they did not create. He stressed the media’s role in ensuring CRI reaches the most affected. Other speakers, including Nafisa Tasnim Khan, S M Saify Iqbal, and Fakhrul Islam Harun, contributed to discussions on climate change and CRI, while Doulot Akter Mala and Abul Kashem from the ERF provided additional insights.
As climate threats escalate, speakers asserted that integrating CRI into national policy and public consciousness is essential. They called for collaboration among journalists, regulators, and development partners to demystify insurance, build trust, and promote solutions that protect lives and livelihoods. Oxfam, WFP, and the ERF urge all stakeholders to invest in CRI literacy and policy reform, positioning Bangladesh as a leader in people-centered climate finance.