IDF Annual Report – 2019 Year in Review

The protection gap remains a persistent issue and continues to grow. Recent statistics indicate that overall losses from natural disasters in 2019 came to US$ 150bn, but only US$ 52bn of these losses were insured 2 . For the IDF, our mandate has become increasingly urgent and 2019 strengthened our focus on concrete action through collaboration.

We have seen a groundswell of interest to engage with the IDF on issues related to addressing climate change and the protection gap. This is driven by the recognition, inside and outside the industry, that there are solutions which the industry can indeed bring to bear to address some of the impacts of climate change being witnessed across the globe.

The creation of the IDF during Paris COP 21 was based on the fundamental principle that the insurance sector can play a significant role in supporting the UN sustainable development goals.

With a focus on delivering solutions, we identified five core areas which informed the establishment of the five IDF working groups: (i) risk modelling; (ii) law, regulation and resilience policies; (iii) sovereign & humanitarian solutions; (iv) inclusive insurance and (v) investments. We also quickly acknowledged that closing the protection gap is a complex task that would require a concerted effort by all sectors to align interests and define practical ways of operationalising collaboration and action.

View Annual Report 2019