Inclusive Insurance, Balancing Impact, Inclusion & Profit with Cytandra Hoover

In this episode, host, Derval Barzey, chats with Cytandra Hoover, a Global Social Impact and Insurance Consultant. 

As World leaders convene at the UN Climate Change Conference, COP 28, to negotiate collective action and the operationalization of the Loss and Damage Fund, the Caribbean is particularly concerned about the impacts of rising global temperatures such as extreme weather events and sea level rise. 

In the face of increasing climate vulnerability, how does inclusive insurance facilitate sustainable change to enhance equity and boost resilience?  

Cytandra outlines how Inclusive insurance operates at the intersection of impact, inclusion, and profit. It challenges the idea of traditional insurance products, shifting from the reaction side of natural hazards to the proactive side, i.e., developing resilience. It includes developing insurance products that cater to the “uninsured”, the traditionally vulnerable and marginalized populations, the ones most impacted by climate change.

This climate solution is relevant to boosting resilience in both the Global North and the Global South where climate impacts unfold. 

To harness the power of this new model of insurance to facilitate sustainable change, enhance equity, and boost resilience Cytandra recommends that more focus be placed on: 

• Early Warning systems 
• Education on inclusive insurance products 
• Efficient systems for claims pay-out

 
Cytandra is particularly focused on sustainable business models, achieving a balance between mission and making money, using SMART-based objectives and indicators, and creating viable, for-profit business solutions 

Connect with Cytandra on LinkedIn


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