SWISS RE EXEC EMPHASISES DISCONNECT BETWEEN RISK AND MITIGATION

Many of the 23 core global risks explored in the report Global Risks 2007 have worsened over the past year, according to Agostini Galvagni, head of Swiss Re’s Global and Large Risks Division. Speaking at RIMS 2007 on a panel entitled “Global Risks: The View From Davos”, Mr Galvagni said that there was a growing disconnect between risk and mitigation, and that bold action was needed to address this problem. “Global risks are tightly woven in today’s world”, said Mr Galvagni, adding that “we need to prioritise risks effectively, improve preparedness and strengthen public-private partnerships to mitigate risks and to finance economic losses”. Mr Galvagni also observed that “businesses and investors must realise that there are commercialisation opportunities in mitigating climate change”. Meanwhile, Swiss Re’s Global Asset Protection Services (GAPS) has begun offering new consulting services to improve the management of risks caused by wind and earthquake-related damage.