UK’s Pool Re Launches Advisory Group to Develop Public-Private Solutions for Systemic Risks

Pool Re, Britain’s leading terrorism reinsurer, announced the launch of “Re:New,” an advisory group that will explore how to protect the UK economy from systemic risks.

Re:New will unite experts from insurance, government, industry, academia and beyond to explore how the insurance industry, the private sector, public sector and the public can work together to better protect the UK from the economic consequences of systemic risks such as climate change and cyber-terrorism.

Together, the group will develop a series of recommendations in the form of high quality reports, focusing on how the UK can become more resilient before the next systemic risk strikes, considering the intellectual, commercial and political challenges faced by the insurance industry and related fields.

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“In the past, when the world was confronted by a new risk, our industry’s promise to society was that it would insure it. 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,” commented Pool Re chief executive, Julian Enoizi.

“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,” added Enoizi. “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 cyber-terrorism 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, Convex Group,
• The Rt. Hon. Amber Rudd, former UK Home Secretary,
• Professor Paula Jarzabkowski, professor of Strategic Management, City, University of London and Queensland,
• Sir Mark Rowley, former assistant commissioner for Specialist Operations of the Metropolitan Police,
• Paddy McGuinness, former UK deputy national security adviser – Intelligence, Security and Resilience,
• Dr. 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 D.C. law firm Arnold & Porter and one of Washington’s top lawyer lobbyists involved in the development of federal catastrophe programs,
• 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,
• Sir Oliver Letwin, former member of Parliament and chancellor of the Duchy of Lancaster;
• Lord Browne of Ladyton, Labour member of the House of Lords, former UK Secretary of State for Defence.

Source: Pool Re