2020 in Review - Insurance Development Forum
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2020 in Review
IDF The Insurance Development Forum in 2020 | 1
2 | IDF The Insurance Development Forum in 2020
About the Insurance
Development Forum (IDF)
The Insurance Development In the 5 years since its establishment, Through its broad membership
Forum is an industry-led Public- the membership and mandate of across industry, government and
Private Partnership bringing the IDF and its partners has grown international institutions, the IDF
together insurance industry enormously. The 16 insurance enables:
leaders, government officials industry Chairmen/Chairwomen synchronisation of insurance-
and international organisations. and CEOs, 6 heads of public sector related resilience and adaptation
The IDF was first announced agencies, and 7 association leaders building efforts
at the UN Conference of the who make up the IDF Steering
Committee represent the truly the development of shared
Parties (COP21) Paris Climate priorities and coordinated goals
cross-sector nature of the institution.
Summit in 2015, and officially across sectors
In addition, the 100+ partners
launched by leaders of the
(organisations, companies and the mobilisation of substantial
United Nations, World Bank and individuals) who dedicate their time resources
insurance industry in 2016. and effort to work alongside the
the promotion of strategic and
The core goals of the IDF are to IDF to achieve financial resilience
operational relationships
leverage the technologies, expertise for vulnerable people make the
and financial mechanisms native partnership what it is: a unique the safeguarding of the integrity
to the insurance industry to platform for meaningful change. and effectiveness of joint efforts
enable the world’s most disaster- and collective resources
vulnerable governments, economies the development and launch of
and populations to enhance risk tangible solutions to close the
understanding and build resilience. Protection Gap
The IDF is committed to ensuring
that the insurance industry plays The IDF is proud to be part of this
its part in the transition to a more movement towards a safer, more
resilient and fair world. 2020 has resilient, more sustainable, more
demonstrated the need for public- dignified world for populations
private cooperation on disaster risk everywhere, and we are pleased to
financing clearer than ever before. publish this 2020 report detailing the
ways in which we are striving towards
this goal.
IDF The Insurance Development Forum in 2020 | 3
Following detailed
consultation, creation of IDF holds its first Steering
the IDF is approved by Committee meeting with
the PCG Chairs (Rt Hon Stephen Catlin appointed
Justine Greening, Secretary Chair, and Helen Clarke
5 Years
of State, Department of (UNDP) and Joaquim Levy
International Development, (World Bank) as co-chairs.
UK Government and Helen
IDF formalises partnership with
Clarke, Administrator,
of the IDF UNDP) and mandated as a
final outcome of the PCG in
April 2014.
the International Insurance
Society (IIS) under the
leadership of Mike Morrissey,
President & CEO
2013 2014 2015 2016 2017
Meeting of Political Champions Dialogue and engagement with IDF formalises governance
Group for Disaster Resilience UN processes to understand structure consisting of:
(PCG) convenes on the margins how the insurance sector
A high-level Steering Committee
of UN General Assembly. Rowan could support the sustainable
of industry chief executives &
Douglas (Willis Towers Watson) development goals (SDGs) and
public sector institution leaders
proposes a dedicated public- to shape the IDF to maximise
private initiative with the insurance implementation. IDF’s implementation programme
sector, and is appointed to lead is directed by the IDF Operating
IDF features in June 2015
PCG task force consultation with Committee of the IIS. Chair,
UN Insurance Summit at UN
the industry and international Rowan Douglas, Willis Towers
Headquarters in New York,
institutions. Watson; Deputy Chair, Ivo
attended by UN Secretary
Menzinger, Swiss Re; Co-Chairs:
General Ban Ki-moon as part of
Jan Kellett, UNDP and Olivier
the IIS Global Insurance Forum.
Mahul, World Bank
IDF is formally launched at the
Five specialised Working
Paris COP21 Climate Summit
Groups established:
by Mike McGavick, CEO of
XL Catlin. — Sovereign & Humanitarian
Solutions: Chair, Ivo Menzinger
(Swiss Re); Deputy Chair,
Michael Roth (Munich Re)
— Risk Modelling Steering Group:
Co-Chairs, Ian Branagan
(Renaissance Re) and Marc
Gordon (UNDRR)1
— Law, Regulation and Resilience
Policies: Chair, Bill Marcoux
(WCM LLC)2
— Investments: Co-Chairs, David
Lomas (Black Rock) and Jan
Kellett (UNDP)
— Inclusive Insurance (formerly
Microinsurance): Co-Chairs:
Shaun Tarbuck (ICMIF), Joan
Lamm Tennant (Blue Marble)
and Jan Kellett (UNDP)
1 Formerly UNISDR
2 Formerly Global Head of Insurance Transactions & Regulatory Practise, DLA Piper
4 | IDF The Insurance Development Forum in 2020
Denis Duverne (Chairman AXA Group)
appointed IDF Chair with Co- Chairs Joaquim
Levy, World Bank Group CFO and Achim Steiner,
UNDP Administrator.
IDF Secretariat established in London, hosted
by the IIS and The Institutes with support and office
space provided by Clyde & Co.
Ekhosuehi Iyahen appointed Secretary
General to coordinate and centralise the IDF’s
strategy, engagement and activities.
2018 2019 2020
IDF becomes fully operational, representing In the year of the COVID-19 pandemic, systemic widespread
the industry at events across the world and risk was demonstrated and understood more clearly than
deepening dialogue and action on issues related ever before. Amidst the backdrop of unprecedented
to closing the protection gap and the role of challenges, the IDF used 2020 to build on the
insurance in addressing climate risks. commitments and announcements of 2019 to launch
full programmes of work.
Keiko Honda, Executive VP and CEO of the
World Bank's MIGA appointed as Co-Chair. Hiroshi Matano, Executive VP and CEO of the World
Bank’s MIGA appointed as Co-Chair.
IDF Steering Committee reaches 25 member
institutions, formally welcoming new public IDF welcomes two new companies to the Steering
sector member BMZ (German Federal Ministry Committee; China Re Group (represented by He Chunlei,
for Economic Cooperation and Development) Vice Chairman & President) and Milliman (represented by
and new private sector members Zurich, Ken Mungan, Chairman). The IDF was also pleased to see
Ageas & China Re. Operating Committee also Ingrid Hoven appointed the new Director of Germany's
expanded and the following achieved: GIZ, and to welcome Jürgen Zattler (Director-General
for International Development Policy, 2030 Agenda and
— Membership & Governance document
Climate, BMZ) to the Steering Committee in her place.
approved
IDF maintains its focus on climate and disaster risk, but
— Principles of Government Engagement
formally assesses pandemic risk through the lenses of each
agreed
Working Group focus.
