Time for a cool head

This month I reflect on my time in risk and insurance. So much has changed – some for the worse but so much for the better.

With events in the Persian Gulf still sending shockwaves across the region and global economy, I wish I was signing off in more positive times; however, one thing I can say with clarity: the role our members play has never been more important.

We are potentially going through one of the biggest oil disruptions in history. The current uncertainties and escalating conflicts are challenging the very foundations of societal resilience, while exposing the existence of geographic inequalities.

No single jurisdiction can create a resilient society, and no single management discipline can own the competencies required to achieve it – building and retaining resilience demands collaboration.

So what to do? Risk leaders need dynamic, strategic risk navigation. Business leaders need to keep a cool head. Running scenarios and responses should focus on key risks – and reflect the fluidity of the current environment.

Global turbulence is reinforcing the need for robust riskfinancing strategies. This is likely to push more premium into captives and expand their use across risk lines. Captives designed to support longterm resilience rather than short-term price relief will be best positioned.

We are in troubling times. Our role at Airmic is to bring together the immediate and the strategic – working with our partners, affiliate associations and institutes to keep our members informed and help them to navigate disruption.

I would like to sign out by thanking our members and partners for making Airmic the dynamic association it is today – the risk profession has a bright future ahead of it.

Julia Graham