The COVID-19 pandemic has highlighted gaps in the knowledge, understanding, and mitigation of systemic and black swan risks

Lloyd’s has launched a global platform and community, which it says will drive greater societal and economic resilience to the world’s most challenging risks.

Named Futureset, the insurance market said it had been developed in response to the large and complex challenges and impacts arising from the COVID-19 pandemic and the urgent need to begin a new, connected conversation with customers, insurers, and government to tackle the challenges these risks bring. 

John Neal, CEO of Lloyd’s, commented: “The COVID-19 pandemic has shown that a hypothetical systemic risk, is never far from becoming a reality and that we must do everything we can to prepare and mitigate against the worst impacts of the constantly changing and challenging risk landscape.

”As the world turns to recovery, Lloyd’s has a unique position and opportunity to bring together communities, businesses, insurers and governments to find solutions to those risks that threaten our shared future.”

Future Black Swans

Throughout 2021, Futureset will focus on the landscape of systemic risks, including exploring lessons learned from the COVID-19 pandemic, as well as examining the growing and global risks brought about by climate change.

Established as an openly accessible platform, it will partner with research organisations, creating new and pioneering insights to drive sustainable solutions to current and future threats around the world. 

It launches with a six-part Systemic Risk Masterclass series, developed in partnership with the Chartered Insurance Institute (CII) and Lloyd’s Market Association (LMA).

The COVID-19 pandemic has highlighted gaps in the knowledge, understanding, and mitigation of systemic and black swan risks with potential impacts that are materialising and evolving at a rapid pace.

Masterclass series

The masterclass series will bring together experts across industry, academia and government to help insurance and risk professionals develop their knowledge and expertise in systemic risk.  

The first Masterclass takes place on 10 February, with John Neal, CEO of Lloyd’s, leading an interactive panel discussion focused on how governments and the insurance industry can partner more effectively to protect society and the economy against systemic risks.

Panellists include John Doyle, president and CEO of Marsh, Paula Jarzabkowski, Professor of Strategic Management at the University of London’s Business School, and Patrick Sterling, RIMS vice president & senior director of Legendary People and Risk at Texas Roadhouse.

As part of Futureset, later this month Lloyd’s will also be launching ‘An Expert’s Take’, a video-series hosted by Anne McElvoy from The Economist.

The video-series will bring together industry leaders from a variety of sectors to explore the specific challenges associated with systemic risk.

Upcoming guests will include Robert Hannigan, a leading authority on cyber security and former director of GCHQ, and Ann Pettifor, political economist and author of ‘The Case for the Green New Deal.’