— IDF Chair appointed as private sector
IDF secures funding from private sector members for risk
representative on the InsuResilience High
modelling infrastructure work.
Level Consultative Group
IDF established as an independent legal entity and formally
— Working Group leadership expanded, including
incorporates the Insurance Development Forum
Daniel Clarke (Centre for Disaster Protection)
Limited as a Company Limited by Guarantee, with Board
as Co-Chair of the Sovereign & Humanitarian
of Directors appointed and Swiss Re and AXA appointed as
Solutions Working Group; Andy Jobst (IMF)
Members and international law firm Clyde & Co appointed
and Claus Stickler (Allianz AIM) as Co-Chairs of
as Company legal secretary.
the Investments Working Group; and Astrid
Zwick (InsuResilience Secretariat), Garance IDF Tripartite agreement with BMZ and UNDP
Wattez-Richard (AXA) and Sabbir Patel (ICMIF) progresses, with country selection and engagement
as members of the Inclusive Insurance Working completed and an IDF Programme Coordination Unit
Group executive leadership team. (PCU) established in Frankfurt. Two Project Managers hired
as PCU staff members to support the execution of the
IDF attends the UN Secretary General’s
Tripartite projects.
Climate Action Summit in New York and
launches landmark Tripartite Initiative alongside — BMZ commits €20 million to the project, with €10
UNDP and BMZ to engage with and assist 20 Million applied through UNDP and €10 Million to the
countries with Disaster Risk Management/ InsuResilience Solutions Fund (ISF).
Finance by 2025 in line with the InsuResilience IDF receives grant funding from the InsuResilience
Vision 2025. Solutions Fund (ISF) for its landmark public-private
— IDF private sector industry members commit project in Peru development a new sovereign-level
to implementing a public-private partnership insurance program protecting public schools against
to enable high quality risk insight to more natural catastrophes. The project is a joint effort between
developing countries and offer up to USD the IDF, and Peru’s Ministry of Education, Ministry of
5billion of risk capacity for climate risk Finance, and local insurance association (APESEG).
insurance for selected countries by 2025. IDF completes the first phase of work under new
IDF publishes two proprietary papers: the 'IDF partnership with UN OCHA on anticipatory action and
Guide to Insuring Public Assets' report, led and forecast-based financing.
written by the IDF Sovereign & Humanitarian IDF launches a sub-committee dedicated to Disaster Risk
Solutions Working Group, and 'the Role of Reduction activities.
Technology in Closing the Protection Gap' report,
led by the IDF's Law, Regulation and Resilience IDF continues to publish highly successful proprietary
Policies working group. materials, with two flagship reports on i) Development
Impact of Risk Analytics; and ii) The Power of
Technology to Close the Microinsurance Protection
Gap receiving significant support.
IDF The Insurance Development Forum in 2020 | 5
Contents 6 | IDF The Insurance Development Forum in 2020
Contents
1. Message from Denis Duverne, IDF Steering Committee Chair 8
2. Introduction from the Secretary General and Operating Committee Chair 10
3. Membership 14
4. 2020: Key Highlights and Events 18
5. 2020 for the Working Groups 24
6. In Focus 36
7. The Road Ahead: 2021 38
IDF The Insurance Development Forum in 2020 | 7
Message from the Chairman
1
8 | IDF The Insurance Development Forum in 2020
‘‘ Building greater resilience
is a defining mandate of our
time where insurers can – and
must - play a leadership role as an
industry and in more proactive,
’’
closer partnerships with
Message from
government.
World Economic Forum (WEF)
Report: Building a More Resilient and
the Chairman Sustainable World, 2020
We offer many congratulations to With this said, the climate crisis has
Ingrid Hoven, who has played a not dissipated in the face of the
crucial role in the development of pandemic. To the contrary, climate
the IDF of the last 5 years, on her risk is now more important and
appointment as the new Managing relevant than ever before. We have
Director of Germany’s GIZ, and thank experienced a threat that impacts
her for her service to our institution populations across the globe at
over the years. In her place, we the same time – just as a global
welcome Jürgen Zattler to the IDF temperature increase of 1.5°C above
Steering Committee in his new pre-industrial levels will. We have
capacity as BMZ’s Director-General also witnessed the tremendous
for International Development Policy, disadvantages developing countries
2030 Agenda and Climate, and face in dealing with these crises, as
Denis Duverne
look forward to the IDF’s continued already-pressured state budgets
Chairman, AXA
partnership with BMZ. Finally, we and competing priorities of health,
IDF Steering Committee Chair
thank Maurice Tulloch for his service education, infrastructure and socio-
on the Steering Committee as CEO economic security continue to be
Dear Reader, of Aviva, and wish him all the best in played off. As we see reports of
his retirement, and we are very glad devastating flooding across China,
As the Chair of the Insurance to welcome Aviva's newly-appointed India and much of South East Asia,
Development Forum (IDF) and on CEO, Amanda Blanc, in his place. Our and as parts of the world cope with
behalf of my Co-Chairs, Achim Steiner sincere thanks go to all our partners hurricane season, it is without doubt
and Hiroshi Matano, I wish to thank and supporters. that the social and economic impact
all the members, partners and of a climate disaster will be felt even
supporters of this remarkable public- The need to build greater resilience more profoundly than before, with
private institution. The IDF has had for vulnerable people against health systems already weakened and
its most ambitious year yet, despite disasters and crises has never been emergency budgets strained.
the immense challenges faced more tangibly demonstrated than
across the world in the context of the in 2020. COVID-19 continues to The IDF’s key focus remains on
COVID-19 pandemic, and none of this dominate headlines and agendas, building resilience for climate-
would be possible without the drive, and economic downturn is being vulnerable nations and actors. Now
determination and commitment of experienced throughout the world. more than ever, we are in the spotlight
our partners across the development As we continue to learn more about to drive real, systemic change.
finance space, and the support of our COVID-19 and its impacts, the big
Steering Committee. questions are becoming increasingly Thank you for being part of the IDF’s
clear. How do we prevent this from journey as we continue to raise our
With regard to partnerships and happening again? How can we rethink ambition and do more.
membership, 2020 has been another pandemic risk to manage our future
great year. We were very pleased better? What part must insurers Denis Duverne
to welcome China Reinsurance and insurance play in this? The IDF IDF Steering Committee Chair
Group and Milliman to the IDF is uniquely positioned to be part of
Steering Committee, represented these vital conversations, bringing
by He Chunlei (Vice Chairman and public and private sectors together
President, China Re) and Ken Mungan to enhance the understanding
(Chairman, Milliman). and management of financial and
pandemic risk.
