The Insurance Development Forum (IDF), alongside the Agence Française de Développement and Expertise France (together AFD Group), has announced the formation of the Integrated Disaster Risk Management Alliance (IDRIMA) to strengthen the long-term resilience of sovereign, sub-sovereigns and public utilities in the Global South to the impacts of climate disasters.
Signed at the IDF Summit 2024, the partnership aims to achieve the abovementioned goal through comprehensive financial solutions, reportedly combining the expertise of Development Finance Institutions (DFIs), Public Development Banks (PDBs), and insurers.
The IDRIMA Operational initiatives will initially focus on three key areas: Policy Dialogue, Default Protection Cover, and Public Asset Financing and Protection.
Michel Liès, Chair of the IDF Steering Committee and Chair of Zurich Insurance, commented, “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.”
