New York, CsocD56's side event conclusions: The need to close the NatCat protection gap is greater than ever

Monday 5 February 2018, hosted by BJD Consulting at the United Nations Headquarters in New York, a Side-event to the 56th Commission for Social Development 2018 took place with the priority theme "Closing the protection gap for all".

The event was organized with the support of IIS - the International Insurance Society while XPRIMM Publications offered their media support.

Chaired by H.E. Mrs. Louise KANTROW, Former Permanent Representative & Observer to the United Nations for the International Chamber of Commerce, the meeting benefitted from the contribution of an exquisite team of speakers: Mike MORRISSEY, President & CEO, International Insurance Society (IIS) - Committee Member, Insurance Development Forum (IDF), an IIS initiative supported by the World Bank and The United Nation, Thomas HOLZEU, Chief Economist, Swiss Re Americas - Shin Research Excellence Award for research on natural catastrophes protection gap, Jonathan MINTZ, President & CEO, Cities for Financial Empowerment Fund, Inc, Chloe DEMROVSKY, President & CEO, Disaster Recovery Institute International, Aris PAPADOPOULOS, Founder & Chair, Resilience Action Fund - Board Member, UNISDR-ARISE Private Sector Partnership.

As stated by Bogdan J. DUMITRESCU, Founder & CEO of BJD Reinsurance Consulting, Organization in Consultative Status with the Economic and Social Council of the United Nations in the event's opening address, there is no doubt that "the insurance protection gap is widening. A major part of economic losses from natural hazards remain uninsured. Growing evidence indicates that countries with greater penetration of insurance coverage have faster economic recoveries from disasters and rebuild with greater resilience to future disasters. The role of insurance is paramount."

He also emphasized that although "the world has never been as generous in providing resources to support people around the world affected by disasters, never before has the need been so great. More people, assets, infrastructures and activities are at risk from disasters, natural hazards and climate change than ever before, and the risk is accumulating at an unprecedented rate, threatening efforts to sustainably reduce poverty."

All the above considered, "BJD Reinsurance Consulting supports the Governments and the global insurance industry common action that offers new perspectives and ideas on disaster resilience, mitigation, recovery and protection. It does not focus on a single solution, region or challenge. Rather it aims to provide a clear rationale for change, a framework for action and a set of solutions that could be applied to the challenge. We hope this initiative catalyzes action and ideas around the world," DUMITRESCU said.

Related articles

Russian insurers set 4 key targets for ARIA in 2018

Representatives of insurers, members of All Russian Insurance Association, determined 4 key tasks for 2018: development of MTPL, life insurance, medical insurance, as well as improvement of legislation for home insurance against emergency cases, - said President of ARIA and RAMI, Igor YURGENS.

2018-02-15

RNRC released its 2017 portfolio of losses

Russian National Reinsurance Company published its official report on loss portfolio for 2017. The report provides distribution of losses by classes, contract types and geography of insurance events.

2018-02-15

Profit of ERGO Insurance group in Russia in 2017 increased by 39%

Net income of ERGO in Russia in 2017 increased by 39% up to RUB 314.4 million (EUR 4.56 million). GWP of ERGO group in Russia in 2017 increased by 9.5% up to RUB 9.7 billion (EUR 140.8 million). Total claims increased by 9% up to RUB 3.5 billion (EUR 50.8 million).

2018-02-15

ON THE MOVE

AIG appoined former CIA attorney as General Counsel

American International Group (AIG) announced that Caroline KRASS will join the company as Senior Vice President and General Counsel, General Insurance, and Deputy General Counsel, AIG, effective in March 2018.

13.02.2018

TOP EVENT

"Insurance and Pensions reloaded" - the 7th EIOPA Annual Conference

The 7th EIOPA Annual Conference takes place today in Frankfurt am Main, Germany. A review of the current supervisory covergence issues and of the prospects of the Pan European Personal Pension Product are on the event's agenda, together with analyzing the ways in which regulation may enable innovation.

22.11.2017

photodune-3834701-laughing-girl-xs

"IIF2017 - Insurance in the DIGITAL World" Conference took place in Vienna

"IIF2017 - Insurance in the DIGITAL World" conference brought together in Vienna well-known insurance professionals from all over the world who analyzed the latest digital trends in the industry, taking into account the fast digitalization of the financial services providers' world, in particular in the insurance field, which is creating both huge opportunities and strong challenges for the players.

14.11.2017

photodune-3834701-laughing-girl-xs

Croatian Insurance Days Live

On 9 November has started in Opatija, Croatia, the 2017 edition of the Croatian Insurance Days Conference, the traditional meeting of the Croatian insurance top professionals with their European peers. XPRIMM Publications are supporting the event as Media Partners.

09.11.2017

photodune-3834701-laughing-girl-xs

The 2017 Baden Baden Meeting: Short recap

The Baden-Baden meeting, one of the key events in the reinsurance calendar, has just set the final point of this year's edition. XPRIMM Publications have reported from the meeting's premises. Let's recap!

26.10.2017

Baden Baden Headlines 3: CEE insurance markets are attractive for reinsurers

Central and Eastern Europe insurance markets are an important source of business for Lloyds, total premium income from this region increasing by EUR 64 million since 2010, pointed out the Lloyd's representative in a seminar dedicated to CEE insurance markets: "We are seeing strong growth from Czech Rep, Poland, Slovakia and Ukraine. At the same time are some contractions from Russia, Bulgaria, Romania and Hungary due to challenging trading conditions as political implications and other sanctions".

25.10.2017

Baden Baden Headlines 2: cyber insurance market set to grow under regulatory presure; nat cat events more frequent, but losses per event are decreasing

Asian insurance market, especially the Indian market - are considered to be "the new El-Dorado" of the global re/insurance market, with rapidly expanding markets and an dynamic environment: "Indian P&C re/insurance markets are expected to grow at a pace of 15% per annum", according  to Victor PEIGNET, CEO, Global P&C, SCOR SE. The French -based reinsurer setted-up its Indian branch in 2016, after the authorisation from the local market authority - IRDAI. India's re/insurance market has become more attractive for global companies following the relaxation of regulatory requirements, and lately, "big names" in the industry entered the market by opening branches: GEN Re, SCOR, Lloyd's of London, MUNICH Re, SWISS Re, Reinsurance Group of America (RGA), HANNOVER Re, XL Catlin and others.

24.10.2017

See all