A Climate Risk Financing Workshop was held on 4^th December 2014 at Hulhule Island Hotel by the Tourism Adaptation Project (TAP), in collaboration with the Ministry of Tourism and the United Nations Development Programme. The full- day training was conducted by the consultants Mr. Simon McArthur and Mr. Jeff Major, in order to discuss the current insurance packages that are used, and the possibility of new policies that can be implemented as a strategy to address climate hazards. The training materials were based on the findings from the study conducted by Mr. Norense Iyahen in February 2014, which assessed the financial instruments that could cover and transfer the risk of climate hazards in the tourism sector and dependent communities.

The workshop had a positive turnout, with 50 participants from relevant government institutions, United Nations Development Programme, major financial institutions, including insurance companies, as well as representatives from tourist operators and travel agencies. The workshop concluded successfully, with insurance companies, financial institutions, government agencies and the tourism sector all having come up with possible solutions, and insurance schemes that can be developed in order to cover and transfer climate risks in the Maldives.

Developing new financial instruments in order to address climate change impacts, and the possible climate-related hazards is part of TAP’s larger objectives to make the Maldivian tourism sector and dependent communities not only climate resilient, but more economically prepared to face climate risks as well.