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UN-backed forum to advise on disaster risk management

A new industry body, the Insurance Development Forum (IDF), has been set up to aid disaster risk management efforts worldwide.

It has backing from the United Nations and the World Bank Group, and will be based at the International Insurance Society in New York.

“The IDF mission is to better understand and utilise risk measurement tools that will help governments apply that knowledge at multiple levels… to better deploy governmental resources targeting resilience to protect people and their property,” the forum says.

It says it will “enable the optimal co-ordination of insurance related activities… and the avoidance of unhelpful and unnecessary fragmentation of efforts and resources”.

A steering group of leaders from the insurance industry and government institutions will oversee the forum’s efforts.

XL Catlin Executive Deputy Chairman Stephen Catlin will chair the forum.

“Risk identification, measurement, pooling and diversification are essential features of any successful insurance program, and regulation must recognise their value and purpose,” Mr Catlin said.

“These skills can increase the utilisation of insurance, which will reduce the reliance on post-disaster aid and better target resources to the most important and needed humanitarian crises.”