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The task force aims at enabling a shift within the insurance industry from a sole focus on providing risk transfer products and services as a means to protect the insured, to an emphasis on prevention through DRR incentives, awareness, capacity and financing.

Climate change jeopardises socioeconomic stability and sets back efforts at development. Until recently much of the dialogue on climate change has been on climate risk mitigation actions and solving for decarbonation to prevent damage from getting any worse. However, climate change mitigation is only one part of the story. The impacts of climate change are here to stay, and we need to also focus on preventing new risks and reducing existing risk.

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We need to increase our ability to recover from specific disasters; reducing vulnerability and promoting resilience (both physical and financial) to catastrophe. Climate risk adaptation is vital to make society resilient to the impacts of climate change. Meanwhile, disaster risks beyond those related to climate-change also require greater attention to mechanisms for preventing these risks from materialising and limiting their impact when they do.

The task force has defined 3 key focus areas to increase focus on disaster risk reduction:

  • Awareness, Education & Communication
    • Strengthen the narrative on the convergence between insurance and disaster risk management and its contribution to society through showcasing of examples of how insurers engage with clients and implement DRR mechanisms
    • Bring awareness to private and public sector of the key role of the insurance industry in terms of Disaster Risk Reduction and foster actions in this area
  • Standard Setting & Measurement
    • Establish standards for measuring integration of DRR industry mechanisms in business and on sovereign level
    • Develop practical guide for integrating DRR mechanisms into industry practices, IDF projects and, on sovereign level, documenting the value of holistic disaster risk thinking
  • Capitalising on Synergies & Integration
    • Engage with other IDF working groups such as the Sovereign and Humanitarian Solutions (tri-partite agreement) and Inclusive Insurance working groups, while co-create operating model for more comprehensive integration of DRR mechanisms into country programs
    • Engage with other organisations (e.g., humanitarian, and initiatives to identify opportunities for DRR mechanism integration).
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Group Members

Leadership

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Saoirse Jones

Member of IDF Operating Committee and Co-Chair of IDF Disaster Risk Reduction Task Force (DRR)

Zurich Insurance Group

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Shaun Tarbuck

Ex-Officio Member of IDF Steering Committee, Member of IDF Operating Committee and Co-Chair of IDF Disaster Risk Reduction Task Force (DRR)

ICMIF (International Cooperative and Mutual Insurance Federation)

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Mathieu Verougstraete

Member of IDF Operating Committee and Co-Chair of IDF Disaster Risk Reduction Task Force (DRR)

UNDRR

Membership

  • AXA Climate
  • Guy Carpenter
  • ICMIF
  • Marsh McLennan
  • Renaissance Re
  • SCOR
  • Symmetry Solutions
  • UNDRR
  • Zurich Insurance Group

Awareness, Education & Communication

  • Strengthen the narrative on the convergence between insurance and disaster risk management and its contribution to society through showcasing of examples of how insurers engage with clients and implement DRR mechanisms
  • Bring awareness to private and public sector of the key role of the insurance industry in terms of Disaster Risk Reduction and foster actions in this area

Standard Setting & Measurement

  • Establish standards for measuring integration of DRR industry mechanisms in business and on sovereign level
  • Develop practical guide for integrating DRR mechanisms into industry practices, IDF projects and, on sovereign level, documenting the value of holistic disaster risk thinking

Capitalising on Synergies & Integration

  • Engage with other IDF working groups such as the Sovereign and Humanitarian Solutions (tri-partite agreement) and Inclusive Insurance working groups, while co-create operating model for more comprehensive integration of DRR mechanisms into country programs
  • Engage with other organizations (e.g., humanitarian, and initiatives to identify opportunities for DRR mechanism integration).