As the new Chairman of The Geneva Association, I look forward to reinforcing our commitment to advancing the contributions of insurance to a more resilient and prosperous world. As the only global association of insurance and reinsurance Chief Executive Officers, it is a truly unique organisation.
My priority is to further strengthen the Association’s positioning amongst our key stakeholders, including insurance leaders, policymakers, academic institutions, multilateral organisations and global opinion leaders. We will achieve this by focusing on three main pillars.
First, we will work to leverage The Geneva Association’s research and networks in business and academia to promote a holistic approach to the risks and opportunities arising from the changes and trends the world is experiencing. Whether these changes are concurrent or cross-cutting—through the fields of climate change, global ageing or new technologies—our Association has an important role to play in highlighting what is at stake for insurers, policymakers, communities, businesses and individuals.
Second, we might expect that in an unpredictable world, insurance would become increasingly popular. This is not the case. There is a discrepancy between what customers expect from insurers and the perceived value of what they receive. The Geneva Association is taking steps to investigate the underlying reasons for this trust gap. We are well positioned to shed light on why insurance customers behave the way they do and how insurers should change to better meet customers’ expectations.
Third, and equally important, is the work we have embarked on to promote insurance as a force for good. It is tempting to describe the relevance of our industry in terms of premiums collected, claims settled, taxes paid, number of people employed or assets under management. Such figures, important as they are, do not capture insurance’s fundamental purpose: to help people and businesses face the burden of unexpected risks and help economies and societies prosper.
All in all, it comes down to advancing the contributions of insurance to humanity. To us insurers, these contributions are obvious, but they are not necessarily to the public. Insurance provides peace of mind and enables the risk-taking that propels entrepreneurship and innovation. The Geneva Association is uniquely positioned to put insurance centre-stage in the quest to make our world a better place.
These tasks are ambitious. That is why I am happy that Jad Ariss has joined The Geneva Association as the new Secretary General. With his extensive insurance experience and his international background, Jad is the right executive to write a new chapter of our organisation and drive change. He will ensure that The Geneva Association is a thought leader on global insurance trends and a strong promoter of the contributions of our industry to society.
The future of our industry and our Association is promising. I would like to thank you for your support and trust.