London, UK 5 June 2025 – The Insurance Development Forum (IDF) and the Bridgetown Initiative today announced a strategic partnership at the IDF Summit 2025, aimed at accelerating the integration of insurance into the international financial architecture (IFA) as a key part of the toolkit for enhancing resilience in Emerging Markets and Developing Economies (EMDEs).
Climate-related catastrophes are increasing in frequency and impact, with nations most vulnerable to disasters bearing severe economic costs. For the least developed countries, the impact is around 10 times more than in the richest countries as a share of their gross domestic product (GDP). When these or other natural disasters strike, development plans often need to be postponed, and/or hard-won development gains are lost. Strengthening the physical and economic resilience of these economies is essential, not only to withstand the impacts of disasters, but also to unlock greater investment and support their critical development, resilience and growth agendas.
The new public-private partnership seeks to elevate insurance as a central enabler in the global response to climate and other natural disaster risks, with a view to leveraging the full capabilities and functions of the insurance industry in enhancing resilience for vulnerable nations.
In a first step, the new partnership will publish a seminal paper during London Climate Action Week, outlining specific recommendations that different actors across the public and private sectors can implement in order to support this goal. Realising the full potential of insurance requires close collaboration between the industry and across a range of stakeholders, including EMDE governments, Multilateral Development Banks (MDBs), bilateral donors and regulators.
In a second step, IDF and the Bridgetown Initiative will unite to drive engagement and action to see the recommendations from the paper implemented. This will include both political engagement and technical work.
- The Bridgetown Initiative will engage with the COP30 Presidency and other critical fora specifically centered on climate vulnerable countries, donor governments and MDBs, to strengthen the inclusion of insurance in the global IFA reform processes
- IDF will lead the technical design and execution of insurance solutions in countries where the approach proposed in the paper can be demonstrated, and ensure representation of the insurance industry in high-level policy reform platforms.
- Together, the IDF and the Bridgetown Initiative will advocate with EMDE governments to champion insurance inclusion in global IFA reform processes as appropriate.
The work to develop the paper to be published soon is also supported by the Government of Denmark though the Danish Ministry of Foreign Affairs, as part of its commitment to a wider set of priorities aimed at providing assistance in the development of critical analytical work that can inform its wider strategic engagement. The partnership is further supported by funding from the Quadrature Climate Foundation, a charitable foundation working to build a just, equitable, and low-carbon future.
This joint effort signals a new chapter in action for enhancing EMDEl resilience – one that puts risk management and long-term financial stability at the heart of development finance.
Ekhosuehi Iyahen, Secretary General, Insurance Development Forum, said:
“This partnership brings together the Bridgetown Initiative’s deep, practical understanding of the realities faced by vulnerable countries with the IDF’s technical insurance expertise, global reach, and our combined proven track records of project execution in emerging and developing markets. The upcoming paper will provide a clear pathway to embed insurance within development finance strategies and support countries in strengthening their long-term resilience. We are united by a shared commitment to move beyond theory to implementation.”
Pepukaye Bardouille, Director, Bridgetown Initiative and Special Adviser on Climate Resilience, Barbados Prime Minister’s Office, said:
“For many vulnerable nations, climate disasters are not rare events. They are a lived reality, disrupting lives, economies, and hard-won development gains. The Bridgetown Initiative is working to redesign the international financial system to serve the needs of those on the frontline of the climate crisis. Insurance has a critical role to play in that transformation. This partnership with the IDF brings together tremendous expertise to co-create practical, scalable and affordable solutions that support resilience-building. We are excited to present a more holistic view of IFA reform through this partnership.”
Katherine Stodulka, Programme Director, Quadrature Climate Foundation, said:
“The new climate reality demands bold leadership and a sharper focus on proven tools that can build resilience and accelerate our response to escalating climate risks. Tackling this challenge requires catalytic partnerships across the financial system. This is why we support the collaboration between the Insurance Development Forum and the Bridgetown Initiative. We welcome the upcoming paper and the next phase of implementation, which will help strengthen resilience in countries and communities that are most exposed to climate impacts and often underserved by traditional financial mechanisms to manage risk.”