The Insurance Development Forum (IDF), chaired by Michel Liès of Zurich Insurance, and the French Development Agency Group (AFD Group) have formed the Integrated Disaster Risk Management Alliance (IDRIMA).
The partnership aims to enhance long-term resilience against climate disasters in the Global South by integrating robust financial solutions.
The IDF plays a pivotal role in recognising the importance of insurance in bolstering resilience and adaptation to climate change.
Zurich Insurance, under Michel Liès’ leadership, contributes extensive expertise in risk management and financial solutions.
Signed at the IDF Summit 2024, IDRIMA seeks to embed risk management into financial strategies for sovereigns and utilities vulnerable to climate disasters. Initiatives include integrating insurers’ insights into policy dialogues, designing protection against defaults, and financing asset protection.
The partnership addresses critical gaps highlighted in COP negotiations, emphasising resilience, adaptation, and climate finance integration. It aims to enhance stability and sustainability across vulnerable communities by protecting essential services like water and energy.
Michel Liès, Chair of the IDF Steering Committee and Chair of Zurich Insurance, said, “The IDF and its members are at the forefront of recognising the essential role of insurance in enhancing resilience and adaptation. This alliance with the AFD Group is a significant step forward in our mission to integrate disaster risk management with climate adaptation strategies. By embedding risk management measures and actions into financial solutions from the outset, we can offer better protection measures to sovereigns in addition to ensuring critical infrastructure in the Global South is resilient to disasters over the long-term. This partnership will also help protect essential services such as water and energy, ultimately enhancing the stability and sustainability of communities vulnerable to disaster impacts.”
Christine Poursat, head of AFD Financial Systems said, “Tackling the impacts of climate change requires an unprecedented effort across all sectors of society. The IDF and AFD Group’s joint commitment aims to accelerate the identification and adoption of comprehensive financial solutions to better protect against climate disaster risks. The alliance will leverage on the private insurance industry’s expertise and work closely with PDBs to develop robust solutions for vulnerable countries, enhancing resilience and adaptation to climate change.”
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