A multi-layered approach to achieving resilience is required to meet today’s global challenges according to Lloyd’s chairman Lord Levene.

Speaking at the recent Royal United Services Institute (RUSI) for Defence and Security Studies’ conference in London, Lord Levene addressed the question “What does resilience mean in the 21st century?”

Lord Levene outlined four key ways in which the insurance industry should be contributing to achieving resilience:

1. Raising risk awareness - insurers and society need a deeper understanding of the key threats to stability.

2. Risk management in action - awareness needs to result in tangible action. Insurers are not policemen but they can help businesses and householders protect themselves better.

3. Engaging in risk partnership – insurers should work with and influence governments, business, and other groups to identify the risks that threaten our society and make sure we are prepared.

4. Risk research - most underwriters and brokers are not scientists. The geophysical changes our planet is undergoing need to be understood by them and then played back to insurers.

Read the full text of the speech.

•Date: 25th Sept 2007• Region: UK •Type: Article •Topic: Operational risk
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