GIF 2017 Day 2, LONDON : Long term view and sustainable development need a stable legal framework
Ivo MENZINGER, Managing Director, Global Partnerships, SWISS Re
- There is a growing interest from international development organisations to engage with the private sector, especially with the insurance industry
- The protection gap is growing instead of shrinking so there is a massive need; therefore we decided that we can not wait
- We need to engage with Governments and look to help them for disaster relief but we need partners such as regulators to help us
- We help regulators, especially those in developing countries, to build their capacity to regulate and supervise. We work with partners to try to catalyse capacity
- Our core business is to produce regulatory standards; sustainable development is indirectly in our core mission. We can support it by working with partners such as UN.
- Economic stability of a certain country is something that we look at first - before partnering with local insurers. We then look at the rule of law in that country and after that at the maturity of the legal system (contract law, anticoruption etc.). Finally we look at the insurance specific regulations.
- We need long-term strong reliable frameworks. So we need to speak up and be more vocal to make sure that those markets are ready for insurers to come in.
- We can only invest if we have transparency and insight - we need more data.
GIF 2017 presents a rich agenda, reviewing the main trends in the industry as well as the its future opportunities and threats and the new ways in which insurance providers may and will have to engage in increasing society's resilience.