The Banking and Insurance Project launched today, in Maputo, the International Conference on Sovereign Disaster Insurance that, next November, will discuss the feasibility and importance of public and private sector disaster insurance.

To this end, a memorandum was signed between the Banking and Insurance Project - responsible for the initiative, the National Institute for Disaster Risk Management and Reduction (INGD) and the Mozambican Insurance Company (Emose).

Climate insurance should, among other things, guarantee a useful and real-time response in the event of natural disasters in Mozambique. And, according to the Director of the Banking and Insurance Conference Project, José Belmiro, the event will be of an annual nature, in which Non-Governmental Organizations and other international institutions may also participate.

According to the Chairman of the Board of Emose, the insurance will support the country in responding to natural calamities such as floods and cyclones whose damage will be accounted for more efficiently.

According to Joaquim Maqueto Langa, the topic of climate insurance is still new in the country, but it is becoming increasingly important in countries prone to natural disasters caused by climate change.

"It is a sovereign insurance in the sense that the policyholder is the State, and, obviously, the State will participate, and with its partners, will seek resources. We are part of the technical commission with the Government, Ministry of Economy and Finance and INGD to set up the insurance solution for Mozambique and regulate the models for its establishment and use," he explained.