IIS Global Insurance Forum: Disaster reseliency requiring closing the insurance protection gap
After any natural or manmade disaster, the speed of recovery is affected by two things: the amount of damage sustained and the preparedness initiatives undertaken well in advance of the event. How well any entity or individual bounces back after an adverse situation is a gauge of financial resilience, and insurance is an essential tool in improving the odds.
The forum will is held at the Park Plaza Westminster Bridge Hotel in London, starting today through Thursday, July 20, and brings together more than 500 insurance leaders from more than 40 countries. The wide-ranging discourse covers considerable ground, with a focus on amplifying public understanding of insurance as a resiliency tool.
Given that both natural and manmade disasters are occurring with increasing frequency, the costs of those events can bring immediate and lingering negative effects on governments, communities, businesses and individuals. Proper insurance mitigates the impacts. Expert panels at the forum will address the challenge of encouraging vulnerable populations to purchase the proper insurance coverage and the misperceptions and misunderstanding involved with an overreliance on limited government aid.
"Major disruption is occurring in everything from natural, weather-related events to technological advancements to ever-present cybercrime, and those forces are driving unprecedented change in the insurance industry," said Mike MORRISSEY, IIS President & CEO. "This forum gathers thought leaders, innovators and stakeholders to provide the insights necessary to channel disruption, adapt to it and help the industry to continue to thrive."
Aligned with the topic of resiliency is sustainable development, which will be the keynote address on July 20. Sustainable development means economic growth without sacrificing natural resources, with the desire to address present needs without compromising future needs. The Insurance Development Forum (IDF), a public/private partnership led by the insurance industry and supported by international organizations, brings together a panel that will include Stephen CATLIN, IDF chairman, Joaquim LEVY, managing director and CFO of World Bank Group, and Jo SCHEUER, director of climate change and disaster risk reduction for the United Nation's Development Programme.
"Under-insurance is a global problem, and it necessitates considering its implications in all nations, but particularly in developing economies," said Stephen Catlin, IDF chair. "Sustainable development is not an option but a requirement, as it keeps health and wellbeing as cornerstones to conversations about creating a sustainable infrastructure. No single organization, company or individual can solve these challenges alone. Collaboration and partnerships created and nurtured at the forum keep the momentum moving forward."
Additional topics at the forum include presentations from executives, academics and policymakers on issues ranging from climate and extreme events to cyber risks. The IIS Global Insurance Forum agenda is available on the IIS website, as well as a list of speakers.