Reinsurers and governments should join forces to develop better disaster risk management for future natural disasters, as a meeting of the economic think-tank the Geneva Association has declared. Intelligent Insurer reports.
Reinsurance leaders Nikolaus von Bomhard, CEO of Munich Re and former chairman of economic think-tank the Geneva Association (GA), and Michael Butt, former chairman of Axis Capital, were joined by Margareta Wahlström, special representative of the secretary general for disaster risk reduction, at a press conference on behalf of the GA in London, to voice their opinions on how reinsurance leaders could help governments change the way that disaster risk management is carried out, reducing damage to local economies and fatalities.
Echoing the views of the association that governments can reduce disaster risk by cooperating with the insurance industry, the speakers explained that education is vital if the partnership is to move forwards.
“Reinsurers have a moral obligation to share their expertise with governments to develop better disaster risk management. The objective is to educate and develop an understanding of insurance. Governments don’t understand what insurers can offer,” says von Bomhard.
catastrophe, Geneva Association, California Earthquake Authority, Tohoku, disaster risk