ICMIF Launches New Resiliency Benchmark

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by KnowESG

This week, at its Centenary Conference being held in Rome (Italy), ICMIF launched the ICMIF Resiliency Benchmark which builds on the work set out from the Federation’s partnership with the United Nations Office for Disaster Risk Reduction (UNDRR) to embed disaster risk reduction (DRR) in mutual and cooperative insurance.

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, From protection to prevention: The role of cooperative and mutual insurance in disaster risk reduction, 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 launched the ICMIF Resiliency Benchmark.

ICMIF was present at the signing of the Sendai agreement, and, in 2019, signed a project charter to deliver a report; a knowledge base of case studies the ICMIF Resilience Hub; and a third phase to create a benchmark of best practices from membership examples. The time to create this benchmark is now.

Since 2022, ICMIF has been working with members to develop the ICMIF Resilience Benchmark Survey to gather case studies and data to benchmark members against themselves the seven mechanisms framework.

During 2023, we will be looking for ICMIF members to join the programme and work towards benchmarking their own DRR activities. This is an exciting opportunity to review current business practices and engage with other ICMIF members and learn from their triumphs and best practice.

Source: ICMIF

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