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London, UK, 11 June, 2024: The Insurance Development Forum (IDF) is excited to share an implementation update in the form of the launch of a unique and innovative Knowledge Partnership with the World Bank’s Global Shield Financing Facility (World Bank GSFF), designed to drive and enable greater resilience for vulnerable countries by enhancing their access to Climate and Disaster Risk Finance and Insurance (CDRFI) through knowledge exchange and capacity-building. 

The partnership officially commenced with the “IDF-World Bank Knowledge Day,” which gathered 30 high-ranking government officials, industry experts, and members of the IDF and World Bank for a collaborative session. Participants engaged in discussions on enhancing CDRFI strategies and solutions.

The IDF- World Bank GSFF Knowledge Partnership focuses on three core pillars:

  1. Project-Specific Knowledge Exchange: Sharing technical insights on CDRFI solution design and implementation to enhance future projects.
  2. Thematic Knowledge Partnership: Creating public good materials with joint intellectual leadership from IDF and World Bank GSFF, exploring innovative CDRFI solutions for vulnerable countries.
  3. Executive Education: Leveraging IDF and World Bank GSFF expertise to strengthen CDRFI capacity building, including risk modelling, risk prevention, risk financing, the role of domestic insurance markets, and public-private collaboration.

Michel Liès, Chair of the IDF Steering Committee, and Chair of Zurich Insurance, said:

“We are pleased to embark on this Knowledge Partnership with the World Bank’s Global Shield Financing Facility. This collaboration underscores the vital role of the insurance industry in contributing to countries’ economic stability through the use of risk management capabilities from risk analytics to risk reduction and risk financing. By combining our respective expertise, we aim to build stronger and innovative CDRFI capabilities in vulnerable countries. We aim to provoke a shift in perspectives of finance and other ministers as well as policymakers globally, demonstrating how the insurance industry can be a trusted partner in enhancing adaptation and resilience. It is a true testament to the value of public private partnerships and I look forward to the outcomes.”

Today’s Knowledge Day is part of a visit which will also see officials join the IDF Summit 2024 in London this evening and tomorrow. In addition, they will participate in a World Bank Group Academy Executive Training on CDRFI in collaboration with Oxford University and insurance members of IDF, which emphasises the importance of integrating financial planning for climate shocks into development planning. At Oxford, IDF will lead a session on private sector collaboration, while the World Bank will contribute to sessions on insuring public assets.

The partnership was initiated earlier this year with a “Disaster Risk Finance Executive Education” programme at the World Bank’s Fragility Forum, in collaboration with Georgetown University. The session with senior World Bank leaders and IDF insurance industry specialists, covered CDRFI opportunities, challenges, and solutions. This was followed by thematic webinars on Takaful insurance. 

In the near future, a series of events and collaborative knowledge sharing sessions are planned, including a Takaful study tour in Malaysia under the “De-risking, inclusion and value enhancement of pastoral economies in the Horn of Africa” (DRIVE) project. Key stakeholders from Somalia will participate in a five-day study tour featuring presentations, panel discussions, and industry visits, with expertise on Takaful solutions shared by IDF members.

Date

11th June, 2024

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