1 Munich Re NatCatSERVICE database
IDF The Insurance Development Forum in 2020 | 9
Introduction
2
10 | IDF The Insurance Development Forum in 2020Introduction
Ekhosuehi Iyahen Rowan Douglas
IDF Secretary General Head of Climate & Resilience Hub,
Willis Towers Watson
IDF Operating Committee Chair
Dear Reader,
‘‘
Despite what continues to be a and the climate crisis are widely
challenging and uncertain year, cited and entirely relevant to the There is a strategic
we are delighted to be able to work of the IDF: the global nature opportunity for insurers to
report further significant progress of impact of both, the system-wide continue to lead. But doing so
and movement on the IDF’s core socio-economic damage caused will require the industry to up
programmes. The advancements by both, and most poignantly, the its game even more and embed
made by IDF Working Groups, disproportionate impact of both a strategic approach; one that
project teams and partnerships are crises on poorer, more vulnerable, not only integrates climate-
testament both to the urgency and developing countries. The difference related risks into day-to-day
importance of our work, and to the however, in the words of Mami risk management but also seeks
determination and caliber of our Mizutori (Special Representative of to steward a whole-economy
’’
transition to a low-carbon and
members. We sincerely thank our the United Nations Secretary-General
Steering Committee, as always, for for Disaster Risk Reduction), is that resilient future.
their generous support and strategic “while there will be vaccines for
Rowan Douglas and Matt Scott,
guidance throughout this year. COVID-19, there will be no vaccine
Willis Towers Watson
for the climate emergency”. The
Article: The insurance sector: emerging
The COVID-19 pandemic has exposed transition to a more climate-resilient
stewards of a whole economy
the weaknesses of current Disaster world must happen now, and the transition
Risk Financing (DRF) systems with insurance industry must continue
absolute clarity. Never before has to lead. The IDF is a powerful public-
the world experienced such a clear private institution, placed uniquely
demonstration of the failures of the at the centre of the challenge, and
global system to mitigate, manage 2020 has been a year of operational
and finance. The urgent need for transformation as we move towards
change is now completely undeniable. our goals. 2021 is the year of true
The parallels between this pandemic impact and action on the ground.
2 Munich Re NatCatSERVICE database
IDF The Insurance Development Forum in 2020 | 11‘‘
project teams, completed by the
Insurance Development Forum Ltd hiring of two Project Managers.
There has to be a better
Directors: Denis Duverne, in capacity understanding of the nature of The PCU, established after much
as IDF Steering Committee Chair systemic risk. COVID-19 is a public consultation between the governing
Rowan Douglas, in capacity as IDF health crisis that has become a parties of the Tripartite Agreement
Operating Committee Chair socio-economic crisis. Weak risk (IDF, UNDP and BMZ) along with the
Ekhosuehi Iyahen, in capacity as IDF governance can no longer be ISF (InsuResilience Solutions Fund),
Secretary General tolerated… is a great achievement and is already
Members: Swiss Re & AXA There will be vaccines for enabling real traction as we move
Company legal secretary: Clyde & Co. COVID-19 but there will not forward with the Tripartite projects.
be vaccines for the climate
emergency. We will not be able We have, of course, all lost a number
Another enormous step forward to isolate or socially distance of highly valuable, international events
for the IDF this year was the formal ourselves from the climate to the pandemic. We had hoped to
incorporation of the Insurance emergency. Timing is everything, come together in New York in June for
’’
Development Forum (Ltd.) legal entity. and we cannot fail to seize this a day of IDF sessions hosted on the
The IDF was formally incorporated moment. margins of the International Insurance
as a company limited by guarantee Society’s (IIS) Global Insurance Forum.
in June, with the FCA approving the Mami Mizutori We have also seen the cancellation or
new ‘Insurance Development Forum Special Representative of the United postponement of numerous partners’
Limited’ organisation in July. This Nations Secretary-General for events and meetings, including of
significant milestone in the IDF’s Disaster Risk Reduction, UNDRR course most prominently COP26,
life enables more independence, (United Nations Office for Disaster which the UK was preparing to host
greater flexibility and easier Risk Reduction) and IDF Steering in December in Glasgow. As the world
interaction with other entities than Committee Member adjusted to remote meetings and
has been previously feasible. These online events – which are by no means
improvements are vital to the success without their environmental and
of IDF engagements (e.g. those under The Tripartite Agreement - launched accessibility benefits – the IDF followed
the Tripartite Agreement). The formal between the IDF, UNDP and German suit, including virtual meetings with our
establishment of the Insurance donor agency BMZ on the margins of Steering and Operating Committees,
Development Forum Ltd. required the the UN Climate Action Summit in New all Working Group projects going
nomination of Directors, Members, York in September 2019 – remains online, and the hosting of a number
and a Company Secretary. Thanks a central tenet of IDF’s strategy. This of panel events, webinars and report
are due to a number of parties for work to bring technical assistance launches online.
their support throughout the process, and risk financing tools to 20 climate-
including Swiss Re and AXA, and in vulnerable countries by 2025 is An IDF Leadership Roundtable was
particular Nigel Brooke and team at now fully underway, led by the IDF’s convened in July on ‘Insuring Systemic
Clyde & Co. whose advice and pro Sovereign & Humanitarian Solutions Resilience: Mobilising public- private
bono work was invaluable. (SHS) working group and supported insurance action to deliver pandemic
by the Risk Modelling (RMSG) and climate resilience’ and featured
and Law, Regulation & Resilience a keynote by the Hon. Mia Amor
Policies (LRRP) groups. Over Mottley, QC., MP, Prime Minister,
summer, meetings were held with Barbados. A second Roundtable
all 20 shortlisted countries, bringing jointly convened in December with
together private sector IDF (working the COP26 Private Finance Hub
group) members and UNDP country focused on the theme ‘Mobilising the
offices on the ground. These meetings insurance industry towards COP26:
demonstrated huge openness for Defining Adaptation & Resilience
collaboration, and significant market commitments’. The event was co-
appetite and resource for this work. hosted by Denis Duverne (AXA and
Alongside this, the official formation IDF Chair) and Mark Carney, (UN
of a physical Project Coordination Special Envoy on Climate Action and
Unit (PCU) was completed, providing Finance and UK Prime Minister's
an essential source of coordination COP26 Finance Advisor).
and support for the public-private
2020 has also seen the launch of new
IDF proprietary reports, including the
following. Thanks and congratulations
go to the Working Groups who led
these significant cross-sector projects.
