UK government-backed terrorism reinsurer Pool Re has announced the formation of a new expert advisory group to explore how to better protect the UK economy from systemic risks.
Re:New will bring together figures from re/insurance, government, industry and academia to discuss how re/insurers, the private sector, public sector and the public can tackle issues such as climate change and cyberterrorism.
Together, the group will develop a series of recommendations on how the UK can become more resilient, weighing up the intellectual, commercial and political challenges faced by the insurance industry and related fields.
“In the past, when the world was confronted by a new risk, our industry’s promise to society was that it would insure it,” said Pool Re Chief Executive, Julian Enoizi.
“Today, the scale of the risks we face dwarf what insurers alone can handle. But there is still a critical role insurance can play, working in a new kind of partnership with government, businesses, and society.”
“Pool Re was founded as a better way to share the costs and burden of terrorism risks between the government and insurers. We have shown that the model works for terrorism, and we believe there is much to be learnt from its success,” Enoizi continued. “Drawing together diverse thinkers, Re:New will explore how Pool Re’s approach, and others like it, could be applied to risks of all kinds, from cyberterrorism to the hazards associated with climate change. When the next risk comes, we must be ready for it.”
Confirmed Re:New members include: Stephen Catlin, Chairman and CEO of Convex Group Limited; former UK Home Secretary Amber Rudd; Mark Rowley, former Assistant Commissioner for Specialist Operations of the Metropolitan Police; and Paddy McGuinness, former UK Deputy National Security Adviser – Intelligence, Security and Resilience.
Also part of the advisory group are: Claire Perry-O’Neill, Managing Director for Climate and Energy at the World Business Council for Sustainable Development and former UK Minister for Energy and Clean Growth; Louise Pryor, President of the Institute and Faculty of Actuaries, Chair of the London Climate Change Partnership and a Director of the Ecology Building Society; Simon Ruffle, Director of Research and Innovation Centre for Risk Studies, Judge Business School, Cambridge University.
And rounding out the team are: Paula Jarzabkowski, Professor of Strategic Management, City, University of London & Qld; Nicola Ranger, Deputy Director of the Centre for Greening Finance and Investment and Head of Climate and Environmental Risks, Oxford Sustainable Finance Programme at the University of Oxford; Charles Landgraf, Senior Counsel at Washington DC law firm Arnold & Porter; Oliver Letwin, Former MP and Chancellor of the Duchy of Lancaster; and Lord Browne of Ladyton, Labour Member of the House of Lords, former UK Secretary of State for Defence.
