IDF Footage & Webinars
The Insurance Development Forum (IDF) IDF Summit 2022, was convened at the Swiss Re Center for Global Dialogue in Rüschlikon, Zurich, Switzerland on 13th and 14th June, and achieved global impact and engagement.
Focused on the theme “Purpose, Protection and Perspectives”, the high-level IDF Summit brought together leading independent voices to share their views on the critical role the insurance industry in collaboration with the public sector and other stakeholders play in responding to the increasing risks we all face.
More than 20 high-level speakers addressed an audience of over 100 invited leaders from the public, private and humanitarian sectors attending in person, with over 200 virtual attendees over the course of the Summit.
Announcements
Tripartite Programme Conference
On 13th June, the IDF, United Nations Development Programme (UNDP), Germany’s Ministry for Economic Cooperation and Development (BMZ), and the InsuResilience Solutions Fund (ISF), convened to showcase the achievements of the Tripartite Programme to date, and plan future projects.
The session was a critical opportunity to share lessons learned so far under the Tripartite Agreement following the launch of a 2022 programme in Mexico to develop insurance to protect vulnerable farmers from climate impacts, a 2021 programme to develop a parametric flood and earthquake product, as well as an indemnity landslide protection Medellín in Colombia as part of its Disaster Risk Management Plans; and the inaugural Tripartite country project launched for Peru in 2020 to design an insurance programme for the country’s public schools. The session also resulted in the signing ceremony for the latest Tripartite project to develop a sovereign risk transfer scheme for urban floods in Ghana.
Operational Launch of the GRMA
Formal Launch of the IDF & V20 Global Risk Modelling Alliance (GRMA), co-funded by the German Federal Ministry for Economic Cooperation and Development and the IDF insurance industry members. An agreement to form the GRMA was a key announcement from COP26; furthering its operational delivery is part of the IDF’s commitment to V20 countries, and is a key action as we move towards the G7 and COP27 in Egypt, where adaptation and resilience are a key area of focus.
The GRMA is founded on the principle that equal and widespread access to risk understanding in climate-vulnerable economies will lead to more autonomous, locally trusted risk management strategies and therefore increase the flow of climate and disaster risk finance. Announced conceptually in 2021 and now with initial funding provided by the German government,, the IDF Summit 2022 marked the operational availability of the GRMA and encouraged further international partners to commit their support to the programme.
The launch of the White Paper: Insurance Development in Emerging Markets: The role of policy and regulation
This joint IDF and Geneva Association report offers a comprehensive look at how local legal, policy and regulatory frameworks can create the right environment for a thriving insurance market, which can ultimately help to close protection gaps in the most vulnerable countries.
The report identifies how public-private partnerships can often achieve high impact results that cannot be achieved by one sector alone. It finds that key factors that drive insurance market development and close protection gaps are: sufficient political prioritisation of insurance, higher levels of financial and insurance literacy and risk awareness among all stakeholders, effective and efficient insurance regulation and supervision, increasing trust in insurance solutions.
See the full summit videos and agenda here.
Quotes from the IDF Summit 2022
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“We need to do more to reinforce and to recognise the role of Ex Ante measures that countries can adopt to prepare for crises”
Ethiopis Tafara, Vice President and Chief Risk, Legal and Administrative Officer, World Bank Group’s Multilateral Investment Guarantee Agencys.
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“Together with our G7 partners we are working towards a global shield against climate risks”
Jürgen Zattler Director-General for International Development Policy, 2030 Agenda and Climate German Federal Ministry for Economic Cooperation and Development (BMZ)
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“Parametric solutions have incredible potential across lines of business and emerging markets”
Jean-Jacques Henchoz, Chief Executive Officer, Hannover Rück SE
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“Is there potential to create alliances on inclusion and social inclusion in the same way tha”t the alliances have been created on carbon emissions and climate change?”
Garance Wattez-Richard, Chief Executive Officer, AXA Emerging Customers, AXA Group
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“The key to success is to think long-term, act immediately.”
Héctor Santana Suárez, Head of the Insurance, Pensions and Social Security, Ministry of Finance United Mexican States
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“Insurance regulators and supervisors should have in their mandate the development of insurance markets”
Jad Ariss, Managing Director, The Geneva Association
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“Risk understanding is the engine of risk reduction”
Jenty Kirsch-Wood, Head, Global Risk Management and Reporting & Co-Chair IDF Risk Modelling Steering Group
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“We need a non-binary and holistic approach to tackle the challenge of 80% of the world being vulnerable and unprotected”
Katharine Pulvermacher, Executive Director, Microinsurance Network & Co-chair Insurance Development Forum Inclusive Insurance Working Group
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“We must prioritise actions to reduce the growing threat of heat and protect the most vulnerable. We must nurture nature and strengthen resilience to save lives”
Eugenia Kargbo, Chief Heat Officer Freetown City Council Sierra Leone
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“Everybody has to make risk-informed decisions… We need to understand the risk that is surrounding us so we can invest in resilience and build back better. GRMA is the tool to enable us to do this”
Mami Mizutori, Special Representative of the United Nations Secretary-General (SRSG) for Disaster Risk Reduction
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“We don’t keep momentum with ideas, we keep momentum with achievements.”
Michel M. Liès, IDF Steering Committee Chair Designate and Chairman of Zurich Insurance Group
Date
14th July, 2022
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