Page 4 - March 2022 Issue 604 Part 2
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Ulrich Pasdika (Gen Re): Protection of earnings volatility would remain important, but less dominant
Gen Re Board Member Ulrich Pasdika’s keynote speech delivered a ral-
lying call to the 800 delegates participating at the fifth Dubai World
Insurance Congress 2022 (DWIC) from over 50 countries.
Pasdika told the audience that the six million Covid deaths over the past two
years had exposed the lack of life insurance take up around the globe. There
are still too many protection gaps, he noted. On natural disasters, he said
Germany suffered devastating floods last year, with many affected uninsured.
“Of the 200 thousand buildings destroyed by the German floods, less than
80% were insured against flood risk”, he declared, believing that it is an
obligation to do something about this protection gap.
Pasdika also highlighted intangible risk as another major challenge, using a
solar flare event as an example. “In 1859 a geomagnetic storm, called the
Carrington Event, knocked out telegraph systems across North America and
Europe. The impact of the solar flare was so strong, in some cases tele-
graph operators got electric shocks”. ULRICH PASDIKA
“If such an event happened in today’s world, with such a strong reliance on
electricity, it would cause multi-trillion losess”, Pasdika said, adding that there would be widespread dispute coverage.
Looking to the future, Pasdika concluded protection of earnings volatility would remain important, but less dominant. “Client focus will count more than
ever”, he saidDWIC 2022 Round-Up
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