FERMA has been active on the topic of resilience for systemic risk since the start of the global Coronavirus pandemic.
In April 2020, we were the first organization at EU level to propose a pan-European catastrophe resilience framework.
Our work in this area has increased awareness of the key role that enterprise risk management can play in strengthening resilience to pandemic and other catastrophic risks.
Going forward, FERMA’s advocacy in this area will focus on how risk managers can work with partners from the government, international organisations, insurers and the rest of the private sector in order to ensure better preparedness and resilience for large risks.
A FERMA task force on this topic has been set up to carry forward FERMA’s messages to policy makers, regulators and the wider risk and insurance community, to outline potential solutions.
Any catastrophe mechanism for business interruption must be able to respond to various types of disaster, address the complexities of catastrophes and avoid the pitfalls of existing schemes.