The Insurance Development Forum: industry's role in climate resilience and development
In this IIL London Market lecture Ekhosuehi Iyahen gave an insight into the work of the Insurance Development Forum (IDF) and the efforts to close the protection gap and the role of insurance in supporting resilience to climate change.
Insights and lessons learned will also be shared into experiences into structuring such public-private partnerships to tackle this issue and particularly in the context of developing countries/emerging markets where the protection gaps are significant.
Economic and humanitarian risks associated with catastrophic weather and climate-related hazards are increasing, representing a major challenge to global resilience, particularly in middle/low-income countries.
An estimated $163bn of assets are underinsured in the world today, leaving an exposure gap that poses a significant threat to livelihoods and global prosperity. Emerging economies account for $160bn (96%) of the total global insurance protection gap - thus building global resilience and protecting economies.
Growing evidence indicates that countries with greater penetration of insurance coverage have faster economic recoveries from disasters and rebuild with greater resilience to future disasters. Research has shown that a 1% increase in insurance penetration can reduce the disaster recovery burden on taxpayers by 22%.
Within the frameworks that form the UN Agenda 2030, insurance is explicitly recognised as a key vehicle to enable the risk sharing and transfer solutions required for greater global resilience. Despite this, insurance market development remains quite low in many emerging and developing economies.
Lessons from implementing insurance solutions in these markets point to a need for greater coordination and collaboration given the scale, scope and complexity of the resilience and protection gap challenge.
By the end of this lecture members would have gained and insight into:
- The IDF, its mandate and what it has been established to do
- Key areas where the insurance industry can make an active contribution towards supporting greater resilience
- Some of the lessons that have been learned from implementation
Clare Lebecq, CEO, London Market Group
Registration & Security
IIL lectures are open to CII and PFS members
CII and PFS members must register online by 12pm one working day before the lecture
For lectures held in The Old Library, Lloyd's pass holders may also attend and do not need to register
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