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The fiscal and monetary response to Covid-19 cushioned the economic blow, but such war-time like spending leaves much less room for future policy manoeuvre. Replenishing resilience through structural reforms will be crucial!

As the nation records its biggest economic plunge since world war II, we have seen the most devastating results due to Covid-19, however this is not the only systemic crisis around the world that we need to monitor. Covid-19 is only the latest systemic risk since the Global Financial Crisis. We have to be aware of others such as climate change and underlying fractions in society.

Systemic risk is certainly no Black Swan Event!

Remember… Covid-19 has an expiry date, climate change doesn't. We need to be prepared for other Systemic Risks!

The widening Global Protection Gap is a huge opportunity for insurers to fulfil their mandate as risk absorbers and improve societal resilience.

The session covered:

Resilience! Where are we today? Are we less resilient than before the GFC? How will we replenish resilience in future?

  • Macroeconomic Resilience – Where will we estimate the global economy be post-pandemic?;
  • Resilience Indices – tracking and monitoring how economies around the world are doing – looking at resilience from a regional macro perspective;
  • Macro and Structural Macroeconomic resilience factors;
  • Improving long-term growth prospects and replenishing macro resilience needs to be number 1 priority for societies;
  • Tracking Resilience in Natural Catastrophes, Mortality and Health sectors;
  • Global insurance Protection gap at a new record high with large regional differences and more than 60% of the global gap originating from Emerging Markets.

The Covid-19 crisis will lead to a profound shift in economic resilience making replenishing resilience the key priority… The road to recovery is through rebuilding resilience – build back better!

The webinar was hosted by Stephen Higginson, Head of Customer & Distribution for Australia and New Zealand at Swiss Re Corporate Solutions and was joined by:

  • Jérôme Haegeli – Group Chief Economist, Swiss Re
  • Irina Fan – Head Insurance Market Analysis, Swiss Re Institute

You can watch the recording here:

Global resilience: put to the pandemic test