This is a pivotal moment for the insurance industry. In a time of profound and escalating risks, there is an urgent need for collective action to drive a sustainable global recovery. The insurance industry is central to powering this recovery, addressing the insecurity, instability and socio-economic inequalities which were widened by the effects of the global pandemic. By leveraging the industry’s financial strength, insurers can provide institutional investment focused on resiliency and technology, enhancing society’s ability to recover more quickly. With an emphasis on digital transformation, insurers can employ risk management expertise to de-risk supply chains, insure intangible assets, design new products and delivery channels that meet changing customer needs, and set standards for the management and protection of data. Collectively, the insurance industry is positioned to strengthen society’s resilience by reducing risk exposures and paving the way for inclusive growth and sustainable recovery.
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