12 | IDF The Insurance Development Forum in 2020‘‘
The Development Impact of Risk In addition to the core Working
Analytics paper, led by the IDF's Risk Global human development Groups, and following a proposal by
Modelling Steering Group, combined is set to decline this year for Michel Lies (Chairman, Zurich Plc), the
the views of over 30 organisations the first time in a generation. IDF Steering Committee approved
across public, private and humanitarian However, inclusive insurance the establishment of a dedicated
sectors on how risk understanding can play a vital role to get the IDF Disaster Risk Reduction (DRR)
underpins sustainable development, Sustainable Development sub-committee in September 2020.
and how public-private collaboration Goals (SDGs) back on track by It is widely accepted that the goals of
can accelerate its adoption where protecting lives and livelihoods, the DRR agenda and the UN Sendai
it is needed the most. The report reducing poverty, increasing Framework are closely aligned with
’’
was launched during an online IDF financial inclusion, and that of the IDF, which has been
Roundtable in December, featuring empowering women. reflected for a number of years by
Eric Andersen (President, Aon plc), the IDF’s partnership with UN DRR.
Mami Mizutori (Special Representative Achim Steiner, UNDP Administrator To take these efforts to the next level,
of the Secretary General, UN Office Co-Chair of the IDF Steering the committee, led by Zurich Plc
for Disaster Risk Reduction), Daniel Committee and supported by Mercy Corps and
Clarke, (Director, Centre for Disaster Keynote speech at the MicroInsurance the London School of Economics,
Protection) and Ian Branagan (Chief Network’s International Conference on will explore the role of the industry
Risk Officer, Renaissance Re) as Inclusive Insurance in aligning IDF’s ongoing work even
esteemed speakers. more closely with the DRR space.
The Power of Technology to Close The role of microinsurance in financial We also had the privilege of
the Microinsurance Protection resilience is another priority that welcoming the World Economic
Gap report, led by the IDF’s Law, 2020 has cast a spotlight on. The IDF’s Forum, African Risk Capacity Limited
Regulation & Resilience Policies Inclusive Insurance Working Group and World Food Programme as
(LRRP) Working Group, follows began 2020 by undertaking a review official members of the IDF Operating
the 2019 report, this time looking of its strategy and direction. Under Committee, represented by Andre
at microinsurance rather than the guidance of its Co-Chairs (AXA and Belieu (Head of Insurance & Asset
sovereign-level insurance Protection the InsuResilience Global Partnership) Management, WEF), Lesley Ndlovu
Gaps. The paper demonstrates the and with significant support from (CEO, Africa Risk Capacity Limited),
power of innovation and technology the MicroInsurance Network (MiN), and Fabio Bedini (Senior Programme
to deliver insurance solutions to the working group is now working Advisor, Risk Transfer Team Lead,
vulnerable people, particularly in towards an ambitious workplan to WFP).
developing countries, with the aim contribute a number of meaningful,
of not only closing the Protection scalable inclusive insurance projects With thanks,
Gap that exists in connection with to the InsuResilience Global
microinsurance markets, but to Partnership ‘Vision 2025’ goals, which Ekhosuehi Iyahen
address the risks accelerated by aim to assist 150 million vulnerable IDF Secretary General
climate change. people with microinsurance
programmes. and
Rowan Douglas
IDF Operating Committee Chair
IDF The Insurance Development Forum in 2020 | 13Membership
3
14 | IDF The Insurance Development Forum in 20202020 IDF Steering
Committee Membership
Chair: Denis Duverne, Chairman Albert Benchimol, President and Chris Wei, Chairman, IIS
AXA Group CEO, Axis (International Insurance Society)
Co-Chair: Hiroshi Matano, Executive Alexander Moczarski, Chairman, Hilde Vernaillen, Chair, ICMIF
VP and CEO of World Bank’s Multi- International, Marsh & McLennan (International Cooperative and Mutual
Lateral Investment Guarantee Agency Amanda Blanc, CEO, Aviva Plc Insurance Federation)
Co-Chair: Achim Steiner, Bart de Smet, Chairman, Ageas Jad Ariss, Managing Director, Geneva
Administrator, United Nations Association *
Development Programme Brian Duperreault, CEO, AIG
John Huff, President & Executive
IDF Secretary General: Ekhosuehi Christian Mumenthaler, CEO, Swiss Re Director, ABIR (Association of
Iyahen, Insurance Development Denis Kessler, Chairman & CEO, Scor Bermuda Insurers and Reinsurers) *
Forum* Josh Landau, President, IIS
Eric Andersen, President, Aon
Corporation (International Insurance Society)*
He Chunlei, Vice Chairman and Michaela Koller, Secretary General,
President, China Reinsurance Group GFIA (Global Federation of Insurance
Associations) *
Ian Brimecome, Chairman,
International, Tokio Marine Holdings Shaun Tarbuck, CEO, International
Cooperative and Mutual Insurance
John Haley, CEO, Willis Towers
Federation (ICMIF) *
Watson
Rowan Douglas, Head of Climate &
John Neal, CEO, Lloyd’s of London
Resilience Hub, Willis Towers Watson*
Ken Mungan, Chairman, Milliman
Ivo Menzinger, Managing Director,
Michel Lies, Chairman, Zurich Public Sector Business, Swiss Re*
Rob Wesseling, President & CEO, Jan Kellett, Head, Financial Sector
Cooperators Group Hub and Team Leader, Insurance
Torsten Jeworrek, CEO Reinsurance, and Risk Finance, United Nations
Munich Re Development Programme*
Jürgen Zattler, Director General Olivier Mahul, Practice Manager,
for International Development Crisis & Disaster Risk Finance Unit,
Policy, 2030 Agenda and Climate, Finance, Competitiveness and
BMZ (the German Federal Ministry Innovations*
for Economic Cooperation and
Development)
Mami Mizutori, Special Representative
of the Secretary General for Disaster
Risk Reduction, UNDRR
Mark Carney, UN Special Envoy for
Climate Action and Finance, UK Prime
Minister's COP26 Finance Advisor
Mark Lowcock, Under-Secretary-
General for Humanitarian Affairs &
Emergency Relief Coordinator, UN
OCHA
*IDF Steering Committee Non-Voting Member (Ex-Officio)
IDF The Insurance Development Forum in 2020 | 152020 IDF Operating
Committee Membership
Chair: Rowan Douglas, Head of Andre Belelieu, Head of Insurance John Huff, CEO, ABIR (Association of
Climate & Resilience Hub, Willis & Asset Management, WEF (World Bermuda Insurers and Reinsurers)
Towers Watson Economic Forum) Katharine Pulvermacher, Executive
Co-Chair: Ivo Menzinger, Managing Andy Jobst, Senior Economist, Director, MiN (Microinsurance
Director, Public Sector Business, European Department, IMF Network)
