Governmental support needed to break into new risks
Friday, 07 10 2015, Category: Insurance and Reinsurance, Country: World
Some industry experts and leading insurance or reinsurance firms attribute the sector’s dependency on governments as a sign it’s failing, but Stephen Catlin feels the support of the state is vital if we are to adequately protect against major, extreme events and new risks.
Speaking at the recent 2015 Global Insurance Forum in New York, Executive Deputy Chairman of XL Catlin, Stephen Catlin said that he disagrees with the views of some large re/insurers that believe the industry is failing when it calls on the support and backing of governments.
“We fail if we take on exposure beyond our capital, and our capital is not big enough to cope with some of these extreme events. The sooner we put our hands up and say so, the better,” explained Catlin.
Catlin’s point is an interesting one, and brings the lack of, or need for greater partnerships between the public and private sector to improve extreme disaster resilience and mitigation
efforts to the forefront of industry issues.