When the Public Sector Solutions (PSS) division was established in 2011, it was the first team in the reinsurance industry to be fully dedicated to the public sector. Over the years, we have completed well over 1 000 transactions with public sector counterparts in more than 80 countries.

PSS works with different levels of government and public administrations, international institutions and the broader public sector ecosystem to help build a more resilient, more inclusive and safer future. The team's mission is to bring Swiss Re's extensive risk insights and global risk transfer capabilities to the public sector and further efforts to close protection gaps, which are widening in the disaster risk management space. By helping to protect communities' assets and economies, we help improve the financial outlook for society. Through our prearranged financing solutions for disaster resilience, governments have the funds available to respond to emergencies and accelerate recovery.

Our public-private partnership work also facilitates public investment and economic growth, for instance in international trade, infrastructure development and in support of new industries needed to achieve decarbonisation targets.

In 2023, through our participation in public-private risk-sharing partnerships, PSS provided over USD 250 million in claims support to citizens of Turkey, Morocco, China and Mexico in the wake of the hugely destructive earthquakes, typhoons and hurricanes that affected these countries. The expediency of the payouts for these covers has contributed to the effectiveness of insurance protection for natural disaster shocks.

PSS has been involved in hundreds of innovative risk transfer solutions, including covers for hydroelectric energy protection, flood protection for low-income communities and agricultural solutions for both large-scale and smallholder farmers. We have provided revenue protection for significant sectors such as tourism, health and agriculture, and have built tech solutions to help governments better understand their risk profile.

We want to go further. Partnering with the public sector directly links to Swiss Re's vision. Through our work with governmental stakeholders, we build resilience by bringing the insurance safety net to thousands of communities and enabling governments to provide much-needed disaster recovery financing to their people.