MS Amlin has committed up to US$50 million of risk capacity to the Natural Disaster Fund (NDF), a public-private risk transfer vehicle that provides climate and disaster protection for low and middle-income countries.
The commitment adds another commercial reinsurer to an initiative backed by the UK government and Germany's Federal Ministry for Economic Cooperation and Development through development bank KfW.
The NDF manages a portfolio exceeding US$100m in risk exposure. It combines public funding and private-sector capital to provide disaster protection in markets where insurance coverage remains limited.
The move comes as insurers and reinsurers face growing pressure to address the gap between economic losses and insured losses from natural catastrophes.
Swiss Re estimated the global natural catastrophe protection gap reached US$424 billion in 2025, up from US$395 billion a year earlier. The figure reflects losses that were not covered by insurance and were instead absorbed by governments, businesses and households.
Many developing economies remain particularly exposed because insurance penetration rates are low. Natural disasters can leave governments facing substantial recovery costs without access to established risk-transfer mechanisms.
The NDF was established to help address that challenge through insurance and reinsurance structures supported by both public and private capital.
MS Amlin said it would provide up to US$50 million of capacity to the fund. The additional support increases the amount of risk the NDF can absorb and transfer.
Hannover Re, another capacity provider, recently doubled its commitment to the NDF to US$100 million. Published figures show the fund wrote US$94 million of limit in 2024 and provided protection reaching 36.3 million beneficiaries.
The figures indicate that blended finance structures are moving beyond pilot programmes and are handling larger volumes of catastrophe risk.
Amir Sethu, head of sustainability at MS Amlin, said the company was deploying capacity to support adaptation, resilience and long-term insurability.
Mark Rueegg, chief executive officer of CelsiusPro Group, which manages the NDF, said the addition of another risk-sharing partner would support the fund's growth plans.
The announcement follows renewed calls for greater investment in climate adaptation. United Nations Secretary-General António Guterres recently warned that adaptation financing remains underfunded despite rising climate risks.
The funding gap has increased interest in structures that combine government support with private-sector risk capital. Insurers and reinsurers have increasingly viewed such arrangements as one way to expand disaster protection in regions where traditional insurance coverage remains limited.
The NDF's latest capacity increase reflects that broader shift across the risk-transfer market.
