There is much more that could be done to extend the value of catastrophe (Cat) risk models for the (re)insurance industry and wider society, but this requires a collective endeavour across (re)insurers, brokers, model vendors and other key stakeholders, says Maryam Golnaraghi, Director Extreme Events and Climate Risk
The unique characteristics of cyber risk imply that exposure measurement and modelling approaches that have been developed for other perils cannot easily be transferred to cyber risk. The insurance industry has made progress in developing the technical capabilities to handle these distinct characteristics of cyber risk, but there is still some way to go.
While the biggest threat to businesses is geopolitics and trade, the insurance industry can help promote regulation that is appropriate, proportional and competitive, says Mark Wilson, Chairman of The Geneva Association and CEO of Aviva. Recorded at the 45th General Assembly.
The main issue of current health systems is the lack of alignment amongst many stakeholders, although insurers are aligned closest to customers’ interests because they pay their bills, says Thomas Buberl, CEO of AXA. Recorded at the 45th General Assembly.
While inadequate regulation is not the major factor, it does impact the return of investment for insurance firms, says Joachim Levy, CFO of the World Bank Group. Recorded at the 45th General Assembly.
The insurance industry has a key role to play in developing digital platforms that can revolutionise the allocation of health resources and patient experience, says Jonathan Larsen, Chief Innovation Officer, Ping An Group and CEO, Global Voyager Fund. Recorded at the 45th General Assembly.
Cooperation between insurance companies and policyholders can have a very strong aggregate impact, says Tsuyoshi Nagano, President and Group CEO of Tokio Marine. Recorded at the 45th General Assembly.
It is necessary to increase penetration of life insurance in the region, as well as promote insurance solutions for long-term savings and investments, says Alejandro Simón, CEO of Grupo Sancor Seguros. Recorded at the 45th General Assembly.
It remains to be seen whether improved predictability of loss expectations matches with principles such as risk pooling and law of large numbers, says Joachim Wenning, Chairman of Munich Re. Recorded at the 45th General Assembly.
As large holders of capital and institutional investors, insurance companies should react much faster to climate change as well as geopolitical, socioeconomic and technology trends, says Oliver Bäte, Chairman of Allianz. Recorded at the 45th General Assembly.