Indirect mechanisms – for insurance providers to reduce disaster risks: Investments - Ensure investment reduces and prevents risk and builds resilience.Prerequisites - Include prerequisites and exemptions to provide incentives for risk reduction.Pricing - Apply variable pricing of insurance to provide incentives for risk reduction.Seven mechanisms for supporting disaster risk reduction and resilience through cooperative and mutual insuranceĭirect mechanisms – for insurance products to reduce disaster risks: Building on this, ICMIF has now created this case study hub, with aim to showcase the multitude of risk reduction stories from mutuals around the world.
The result of this bore a report that identified what is needed in practical terms to enable a shift within the insurance industry from a focus on providing risk transfer products and services as a means to protect the insured from disaster risks, to an emphasis on prevention through disaster risk reduction incentives, awareness, capacity and financing. In November 2019, the International Cooperative and Mutual Insurance Federation (ICMIF) and the United Nations Office for Disaster Risk Reduction (UNDRR) began a multi-year collaboration to help address the urgent challenge of reducing disaster risks. Guide to microinsurance for ICMIF members.United Nations Office for Disaster Risk Reduction (UNDRR).United Nations Development Programme (UNDP).Peak Re: Risk and capital management of mutuals.Mutual insurance in the 21st century: back to the future?.Mutual microinsurance and the Sustainable Development Goals.EY Global Insurance Mutual Market Scan: Key principles of mutual differentiation.From protection to prevention: The role of cooperative and mutual insurance in disaster risk reduction.ICMIF Members Sustainable Investment Report 2021.NEW: ICMIF Members: Key Statistics 2022.
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