Top names in the insurance industry are to team up with world bodies to boost climate resilience and sustainable growth.

Insurance Development Forum chairman Stephen Catlin has announced the appointment of a 14-strong steering committee of CEOs designed to apply insurers’ risk expertise to the insurance-related challenges presented by the UN’s list of sustainable development goals, the Paris Climate Agreement and the Sendai Framework for Disaster Risk Reduction.

The IDF is a partnership with the UN and World Bank Group, and will include Mark Carney, the governor of the Bank of England and chairman of the Financial Stability Board, and Albert Benchimol, president of Bermudian-based Axis Capital.

Rowan Douglas, of Willis Towers Watson, will serve as chairman of the IDF implementation committee, looking after the delivery of programmes and working groups.

Mr Catlin, who is executive deputy chairman of XL Catlin, said: “Insurers are experts at risk management. These CEOs will bring essential risk management experience to the table, using the same skill set they use to manage their business risk portfolios.

“This risk management expertise will enormously benefit governments since research has shown that a 1 per cent increase in insurance penetration can reduce the disaster recovery burden on taxpayers by 22 per cent.

“These insurance industry CEOs will commit their time and their staff’s risk expertise to help protect people and property from natural disasters.

“With their support, the IDF can overcome its challenges to accomplish its goals.”

The new group will work with senior figures from the UN, the World Bank Group and the Financial Stability Board, as well with other international bodies.

The appointments came after a high-level meeting on resilience called by the UN Secretary General Ban Ki-moon and the first meetings of the IDF in Washington DC last month.

Mr Catlin, who is also chairman of the Association of Bermuda Insurers and Reinsurers, said: “This unique project with the leaders of the UN and the World Bank Group will be closely watched by all to see that we deliver on our promise to support society’s need for natural disaster risk awareness, risk management, resilience and insurance protection.”