Swiss Re (International Monetary Fund) Kathy Baughman McLeod,
Co-Chair: Jan Kellett, Head, Financial Annette Detken, Head of ISF Director, Adrienne Arsht Rockefeller
Sector Hub and Team Leader, (InsuResilience Solutions Fund) Foundation Resilience Centre
Insurance and Risk Finance, United Astrid Zwick, Head of InsuResilience Lesley Ndlovu, CEO, African Risk
Nations Development Programme Global Partnership Secretariat Capacity Limited (ARC Ltd)
Co-Chair: Olivier Mahul, Practice Bill Marcoux, Partner, WCM Advisory Mamiko Yoko Arai, Head of
Manager, Crisis & Disaster Insurance, Directorate for Financial
Risk Finance Unit | Finance, Bridget Gainer, Vice President,
Global Affairs, Aon and Enterprise Affairs, OECD
Competitiveness and Innovations (Operation for Economic Cooperation
Global Practice, World Bank Butch Bacani, Programme Leader, and Development
IDF Secretary General: Ekhosuehi UNEP PSI (UN Environment
Programme Principles for Sustainable Marc Gordon, Head, Global Risk
Iyahen, Insurance Development Analysis and Reporting, UNDRR
Forum* Insurance)
(United Nations Office for Disaster
Claudia Thyme, Director, Strategic Risk Reduction)
Market Development, AXA XL
Martin Kipping, Head of Climate
Claus Stickler, Managing Director, Policy Division, BMZ (German Federal
Allianz Investment Management Ministry for Economic Cooperation
Daniel Clarke, Director, Centre for and Development)
Disaster Protection Maryam Golnaraghi, Director,
Eva Myers, Team Leader, DRF, Private Climate Change and Emerging
Sector Development Department, Environmental Topics, Geneva
FCDO (Foreign, Commonwealth and Association
Development Office) Masaaki Nagamura, General
Fabio Bedini, Senior Programme Manager International Initiatives,
Adviser - Risk Transfer Team Lead, Tokio Marine Holdings
Climate and DRR Programmes Unit, Michaela Koller, CEO, GFIA (Global
(WFP) World Food Programme Federation of Insurance Associations)
Francis Bouchard, Group Head Sabbir Patel, Senior Vice President,
of Communication & Public Affairs, ICMIF (International Cooperative and
Zurich Mutual Insurance Federation)
Garance Wattez Richard, Head of Shaun Tarbuck, CEO, ICMIF
AXA Emerging Customers (International Cooperative and Mutual
Hannah Grant, Head of A2ii (Access Insurance Federation)
to Insurance Initiative) Secretariat Simone Ruiz-Vergote, Managing
Ian Branagan, Chief Risk Officer, Director, Allianz
Renaissance Re Thomas Kessler, Principal Disaster
Risk Insurance & Finance Specialist,
ADB (Asian Development Bank)
16 | IDF The Insurance Development Forum in 20202020 IDF Partner Organisations
Private sector JBA Risk Management GCRF (Global Challenges World Bank (Disaster Risk
KatRisk Research Fund) Financing & Insurance)
African Risk Capacity
Insurance Europe Programme
Insurance Company Limited KPMG
KfW (German Development World Bank MIGA
Ageas Lloyd’s of London
Bank) (Multilateral Investment
AIG Marsh & McLennan Co. Guarantee Agency)
International Institutions
AIR Worldwide Milliman
A2ii (Access to Insurance Insurance industry
Allianz MS Amlin Initiative) associations
AON Munich Re ADB (Asian Development ABIR (Association of Bermuda
Asia Affinity Solutions Oasis LMF Bank) Insurers and Reinsurers)
Aviva Prudential AFC (Africa Finance Geneva Association
AXA and AXA XL Corporation)
PwC GFIA (Global Federation of
AXCO Convergence Blended Insurance Associations)
Renaissance Re Finance
AXIS Capital International Insurance
RMS GCA (Global Commission on Society
Blackstone Impact SCOR Adaptation)
Investment
Simplitium International Monetary Fund Reinsurance Association of
Blackstone Insurance America
Solutions Swiss Re InsuResilience Global
Talbot Partnership
Blue Marble Civil Society/
TetraTech InsuResilience Solutions NGO/ Think Tank/
Cerulean Consulting Fund
Tokio Marine Holdings Foundations
China Reinsurance Group International Finance
WCM Advisory Adrienne Arsht - Rockefeller
Chubb Corporation (IFC)
Foundation Resilience Center
Clyde & Co Willis Towers Watson Micro Insurance Network
Cenfri (The Centre for
The Co-Operators Group Xceedance OECD (Organisation for Financial Regulation &
Zurich Economic Co-operation & Inclusion)
CoreLogic
Development)
ClimateWise
DLA Piper
Government UN DRR (United Nations
GEM (Global Earthquake
DWS institutions Office for Disaster Risk
Model)
Fairfax Reduction)
Bank of England MCII (Munich Climate
FCM UN OCHA (United Nations
BMZ (German Federal Insurance Initiative)
Office for the Coordination of
Guy Carpenter Ministry for Economic Humanitarian Affairs) START Network
Cooperation and
Hamilton Re Development) UNDP (United Nations World Economic Forum (WEF)
Hannover Re Development Programme)
Centre for Disaster
ICMIF (Intl. Cooperative Protection UNEP (United Nations Academic institutions
and Mutual Insurance Environment Programme) The Institutes
FCDO (UK Foreign,
Federation) Commonwealth and WFP (World Food Insurance Institute of India
ImageCat Development Office) Programme)
JBA Consulting GIZ (German development Observers
agency) International Association of
Insurance Supervisors
IDF The Insurance Development Forum in 2020 | 172020: Key Highlights
and Events
4
18 | IDF The Insurance Development Forum in 20202020: Key Highlights and Events
Finance in Common Summit:
the first global summit of public
development banks World Economic Forum:
The first edition of the Finance in Building a More Resilient and
Common Summit underscored the Sustainable World
crucial role of Public Development
The IDF was recognised in the
Banks (PDBs) in reconciling short-
launch of the WEF’s recent Action
term responses with sustainable Viewpoint: Public-private
Plan on ‘Building a More Resilient and
recovery measures that will have a collaboration is essential to
Sustainable World’ as a best practice
long-term impact on the planet and combat climate change
example of how industry can partner
societies. By reconciling the entire
with governments to engineer risk at Denis Duverne (Chair, AXA Board
finance community in support of
a societal level. of Directors and Chair, IDF)
common action for climate and the
UN Sustainable Development Goals, “Building greater resiliency is a defining contributed to the Climate Week
the Finance in Common Summit mandate of our time where insurers discussions about the role of insurers,
was a key milestone on the way to can – and must - play a leadership role infrastructure investments and
the crucial events of 2021, notably as an industry and in more proactive, regulation with Insurance Day in this
COP26, COP15 and the Generation closer partnerships with government”, article on public-private partnerships
Equality Forum. declared the report. for resilience.
