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IDF REPORT IDENTIFIES HOW BARRIERS TO GLOBAL RISK UNDERSTANDING CAN BE OVERCOME

On 15th July 2020, the Insurance Development Forum (IDF) and Climate Policy Initiative (CPI) jointly hosted a roundtable event, drawing leading voices from across public and private sectors to debate the crucial intersections between climate risk, pandemic risk, financial resilience, and the role of insurance.

The protection gap remains a persistent issue and continues to grow. Recent statistics indicate that overall losses from natural disasters in 2019 came to US$ 150bn, but only US$ 52bn of these losses were insured 2 . For the IDF, our mandate has become increasingly urgent and 2019 strengthened our focus on concrete action through collaboration.

Francis Bouchard, group head of public affairs and sustainability, Zurich Insurance Co., said insurers, Zurich among them, have shown how to work with other constituencies to help alleviate the impact of weather and other risks. Bouchard spoke with AM BestTV at the Joint Industry Forum 2020, held in New York.

The Insurance Development Forum is delighted to be co-hosting a 2019-2020 seminar series with the Centre for Disaster Protection and the World Bank DRF team, entitled 'Finding Better Ways to Stop Disasters Devastating Lives'.

The report illustrates the importance of climate risk analysis as an essential instrument of comprehensive climate risk management on the basis of results of a San Salvador case study.

The Insurance Development Forum (IDF) has called for action to facilitate the use of technology to close the protection gap – defined as the difference between the amount of insurance coverage that is economically beneficial and what is actually purchased – worldwide, particularly regarding sovereign and sub-sovereign risks.

Infrastructure is an essential ingredient for the success of a modern economy
that positively impacts output, productivity and long-term growth.

Climate change jeopardizes socioeconomic stability, and sets back development efforts. The increasing frequency and severity of climate-change-driven disasters threaten lives and livelihoods, food security, water supply, property security, and economic prosperity across the globe.

The Co-operators has supported the development of community based micro-insurance solutions in the developing world for decades.