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.