Tuesday, September 26, 2017

Insurance Development Forum begins work in Singapore

This last weekend in Singapore, the Insurance Development Forum (IDF) began its work with 90 public and private sector participants engaged in eight working groups with two days of deliberations in an open forum in conjunction with the Global Insurance Forum of the International Insurance Society.

IDF chair Stephen Catlin noted this is the beginning of a critically important process that will result in specific insurance risk transfer, public policy and resilience recommendations to be considered by the newly appointed IDF Steering Committee at its late-September meeting to be held in New York on the margins of the UN General Assembly session.

“This public private partnership between insurers, the UN and the World Bank creates a once-in-a-lifetime opportunity for insurers’ risk management skills to be applied to close the protection gap,” said Catlin, who is also executive deputy chair of XL Catlin and chair of the Association of Bermuda Insurers and Reinsurers.

In conclusion, Catlin commented that he was greatly encouraged to see Jeremy Cox, CEO of the Bermuda Monetary Authority (BMA) in attendance at the workshops.  “This is a very positive step to see a senior regulator engaged. Many of these eight work-streams involve insurance regulatory systems that must encourage use of reinsurance to diversify risk across borders; and that must allow the sale of micro insurance products that mutualise risk. We will need senior insurance regulatory officials to address critical issues that impede the deployment of insurance capital.”

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