Re-thinking risk after the pandemic
Written by David Worsfold on 22nd March 2021
The next WCI Master’s Series virtual event will explore the challenges facing the insurance market and governments as they seek to provide financial resilience for society and commerce in the face of a growing range of systemic risk.
The Covid-19 pandemic has accelerated the conversations about where private insurance provision ends and state support starts. With schemes already in place in the UK for terrorism, export credits and flooding, the role of the state as (re)insurer of last resort is well-established. Cyber risks were already being highlighted as an area ripe for similar intervention and now pandemics have joined that growing list.
Every part of our economy has been affected by this national emergency and for our industry it has revealed the existence of a clear and present society insurance gap for major systemic risks that may impact us in the future. We now face big questions about how we tackle and fund that gap. What is the right approach and response to pandemics and other crisis events and what is the scope to work more closely with government to intervene effectively? This is a global challenge.
Totus Re is one of several market initiatives seeking to develop a strategy to help the insurance sector and government consider how they can plan coverage for catastrophic pan-economic events. The Totus Re project is not political and is not being undertaken for profit or to promote a particular product. The aspiration is that it will lead to a more unified conversation about major coverage gaps in the market between government, society and the insurance sector.
We will welcome Liz Foster, a fellow Livery member and James York, the co-founders of Totus Re, as our guest speakers for a Master's Series event, hosted by Master David Sales, aimed at informing the debate and building a greater understanding and consensus about the best approach to this huge challenge.
The WCI Master’s Series is one of the first events at which Liz and James will be sharing the Totus Re proposals to a wider industry audience, they are interested in gaining feedback and thoughts from our membership.
• The Master’s Series is an exciting new WCI offer, providing a programme of themed virtual discussions, bringing members together to hear from engaging keynote speakers and to stumulate debate and discussion on the issues that really matter to the insurance industry.
The Master’s Series is designed to maximise opportunities to contribute, share ideas and network. Please do look out for further details of the programme of events on our website, members’ e-bulletin and social media.