Climate Risk Transfer Public Policies: An Analysis of the Colombian Case

Abstract

Colombia is one of the Latin America and Caribbean Region (LAC) countries to have achieved substantial progress in financial protection Public Policies (PPs). Following the integral approach of the Disaster Risk Management (DRM) and through a comprehensive review of international and (sub)national regulatory frameworks, this study analyzes the PPs relating to climate risk transfer in Colombia as well as exploring challenges and recommendations in overcoming them. It is expected that the study will prove to be a reference for implementing risk transfer PPs in other countries in the region. We have identified and characterized DRM and risk transfer PPs through a matrix integrated with 21 items related to three typologies: reference, context and content, with eight PPs having been identified as relating to our topics of interest. The results show that the frameworks for Colombian PPs include risk transfer with regard to natural phenomena but are not specific to a single kind of event. Likewise, they are not regulated at the subnational level and present a top-down approach. Some identified limitations reflect the absence of evaluation and monitoring instruments and a lack of information about the consulting and participatory processes.