Pool Re forms advisory group to develop systemic risk solutions in UK

UK terror mutual Pool Re has launched an expert advisory group to explore how the UK can better protect itself from future systemic risks, with public-private risk transfer partnerships a key focus. The Re:New group is formed of heavyweights from the insurance industry, government, industry and academia to look closely at how insurers, the private sector, the public sector and the public can work together protect the UK from the economic consequences of systemic risks such as pandemics, climate change and cyberterrorism. It will develop a series of recommendations in reports focusing on how the UK can become more resilient before the next systemic risk strikes, and the role insurance can play. Part of the focus will be on how state-backed terrorism reinsurer Pool Re and other schemes have successfully manged to share risks between business, the insurance industry and government. Pool Re chief executive Julian Enoizi said: “Pool Re was founded as a better way to share the costs and burden of terrorism risks between the government and insurers. We have shown that the model works for terrorism and we believe there is much to be learnt from its success. Drawing together diverse thinkers, Re:New will explore how Pool Re’s approach, and others like it, could be applied to risks of all kinds, from cyberterrorism to the hazards associated with climate change. When the next risk comes, we must be ready for it.” He added that that insurance has a critical but changing role to play in addressing some of the big systemic risks society and business face. “In the past, when the world was confronted by a new risk, our industry’s promise to society was that it would insure it. Today, the scale of the risks we face dwarf what insurers alone can handle. But there is still a critical role insurance can play, working in a new kind of partnership with government, businesses and society,” said Mr Enoizi. Confirmed Re:New members include: Stephen Catlin – chairman and CEO, Convex Group The Rt Hon Amber Rudd – former UK home secretary Professor Paula Jarzabkowski – professor of strategic management, City, University of London & Qld Sir Mark Rowley – former assistant commissioner for specialist operations of the Metropolitan Police Paddy McGuinness CMG, OBE – former UK deputy national security adviser – intelligence, security and resilience Dr Nicola Ranger – deputy director of the Centre for Greening Finance and Investment, and head of climate and environmental risks, Oxford Sustainable Finance Programme at the University of Oxford) Charles Landgraf – senior counsel at Washington, DC law firm Arnold & Porter and one of Washington’s top lawyer lobbyists involved in the development of many federal catastrophe programmes Claire Perry-O’Neill – managing director for climate and energy at the World Business Council for Sustainable Development and former UK minister for energy and clean growth Louise Pryor – president of the Institute and Faculty of Actuaries, chair of the London Climate Change Partnership, and a director of the Ecology Building Society Simon Ruffle – director of Research and Innovation Centre for Risk Studies, Judge Business School, Cambridge University Sir Oliver Letwin – former MP and chancellor of the Duchy of Lancaster Lord Browne of Ladyton – Labour member of the House of Lords, former UK secretary of state for defence

Pool Re forms advisory group to develop systemic risk solutions in UK

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