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New York, CsocD56's side event conclusions: The need to close the NatCat protection gap is greater than ever

Monday 5 February 2018, hosted by BJD Consulting at the United Nations Headquarters in New York, a Side-event to the 56th Commission for Social Development 2018 took place with the priority theme "Closing the protection gap for all".

The event was organized with the support of IIS - the International Insurance Society while XPRIMM Publications offered their media support.

Chaired by H.E. Mrs. Louise KANTROW, Former Permanent Representative & Observer to the United Nations for the International Chamber of Commerce, the meeting benefitted from the contribution of an exquisite team of speakers: Mike MORRISSEY, President & CEO, International Insurance Society (IIS) - Committee Member, Insurance Development Forum (IDF), an IIS initiative supported by the World Bank and The United Nation, Thomas HOLZEU, Chief Economist, Swiss Re Americas - Shin Research Excellence Award for research on natural catastrophes protection gap, Jonathan MINTZ, President & CEO, Cities for Financial Empowerment Fund, Inc, Chloe DEMROVSKY, President & CEO, Disaster Recovery Institute International, Aris PAPADOPOULOS, Founder & Chair, Resilience Action Fund - Board Member, UNISDR-ARISE Private Sector Partnership.

As stated by Bogdan J. DUMITRESCU, Founder & CEO of BJD Reinsurance Consulting, Organization in Consultative Status with the Economic and Social Council of the United Nations in the event's opening address, there is no doubt that "the insurance protection gap is widening. A major part of economic losses from natural hazards remain uninsured. Growing evidence indicates that countries with greater penetration of insurance coverage have faster economic recoveries from disasters and rebuild with greater resilience to future disasters. The role of insurance is paramount."

He also emphasized that although "the world has never been as generous in providing resources to support people around the world affected by disasters, never before has the need been so great. More people, assets, infrastructures and activities are at risk from disasters, natural hazards and climate change than ever before, and the risk is accumulating at an unprecedented rate, threatening efforts to sustainably reduce poverty."

All the above considered, "BJD Reinsurance Consulting supports the Governments and the global insurance industry common action that offers new perspectives and ideas on disaster resilience, mitigation, recovery and protection. It does not focus on a single solution, region or challenge. Rather it aims to provide a clear rationale for change, a framework for action and a set of solutions that could be applied to the challenge. We hope this initiative catalyzes action and ideas around the world," DUMITRESCU said.

Author: Daniela GHETU on 08.02.2018

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