Understanding risk to create resilient platforms for sustainable growth and human dignity.
Insurance Leaders Join Insurance Development Forum: A Partnership with the United Nations and the World Bank Group Focusing on Insurers' Risk Expertise
Re/Insurers, Global Brokers and Industry Associations Combine in Unprecedented Effort With the United Nations, the World Bank Group and International Institutions to Spur Climate Resilience and Sustainable Growth
May 17, 2022, 7 a.m. EDT; Noon BST
Insurance Development Forum (IDF) Chair Stephen Catlin today announced the appointment of leading insurance CEOs to serve on the Steering Committee of the IDF, a group created to apply insurers' risk expertise to the insurance related challenges and opportunities presented by the UN Sustainable Development Goals, the Paris Climate Agreement and the Sendai Framework for Disaster Risk Reduction.
They will join leaders from the UN, the World Bank Group, the Financial Stability Board and other international institutions.
The appointments follow the recent High Level Meeting on Resilience convened with insurers by the UN Secretary General and the inaugural meetings of the IDF in Washington, DC, on April 14th. Those meetings confirmed the IDF's initial focus on confronting the challenge of climate risk and natural disasters, the protection gap and resilient development. The IDF is co-chaired with Joaquim Levy, CFO, the World Bank Group; and Helen Clark, Administrator, UN Development Program (UNDP).
Mark Carney, Governor of the Bank of England and Chair of the Financial Stability Board (FSB), will join the IDF Steering Commitee in his role as FSB Chair.
Leading insurance, CEOs appointed to serve on the High Level Steering Committee include:
In addition, Rowan Douglas CBE, Willis Towers Watson, who convinced and drove the formation of the IDF, will serve as Chair of the IDF Implementation Commitee, overseeing the delivery of programs and working groups, according to Mr. Catlin.
"Insurers are experts at risk management. These CEOs will bring essential risk management experience to the table, using the same skillset they use to manage their business risk portfolios. This risk management expertise will enormously benefit governments since research has shown that a 1% increase in insurance penetration can reduce the disaster recovery burden on taxpayers by 22%. These insurance industry CEOs will committ their time and their staff's risk expertise to help protect people and property from natural disasters. With their support the IDF can overcome its challenges to accomplish its goals," IDF Insurance Chair Stephen Catlin said today.
For more information, contact: David Rylatt, XL Catlin, contact@theidf.org