Insurance Development Forum Reports on 2020 and the Progress of Its Working Groups During COVID-19

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The Insurance Development Forum (IDF), a public/private partnership led by the insurance industry and with the UN, World Bank and other international organisations from the public sector as members, has released its 2020 in Review report outlining the progress of its Working Groups during a year of operational transformation, action and delivery for the increasingly global and influential organisation.

Despite a year of immense challenges amidst the COVID-19 pandemic, it was also a year of adaptation, teamwork, and achievement of key milestone goals. The experiences in 2020 reinforced the importance and purpose of the IDF’s push for resilience.

Denis Duverne, IDF Steering Committee Chair and Chairman of the Board at Axa, said: “The IDF has had its most ambitious year yet, despite the immense challenges faced across the world in the context of the COVID-19 pandemic. None of this would be possible without the drive, determination and commitment of our partners. I wish to thank all the members, partners and supporters of this remarkable public-private institution.

“The need to build greater resilience for vulnerable people against disasters and crises has never been more tangibly demonstrated than in 2020. The COVID-19 pandemic has exposed the weaknesses of current Disaster Risk Financing (DRF) systems with absolute clarity. The IDF is uniquely positioned to be part of these vital conversations, bringing public and private sectors together to enhance the understanding of pandemic risk.

“With this said, the climate crisis has not dissipated in the face of the pandemic. It is clear that the parallels between the pandemic and the climate crisis are entirely relevant to the work of the IDF: the global nature of impact of both, the systemwide socio-economic damage caused by both, and most poignantly, the disproportionate impact of both crises on poorer, more vulnerable people.

“As we prepare for the 2021 United Nations Climate Change Conference (COP26) our message is clear: the transition to a more climate-resilient world must happen now. The IDF’s key focus remains on building resilience for climate-vulnerable nations and actors. Now more than ever, we are in the spotlight to drive real, systemic change.”

https://thefintechtimes.com/insurance-development-forum-reports-on-2020-and-the-progress-of-its-working-groups-during-covid-19/