Allianz launches a chair dedicated to emerging risks

Allianz France has formalized a new tripartite partnership that now links its group to the Risk Foundation and ENSAE Paris. The three new associates materialize their rapprochement by launching a Chair on Emerging Risk Insurance. Their common objective is clear: to combine expertise to ensure the resilience of insurance activities in the face of developments in the world today.

FACTS

• The new Chair launched by Allianz, ENSAE and the Risk Foundation is primarily a multidisciplinary research project. Named Chair on Emerging Risk Insurance, it aims to respond to increased risks (climatic, societal, technological, health or geopolitical) and to challenge the model of mutualization.

• Allianz and ENSAE rely on an association of expertise to justify the relevance of their analysis and the work of their Chair. They bring together experts from several fields, scientific (with experts in actuarial mathematics) or professional (in the insurance industry).

• The Chair's ultimate objective is to list and explore potential emerging risks, combine innovative and adapted methods of analysis to define potential costs. Finally, the aim is to better anticipate their evolution, and to improve their coverage by offering suitable protections.

• Allianz and ENSAE also highlight the relevance of using the tools already available to address these emerging risks:
  • prevention,
  • strengthening customer support,
  • the distribution of cover between insurers, reinsurers, insured persons and the State.

ISSUES

• Defining a model The main objective of this new Chair is clearly identified as ensuring the resilience of insurance activities. However, in the face of the growing risks that are emerging, the three partners of this Chair rely on an analysis of the current situation and a focus on prevention.

• Strengthening action : The Risk Foundation (FDR) was established in 2007 on the initiative of four academic institutions (the Institut des Actuaires, Ecole Polytechnique, ENSAE and Université Paris-Dauphine) and four financial institutions (Allianz, Axa, Groupama and Société Générale). Its objective has always been, from the outset, to ensure the development of French research potential in all areas of risk. Today, ENSAE and Allianz are seeking to strengthen their own engagement on the topical issue of emerging risks.

PERSPECTIVE

• The fires in Los Angeles have been particularly devastating and represent such costs as to upset the insurance sector. The private meteorology company AccuWeather has indeed estimated property damage and economic losses from its fires could amount to between $135 billion and $150 billion.

• Elsewhere in the world, it was Cyclone Chido that marked the news with costs covered by the estimated insurances between 650 and 800 million euros, and a heavy question concerning the situation of a large part of the population of Mayotte, the poorest department of France, without housing insurance.

• Two topical cases that put insurers under the spotlight in all cases and challenge established models. In France, for example, it is Special law which should speed up the reconstruction of Mayotte.

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