The United Nations-backed Insurance Development Forum (IDF) has agreed a risk management strategy for regions vulnerable to climate and disaster hazards.

The forum, meeting at the sidelines of the annual UN General Assembly, approved the establishment of a technical assistance facility to gather resources from private and public insurers, and support programs for managing the financial fallout of climate events.

It also aims to increase the use of insurance in developing countries.

“With growing natural disaster losses it is essential that governments learn how to incorporate risk management fundamentals into their planning, budgeting and governing processes so their citizens can be better protected,” IDF steering committee chairman Stephen Catlin said.

“The world is watching to see whether this unique public and private sector partnership can deliver results that will use insurance industry risk management skills to build resilience that benefits economies and families.”

The IDF was set up in April to aid global disaster management. It is a public-private partnership between leaders of the UN, the World Bank Group and the insurance industry.

It is based at the International Insurance Society in New York.

The IDF’s insurer members include Aon, Aviva, Munich Re, Swiss Re, XL Catlin and Axa.