• Geneva Association General Assembly 2013 Report Explores Insurers' Contributions to Disaster Reduction
  • October 7, 2013
  • Law Firm: Colodny Fass Talenfeld Karlinsky Abate Webb P.A. - Fort Lauderdale Office
  • Some 60 executives from the world's top insurance and reinsurance companies converged last week for the Geneva Association's 40th Annual General Assembly.

    To recap discussions held during the event, the Geneva Association published the "2013 General Assembly Review" on September 24.   It includes essays on financial stability, cyber risk and insurance in developing economies, among other issues.

    Of note is a sub-report entitled "Insurers' contributions to disaster reduction--a series of case studies," which presents case studies on four topics:  floods, earthquakes, "resilient communities" and liability litigation as a tool for disaster remediation.  The cases highlight stakeholders' interconnections and cooperative efforts among individuals, businesses, government authorities, judiciary systems, risk experts, engineers and the insurance industry--all of which are typically involved in mitigating the effects of catastrophic events.

    In "Disaster Reduction," Case Study 2 explores the merits and pitfalls of government-backed risk pools such as the National Flood Insurance Program.

    The report concludes that pre-funded disaster aid is a more effective means of remediation than litigation, particularly in developing economies.  Rather than relying heavily on the protracted and uncertain outcome of litigation for post-event financing, it explains that policymakers should work with the insurance industry to encourage risk reduction and pooling.

    Also included within the 2013 General Assembly Review is the United Nations' 2013 Global Assessment Report on Disaster Risk Reduction.

    About the Geneva Association

    A member-funded non-profit organization, the Geneva Association comprises chief executive officers from the world's top insurance and reinsurance companies.  It coordinates international expert networks and manages discussion platforms for senior insurance executives and specialists as well as policy-makers, regulators and multilateral organizations.

    Established in 1973, The Geneva Association, also known as the "International Association for the Study of Insurance Economics," maintains offices in Geneva and Basel, Switzerland.  Its annual General Assembly is considered to be one of the most prestigious gatherings of leading insurance CEOs worldwide.

    As part of its work, The Geneva Association identifies fundamental trends and strategic issues where insurance plays a substantial role or influences the insurance sector.  Through the development of research programs, regular publications and international meetings, The Geneva Association serves as a catalyst for progress in the understanding of risk and insurance matters and acts as an information creator and disseminator.