The LRRP led the writing and publication of an IDF proprietary report entitled ‘How Technology Can Help Bridge the Protection Gap’, with significant support from international law firm, Clyde & Co. The report looks at innovations and advancements in data collection, data analytics, new services and products and digitisation, all of which can enhance the use of insurance sector capabilities to better enable sovereign and sub-sovereign disaster preparedness and asset reinstatement.
The paper considers these innovations and analyses the legal, regulatory and public policy challenges ahead. Among several recommendations, the paper calls for the insurance sector, regulators, legislators, policymakers and other stakeholders to encourage and facilitate the collection and sharing of critical data, to support the development and sharing of risk models for emerging economies, pursue regional alliances, and update key laws and regulations around parametric covers, intermediaries, data privacy, regulation of drones, and earth observation technologies.
26th August, 2020