The United Nations Framework Convention on Climate Change (UNFCCC) for the first time holds two thematic workshops on insurance in the context of climate change, sparking an international debate on the role of risk transfer in climate adaptation.

Following the UNFCCC workshops, experts from the insurance industry, civil society and academia gather near Munich in two foundational meetings to explore how insurance can support climate-affected communities. The Munich Climate Risk Insurance Initiative (MCII) is born, initially named Munich Insurance Related Action (MIRA). Its mission is presented to the international community at COP 11 in Montreal.

The project office of MCII becomes integrated into one of UNU-EHS' academic sections

MCII contributes to a special journal edition of Climate Policy, titled "Insuring the Uninsurable," which helps to define the evolving discourse around climate risk insurance.

At COP 14 in Poznan, MCII develops and presents its first submission to the UNFCCC, proposing an international climate insurance pool. This innovative concept lays groundwork for future policy developments.

While COP 15 in Copenhagen faces challenges in achieving substantive outcomes, MCII engages in broader efforts, including a joint paper with UNDRR on "linking DRR to Insurance."

MCII, in collaboration with the Geneva Association, UNEP-FI, and CLIMATEWISE, develops and secures signatures for an industry statement calling for expedited action on climate adaptation and risk sharing. This year also marks a significant policy success at COP 16 in Cancun, which establishes a work programme for the "possible development of a climate risk insurance facility" to address impacts from severe weather events.

The Climate Risk Adaptation and Insurance in the Caribbean (CRAIC) project is launched. This initiative marks a shift towards facilitating concrete climate risk insurance solutions in climate vulnerable markets.

In a consortium with Germanwatch, UNU-EHS, and ICCCAD Bangladesh, MCII works with the Least Developed Country Group through the "Loss and Damage in Vulnerable Country Initiative" to advocate for a decision on loss and damage. This effort contributes to the creation of the Warsaw International Mechanism for Loss and Damage at COP 19 in 2013.

The Livelihood Protection Policy (LPP) is launched under CRAIC, providing the first parametric microinsurance solutions against hurricane risk to farmers and fisherfolk in St. Lucia and later Jamaica.

Ahead of the crucial COP 21 in Paris, MCII, through publications and public events, plays a key role in shaping the G7 commitment to protect up to 400 million people from climate risks. This includes the development of Pro-Poor Principles for climate risk insurance.

MCII integrates risk analytics into its work through the Advancing Climate Risk Insurance (ACRI+) project, implementing the first Economics of Climate Adaptation (ECA) Study to quantify adaptation options in Morocco.

MCII also receives significant global recognition by winning the UNFCCC Momentum for Change Award. The award was given for innovative work in implementing climate risk insurance for vulnerable people in developing countries specifically the LPP in St. Lucia.

MCII becomes a technical partner for the V20 Group of Finance Ministers, deepening its engagement with vulnerable countries on financial protection against climate impacts. Later on, MCII also intensifies collaboration with civil society actors; through MAPs (Multi-Actor Partnerships) to build local capacities for climate risk insurance.

MCII highlights affordability and equity challenges in providing climate risk insurance. Several dialogues and publications result in a G7 decision to accept international premium and capital support principles.

The Caribbean work is transitioning to regional sovereign catastrophic risk pool and local partner, the Caribbean Climate Risk Insurance Facility SPC. In the Pacific, a new partnership with the UN Capital Development Fund (UNCDF) shapes up. MCII through UNU-EHS becomes an implementing partner in the Pacific Insurance and Climate Adaptation Programme (PICAP), which subsequently facilitates the development and introduction of the first parametric microinsurance products across the Pacific starting in Fiji.

Highlighting that scale up of climate risk insurance requires solid evidence. MCII facilitates the international Strategic Evidence Roadmap for Climate Disaster Risk Finance and Insurance. The document highlights research needs and guides research funders.

MCII makes significant contributions to the establishment and initial work of the Global Shield against Climate Risks, a major international initiative aimed at boosting pre-arranged finance for climate and disaster risks.

The Fund for Responding to Loss and Damage is operationalized with initial pledges, a crucial step in addressing the unavoidable impacts of climate change, reflecting years of advocacy by MCII and its partners.

MCII celebrates the launch of CLIMER, a new programme focused on empowering young professionals to become changemakers in Climate and Disaster Risk Finance and Insurance (CDRFI).

Twenty years after its founding, MCII is plays a role in 17 projects and initiatives globally and cooperates with over 100 international partners to advance climate and disaster risk financing and insurance for vulnerable countries.