Understanding risk to create resilient platforms for sustainable growth and human dignity.
Insurance Leader Calls for Global Risk-Based Framework to Enhance Climate Resilience
Frankfurt, November 4, 2016 – Stephen Catlin, Deputy Executive Chairman of XL Catlin and Chairman of the Insurance Development Forum (IDF), told a recent gathering of development sector experts that a global framework of public-private collaboration is needed to build resilience to climate change and natural disasters in the world’s most vulnerable nations.
"The growing complexity and impact of climate risks requires that the public and private sector come together to advance a new climate risk management model for the world’s most vulnerable countries,” Catlin told attendees of the Development Finance Forum 2016, hosted by the KfW Development Bank on Nov. 2. “The insurance industry’s core expertise of understanding and managing risk positions us strongly to help build the resilience capabilities that are needed today, and we are encouraged by the central role that risk management plays in the UN Sustainable Development Goals and other global frameworks."
Mr. Catlin made specific reference to the IDF's commitment to help achieve the G7 InsuResilience target of insuring 400 million more developing nation citizens against the effects of climate change by 2020. In addition, the United Nations Sustainable Development Goals (SDGs), the Sendai Framework and the Paris Agreement also include dedicated risk management initiatives.
The KfW 2016 Development Finance Forum, titled “Insuring the SDGs,” brought together global development experts to explore the various roles insurance plays in supporting the development agenda, including risk assessment, prevention and transfer. For more information on the forum visit https://www.kfw-entwicklungsbank.de/International-financing/KfW-Development-Bank/DFF-2016.html.
The Insurance Development Forum (IDF) is an unprecedented public/private partnership between leaders of the United Nations (UN), the World Bank Group, and the insurance industry. Its initial focus is to contribute to closing the protection gap—the gap between insured disaster losses and the actual economic costs of disasters—by optimizing and extending the use of insurance and its related risk management capabilities to build greater resilience for people, communities, businesses and public institutions that are vulnerable to climate change, disasters and related economic shocks.
The IDF is chaired by Stephen Catlin, and co-chaired by Joaquim Levy, World Bank Group Managing Director and Chief Financial Officer, and Helen Clark, Administrator of the United Nations Development Programme. Other Steering Committee members include Mark Carney, Governor of the Bank of England and Chair of the Financial Stability Board, and 13 insurance industry CEOs.