Strategic risk initiatives
Identifying and addressing emerging risks can be challenging: The novelty and interconnectedness of such developments make it difficult to determine when a particular risk notion must be considered an emerging risk. Timing is thus of crucial importance: If measures to exclude a particular risk are taken too early, we can offer our clients less insurance protection; if measures are taken too late, we may end up with increased loss potential.
Given these challenges, we believe it is essential to foster risk dialogue with various partners. By sharing perceptions and assessments, all parties can gain a better understanding of potential emerging risks. In 2014, we contributed to the following strategic initiatives:
WEF Global Risks Report (GRR)
Since its first edition in 2006, Swiss Re has been a strategic partner to the GRR, the flagship publication of the World Economic Forum (WEF). In 2014, we authored an entire chapter under the heading of “Generation Lost?”. It highlights the challenges facing the “millennials” against the background of high youth unemployment, rising costs of education and the burden of an ageing population.
CRO Forum Emerging Risk Initiative (CRO ERI)
The CRO ERI was launched in 2005 to raise awareness of major emerging risks relevant to society and the re/insurance industry. In 2014, Swiss Re chaired the Emerging Risk Initiative for the second time.
International Risk Governance Council (IRGC)
The IRGC is an independent organisation whose purpose is to help understand and manage global risks that impact human health and safety, the environment, the economy and society at large.
As a partner of these strategic risk initiatives, we contributed to two reports on relevant risk developments in 2014.
Publications with partner organisations
Global Risks 2014, Ninth Edition, provides a high-level overview of 31 selected global risks, based on a survey with over 700 experts from industry, government, academia and civil society around the world. It highlights how global risks are interconnected and have a systemic impact. The report aims to improve efforts by the public and the private sector to map, monitor, manage and mitigate global risks, thus helping to build resilience to them.
The CRO Forum’s position paper on “Pushing the limits” deals with new dimensions in managing risks arising from large, complex and rapidly realised projects in construction, engineering, logistics, transportation and medicine. Risk management needs to keep pace with these developments to ensure that tomorrow’s world remains as safe as today’s.