ICMIF’s partnership with UNDRR
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. 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. 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.
Seven mechanisms for supporting disaster risk reduction and resilience through cooperative and mutual insurance
Direct mechanisms – for insurance products to reduce disaster risks:
- Pricing - Apply variable pricing of insurance to provide incentives for risk reduction
- Prerequisites - Include prerequisites and exemptions to provide incentives for risk reduction
- Investments - Ensure investment reduces and prevents risk and builds resilience
Indirect mechanisms – for insurance providers to reduce disaster risks:
- Awareness & Advice - Raise awareness of the systemic nature of risks and provide transparent information and advice for reducing hazards, exposure, and vulnerability
- Social Capital - Build and share capacity and technology for risk modelling, analysis and monitoring
- Modelling & Data - Promote and enhance local social capital for responding to disasters and innovating to reduce risks
- Collaboration - Collaborate with the public sector to signal unsustainable development and support decision making towards disaster risk reduction and risk-informed investment while closing protection gaps
Please use the sorting/search selection below to sort the case studies by reduction mechanism or hazard.
From protection to prevention: The role of cooperative and mutual insurance in disaster risk reduction
In this first-of-its-kind joint report, From protection to prevention: The role of cooperative and mutual insurance in disaster risk reduction, the International Cooperative and Mutual Insurance Federation (ICMIF) and the United Nations Office for Disaster Risk Reduction (UNDRR) identify seven practical mechanisms for how the cooperative and mutual insurance sector can help drive prevention and disaster risk reduction.