In this video interview with The Insurer TV, Guy Carpenter’s Julian Enoizi, Global Head of Public Sector, discusses the importance of scaling the (re)insurance sector’s impact on climate adaptation and driving engagement with projects that require further support.
“The industry has to look at initiatives that are going to actually help with the adaptation to climate change, rather than just simply financing those risks, so blending risk financing and risk adaptation is key,” Julian said. “The industry has got to come up with a systemic solution to what is a systemic risk.”
He goes on to address the importance of public/private collaboration, in which the industry must listen to the policy objectives of governments and “design solutions that give an equitable sharing of risk between the public sector and the private sector.”
“Ultimately, I think we've got to accept that the purpose of the private sector is to de-risk government and the taxpayer, and put more risk into the private sector, to the ability that we're able to sustain it,” Julian continued. “And we're going to have to make sure that over time, we are constantly moving towards a situation where that risk is reassumed by us. So, as we get more comfortable with the risk, as we learn more about it, we're able, therefore, to deploy more capital to it.”
Click image below to watch video