The Bank of England governor has joined the board of the Insurance Development Forum (IDF), which was formed in late 2015, adding weight to its roster of insurance executives.
The IDF's mandate is to bridge the gap between insurers and development agencies in seeking to address the gap between losses incurred in natural disasters and those covered by insurance.
Mr Carney, in his role as chair of the Financial Stability Board, has taken a position on the IDF steering group, along with Lloyd’s of London chief executive Inga Beale, Munich Re chairman Nikolaus von Bomhard and incoming Swiss Re chief Christian Mumenthaler. Axa’s Denis Duverne and Scor’s Denis Kessler are also in the group, as are the chief executives of brokers Willis Towers Watson and Aon. Stephen Catlin of XL Catlin, who co-chairs the IDF — along with former New Zealand prime minister Helen Clark and Joaquim Levy of the World Bank — said it was the first time that so many global insurance executives have been involved in a single group.