IIS chief shows commitment to risk framework
Mike Morrissey, chief executive officer of the International Insurance Society (IIS), conveyed the insurance industry’s commitment to a framework designed to create a more sustainable society, which had been unveiled on the opening day of the Paris COP21 conference on climate change.
The A2R Framework - Anticipating Risk; Absorbing Shocks and Reshaping Society to be more resilient – had been launched by the secretary general on the opening day of the Paris COP21 conference.
Speaking at the UN’s annual climate change forum, Paris COP21, which saw the participation of more than 180 countries, Morrissey said: “A2R provides a shared framework across public, private and scientific sectors, a collaboration vital to effectively address resilience needs.”
He added: “Risk modeling is essential to managing risk, investing in resilience and underpinning insurance development. Insurers have transformed their own resilience this way over the last two decades and these techniques should be more widely adopted. Our objective is global coverage and inclusive access to these essential tools.”
Morrissey chronicled industry mobilisation in support of A2R objectives including the Resilience Modelling & Mapping Forum, a collaboration between the global insurance industry and other partners to increase risk understanding and resilience through tools and techniques of insurance risk modelling.
The Resilience Modelling Forum is supported by RenaissanceRe in conjunction with the World Bank, the UN, Oasis and governments. Willis Group has also committed $1 million to support its preparation and AIR Worldwide, a leading risk modelling firm has also confirmed its commitment to the Resilience Modelling Forum.
Other examples include the Disaster Risk Financing Facility, created by Lloyd's companies to support the G7 target and related programmes, and, announced this week, the International Cooperative and Mutual Insurance Federation International Cooperative and Mutual Insurance Federation’s (ICMIF) strategy to bring mutual micro-insurance protection to 25 million people by 2020, and Swiss Re’s reaffirmation of their commitment to increase access to insurance around the world.
“A2R consolidates the international community around resilience: the insurance sector must not just respond, but lead,” added Morrissey.
“For the past year the industry has been working with key partners including the UN Development Program, the World Bank and member Governments, to establish a new institution, the Insurance Development Forum, to mainstream and accelerate the impact of insurance to support climate resilience.”
The Insurance Development Forum will convene for the first time in conjunction with next year’s IMF-World Bank Spring Meetings, to agree upon shared development targets through to 2020. The Insurance Development Forum will then meet regularly in the margins of the June International Insurance Society Global Insurance Forum, which this year will convene in Singapore, and then in the margins of the UN General Assembly each September.
“As a leading impartial and inclusive industry forum, the IIS collaborates with and advises the UN on a range of insurance related initiatives centered on the contribution of the insurance industry in confronting critical challenges facing society today,” said. Morrissey.
