The lessons of Ukraine and COVID-19 have taught us that the (re)insurance industry must think outside of traditional industry siloes, collaborate better, and use its imagination to create solutions which protect corporate balance sheets from the threat of connected risk. Those were the conclusions of an event involving some of the leading lights in the world of (re)insurance and risk management at an event entitled How can the insurance industry assist corporate connected risk needs? hosted by Russell Group – a data and analytics company.
The panelists agreed that there is opportunity to synthesise (re)insurers’ and corporates’ needs, through the use of timely and granular exposure information. We need to combine all these needs into a whole, coherent market-wide approach.
More than 20 risk managers representing trillions of dollars of balance sheet capital are already part of Russell’s Corporate Working Group, asking these questions and looking for new practical outcome-based solutions. Increasing collaboration and transparency will be part of the connected risk response.
The event panelists included:
Andreas Berger, Chief Executive Officer, Swiss Re Corporate Solutions
David Howden, Chief Executive Officer, Howden Group
Navaid Farooq, Head of Political Risks & Strategic Risk Solutions, Convex Insurance
James Straker-Nesbit, Insurance Manager, Virgin Atlantic
Lisa Coomber, Senior Group, Insurance Manager, Vodafone
David Broughton, Head of Insurance Risk, Centrica
Brendan Plessis, EVP, Strategic Distribution & Development, Sompo International
Suki Basi, Managing Director, Russell Group
Russell Group Managing Director Suki Basi said:
“There is an opportunity to build a new market whose individual participants, combined reputation and capital strength can start to achieve tangible transformation. Russell coined the phrase Connected Risk some years ago. We are providing answers that aid our understanding of this concept, which is key to sustainable and successful operations.
“The old ways of doing business are transforming – now is the time for imaginative solutions. To ensure future corporate viability, we need collaborative solutions that are outcome-based and fuelled by holistic data analytics. There is a requirement for a practical action plan whose purpose is to achieve tangible transformation that the market can sign up to. This event will be the first of many meetings designed to foster connected risk market collaboration.”