Denis Duverne (IDF Chair and Chair,
AXA Board of Directors), Ekhosuehi
Iyahen (IDF Secretary General),
John Haley (IDF Steering Committee
member and CEO of Willis Towers
Watson) and Maria Flachsbarth
(Parliamentary State Secretary of
Germany’s BMZ, and signatory to the
IDF’s Tripartite Agreement at the UN
Climate Action Summit 2019), gave
remarks during High Level Event 5:
Accelerating Investment for Climate
Adaptation and Resilience.
Achim Steiner (UNDP Administrator
and IDF Co-Chair) gave remarks
during High Level Event 3: Human
Security in Fragile Settings: Scaling-
Up Humanitarian and Resilience
Investment.
IDF The Insurance Development Forum in 2020 | 19Association of Bermuda
Insurers and Reinsurers (ABIR)
World Bank Group’s Climate Week event
Financial Protection
Forum webinar series To celebrate International Climate Day, InsuResilience Global
ABIR hosted a climate risk Webinar Partnership Annual Forum
The Financial Protection Forum provide on insight into how Bermuda’s
series is jointly organised the rich history as a Natural Catastrophe The InsuResilience Global Partnership
World Bank Group’s Finance, Hub is transitioning into the World’s and the InsuResilience Solutions Fund
Competitiveness and Innovation Climate Risk Capital. Speakers (ISF) are essential partners of the
Practice and the European Space includded IDF SteerCo Member, Albert IDF and its work. The InsuResilience
Agency (ESA)’s Center for Earth Benchimol (President & CEO, AXIS Global Partnership Vision 2025 goal
Observation. The first event in the Capital Holdings Ltd), John Huff, (CEO, of covering 500 million poor and
World Bank’s new series focused on ABIR), Marc Grandisson (President & vulnerable people against climate and
Earth Observation and Big Data for CEO, Arch Capital Group Ltd), Stephen disaster shocks by pre-arranged risk
Improved Financial Resilience. Weinstein (Executive Vice President, finance and insurance mechanisms
General Counsel and Corporate is at the centre of the IDF’s Tripartite
Ekhosuehi Iyahen (IDF Secretary
Secretary, RenaissanceRe Holdings Agreement (with BMZ and UNDP),
General) featured as a panelist in a
Ltd) and Ekhosuehi Iyahen (Secretary and the goal of covering 150 million
session exploring how technology
General, IDF). people against climate and disaster
can support innovative risk financing
risks with microinsurance is at the
solutions for climate shocks and other
heart of the IDF Inclusive Insurance
complex risks event, highlighting IDF’s
Working Group’s strategy.
public-private work in this critical area.
The IDF was well-represented across
all 4 days of the conference, with
speakers including Denis Duverne
(IDF Chair and Chair, AXA Board of
Directors), Ekhosuehi Iyahen (IDF
Secretary General), Kathy Baughman
McLeod (Director of the Arsht-
Rockefeller Resilience Centre at the
Atlantic Council and IDF Operating
Committee member), Eva Myers
A2ii – IAIS Pandemic Risk
(Team Leader, Disaster Risk Finance,
Webinar Series
UK FCDO, and IDF Operating
The Access To Insurance Initiative (A2ii) Committee member), Annette Detken
Aon: Collaborating to Close the in partnership with the International (Head of ISF and IDF Operating
Protection Gap Association of Insurance Supervisors Committee member), Claudia
AON hosted a day of discussion (IAIS) convened a three part webinar Thyme (Director, Emerging Markets
and inspiration focused on the series on pandemic risks. The IDF was Development, AXA XL, IDF Operating
theme ‘Collaborating to Close featured during the convening focused Committee member and Co-Chair of
the Protection Gap’ in February on public-private partnerships and the IDF Sovereign & Humanitarian
2020. The event was convened in where discussions focused on private Solutions Working Group) and
collaboration with British Red Cross, sector perspectives on the impact of Astrid Zwick (Head of InsuResilience
partners City of London, ClimateWise the pandemic and their role in building Secretariat, IDF Operating Committee
and IDF. Denis Duverne (AXA and greater resilience for the future member and Co-Chair of the IDF
IDF, Chairman) delivered a keynote through insurance solutions. Input was Inclusive Insurance Working Group.
speech on the work of the IDF. drawn from an expert panel consisting
of Julian Enoizi (CEO, Pool Re),
Ekhosuehi Iyahen (Secretary General,
IDF) and John Huff (CEO, ABIR).
20 | IDF The Insurance Development Forum in 2020Insurance Journal: The
Insurance Development Forum
Launches Insurance Program
IDF Roundtable Event:
for Peruvian Schools
The Development Impact
of Risk Analytics The Insurance Journal published a
piece on the IDF’s landmark public-
Following the launch of the IDF
private partnership project in Peru,
Development Impact of Risk Analytics Financing Climate Disasters: led by AXA XL and Munich Re alongside
report, led by the IDF’s Risk Modelling The UK government’s climate the Peruvian Association of Insurance
Steering Group, this event brought challenge, and how risk Companies (APESEG) to provide the
together key stakeholders from both management can help Peruvian government with options to
the public and private sector to further
cover its 50,000 public schools against
discuss and leverage its findings. Ekhosuehi Iyahen (IDF Secretary
the impact of disasters. The start of
General) joined Daniel Clarke
The report investigates and the Peruvian Public Schools project
(Director, Centre for Disaster
unpacks the importance of risk marks the first country execution
Protection and IDF Operating
insight in building resilience and under the “Tripartite Agreement”
Committee member) for this
growing economies, and in advancing between the IDF, the German Federal
important discussion convened by the
humanitarian action. It makes Ministry for Economic Cooperation
Government Actuary's Department &
recommendations on how sovereign and Development (BMZ) and United
Civil Service Environment Network.
and city decision-makers can develop Nations Development Programme
their own view of risk, as a foundation Developing better national disaster (UNDP).
of an effective, inclusive risk strategy, risk management and financing
“The chance that this project provides
and it places the insurance industry systems requires engaging directly
to consider alternative options for
at the heart of this work. Speakers with those on the frontline of building
an insurance solution, developed
included: and managing these systems. The IDF
by global reinsurance companies in
was therefore very pleased to engage
Eric Andersen, President, Aon plc partnership with APESEG, is extremely
with the UK Civil Service network to
Mami Mizutori, Special valuable for Peru. It will allow the
share knowledge and perspectives
Representative of the Secretary government to make choices that
from the insurance industry and on
General, UN Office for Disaster can help it to increase its resilience
public-private endeavours in Disaster
Risk Reduction to catastrophic events,” said Eduardo
Risk Financing, and to identify ways to
Morón Pastor, president of APESEG.
