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11 October 2021
COVID-19 has brought home the message that “preparedness” is key, according to industry executives who spoke at a panel discussion hosted by broker Aon.
While the industry has been “extraordinarily resilient” as the health crisis disrupted businesses globally, there are many lessons to take on board going forward, the panel said.
“[The pandemic] taught us that preparedness is critical,” Axa XL CEO UK and Lloyd’s market Sean McGovern said.
He says the pandemic was an event that was “entirely foreseeable and expected” and had been on government and company risk registers for many years.
Munich Re Senior Executive Manager Global Clients Christa Schwimmer, who also took part in the panel discussion, touched on what the industry needs to do better to deal with climate change risk.
“You can listen to science, because science has reported a lot about climate change and also the frequency and severity of catastrophes,” she said.
“But to listen, to take it up, to really follow – before you feel it – is something we as an industry could become even better at.”
The Aon-hosted panel debate on systemic risk is part of its Virtual Reinsurance Renewal Season fireside chats.