Centre for Science and Environment (CSE) believes that since Asian and African countries—which lack the ability to reduce risk or cope with climate risks— experience climate risks disproportionately, the importance of tools like agricultural insurance meant for sharing and transferring the risks are significant and therefore must receive greater global attention. Hence a globally supported agricultural insurance mechanism is necessary to address agricultural issues in developing countries. We advocate that such an insurance mechanism be set up as part of loss and damage under the United Nations Framework Convention on Climate Change (UNFCCC) and financed by developed countries. The objective of the ‘Africa–Asia Conclave on Loss and Damage due to Climate Change: Instituting a Global Agricultural Insurance Programme as a Risk-sharing and Transfer Mechanism for Developing Countries’ was to seek a better understanding on the issue of agricultural insurance and risk financing in African and Asian countries and understand the underlying issues and challenges involved.