The life and super industries have a “significant leadership opportunity” to address insurance challenges facing societies, according to Zurich Australia and New Zealand chair Geoff Summerhayes.

He told a business conference last week the transfer of risk back to businesses and individuals, and ultimately to the government as a safety net, is happening now, with widespread economic consequences.

“Unchecked and unaddressed, this shift, and concentration of risk, can have a damaging impact on communities and our economy,” Mr Summerhayes said.

He says the migration of risk is most dramatic in property cover, but also in life insurance, with lower coverage increasingly the trend.

“Accessible and affordable insurance is not something any business or individual can take for granted,” Mr Summerhayes said. “That’s a problem for insurers; it’s a far bigger problem for governments and society. This is a leadership challenge for us all, not only for the brand of insurance, but the ongoing economic and social prosperity of our society.”

The life and super industries have the expertise to address the insurance challenges, he says.

“There is a significant leadership opportunity for the insurance and super industry if we adapt, and work with our members, employers, governments, regulators and community.”

Insurers are a great source or “intelligence” that can help improve economic and community resilience, he says.

Mr Summerhayes says many influences on the industry are changing, such as the environment, human health, medical, technology, AI and customer trends.

“In some cases, those changes are accelerating. That has implications for Zurich and all of us.

“We should be ambitious for superannuation, the role of insurance in super ... for the role we can each play in that endeavour.”