Insurance industry collaborates on development forum
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The International Insurance Society on Thursday said it has formed the Insurance Development Forum, a collaboration between the United Nations, the World Bank Group and the insurance industry.
The forum aims to incorporate insurance industry risk measurement expertise into existing governmental disaster risk reduction and resilience frameworks and to build out a more sustainable and resilient global insurance market, the IIS said in a statement.
The IDF will be chaired by the chairman-elect of the IIS, Stephen Catlin, non-executive deputy chairman of XL Catlin and chairman of the Association of Bermuda Insurers and Reinsurers.
Joaquim Levy, World Bank Group managing director and chief financial officer and former Minister of Finance of Brazil, and Helen Clark, administrator of the United Nations Development Program and former Prime Minister of New Zealand, will co-chair, according to the statement.
“The formation of the IDF is an important milestone in the evolution of the IIS, supporting the IIS mission to serve as a diverse and impartial global platform for the insurance industry to collaborate across borders and industry sectors, and to form alliances with governments and NGOs in order to mitigate the Protection Gap and build resiliency and sustainability,” Michael J. Morrissey, IIS President and CEO, said in the statement.
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