15 August 2023 Features Insurance

Systemic risk ‘widens protection gap’: GC’s Enoizi

Systemic risks, characterised by events that can affect entire communities or countries, play a significant role in the widening protection gap.

That is the view of Julian Enoizi, global head–Public Sector Risk Solutions, Guy Carpenter, speaking in June at an interview with Intelligent Insurer at its Re/insurance Outlook Europe 2023 conference in Zurich.

“Insurers can play a vital role in narrowing the protection gap and building resilience.” Julian Enoizi, Guy CarpenterHe said that this type of risk has a far-reaching impact, something that was highlighted by the COVID-19 pandemic and by the geopolitical challenges created by Russia’s invasion of Ukraine.

Enoizi emphasises that such risks pose significant challenges for re/insurers due to their size and the simultaneous occurrence worldwide.

He acknowledges the re/insurance industry’s struggle to address systemic risks, given the lack of understanding and difficulty in insuring them effectively. However, he emphasises the importance of insurers finding ways to participate in these risks to avoid leaving them solely to government intervention, which could undermine the relevance of insurance.

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More on this story

19 June 2023   Engage with these risks or re/insurance relevance will be compromised.
5 September 2023   He will maintain his role as global leader of public sector solutions for now.
10 September 2023   Specialty lines may have stabilised, but cedants should not rest on their laurels and must be prepared: Guy Carpenter