Insurance thought leaders are developing ways to integrate disaster risk and resilience into the financial system to the benefit of everyone, says Mike Morrissey.
The role of insurance companies may seem to be sending cheques to policyholders after unfortunate events occur. While this task is obviously important, insurers are also playing an increasingly vital role in mitigating and even preventing the loss of lives and property before they occur. We can be proud of our industry’s leadership in promoting resilience in the global economy.
Regardless of one’s political opinion on causation, it is incontrovertible that the earth’s climate is changing, and that there are more frequent and more severe weather events than at any time in modern history. This increased disaster risk outlook is not just an insurance industry problem; it has become a public policy challenge.
Mike Morrissey, International Insurance Society, North America