arking the Insurance Development Forum’s 10-year anniversary, we interviewed Denis Duverne, former Chair of the Board of Directors of AXA, and the former Chair of the IDF Steering Committee, who led its operationalisation from 2018 to 2022.
Instrumental in shaping the IDF during critical years – including through the uncertainty of the global pandemic – Denis shares insights on why the Forum was created, the early partnerships that enabled it to deliver impact, and the progress made in closing protection gaps in climate-vulnerable markets. His reflections underscore the importance of perseverance, public–private collaboration and long-term commitment in building the foundations for resilience at scale.
You were instrumental in the creation of the Insurance Development Forum and served as its second Chair, navigating an uncertain time with the global pandemic. What motivated you to help establish the IDF, and what were the original ambitions you and your peers shared for the Forum when it launched?
I was invited to join the IDF by Stephen Catlin, shortly after it was established. I joined with enthusiasm, because AXA was deeply committed to emerging markets and we were acutely aware of their exposure to weather related catastrophic risks and the impact of climate change. Our goal at the steering Committee was to build a public private partnership which would enable the insurance coverage of these risks.
Looking back to those years, what stands out to you as the most important early decisions, partnerships, or turning points that set the IDF on the path it has followed over the past decade?
Early on, as I succeeded Stephen to become the second Chairman of the IDF, I realised that we needed our partnership to extend beyond the World Bank and UNDP. We were fortunate to get the attention and support of BMZ, the German Ministry for Cooperation and Development and KfW, the German Development Bank. They agreed to provide financial support to each of the programs we proposed – the Tripartite Agreement Programme and the Global Risk Modelling Alliance or GRMA. This was key. Also key was, for each country program, to get at least two private sector partners, insurer, reinsurer or broker. Thanks to the strong team spirit of the SteerCo members and the energy and dedication of Ekhosuehi Iyahen, the exceptional Secretary General we took on board from the outset, the programme was off to a good start.
The IDF was created with a clear focus on narrowing the protection gap, particularly for countries and communities most exposed to natural disasters and climate risks. From your perspective, where has the IDF made the most tangible progress on this agenda so far, and where do you see the biggest unfinished business?
It is obvious to me that without these Tripartite country programmes, the support of on the ground UNDP teams, the financial support of BMZ, none of these insurance coverages against major weather events would be in place today. But I also have to acknowledge that progress has been slower than we would have hoped for. Government stability remains a significant challenge, as well as the length of the political process leading to a decision.
You have overseen multiple market cycles and major loss events. Have you witnessed a change in the industry’s understanding of its role in resilience building and disaster-risk management over the life of the IDF? Are there shifts in mindset or practice that you think have been particularly significant?
The last decade has seen less progress in the growth of insurance penetration in emerging markets than expected. A number of large global insurers have reduced their presence in emerging markets. It is therefore more challenging for the IDF to find private sector partners for every country.
Having now stepped away from the leadership of a major global private sector insurance entity, what lessons from building and leading do you think are most relevant to the IDF’s work – especially in terms of risk appetite, innovation, and partnering with the public sector to tackle systemic risks?
Insurance is and will always be a people business. In order to be successful, you need to rely on people that are passionate about the issue of covering the protection gap of emerging markets, which will become all the more concerning as climate change becomes more visible. These passionate people will be able to overcome the most daunting obstacles and there are many!
The IDF is a leading example of public–private collaboration in the risk and resilience space. In your view, what has worked best in this partnership model, and where have the biggest challenges or compromises arisen over the last 10 years?
What has worked best is this alliance of the willing! And the biggest challenges have been the usual bureaucracies that you find in any large public or private organisation.
Reflecting on your long association with the IDF – from its launch to your role leadingthe Steering Committee – what did you find most rewarding personally?
What I found the most rewarding was that we started from a clean sheet of paper and built both an organisation, the IDF, and insurance programmes in many emerging countries that wouldn’t exist without the IDF. We have also built risk models in markets that were not covered by the private models and a unique infrastructure fund.
As the IDF enters its second decade, what do you see as the critical priorities for the IDF and its partners if they are to significantly accelerate progress in closing protection gaps, supporting vulnerable countries, and embedding resilience into how the global insurance market operates? What would you say to the leaders of today?
I believe that the foundations have been built. We now need to get to scale and this remains a significant challenge for all participants. This will require perseverance and a continued commitment to this initiative. I will say congratulations and keep going to the leaders of today and tomorrow!
