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Financial, environmental and security extremes are the conditions that place the resilience and sustainability of public and private institutions under most threat.
WRN supported science provides a greater understanding of the distribution and intensity of extreme events; the vulnerability of populations, assets and portfolios and the optimal means of reducing, diversifying and sharing risk across geographies and markets.
This science and analysis supports the primary role of an insurance and reinsurance broker, such as Willis. The company provides institutions and communities with greater resilience against extreme events to help them operate confidently and survive and prosper in adversity.
In recent years there has been a growing focus on resilience, security and sustainability as public and private institutions have confronted heightened levels of risk and uncertainty. The structural challenges presented by global environmental, economic and security developments in coming decades indicate that these concerns are unlikely to recede.
The global insurance and reinsurance industry is focused on understanding and confronting risk and resilience challenges, with the aim of supporting populations and institutions throughout the world achieve a pathway to sustainable growth.
With decades of experience dealing with these growing risks, and a wealth of analytical data and processes, Willis supported by the Willis Research Network helps public and private sector organisations adapt and respond.
How can society, at local and global level, share the costs of extreme events via public and private mechanisms?
Populations and institution share and transfer risk by pooling resources via taxation, insurance or investment. The principles of insurance underpin this vital function: insurance has been described as the ultimate community product; and reinsurance as the ultimate global community product.
All insurance consumers participate in this global system of risk sharing and cooperation but many remain unaware of the role they are playing to support others, just as they will be supported when required. As risks increase, this global system of risk sharing will be fundamental to sustaining resilience for exposed populations and assets.
Computer based modeling is the pervasive platform for analysis, communication and decision making across science, finance, industry and public policy. Models are practical, useful and in many senses indispensable. They have become the operational tools to assess, evaluate, manage and regulate insurance risk.
This revolution has undoubtedly brought significant benefits across many disciplines, including insurance. But the risks and dangers of a naïve dependency upon models and modelling have become clear, not least in selected financial markets.
The Willis Research Network was created to help Willis, the insurance industry and wider stakeholders develop a more balanced and mature use of models. By combining public science and industrial communities the WRN provides openness, expert interpretation and academic rigor to guide the development, use and consumption of risk models and outputs to support sensible decision making.