2017-2018
ANNUAL REPORT

Overview of
The Geneva
Association

Founded in 1973 by the CEOs
of leading insurance companies,
The Geneva Association is an
international insurance think
tank that produces and
distributes high-quality
research and analysis
on global strategic
insurance and risk
management
issues.

Overview of
The Geneva
Association

Founded in 1973 by the CEOs
of leading insurance companies,
The Geneva Association is an
international insurance think
tank that produces and
distributes high-quality
research and analysis
on global strategic
insurance and risk
management
issues.

Overview of The Geneva Association

Founded in 1973 by the CEOs of leading insurance companies, The Geneva Association is an international insurance think tank that produces and distributes high-quality research and analysis on global strategic insurance and risk management issues.

The Association is based in Zurich, Switzerland and is a membership organisation for a statutory maximum of 90 insurance and reinsurance CEOs. Its activities are governed by a Board of Directors and its work directed by the Secretary General, supported by a secretariat.

The Association’s research promotes policy-related, public discussions amongst members, academics, standard setters, policymakers, governments, international organisations and the public at large. It interacts directly and continuously on global insurance issues with a broad spectrum of relevant international organisations such as the International Association of Insurance Supervisors (IAIS), the Financial Stability Board (FSB), the United Nations, the World Bank Group, the Organisation for Economic Co-operation and Development (OECD) and other intergovernmental organisations, non-governmental organisations, and national bodies.

The Association’s objective is to provide information and develop understanding on the unique role and importance of insurance for economies and societies through publications, conferences and active discourse with policymakers and others. It strives to be known as the best and most influential research think tank on global insurance issues in the world.

RESEARCH PROGRAMMES

The Geneva Association takes a strategic look at issues that affect the sustainability of communities, examines the needs of society and determines how the insurance mechanism can contribute to addressing those needs. The Association’s work is currently focused on four research programmes and two additional field of research.

Financial Stability and Regulation

Policymakers around the world are working on improving financial market oversight in order to increase global financial stability. The role of the insurance industry is also under discussion. The Geneva Association continues to pursue an intensive dialogue on financial stability and capital regimes with regulators, supervisors, central bankers and other key stakeholders, leveraging its research to steer discussions towards the underlying risks.

Extreme Events and Climate Risk

Societal impacts of weather-related events and other natural catastrophes (NatCat) cause major economic losses and human suffering. Socio-economic factors such as population growth and development patterns exacerbate this situation. The framing of climate risk as a physical, liability and transition risk has made it possible to incorporate it into core business, risk management and investment decisions.

The Geneva Association analyses the role that the insurance industry can play, as risk managers, underwriters and investors, in enabling societal resilience to extreme events and climate risk (EECR) and developing entrepreneurial pathways for addressing climate change goals. Current focus areas include (i) decarbonisation of critical infrastructure; (ii) flood risk protection gap; (iii) next generation of catastrophe risk models; and (iv) integration of climate change risk into investment decisions of insurers and other institutional investors.

Global Ageing

Ageing of the population has put tremendous strains on social and occupational retirement systems, resulting in an even greater need for individuals to provide solutions for themselves. However, insurance and pension sales are not keeping up with needs. The Geneva Association’s Global Ageing research programme explores ways to improve awareness of this major societal issue and promote the role of insurance in supporting governments, companies and individuals in financing retirement, whilst enabling regulators and policymakers to enact proper incentives.

Cyber

Cyber risk touches every aspect of society, on both business and personal levels. As exposures grow, it becomes clear that solutions call for greater collaboration between the insurance industry, intelligence agencies, technical cyber experts, law enforcement and governments.

The Geneva Association’s Cyber research programme aims to help stakeholders understand cyber risks and devise ways in which the insurance industry can respond, bringing the issues of insurability to the forefront. Current focus areas include the need for enhanced data availability, accumulation of cyber risks, capacity (including capital availability) for cyber insurance products and ways the industry can evolve as cyber risks transform.

Protection Gap

The ‘insurance protection gap’ or ‘underinsurance’ is the difference between the amount of insurance coverage that is economically beneficial and what is actually purchased. The Geneva Association’s research intends to contribute to promoting multi-stakeholder solutions by shedding light on the underlying causes of underinsurance. Current focus areas include obstacles to buying insurance in mature economies as well as the health protection gap in emerging markets.

ADDITIONAL FIELD OF RESEARCH

Digitisation

The exponential growth of available data and the expansion of Internet access globally have spurred the advent of the digital economy. Opportunities created by this fundamental shift change very fast and affect the way societies understand risk. The Geneva Association is developing an additional research field to explore the effects of digitisation on the insurance industry and its customers. Current focus areas include big data, personal privacy and customisation of insurance.

PUBLICATIONS

The Geneva Association issues a number of publications throughout the year, mostly related to its research programmes. The Association also publishes two academic journals.

EVENTS

The Geneva Association organises and co-organises approximately 15 conferences and seminars every year. These include the Regulation and Supervision Seminar (PROGRES), the Extreme Events and Climate Risk Forum and the Global Ageing Conference. Other high-profile gatherings are the Chief Investment Officers’ meeting, the Annual Circle of Chief Economists, the Annual Round Table of Chief Risk Officers and the Association’s General Assembly.

ACADEMIC JOURNALS, AWARDS AND GRANTS

The Geneva Association publishes The Geneva Papers on Risk and Insurance—Issues and Practice and The Geneva Risk and Insurance Review. Furthermore, every year the International Insurance Society (IIS) and The Geneva Association jointly present the Shin Research Excellence Award to recognise outstanding applied research in the field of insurance and risk management. The Association also awards annually the prestigious Ernst Meyer Prize for doctoral theses and offers two grants for research in insurance economics.