ABIR CEO Featured On International Expert Panel
Association of Bermuda Insurers & Reinsurers [ABIR] CEO John Huff joined a group of international experts to discuss future pandemic risk.
The event was organized through the International Association of Insurance Supervisor [IAIS] through their implementation partner, Access to Insurance Initiative [A2ii] and their pandemic risk series.
Mr Huff said, “I was honored to participate with such an esteemed, international group of experts to discuss a Bermuda market perspective of working together in public-private partnerships.
“Representing over 35% of the global property and casualty reinsurance market, the Bermuda market has much to offer in assisting jurisdictions around the world in developing and implementing solutions and responding to challenging risk transfer needs including future pandemic.”
A2ii developed a pandemic risk series focused on public-private initiatives, drawing parallels with work on climate risk.
The event was hosted by Hannah Grant, Head of Secretariat for A2ii and featured commentary from Huff, IAIS’s Head of Implementation Conor Donaldson, Secretary-General of the Insurance Development Forum Ekhosuehi Iyahen, UK Pool Re CEO Julian and Oliver Milosch of Deutsche Gesellschaft for Internationale Zusammenarbeit [GIZ].
A spokesperson said, “The Covid-19 pandemic has significantly disrupted the economic activity and financial stability of many countries around the world. It has resulted in event cancellation, business losses, and the loss of incomes and livelihoods. The limitations of government social protection have also been exposed.
“The impact is particularly devastating for the poorest and most vulnerable. Pandemic insurance or coverage is less common and without the direct intervention of stakeholders such as the insurance industry, policymakers and the financial sector supervisors’ alike, consumers will remain vulnerable and exposed. The pandemic has exposed the significant protection gap and the need for new solutions and initiatives to address it.
“Covid-19 has demonstrated that neither government nor traditional insurance solutions alone are equipped to fully provide cover and protection from the enormous costs of pandemics including the resulting longer tail of claims for future events.
“The multi-faceted and simultaneous international impact of the pandemic and the resulting accumulation of risk has undermined the traditional principle of risk diversification. It has also underlined the importance of close cooperation between public and private sectors in not only developing new insurance solutions but ensuring proper risk preparedness, mitigation and management.
“The panel discussion is available on archive here.”
