During the subsequent panel discussion, Mr Frost criticized insurers who “run for the hills each time there is a loss or claim”, but lauded Swiss Re as a “shining beacon” in his experience with the company in recent claims discussions.
Swiss Re’s Chief Economist Thomas Hess shared highlights from the latest World Economic Forum Global Risk Report, a study in which Swiss Re was deeply involved, and its implications for the corporate world.
Discussing financial systemic risk, Mr Hess elaborated on the concept of “fat tails”, the experience that severe events such as those in the financial markets happen more frequently than the standard models would suggest, and thus have significant implications for the economy.
The high point for many participants was the small-group workshops which allowed them to find out more about specific insurance-based corporate finance innovations. Topics covered included structured solutions, parametric products, weather derivatives and agricultural insurance products, as well as product recall solutions, which were seen by risk managers as a step into the future of corporate risk management.
"The Forum provided an unique opportunity for risk managers to share their challenges and experiences, while discussing and learning about new ways to finance or mitigate risk,” said Nikolaj Beck, Head Swiss Re's IRI Industry Practices/EMEA (Europe, Middle East, Africa) & Asia Pacific. "I believe we have shared a new perspective on how traditional insurance and insurance-based structured solutions can complement each other to sustainably improve the impact of day to day risk management,” he added.
Through Swiss Re’s local offices in the region, IRI offers standard and customised solutions that anticipate and respond to the risk management and risk financing needs of corporations.
Notes to editors
Swiss Reinsurance Company Ltd
Swiss Re is a leading and highly diversified global reinsurer. The company operates through offices in more than 25 countries. Founded in Zurich, Switzerland, in 1863, Swiss Re offers financial services products that enable risk-taking essential to enterprise and progress. The company’s traditional reinsurance products and related services for property and casualty, as well as the life and health business are complemented by insurance-based corporate finance solutions and supplementary services for comprehensive risk management. Swiss Re is rated “AA-“ by Standard & Poor’s, “Aa2” by Moody’s and “A+” by A.M. Best.
Swiss Re has been associated with Asia since 1913 and now has more than 1,000 staff in Asia Pacific. The company's Asian headquarters are in Hong Kong. In 2006, Swiss Re celebrates 50 years since opening its first offices in Asia Pacific.
Swiss Re’s IRI
Swiss Re’s Industrial Risk Insurer (IRI) offers innovative, high-quality capacity for single and multi-line programmes on a stand-alone basis, or as part of structured and tailor-made offerings. In addition, IRI provides customised risk transfer solutions to mid-sized and large (multi)national corporations across the globe to assist in mitigating their risk exposure. For well over a century, Swiss Re’s Industrial Risk Insurer has been committed to providing innovative solutions, high-quality capacity and security to its clients.