The Lloyd’s delegation, currently attending the World Economic Forum in Davos, Switzerland, will be part of a panel discussion examining one of the “three main themes of the event -” the rise in global risks and how to manage them.
The 36th annual forum has attracted more than 2000 people from 89 countries across the globe. Lloyd’s Chairman Lord Levene and Director of Worldwide Markets Julian James are participating in a number of the sessions.
“The rise in global risks has been identified as one of the three major themes for the event – entitled ‘The Creative Imperative’ – following the record losses from last year’s US Hurricane season and the rise in the level and intensity of catastrophes across the world,” a statement on the Lloyd’s Website (www.lloyds.com) noted.
“Lord Levene will take part in the panel discussion on the management of major risks with chief executives from some of the world’s biggest international businesses. While Mr. James will host a breakfast with the leaders of the global tourism industry to discuss disaster preparedness,” the bulletin continued.
The topic is a timely one. Lloyd’s notes that the “risk landscape has radically altered in the past five years, following the two greatest insured disasters in history – one man made and one a natural catastrophe,” referring to the Sept. 11 attacks and hurricane Katrina. The combined insured loss estimates from the two events are around $70 billion.
“Lloyd’s aims to make business leaders aware that the past five years cannot be seen as a simple spike, but an indication of a growing trend of the rising economic costs of natural and man-made catastrophes,” said the bulletin.
It also noted that 8 of the 10 worst natural catastrophes in the US have taken place in the last ten years. Ged Davis, Managing Director and Head of the Center for Strategic Insight at the World Economic Forum, commented: “It is imperative that we learn how to unleash our creative potential to tackle the world’s problems. The assumptions, tools and frameworks that business government and civil society leaders have employed to make decisions over the past decade appear in need for renewal.”
He added: “If leaders in business, politics, multinational institutions and civil society are to remain effective and credible they must learn how best to adopt new policy designs and innovation.”
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