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Insurance CEOs sign up to reduce climate change impact

The New York-based global Insurance Development Forum (IDF) has appointed an advisory committee of leading insurance CEOs to map out the insurance industry role in stemming the impact of climate change.

The forum has been formed in partnership with the United Nations and World Bank to focus on applying insurers’ risk expertise to the insurance-related challenges presented by the UN Sustainable Development Goals, the Paris Climate Agreement and the Sendai Framework for Disaster Risk Reduction.

These include confronting the challenge of climate risk and natural disasters, the protection gap and resilient development.

The IDF is chaired by XL Catlin Executive Deputy Chairman Stephen Catlin and co-chaired by former New Zealand Prime Minister Helen Clark and World Bank Group CFO Joaquim Levy. Ms Clark is currently the administrator of the UN Development Program and a contender for the soon-to-be vacated UN secretary-general’s chair.

Mr Catlin says the CEOs will contribute “essential risk management experience”.

“This expertise will enormously benefit governments, since research has shown that a 1% increase in insurance penetration can reduce the disaster recovery burden on taxpayers by 22%,” he said.

“These insurance industry CEOs will commit their time and their staff’s risk expertise to help protect people and property from natural disasters.”

The CEOs appointed to the IDF steering committee are Lloyd’s CEO Inga Beale; Axis Capital CEO Albert Benchimol; Aon CEO Greg Case; Axa Deputy CEO Denis Duverne; Marsh & McLennan CEO Daniel Glaser; Willis Towers Watson CEO John Haley; Scor Re CEO Denis Kessler; Swiss Re CEO Reinsurance Christian Mumenthaler; The Hartford CEO Chris Swift; Aviva Chairman Maurice Tulloch; and Munich Re Chairman Nicholas Von Bomhard.

Mr Catlin says the IDF’s priorities include recommending appropriate insurance regulation and legislation to promote access to insurance; promoting and designing public-private partnerships and private sector initiatives that promote risk transfer; and supporting governments in managing risk and incorporating resilience into natural and man-made infrastructure.