Global Insurance Leaders Discuss Mitigation, Best Practices, & Lessons Learned from Recent Natural Catastrophe Activity at Ll...
November 29 2017 - 4:15PM
Business Wire
Leading Catastrophe Reinsurer Hosts Forum
“Improving Natural Catastrophe Resiliency: Insurance vs
Intervention”
In light of the rise in natural catastrophe events occurring
during the 2017 Atlantic hurricane season, approximately 100
leading insurance industry experts, policy makers, scientists and
environmentalists gathered at Lloyd’s of London today to discuss
strategies for improving natural catastrophe resiliency and closing
the protection coverage gap at the “Improving Natural Catastrophe
Resiliency: Insurance vs Intervention” forum sponsored by one of
the world’s leading catastrophe reinsurers, RenaissanceRe Holdings
Ltd. (NYSE:RNR) (the “Company” or “RenaissanceRe”).
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From left: John Huff, Immediate Past
President of NAIC; Kevin O'Donnell, President and CEO of
RenaissanceRe; Aidan Kerr, Director of Operations for Flood Re; and
Stephen Weinstein, Group General Counsel of RenaissanceRe and
Chairman of the RenaissanceRe Risk Sciences Foundation. Photo
credit: Daniel Jones
The forum covered a number of important issues raised by the
recent rise in hurricanes, earthquakes, wild fires and other
events, including the importance of promoting resiliency before the
inevitable next storm; the role of risk-based insurance rates in
consumer decision-making; the positive incentives working to drive
mitigation efforts in urban environments; and the role of the
private sector in boosting rebuilding and local economies following
a disaster.
Kevin O’Donnell, President and CEO of RenaissanceRe said,
“2017 will be the third year having more than $100B of insured
losses over the previous fifteen. This recent loss activity
demonstrates the value of private insurance but also highlights the
protection gap. Growing the insurance pool and closing the gap in
the developed world requires a coordinated effort among law-makers,
insurers, reinsurers, academics, scientists and private citizens
alike, which is why forums like these are so important.”
John Huff, Immediate Past President of the National
Association of Insurance Commissioners (NAIC) and Former Director
of the Missouri Department of Insurance spoke about the unintended
consequences that occur when intervention makes matters worse,
offering insights into how lessons learned from past mistakes are
helping to inform current actions. “The success of any resiliency
planning effort depends on coordination and education,” said Mr.
Huff. “All of us, from regulators to insurers, to businesses and
consumers, have a role to play in this process. Efforts such as the
Risk Mitigation Leadership Forum Series play a pivotal role in
helping to educate people and communities around the world about
the importance of risk mitigation and adaptation.”
Aidan Kerr, Director of Operations for Flood Re, speaking
at the Forum, shared examples of best practice for partnerships
between the public and private sectors to make flood insurance more
available and affordable. “Flood Re is committed to providing
information to improve people’s understanding of their flood risk
and how they can take action to manage and reduce their risk,” said
Mr. Kerr. “Thanks to the establishment of Flood Re there is now a
greater choice of affordable home insurance policies for
householders at risk of flooding. Our mission is to help
Government, local authorities, insurers and communities to work
together to become better prepared for future flooding. To
transition to a risk-reflective model by 2039, we need a wide
ranging and inclusive approach encompassing land planning,
sustainable drainage, sustainable development and effective flood
risk management.”
Stephen Weinstein, Group General Counsel of RenaissanceRe
and Chairman of the RenaissanceRe Risk Sciences Foundation, the
lead sponsor for the Forum, added, “The large natural disasters
we’ve seen in 2017 underscored once again the value of investing in
both financial and physical resilience. Research consistently shows
that every $1 spent in risk mitigation saves $4 in recovery, and
better preparation clearly saved both money and lives in 2017. We
know that the next major natural disaster is not a matter of if,
but when. We also believe that economic and life safety risks are
growing due to factors including sea level rise, demographic
changes, and economic growth in high-risk regions worldwide.
RenaissanceRe remains committed to partnering with multiple
stakeholder groups to better understand and develop solutions to
help communities enhance preparation for and recovery from
disasters.”
More information about the “Improving Natural Catastrophe
Resiliency: Insurance vs Intervention” Forum is available at
www.mitigationleadership.com.
About RenaissanceRe
RenaissanceRe Holdings Ltd. is a global provider of reinsurance
and insurance that specializes in matching well-structured risks
with efficient sources of capital. The Company provides property,
casualty and specialty reinsurance and certain insurance solutions
to customers, principally through intermediaries. Established in
1993, the Company has offices in Bermuda, Ireland, Singapore, the
United Kingdom, and the United States.
About the RenaissanceRe Risk Sciences Foundation
RenaissanceRe created the RenaissanceRe Risk Sciences Foundation
to support advanced scientific research in natural catastrophes,
the development of risk mitigation and adaptive techniques to
safeguard communities, efforts that reduce the economic turmoil
following disasters, and organizations that preserve coastal and
other risk-exposed habitats. The Foundation promotes education,
preparation, adaptation, and mitigation of catastrophic risks. For
more information, visit: www.mitigationleadership.com.
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RenaissanceRe Holdings Ltd.Elizabeth Tillman, +1
212-238-9224etillman@renre.com
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