As a means of ensuring Pool Re is actively engaged in thought leadership in the broad area of catastrophe risk, Pool Re was represented at the International Catastrophe Risks Forum in Romania. One the primary themes of the conference was the value of government and the insurance industry working together to provide solutions for catastrophe risk. During the conference a number of different global public private partnerships were analysed in great detail.
In the process of discussing the benefits of public/private partnerships (PPPs), the Romanian Financial Supervisory Authority referred to the UK models of PPP as being world leading examples of successful co-operation between the government and the insurance industry in relation to insuring catastrophic risks. The Romanian Financial Supervisory Authority had critiqued the system in great detail, overall recommending it as one of the best examples in the world of the government and industry working together. This proclamation about the UK as a leading example of how to successfully structure PPPs was made to an audience of global catastrophe experts. In particular, the UK catastrophe PPP model was being analysed as a potential structure to implement a PPP solution for household insurance against natural catastrophes in Romania. Pool Re continues to support the use of PPP for certain systemic risks until the market it able to normalise and provide cover at affordable rates for the given peril or class of perils.