From Prague, the ACA was pleased to attend for one of the biggest events in the insurance calendar organized by Insurance Europe. Speakers including Generali’s Philippe Donnet, Petra Hielkema of European Insurance and Occupational Pensions Authority (EIOPA) and Ekhosuehi Iyahen of the Insurance Development Forum explored actions to build resilience and ensure greater protection for all ― looking into exposures to natural catastrophes, cyber risks, inadequate pension saving and much more.
𝗦𝗶𝗴𝗻𝗶𝗳𝗶𝗰𝗮𝗻𝘁 𝗽𝗿𝗼𝘁𝗲𝗰𝘁𝗶𝗼𝗻 𝗴𝗮𝗽𝘀 𝗲𝘅𝗶𝘀𝘁 𝗮𝗿𝗼𝘂𝗻𝗱 𝘁𝗵𝗲 𝘄𝗼𝗿𝗹𝗱 & 𝗰𝗼𝗼𝗿𝗱𝗶𝗻𝗮𝘁𝗲𝗱 𝗮𝗰𝘁𝗶𝗼𝗻 𝗶𝘀 𝗿𝗲𝗾𝘂𝗶𝗿𝗲𝗱 𝗳𝗿𝗼𝗺 𝗽𝗼𝗹𝗶𝗰𝘆𝗺𝗮𝗸𝗲𝗿𝘀, 𝗶𝗻𝘀𝘂𝗿𝗲𝗿𝘀 & 𝘁𝗵𝗲 𝗽𝘂𝗯𝗹𝗶𝗰 𝘁𝗼 𝗮𝗱𝗱𝗿𝗲𝘀𝘀 𝘁𝗵𝗲𝗺Andreas Brandstetter
Speaking at the 12th International Insurance Conference, which takes place in Prague, Brandstetter, who is CEO and chairman of UNIQA Insurance Group AG, outlined three common areas where protection gaps exist:
1. A lack of pension provision — Throughout the world, governments face a huge challenge in providing funds for retired citizens as the proportion of workers to retirees falls in most countries. This, in turn, impacts pay-as-you-go pension systems.
2. A lack of cover for natural catastrophes — While the situation varies significantly across the world, the scale of natural catastrophe protection gaps is often shocking and can be particularly acute for emerging economies. Climate change will add to the challenge.
3. A lack of cover for cyber risk — Ongoing cyber-attacks show just how exposed societies and economies are to online criminals. There is, therefore, a clear need to increase cyber resilience.