As global leaders gather together at the World Economic Forum (WEF) amidst a backdrop of geopolitical shifts and escalating climate risks, the spotlight is on the power of dialogue and data-driven decision-making to navigate these turbulent times, Swiss Re’s Andreas Berger highlights.
“The post-World War II framework that fuelled prosperity in much of the world for 75 years is under pressure as power balances are reset, rivalries simmer, and, tragically, wars are waged amid a new multipolar reality,” Swiss Re’s CEO states.
Additionally, rising global temperatures, along with population growth, urbanisation and inflation, are driving rising insured natural catastrophe losses which have exceeded USD 100 billion for five consecutive years.
With all this as a backdrop Berger emphasises “the relevance of dialogue to engage each other about where our planet is headed and how we can master big global challenges,” as well as the crucial role of data in informing this dialogue.
The CEO said: “With many 21st century challenges growing more complex and increasingly interconnected, however, dialogue over addressing them requires some essential ingredients if it is to achieve its problem-solving potential. Data to inform our dialogue is critical.
“Today, we can tap an unprecedented volume of data to enrich our discussions about risks and opportunities. From satellites orbiting the earth to the smartwatches on our wrists, the vast array of information that is being collected is just waiting to be enlisted in the service of resilience.”
The insurance sector is leading the charge in leveraging data to understand and mitigate risks the world is currently facing .
Swiss Re’s Risk Data & Services platform for example, Berger noted, combines proprietary insights with external datasets to help businesses map and manage their global supply chain vulnerabilities.
Another example is Fathom, a tool that provides flood hazard data to governments, enabling them to prepare for the increasing frequency and severity of climate-related disasters.
“In both these cases, data shapes and strengthens the risk dialogue we have with our clients at insurers and companies as well as governments, so all of us can better understand the topography of perils that could weigh on our collective growth and prosperity,” Berger said.
He also acknowledged the challenges dialogue has also faced in recent years, particularly during the COVID-19 pandemic, which disrupted face-to-face communication and collaboration.
Berger commented: “WEF in 2021 was cancelled, while the 2022 edition was postponed. Now that the Annual Meeting has resumed its traditional schedule, I believe there is a renewed and lasting appreciation for the privilege of meeting face-to-face – not only to discuss our respective differences, but also to find common ground on complex issues.
“After all, the promise of our globalised world, much like the hopes and worries inspired by those moving scenes we witnessed in early December on the road to Damascus, does not conform to a tidy narrative. Perspectives vary, shaped by our unique histories, cultures, and circumstances. This is why we must keep dialogue alive.”
He concluded: “We cannot stop at dialogue, either. With this century’s story still unfolding, it is what we do now that will shape its trajectory. When we leave Davos, we must commit to transforming our data-led dialogue into action in the pursuit of a new global equilibrium.”
