Insurance Development Forum on "opportunity to do more, do better, do faster"

Insurance industry-led public-private partnership considers COP28 a pivotal moment

Insurance Development Forum on "opportunity to do more, do better, do faster"


By Terry Gangcuangco

The Insurance Development Forum (IDF) believes the recently concluded 2023 United Nations Climate Change Conference of the Parties (COP28) in Dubai has been pivotal in recognising insurance’s role when it comes to adaptation and resilience.

“Throughout COP28, the IDF contributed to the discussions and advocated for the critical role of insurance in addressing the climate crisis,” the insurance industry-led public-private partnership said in a communiqué. “The IDF and its partners witnessed a groundbreaking shift in the recognition of the role of insurance in strengthening resilience and adaptation.

“For the IDF, COP28 served as a pivotal moment, reflecting the organisation’s unwavering commitment to drive resilience and adaptation through leveraging insurance and its related risk management capabilities.”

During the conference, the IDF pursued three core objectives – showcasing solutions, building partnerships, and shaping public policy – while delivering and supporting various developments in areas like risk analytics and financial protection.

“COP28 was a crucial platform for the insurance industry, and the IDF played a central role in advocating for the role of insurance in addressing climate risks and building resilience for climate-vulnerable countries,” Zurich Insurance Group and IDF chair Michel Liès stated.

“Through our focus on implementation in close collaboration with public sector partners, we have built an institution that can shape policy and facilitate further engagement in climate resilience and adaptation. We have become a trusted partner for the public sector to engage with the insurance industry and drive action, the result of which was clearly felt at COP28.”

IDF secretary general Ekhosuehi Iyahen added: “2024 presents the opportunity to do more, do better, do faster with an unrelenting focus on implementation. It presents the opportunity to act with courage and support the fundamental role of the industry in deepening global resilience, and the IDF will play its part.”

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