Mike Morrissey is President and CEO of the International Insurance Society (IIS), which serves as Secretariat for the Insurance Development Forum (IDF). The IDF is a public/private partnership led by the insurance industry and supported by international organizations such as the United Nations and the World Bank. Here, Mr. Morrissey discusses efforts targeting the ‘protection gap’ through risk pools, risk modeling, microinsurance and the World Economic Forum.
According to Mr. Morrissey, the purpose of the IDF is to promote the understanding of risk and improve resilience around the world. Its primary mission is to address the ‘protection gap’ that exists with respect to natural catastrophes. He points to a Technical Advisory Committee, which has already established a Caribbean Risk Pool.
The IDF is also working on a pool in Southeast Asia with the cooperation of several sovereign nations. In addition, the IDF has undertaken a risk modeling and mapping initiative to help assess risks in underserved parts of the world. A microinsurance facility is being developed together with sovereign nations, particularly the German and UK governments.
Mr. Morrissey believes a recent IDF presentation given by several IDF Steering Company executives at the World Economic Forum in Davos was a big step forward for the organization and its mission.