Maryam Golnaraghi: Governments should look at risk models with insurers
12 Jul 2016
The Director, Extreme Events and Climate Risk at the Geneva Assocation, was a participant at the Catastrophe Knowledge Exchange event at the Swiss Re Centre for Global Dialogue.
Find out more about the event here
Read the text version of Maryam Golnaraghi’s interview here:
"If we consider today's capacities in risk modelling, the next opportunities would be dealing with uninsured risks, in developed and developing countries. Risk models can help decision makers, particularly in the governments at federal, provincial, and local to understand the nature of risk. We need to create that dialogue, sit around the table and try to find out what solutions can come up with that.
Following the super storm Sandy, in New York City alone around 50 percent of economic losses were not insured. Let's look at New York City with a new eye and looking at what type of risks there are and how we can model them and subsequently consider solutions for them. Other examples are developing countries. We look at countries such as Thailand, where we know that a major flood had very major, not only local impacts, but also significant economic impacts globally. Why don't we bring our risk models and work with the government to try to understand and try to see whether we can come up with better mitigation and risk management solutions? Those are the type of examples I'm talking about.
The innovation that has been generated in this industry through understanding and quantifying risk, could help other industries and government help understand what is their risk, what is the price of their risk, and use that knowledge in finding the best risk management solution to address that risk. That also will open up opportunities for further expansion of risk transfer in insurance markets in areas where we are not engaged."
Click below to read the themes from the first Catastrophe Knowledge Exchange:
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