|the international society of CATASTROPHE managers|
The first ISCM Zurich event that has taken place for several years was in mid-September, and the subject provoked some interesting discussion: “The Protection Gap: a marketing slogan or a development need?”. In the Q&A style of our panel discussion, here’s an overview of the event:
What was the conclusion? Is the Protection Gap a marketing slogan or a development need?
The overall conclusion from our presenters, Margareta Wahlström (former head of the UN Office for Disaster Risk Reduction) and Daniel Hofmann (Geneva Association) is that there is a definite development need. Through his presentation (posted in the members’ area on this site), Daniel demonstrated how insurance works to stabilize the economy after disaster strikes.
Our panel, which consisted of leaders from across the insurance industry, agreed with our presenters. Michael Roth, from Munich Re, commented that he would argue that the ‘Protection Gap’ is both a marketing slogan and a development need, and we should not shy away from this. One or two members of the audience challenged the consensus and suggested it is a marketing slogan, particularly due to the lack of trust of the insurance industry by consumers.
The event was about encouraging practical actions. What guidance was given to catastrophe managers from the speakers?
1. Take an interest in influencing policy and innovation. Cat management knowledge is needed to develop robust frameworks
Margareta Wahlström commented that, from an outsider’s perspective, the insurance industry is conservative, traditional and change happens only when triggered by external events. What innovative ideas are already out there and could be developed further?
Daniel Hofmann outlined different methods:
What did the panelists see as the ‘next big thing’?
1. Resilience bonds
2. Convergence of the public and private sector
There are many initiatives that the private sector can provide to public sector challenges, including resilience bonds as discussed above
3. Risk models covering the globe
What initiatives should we look out for?
There are two initiatives which were mentioned:
Is an ISCM event going to happen again in Zurich?
We hope this will become a regular (annual?) event for the Zurich community to get together and discuss a topic which benefits from a wider perspective. From initial feedback, attendees are keen to have a topic which leads on from the ‘Protection Gap’. We would like to rotate the organisers to share the ownership of the event - more organisers always welcome!
*** For Daniel Hoffman's Presentation - Please See the Members Only Download Page ***