I am particularly concerned with emerging risks with the potential for catastrophic losses, which will be, in my view, an integral feature of an increasingly globally-interconnected world. Of course, this is an overriding concern for both the insurance and reinsurance industries as well as for governments (in their capacity as insurers of last resort for their citizens). In my presentation at the iNTeg-Risk conference I mentioned three such events in the past three years: the global financial crisis (ongoing since late 2008, with no end in sight and with almost incalculable levels of realized and projected losses around the globe); the BP spill in the Gulf of Mexico (2010); and the nuclear industry crisis in Japan (2011).
This is the opening paragraph from Dr Leiss’ opening remarks at the iNTeg-Risk/IRGC Joint Session on Emerging Risks in Stuttgart, 6 June 2011. A copy of his full talk is attached.