International co-operation on insurance can only be a good thing. Streamlining things like back office admin, legal exclusions, T&Cs or typical Life, Home and Car cover, can mean policy coverage is easier to understand in any jurisdiction, plus claims are easier to process. When it comes to Cat events then sharing the pooled claims costs, weather warning tech or physical defences infrastructure, is another area where insurance brands working together can mean a better result long term.
Here’s the word;
The Insurance Development Forum (IDF) is pleased to announce a year of strong implementation momentum with the publication of its Annual Report: 2023 In Review – Prevent, Protect, Provoke which is now available to download.
The IDF is a public-private partnership led by the insurance industry and supported by international organisations, including the United Nations and the World Bank. Our Annual Report: 2023 In Review – Prevent, Protect, Provoke provides an update on the significant progress made across our three pillars of implementation, engagement, and advocacy.
Beyond expanding our global reach through successful public/private partnerships, we focused on developing innovative solutions, empowering informed action and provoking systemic change. Recognising the growing threat of disasters, the IDF has accelerated its implementation efforts in line with its focus on resilience and adaptation. By focusing on these areas, the insurance industry can leverage its risk management capabilities and financial strength in collaboration with the public sector to build a more secure future for our clients and future generations and achieve our mission.
People, Partnerships & Projects – The impact of our working groups in 2023 included:
- 42 projects across 30 countries
- 8 country missions on Disaster Risk Reduction and Anticipatory Action
- 150+ community leaders trained in Geospatial Information Management
- 100+ supervisors participation in IDF and Access to Insurance Initiative (A2ii) Risk Modelling workshop
- >500 participants involved in inclusive insurance roadmap developments
- Euro 21 Million commitment from BMZ in support of the Global Risk Modelling Alliance
- >USD 900,000 committed by Industry members to risk modelling
- >20 re/insurance companies and brokers co-investing, financing and contributing technical capabilities to IDF programme
- >90 experts from the insurance industry working on IDF projects
- USD 30 Million industry co-investment in sovereign Disaster Risk Financing programmes
- 22 UNDP offices actively engaged in IDF projects
- 77 UNDP staff working on IDF Tripartite projects
Throughout the year, IDF members collaborated with businesses, policymakers, and communities around the world with the aim of catalysing a more sustainable future where insurance plays a crucial role in resilience, adaptation and development. In addition, we engaged and advocated at key events, including COP28 where we witnessed a groundbreaking shift in the recognition of the role of insurance in strengthening resilience and adaptation.
Michel Liès, Chair of the IDF Steering Committee, and Chair of Zurich Insurance, said:
“This annual report serves as a testament to the power of collaboration within the IDF network. 2023 witnessed significant progress across all three pillars – implementation, engagement, and advocacy – fuelled by the trust and dedication of our partners. The year was an unprecedented moment of global recognition of the potential for the insurance industry’s collaborative role in the global development, resilience and disaster risk financing agenda. Through our public and private sector partners, the Insurance Development Forum is catalysing for a faster pace of change, focusing on in-country implementation that can be replicated and scaled.
Yet, amidst the progress, there lies a stark reality: the urgency of the moment demands more. It is imperative that we continue to build on the progress being made, both in terms of policy engagement and practical implementation of programmes in the vulnerable countries where they are most needed. 2024 presents the opportunity to do much more, and we believe that by acting together as a global community – and with urgency and at scale – we can respond effectively to the universal risk posed by the impacts of climate change and increase in disasters we are seeing across the board. We remain unwavering in our commitment to action, with a focus on protecting communities, preventing crises, provoking systemic change and increasing resilience for the public good.”
Be the first to comment