The insurance industry can contribute in two ways to reduce the infrastructure gap: first, as long-term investors that promote new projects, and as risk managers that provide expertise for de-risking the projects, says Tsuyoshi Nagano, President and CEO of Tokio Marine.
Capital charges to insurance companies interested in investing in infrastructure projects are higher than they should be relative to the inherent risk of long-term infrastructure projects, says Dean Connor, President and CEO of Sun LIfe Financial.
Introducing risk management in policy making and in the governance of public institutions would go a long way in attracting capital into infrastructure projects, says Charles Brindamour, CEO of Intact Financial. Recorded at the Extreme Events and Climate Risk Forum 2018 in Toronto.
Catastrophe risk modelling has revolutionised the way insurers assess, price and manage disaster risks. Its usefulness to society could be even further enhanced by integrating the latest climate science, observational capabilities and emerging technologies.
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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
As the economy becomes more digitalized, the role of insurance in society is changing from one concerned primarily with loss indemnification to a broader advisory service for customers on how to prevent, mitigate and manage their risks.
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The insurance industry plays a key role in de-risking infrastructure and mobilising long-term private capital to climate risk-resilient projects, agreed a group of decision makers and international experts summoned in Toronto by The Geneva Association.
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