General Insurance Article - G20 Insurance Forum and Insurers role in global challenges

 The first session will examine insurers’ role in boosting resilience and stability in society, and the part insurers play in food security and agricultural issues.

 GFIA’s vice-president, Recaredo Arias, commented: “Insurers already play a vital role in supporting resilience and stability in all sectors of the global economy, including agriculture. It is vital, however, to find ways to extend that protection to as many people as possible.”

 The second session, which GFIA’s vice-president will chair, looks at ways to promote long-term and sustainable investment in infrastructure.

 Arias said: “Insurers are in the business of making long-term and sustainable investments, including those in infrastructure. This corresponds to the needs of governments, who are increasingly seeking to attract private infrastructure investment to relieve pressure on public resources.”

 The third session examines how insurers are responding to cyber risks and the digitalisation of society, as more and more people buy insurance online and using their mobile devices. “Insurers are working harder than ever to remain at the forefront of the digital revolution and to provide products in a convenient and secure way to their online customers,” added Arias.

 The final sessions will focus on the role of international reinsurers in an increasingly globalised economy. “Reinsurers are vital in a modern, globalised economy, due to the role they play in ensuring that insurance remains available and affordable,” commented Arias.