In this interview with Insurance Business, Julian Enoizi, CEO of Guy Carpenter Europe, explained why he is a big proponent for the role state-backed solutions have to play in bridging the ever-growing protection gap.
“There is still a yawning protection gap,” he maintained. “The tailwind for insurers and reinsurers is that there’s still an enormous amount of uninsured loss out there, which gives them a huge opportunity. The question is how they can access that opportunity.”
One of the lines Julian spotlighted was cyber. While he described that sector as looking “particularly robust,” he also questioned what the impacts of artificial intelligence are in the market, including whether malicious actors can use it to create greater damage.
“These are the kind of things where it’s in the interest of governments to ensure that they’re not putting taxpayer money at risk when private capital could do the job,” he continued. “But on the other hand, they need to create the right set of circumstances to ensure that capital can flow. That is what public-private partnership is—a safety net to allow a market to develop.”