TOP EVENT: IIS Global Insurance Forum, Day 3

21 June 2019 — Mihaela CIRCU
The 3rd day (21 June) of the Global Insurance Forum is organized in partnership by IIS - International Insurance Society and IDF - Insurance Development Forum, and is focused on the protection gap and building resilience.



DAY 3 MAIN STATEMENTS


Denis DUVERNE,
Chairman, IDF - Insurance Development Forum
  • We have a responsibility to expand and replicate climate insurance schemes especially in the context of climate change. Insurance has a key role to play in building climate resilience: from cat risk modelling to risk absorption.

Achim STEINER,
Administrator, United Nations Development Programme (UNDP) and IDF Co-Chair
  • Development needs insurance and insurance needs development. Resilience is predicated on dealing with unmanaged risk which insurers have dealt with for more than 100 years

Geoff SUMMERHAYES,
Executive Board Member, APRA
  • Climate risk is both an environmental problem and an economic one. We pay something now, or we pay a lot more later

Willim MARCOUX,
WCM Advisory, IDF
  • We know that the protection gap is huge, massive, increasing in some market. The problem persist, even after years of effort. The issue we should address is what can the industry do to decrease this.

Jad ARISS,
General Secretary, GENEVA Association
  • Generally, we are talking about the protection gap related to climate and catastrophe, but this is also related to health, in emerging countries
  • There are five factors that contribute to the protection gap:
    1. Institutional factors - the legal environment, the trust in the system,
    2. Social demographic causes, related to financial education
    3. Economic factors - mainly related to the perception of the cost
    4. Behaviour causes - the desire for instant gratification, the optimism especially related to low frequency risks,
    5. Cultural causes - related to religion



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