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Insurance, Risk Sharing & Transfer

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.

About WRN

As economic, social and environmental uncertainties increase, institutions and populations seek greater resilience to support sustainable growth. Science and insurance lay at the heart of understanding, managing and sharing these risks, building more secure futures at local and global scales.

The Willis Research Network (WRN) operates across the full spectrum of risk from natural catastrophe, to legal liability, financial and security issues linked across driving themes: Resilience, Security & Sustainable Growth; Managing Extremes; Insurance & Risk Management and Mastering the Modelled World.

All Members and activities are united by a common aim: improving resilience by integrating first class science into operational and financial decision-making across public and private institutions.

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Fast Facts

  • The WRN was formed in September 2006 to support leading academic research into extreme events, with a specific focus on responding to the challenges faced by businesses, insurers and governments
  • The WRN's membership spans the globe, counting more than 50 world-class universities, scientific research organisations and public policy institutions
  • Collectively, our members have published more than 100 papers in leading scientific journals
  • Nearly all of the WRN's research is freely available to the public and can be downloaded on our website

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