INTRODUCTION PROMOTING CLIMATE RESILIENCE CLOSING THE PROTECTION GAP INDUCING POSITIVE SOCIETAL CHANGE GOVERNANCE APPENDIX Insurance Development Forum We promote sustainability in the insurance industry through our active participation in the IDF. As a public-private partnership established in 2015, the IDF facilitates collaboration and coordination between the insurance industry, governments and international organizations to promote risk management practices, insurance coverage and financial protection against climate and disaster risks. As co-chair of the IDF’s Risk Modelling Steering Group (RMSG), we strive to enhance global understanding and quantification of natural hazards and disaster risk by leveraging risk analytics capabilities in the reinsurance sector. Through the RMSG, we advocate for open-source risk modeling platforms and data standards to promote widespread dissemination of risk insights that benefit vulnerable countries, agencies and all sectors, while increasing operational efficiencies in risk modeling. The RMSG aims to: • Improve access to open-source risk modeling platforms for vulnerable countries; • Improve data standards; and • Enhance local risk understanding for better decision-making in investment and risk management. We actively play a role in the Global Risk Modelling Alliance (GRMA), which is a collaborative effort between the IDF, V-20 climate-vulnerable countries and the Federal Ministry for Economic Cooperation and Development (BMZ). The GRMA aims to provide technical assistance and expertise on model development in climate-vulnerable countries, and is hosted by the InsuResilience Solutions Fund. Our position enables us to provide climate and disaster risk insights, work with officials and local experts, and offer open risk management tools, data, and operational risk finance expertise in regions that are lacking these resources. We support the newly established Global Shield against Climate Risk, which is a collaborative initiative between -20 climate-vulnerable countries, launched at COP27. The Global Shield will leverage the GRMA the G7 and the V in delivering its strategic objectives of providing capacity building and support to climate-vulnerable countries in assessing and managing climate-related risks. We are proud to be a founding member of the Oasis Loss Modelling Framework, sponsored by a collaborative ffort with other industry leaders, which aims to reduce operational costs, increase transparency, and promote e consumer choice, all while promoting equality of access to critical risk information. We also support the development of Open Exposure Data Standards (OED) which provides universal data formats for risk modeling. Improved risk analysis and understanding in the V-20 climate-vulnerable countries opens the door to resilient investment and can reduce the burden on governments by transferring risks to capital and insurance markets that have the capacity and expertise to better bear them. Ian Branagan, EVP and Group Chief Risk Officer, RenaissanceRe and Co-Chair of IDF Risk Modelling Steering Group 29