Overview
McDermott Will & Emery provided preliminary legal advice to the International Federation of Red Cross and Red Crescent Societies (IFRC) in relation to an innovative insurance product to expand the capacity of its Disaster Response Emergency Fund (DREF).
Established in 1985, the DREF has proved to be a fast, reliable and simple way to provide access to international short-term emergency funding for community action in all kinds of disasters around the world. Since its launch, the DREF has funded thousands of emergency responses worldwide and supported more than 210 million people.
The proposed insurance policy will replenish DREF funds for natural hazards – so that when DREF’s allocations in responding to disasters in ODA (Overseas Development Assistance) countries exceeds a pre-determined amount, the insurance policy would top up DREF’s funds. This allows the IFRC to leverage the contributions of donors to increase the capacity of the DREF by harnessing commercial insurance underwriting through a public-private partnership.
The International Federation of Red Cross and Red Crescent Societies (IFRC) is a worldwide humanitarian aid organization that reaches 160 million people each year through its 192-member National Societies. It acts before, during and after disasters and health emergencies to meet the needs and improve the lives of vulnerable people.
McDermott’s team was led by partners Ranajoy Basu and Andrea Best, supported by counsel Raminta Dereskeviciute with associates Ludovica Rabitti and Fausto Giacomet.
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