OECD convenes insurance industry, policymakers and businesses to discuss solutions for addressing the pandemic risk protection gap with support from Marsh McLennan
Mar 18, 2021
NEW YORK, March 18, 2021 — The Organisation for Economic Co-operation and Development (OECD), with support from Marsh McLennan (NYSE: MMC), the world’s leading professional services firm in the areas of risk, strategy and people, will host a virtual event, Addressing the Protection Gap for Pandemic Risk, on 23-24 March 2021 (Central European Time).
Leaders including Angel Gurria, Secretary-General, OECD; Flavio Piccolomini, President, Marsh International; David Priebe, Chairman, Guy Carpenter; John Neal, CEO, Lloyd’s; Julian Enoizi, CEO, Pool Re; Denis Kessler, Chair & CEO, SCOR, U.S. Congressman Emanuel Cleaver II; MEP Stéphanie Yon-Courtin, Dr. Ibrahima Socé Fall, Assistant Director-General for Emergency Response, World Health Organisation and Charles H. Rivkin, Chairman and CEO, Motion Picture Association; among others, will discuss the economic impact of COVID-19 and how public-private partnerships can address the protection gap for pandemic risk.
“Marsh McLennan advocates for clients, provides risk advice and solutions and brings people together to tackle the greatest challenges of our time,” said Mr. Piccolomini. “That’s why we are working with the OECD and governments around the world to develop solutions that will assist in more rapid economic recovery and in building resilience to the impact of future pandemics.”
The event will shed light on the ways the COVID-19 pandemic has affected businesses across the world—and the important steps needed to better cover pandemic risk and build capacity to cover it in the future.
No infectious disease outbreak in at least 100 years has caused such broad and devastating impacts as COVID-19 on the global economy. Gross domestic product (GDP) across Organisation for Economic Cooperation and Development (OECD) countries was projected to decline by 3.4% in 2020, the equivalent of USD 6 trillion in lost output, according to the March 2021 OECD Economic Outlook.
The magnitude of potential losses and high levels of correlation make pandemic risk challenging to insure. Levels of potential coverage for pandemic risk vary by country, but are limited for non-physical damage business interruption (BI) losses. This leads to the pandemic risk protection gap, or the difference between insured losses and economic losses.
To achieve broad coverage in the future, leaders are discussing potential solutions based on the experience of publicprivate insurance and reinsurance mechanisms for natural catastrophes and terrorism, which have led to broader levels of financial protection against these sizable risks.
Marsh McLennan was one of the first companies to advocate for public-private solutions to address pandemic risk and has been actively involved in discussions in more than 40 countries. Many of these potential regional solutions will be discussed during the conference.
The event is open to media and the public. The full agenda and a registration link can be found here.
About the OECD
The OECD plays a leadership role in supporting the development of strategies for the financial management of natural and man-made disaster risks and has provided guidance and analysis on these issues for the G20 and APEC Finance Ministers. This work is undertaken under the guidance of the High-Level Advisory Board on the Financial Management of Large-scale Catastrophes and the Insurance and Private Pensions Committee. The OECD provides a unique forum for governments to compare policy experiences, seek answers to common problems, identify good practice, and work to co-ordinate domestic and international policies. For more information, visit oecd.org.
About Marsh McLennan
Marsh McLennan (NYSE: MMC) is the world’s leading professional services firm in the areas of risk, strategy and people. The Company’s 76,000 colleagues advise clients in 130 countries. With annual revenue over $17 billion, Marsh McLennan helps clients navigate an increasingly dynamic and complex environment through four market-leading businesses. Marsh provides data driven risk advisory services and insurance solutions to commercial and consumer clients. Guy Carpenter develops advanced risk, reinsurance and capital strategies that help clients grow profitably and pursue emerging opportunities. Mercer delivers advice and technology-driven solutions that help organizations redefine the world of work, reshape retirement and investment outcomes, and unlock health and wellbeing for a changing workforce. Oliver Wyman serves as a critical strategic, economic and brand advisor to private sector and governmental clients. For more information, visit mmc.com, follow us on LinkedIn and Twitter or subscribe to BRINK.
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