NORIS 2013: Building a resilient and sustainable framework for the future

The economic crisis and our ageing society are two of the main topics this year at Swiss Re's flagship conference NORIS, the Nordic Risk and Insurance Summit in Reykjavik, Iceland.

The location of this year's Summit presents an opportune time to discuss the economy.  Host country Iceland was heavily hit by the crisis in 2008. It eventually recovered and is now back on the way to growth. "The Icelandic way" of managing the financial crisis serves as a best-case scenario to be studied.

In terms of the challenge of ageing societies in the Nordics, the risk and insurance community is eyeing the chances and growth opportunities resulting from public welfare systems transferring the financial protection of age and retirement to the private sector.

A reflection of the Risk Survey

These two points are also in line with what respondents say are their main worries in the Swiss Re Risk Perception Survey.  According to results, in half of the nineteen countries surveyed, the largest share of respondents selected "the economy not doing well" as one of the most important risks facing their country in 2013. In addition, they're aware that they may have to take saving for retirement into their own hands – and are willing to do so.

Some 22,000 people across five continents were asked what concerned them most – including funding an ageing society, climate change and natural disasters, food security and renewable energy for the Risk Perception Survey.

Public-private partnership key

Against this backdrop the key question of NORIS, happening 26-27 August, is the key question of today's and future generations: How can the insurance industry help society to meet the challenges of a changing economic and demographic framework? How can we as an industry become more resilient and sustainable for the future?

A better co-operation between government and private sector is key to preparing systematically for the future and making societies more resilient. People of all generations are aware they live in a riskier and more complex world. Although they expect their governments to do more for a stable framework self-reliance is becoming more and more the name of the game.

Published 27 August 2013

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