Daniel Clarke, Director, Centre for work together in the future.
The IDF is focused on producing
Disaster Protection (and Co-Chair of tangible benefits and meaningful
the IDF Sovereign & Humanitarian solutions at scale that help build
Solutions working group) resilience to climate change in the
Ekhosuehi Iyahen, Secretary most vulnerable countries and
General, Insurance Development sectors, and there is certainly scope
Forum for further application of the tripartite
project approach in other countries
Ian Branagan, Chief Risk Officer,
and sectors such as agriculture, and
Renaissance Re (and Co-Chair
public infrastructure.
of the IDF's Risk Modelling
Steering Group)
IDF The Insurance Development Forum in 2020 | 21The Economist’s Climate Risk
Virtual Week
The Economist calls for a clear-
headed approach to tackling the International Conference on
complex issues around climate Inclusive Insurance 2020
change. Following 2019’s inaugural
Climate Risk Week, 2020’s virtual event The International Conference on
explored the unique opportunity Inclusive Insurance 2020 – Digital
which the pandemic has provided Edition was co-organised by the
to governments and businesses to Microinsurance Network (MiN) and
speed up the transition to a low carbon the Munich Re Foundation, amassing
economy. In addition, participants a record of over 2,000 registrations
heard about multiple risks, evolving from 127 countries. The virtual
regulatory and disclosure frameworks, conference featured more than 60 Green Horizon Summit: the
with a focus on climate-related data speakers across 18 sessions over 5 pivotal role of finance
and the road to COP26. days sharing knowledge and insights
The City of London Corporation, in
across the inclusive insurance world.
Mark Carney (UN Special Envoy for collaboration with the Green Finance
Climate Action and Finance, the Prime The event marked the launch of the Institute, and supported by the World
Minister's Finance Adviser for COP26 Landscape of Microinsurance 2020 Economic Forum, hosted a major
and IDF Steering Committee member) study, focusing on 30 countries in summit in November that focused
provided opening remarks at the event. Africa, Asia and Latin America and on the role of green finance in the
providing a unique benchmark for all recovery from COVID-19.
Mami Mizutori (Special Representative stakeholders in the field of inclusive
of the Secretary General for Disaster Taking place on the original dates
insurance. The research is intended
Risk Reduction, UNDRR and IDF of the postponed COP26, the event
to improve the supply of insurance
Steering Committee member) spoke featured a keynote speech from
products and services designed
about the “new normal” we are all Mark Carney (UN Special Envoy for
to help vulnerable, low-income
living in, and the spotlight COVID-19 Climate Action and Finance, the
households and MSMEs to enhance
has placed on the urgent need for Prime Minister's Finance Adviser for
financial resilience for developing
more resilient systems and global COP26 and IDF Steering Committee
countries.
infrastructure. member) focusing on the role of
The MicroInsurance Network is a private sector finance in supporting
Ekhosuehi Iyahen (IDF Secretary key partner of the IDF’s. Among the a green recovery from COVID-19
General) spoke as a panelist alongside esteemed participants were keynote and an economy-wide transition to
Maryam Golnaraghi (Director of speaker Achim Steiner (UNDP net zero. The event convened high
Climate Change and Emerging Administrator and IDF Co-Chair) and level public and private sector actors
Environmental Topics at the Geneva Denis Duverne (AXA Chairman and to showcase the ambition across
Association and IDF Operating IDF Chair), in addition to Garance the financial community in the year
Committee member), on measuring, Wattez-Richard (Head of AXA Emerging leading to COP26 in Glasgow. The
managing and mitigating the threat Customers and Co-Chair of the IDF’s Green Horizon Summit also saw the
of climate change, and the role of the Inclusive Insurance Working Group), launch of the Priorities for Private
insurance industry in these activities. Katharine Pulvermacher (Executive Sector Finance for COP26 strategy
Kathy Baughman McLeod (Director Director at the MicroInsurance and report.
of the Arsht-Rockefeller Resilience Network and IDF Operating
Centre at the Atlantic Council and IDF Committee member), Wolfgang
Operating Committee member) spoke Buecker (Head of Sector Programmes
as a panelist on the unique position of and Access to Insurance, GIZ, and IDF
the insurance industry to understand, Operating Committee member), and
price and transfer risks – both physical Jan Kellett (Special Adviser, Finance
and financial – and the importance Sector Hub, UNDP and IDF Operating
of leveraging private sector tools to Committee Co-Chair).
reduce human and economic suffering.
22 | IDF The Insurance Development Forum in 2020Insurance Development
Forum and COP 26 Private IDF Leadership Roundtable
Finance Hub Leadership Event - Insuring Systemic
Roundtable Mobilising the Resilience: Mobilising public-
insurance industry towards private insurance action to
COP 26: Defining Adaptation & deliver pandemic and climate
Resilience Commitments resilience
The IDF in partnership with the On 15th July 2020, the IDF and
COP26 Private Finance Hub convened Climate Policy Initiative jointly hosted
Extreme Heat Resilience a Leadership Roundtable focused a roundtable event, drawing leading
Alliance: reducing extreme heat on the theme ‘Mobilising the voices from across public and
risk for vulnerable people insurance industry towards COP26: private sectors to debate the crucial
Defining Adaptation & Resilience intersections between climate risk,
The IDF was proud to be one of 30
commitments’. The event was co- pandemic risk, financial resilience,
global partners brought together by
hosted by Denis Duverne (AXA and and the role of insurance.
the Atlantic Council’s Adrienne Arsht-
IDF Chair) and Mark Carney, (UN
Rockefeller Foundation Resilience The esteemed panel included:
Special Envoy on Climate Action and
Center to announce the formation of
Finance and UK Prime Minister's Hon. Mia Amor Mottley, QC., MP,
the Extreme Heat Resilience Alliance
COP26 Finance Advisor). Prime Minister, Barbados
(EHRA).
