Pool Re has announced the launch of an advisory panel to explore how to protect the UK economy from systemic risks. Re:New will bring together insurance professionals, academics and other public figures to explore how the insurance industry, the private sector, public sector and the public can work together to better protect the UK from the economic consequences of systemic risks such as climate change and cyber terrorism.

Pool Re chief executive, Julian Enoizi said: “In the past, when the world was confronted by a new risk, our industry’s promise to society was that it would insure it. Today, the scale of the risks we face dwarf what insurers alone can handle. But there is still a critical role insurance can play, working in a new kind of partnership with government, businesses, and society.

“Pool Re was founded as a better way to share the costs and burden of terrorism risks between the government and insurers. We have shown that the model works for terrorism, and we believe there is much to be learnt from its success. Drawing together diverse thinkers, Re:New will explore how Pool Re’s approach, and others like it, could be applied to risks of all kinds, from cyberterrorism to the hazards associated with climate change. When the next risk comes, we must be ready for it.”

Among the recently confirmed Re:New members are Stephen Catlin, chairman and CEO, Convex Group, Professor Paula Jarzabkowski, Professor of Strategic Management, City, University of London , Sir Mark Rowley, former Assistant Commissioner for Specialist Operations of the Metropolitan Police); and Louise Pryor, president of the Institute and Faculty of Actuaries, chair of the London Climate Change Partnership and a director of the Ecology Building Society.

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