Zaffino, AIG: Insurers face "new world" of catastrophe losses

21 October 2021 — Daniela GHETU
The COVID-19 pandemic had presented new opportunities for innovative re/insurance solutions but added that the sector wasn't addressing emerging risks and climate change quickly enough, Peter ZAFFINO, President & CEO of AIG stated for Aon's fireside chat this week.

AIG hosted by Aon as part of its Virtual Reinsurance Renewal Season, the goal of the fireside chats is to stimulate insightful debate that serves to address key areas of client need: navigating new forms of volatility, building a resilient workforce, rethinking access to capital and addressing the underserved.

Speaking with by Greg CASE, Chief Executive Officer of Aon, who was the chat's host, Zaffino called on the industry to continue its efforts to better address cyber risk - one particular "worry" he highlighted during the session with Case.

"Is cyber an aggregated risk that the industry can actually underwrite effectively to provide value to clients? That's something I do worry about because you're starting to see more ransomware, more frequency, but the big systemic risk hasn't happened yet. Is enough capital in the reinsurance industry to actually help mitigate some of that loss and are there enough active players that can actually be creative at solving client problems?".

Reviewing the present and potentially forthcoming challenges for the re/insurance industry, one of the conclusions draw during the chat was that there is a high need of innovation, as risk are rapidly evolving and changing scale and impact, especially in large and rather

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