🌍 Multiple climate disasters trigger first ever Red Cross disaster insurance pay-out The world was hit by so many floods and landslides in 2024 that it triggered the aid sector's first multi-disaster insurance pay-out, the Red Cross said, signalling both the scale of the problem and the need for new financing solutions. The International Federation of the Red Cross and Red Crescent Societies (IFRC) said such indemnity insurance funds, which kick in when repeated disasters reach a minimum cost threshold, can protect relief budgets increasingly strained by frequent and severe climate-fuelled hazards. The IFRC policy with insurance broker Aon is the first of its kind for the aid sector. It was triggered in mid-September by the deadly Asian Typhoon Yagi, which tipped total disaster spending over the 33 million Swiss franc ($37.84 million) mark, and the fund has disbursed more than 7 million Swiss francs. The money has so far helped 1.5 million disaster victims in the poorest countries, including those in flood-hit Nigeria or those displaced by a Nepal landslide, it said. The organisation is seeking to raise close to 100 million Swiss francs for its 2025 disaster response budget in Geneva on Friday and will be asking donors to also contribute to the insurance premium. #Africa @africaintel