CEO Inga Beale today emphasised the important role the insurance sector plays helping developing countries build resilience to natural disasters.
Beale was speaking on the first day of the Commonwealth Heads of Government meeting in London.
“Sadly, many of the world’s most vulnerable countries also have the biggest protection gap, meaning that recovery is slow and costs so high that rebuilding takes significantly longer,” the Lloyd’s CEO said. “Insurance exists to provide critical support in times of disaster, enabling quick recovery and economic protection.”
“Lloyd’s has worked in partnership with the Department for International Development to co-sponsor the Global Centre for Disaster Protection’s first Innovation Lab focussed on developing new financial instruments that combine incentives for resilience with risk transfer. This initiative is part of a collaborative effort to help mitigate the devastating and long-term economic and social impacts of disasters most keenly felt by developing nations around the world and across the Commonwealth.”