Swiss Re’s Chief Executive Officer of reinsurance Moses Ojeisekhoba has emphasised the re/insurance industry’s place within the so-called ‘Fourth Industrial Revolution’ – which he says is transforming every part of modern life with unprecedented speed and scale of technological progress and digitisation – amid the World Economic Forum’s (WEF) annual meeting in Davos, Switzerland.
This year’s WEF theme is about Globalisation 4.0 – shaping a new global architecture in the age of a Fourth Industrial Revolution.
Klaus Schwab, Founder and Executive Chairman, World Economic Forum described this so-called Fourth Industrial Revolution as having been occurring since the middle of the last century.
“It is characterized by a fusion of technologies that is blurring the lines between the physical, digital, and biological spheres,” Schwab explained.
In a recent post, Ojeisekhoba cites increased globalisation, big data and technology as key drivers allowing re/insurers to provide unprecedented access to affordable, relevant and effective risk management tools and insurance safety nets.
“In everyday life, this translates into tangible progress and improvement in sectors as wide ranging as weather and agriculture, to personal financial security, and health improvement,” says Ojeisekhoba.
The Swiss Re Executive says proactive risk management can help protect whole economies, strengthen local communities and ultimately create better outcomes for all.
“It offers protection when things go wrong and provides the security and predictability to attract critical investment in innovation and infrastructure.”
However, Ojeisekhoba believes the “full potential” of risk management is realised only when it’s considered at the start of building solutions and leveraged as a key piece in a broader strategy.
“In fact, I’m often astounded at how underestimated our risk management toolbox is and how it often goes unrecognised as part of our world’s larger quest for resilience.”
“These tools must be part of a broader solution and of a wider, collaborative discussion at the start.”