The focus was to identify tangible Ingrid Gabriela Hoven, Director
Heat waves are one of the biggest
and practical solutions which the IDF General, BMZ
climate-related threats to human
and broader insurance development Anshula Kant, Managing Director
health but rarely command the same
community can deliver at COP26 and CFO, World Bank Group
attention as more visibly devastating
in Glasgow.
disasters such as tropical storms Denis Duverne, Chairman , AXA
or hurricanes. In the US, heatwaves Group & IDF
occur roughly six times a year, up
from just two in the 1960s, and kill Christa Schwimmer, Head of
more people than hurricane- and Corporate Client Management
flood-related deaths combined. In the Munich Re
past two decades they have claimed Ekhosuehi Iyahen, Secretary
tens of thousands of American lives. General, IDF
Asking the question ‘Is it time to start Vikram Widge, Senior Advisor,
naming heatwaves like hurricanes?’, Climate Policy Initiative
the EHRA proposes that the naming Rowan Douglas CBE, Head of
and ranking of heatwaves all over the Climate and Resilience Hub, WTW
world will, for the first time, convey & Chair, IDF Operating Committee
the true nature of the threat heat Allianz Understanding Climate
poses . Risks stakeholder dialogue and In a joint IDF-CPI blogpost shared by
award ceremony UNDRR’s Prevention Web and the
Green Finance Platform, Ekhosuehi
Ekhosuehi Iyahen (IDF Secretary Iyahen, IDF Secretary General, and
General), joined Simone Ruiz-Vergote Vikram Widge, Climate Policy Initiative,
(Allianz) and Ivo Menzinger (Swiss Re) shared reflections on the four key
to speak as panelists on how insurers elements of the dialogue, including
respond to climate risks and the the deep resilience financing gaps,
role of public-private partnerships in the role of insurers as part of the
building best practice examples. solution, the need for further public-
private action at scale, and the role
of collective political will in driving
meaningful action. A full recording of
the event is available online.
IDF The Insurance Development Forum in 2020 | 232020 for the Working Groups
5
24 | IDF The Insurance Development Forum in 20202020 for the Working Groups
Sovereign and Humanitarian Solutions (SHS) Working Group
Leadership/membership:
Ivo Menzinger Daniel Clarke Claudia Thyme
Head, EMEA & Product Director, Director, Strategic Market
Management, Swiss Re Centre for Disaster Protection Development, AXA XL
Private Sector WG Co-Chair Public Sector WG Co-Chair Private Sector WG Deputy Chair
Working group member organisations
Allianz Re, Aon, Asian Development Bank, AXA XL, AXA Climate, Axis, BMZ, Centre for Disaster Protection,
Cerulean Consulting, DfID, GIZ, Guy Carpenter, Hannover Re, InsuResilience Global Partnership, KfW, Munich Re,
Renaissance Re, Scor, START Network, Swiss Re, TetraTech, UN OCHA, UNDP, Willis Towers Watson, World Bank
Group and Zurich Insurance Plc.
We are delighted to formally welcome the African Risk Capacity (ARC) and World Food Programme (WFP) as official
members of the working group in 2020, represented by Lesley Ndlovu (CEO, Africa Risk Capacity), and Fabio Bedini
(Senior Programme Advisor, Risk Transfer Team Lead, WFP).
Background and mandate: Strategic priorities:
The overarching objective of the Sovereign and The Working Group’s main measure of success is the
Humanitarian Solutions (SHS) Working Group is to reduce delivery of new risk financing instruments.
the protection gap in vulnerable and climate-exposed Workplans and strategy are informed by the following
geographies through the implementation of new risk priority areas, as mentioned in the SHS Working Group’s
financing instruments. The SHS Working Group focuses Terms of Reference:
on supporting (sub-) sovereign and humanitarian actors in
developing such financing tools, aligning goals and efforts i. Transaction development,
with public sector partners such as the Centre for Disaster ii. Innovation and product development,
Protection (CDP), the InsuResilience Solutions Fund (ISF)
iii. Capacity building, and
and the Global Risk Financing Facility (GRiF).
iv. Information flow and coordination across members.
IDF The Insurance Development Forum in 2020 | 25The Tripartite Agreement
The Tripartite Agreement between countries, bringing together private already received 50% funding from
the IDF, UNDP and BMZ signed in sector IDF members and UNDP ISF and kicked off in September 2020.
September 2019 remains at the country offices on the ground. Alongside this, the official formation of
heart of the IDF’s strategy and These meetings demonstrated a physical Project Coordination Unit
priorities. With assistance from huge openness for collaboration, (PCU) was completed, providing an
other IDF Working Groups (including and significant market appetite and essential source of coordination and
the Risk Modelling (RMSG) and Law, resource for this work. Significant support for the public-private project
Regulation & Resilience Policies engagement and commitment teams, completed by the hiring of two
(LRRP) groups), the IDF’s Sovereign & from the insurance industry saw Project Managers. We are pleased
Humanitarian Solutions (SHS) working teams being formed for 12 of the to welcome Norah Becerra and Katja
group leads on the execution of the 21 target countries for the Tripartite Friess to these posts in Frankfurt.
Agreement’s goal: to bring technical Programme already in 2020, which The PCU, established after much
assistance and risk financing have identified opportunities for consultation between the governing
tools to 20 climate-vulnerable insurance programmes to propose parties of the Tripartite Agreement
countries by 2025, in line with the to the respective Governments. Many (IDF, UNDP and BMZ) along with the
InsuResilience Global Partnership have initiated engagement with the ISF (InsuResilience Solutions Fund),
Vision 2025. relevant Government agencies, while is a great achievement and is already
Over the summer, virtual meetings a project to develop an insurance enabling real traction as we move
were held with 15 of the 20 shortlisted programme for Peru’s public schools forward with the Tripartite projects.
The Tripartite programme of work aims to increase insurance protection in climate-exposed countries in
line with the InsuResilience Vision 2025 goals. Its goal is to provide technical assistance and risk solutions
to 20 climate-vulnerable countries by 2025.
BMZ
- Financing with a commitment of €20 million
- Strategic partner to steer work
- Technical support
These organisations will...
Contribute to providing resilience against
IDF
disaster and climate shocks for 500 million
- Dedicated industry-led team of IDF representatives for individuals
each country project
Increase the percentage of annual climate and
- Risk modelling platform and risk insights
disaster losses covered by pre-arranged risk
- Risk transfer solutions finance and insurance mechanisms
- Co investment with BMZ
- US $5 billion in offered risk capacity
UNDP
- Country-level convening and project management
- Diagnostic reviews of risk financing in countries
The United Nations Development Programme, Germany, and
- Legislating, regulatory technical assistance the insurance industry are bringing together risk management
- Integration of risk analytics into country development and expertise and capital to address climate change resilience for
financial frameworks the world’s most vulnerable countries.
The implementation of the Tripartite is also supported by the IDF RMSG (Risk Modelling Steering Group) and LRRP (Law,
Regulation and Resilience Policies Working Group).
26 | IDF The Insurance Development Forum in 2020You can also read
