A group of insurance, reinsurance and global broking CEOs are assisting the work of the Insurance Development Forum (IDF), which was launched last month to help build resilience to climate risk and natural disasters while bridging the insurance protection gap for developing nations.
Formed by the United Nations and the World Bank Group, the IDF aims to use insurers’ risk expertise to address 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.
Stephen Catlin, chair of the IDF, announced the appointments of the following industry CEOs to the IDF Steering Committee:
- Kathy Bardswick, president & CEO, The Co-operators Group
- Inga Beale, CEO, Lloyd’s
- Albert Benchimol, president & CEO, AXIS Capital
- Gregory Case, president & CEO, Aon Corp.
- Jean-Louis Davet, CEO, MGEN
- Denis Duverne, deputy CEO, AXA
- Daniel Glaser, president & CEO, Marsh & McLennan Cos.
- John Haley, CEO, Willis Towers Watson
- Denis Kessler, chairman & CEO, SCOR SE
- Christian Mumenthaler, CEO Reinsurance, Swiss Re
- Christopher Swift, chairman & CEO, The Hartford
- Maurice Tulloch, chairman, Aviva Global Insurance
- Nikolaus von Bomhard, chairman, Munich Re
Mark Carney, governor of the Bank of England and chair of the Financial Stability Board (FSB), will join the IDF Steering Committee in his role as chair of the FSB (the international body that promotes international financial stability).
In addition, Rowan Douglas, Willis Towers Watson, who conceived and drove the formation of the IDF, will serve as chair of the IDF Implementation Committee, overseeing the delivery of programs and working groups, said Catlin in a statement issued by the IDF.
“These insurance industry CEOs will commit 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,” said Catlin. (Catlin is also executive deputy chairman of XL Catlin, deputy chair of the International Insurance Society, and chair of the Association of Bermuda Insurers and Reinsurers.)
“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,” he noted.
“This risk management expertise will enormously benefit governments since research has shown that a 1 percent increase in insurance penetration can reduce the disaster recovery burden on taxpayers by 22 percent,” Catlin added.
The IDF is co-chaired by Joaquim Levy, CFO of the World Bank Group, and Helen Clark, administrator of the UN Development Program (UNDP) and former prime minister of New Zealand.
The IDF’s priorities include:
- Building better understanding of natural disaster risk.
- Recommending appropriate insurance regulation and legislation to promote access to insurance.
- Promoting and designing public-private partnerships and private-sector initiatives that promote risk transfer.
- Supporting governments in managing risk and designing resilience in natural and man-made infrastructure.
“This unique project with the leaders of the UN and the World Bank Group will be closely watched by all to see that we deliver on our promise to support society’s need for natural disaster risk awareness, risk management, resilience and insurance protection,” Catlin added.
Source: Insurance Development Forum