With expert content from our partners at BDO and Africa HR Solutions
Purpose of the risk and insurance benchmarking report
The Baldwin Group’s International Aid and Development Organizations (IADO) risk and insurance benchmarking report was founded on the premise that true empirical insurance benchmarking data for the International Development community was challenging to obtain via existing third-party resources. Recognizing that key stakeholders desired this data to inform their larger risk transfer philosophy, this report serves to fulfill that essential function but also to highlight key findings, summarize the potential impacts on NGOs and IADOs, and review direct comparisons to last year’s results. A complete view of the 2024 survey results, presented as graphics, is available in the full report.
When using the report as a part of a decision-making process, it is important to consider:
- Your organization’s overall tolerance for risk
- Any unique exposures faced by your organization that increase or diminish your overall risk and exposure (e.g. mission/nature of work performed, board composition, security conditions in which you operate, etc.)
- Legal/regulatory landscape of programmatic countries, including requirements for local, compulsory coverage
- Any contractual/funder requirements
2024 Risk and insurance benchmarking report summary
The tenth annual risk and insurance benchmarking report for international development organizations encompasses the second half of 2023 through the end of Q2 2024.
This time span presented especially complex challenges for the international development community – from the ongoing conflicts in Ukraine and Gaza, increased civil unrest in Haiti to flooding in various parts of Asia and Africa. In light of an ever-complex global risk environment, international development and humanitarian organizations continue to review and adapt their approaches to risk management to enable program delivery. These global events are also contributing to an uncertain insurance market where clients can expect 10+ percent rate increases in some lines of coverage.
The intent of this report is to provide the international development community with data to make actionable decisions about their risk management approach and insurance program structure.
The specific areas the report seeks to address include:
- Peer buying patterns for limit and coverage
- Peer risk controls
- International development community claims trends
- Recent risk management best practice trends
Get insights from our Baldwin Group, BDO, and Africa HR Solutions experts about:
- Managing critical incidents: Operating in today’s complex global risk environment, it’s not a matter of if but instead when organizations will need to manage critical incidents and crises. Get insights into incident reporting, education and plans, and key resources.
- Strategies for effective risk management: BDO provides an analysis that highlights various fraud trends, including a rise in cyberattacks, misappropriation of funds, and the emergence of fictitious organizations and vendors exploiting humanitarian crises.
- The benefits of engaging an employer of record: Africa’s largest employer of record service provider, Africa HR Solutions, provides key trends and insights. As far as Africa is concerned, employer of record usage has increased significantly across the continent as global companies, NGOs, and international development organizations prioritize compliance and enhancing the employee experience when engaging staff across multiple countries.
The Baldwin Group remains committed to being a trusted partner and resource to help navigate emerging risk trends, as well as the overall insurance market. It is our hope that the data contained within our full report will help organizations more effectively manage risk to enable programs and ultimately better fulfill the mission of the organization.
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This document is intended for general information purposes only and should not be construed as advice or opinions on any specific facts or circumstances. The content of this document is made available on an “as is” basis, without warranty of any kind. The Baldwin Insurance Group Holdings, LLC (“The Baldwin Group”), its affiliates, and subsidiaries do not guarantee that this information is, or can be relied on for, compliance with any law or regulation, assurance against preventable losses, or freedom from legal liability. This publication is not intended to be legal, underwriting, or any other type of professional advice. The Baldwin Group does not guarantee any particular outcome and makes no commitment to update any information herein or remove any items that are no longer accurate or complete. Furthermore, The Baldwin Group does not assume any liability to any person or organization for loss or damage caused by or resulting from any reliance placed on that content. Persons requiring advice should always consult an independent adviser.
