Systemic risk consortium will seek to deliver range of future solutions

A collaborative research consortium has been launched with the aim of creating new products and protection against the rising threat of future systemic risks.

The Cambridge Centre for Risk Studies (CCRS) at the University of Cambridge Judge Business School has announced the consortium which will focus on protecting society from future systemic risks. Funding will be provided by an international consortium of companies including Pool Re, the UK’s reinsurance mutual.

Professor Daniel Ralph, academic director at CCRS, said, “GDP-sized government interventions have been the solution to pandemic-sized events, but government action at this scale is typically ad hoc – better regulatory and financial structures are needed to protect societies from long term erosion of wealth.”

The research will support the creation and extension of private-public market institutions and develop new risk transfer products and advisory services.

It will cover topics such as pandemics, cyber threats, geopolitical change, financial crisis, and climate change.

Dr Andrew Coburn, chief scientist at CCRS, said, “Systemic resilience needs the foresight of systemic backstops to which capital markets can respond. Modelling to support new financial instruments will be critical in addressing future crises.”

The university said the research will enable exploratory design of new financial instruments and evaluate their benefit, both in terms of return on underwriting capital, but also in the potential consumer protection and societal benefits. Its results will better enable members to collaborate with public bodies – nationally and internationally – in risk reduction policymaking, thus improving global cooperation in reducing systemic risk.

Amongst the areas that the consortium will address will include, extensions of coverage terms for traditional insurance lines of business and new types of insurance indemnification or risk sharing products.

The research will examine the effectiveness of a range of instruments including structured parametric bonds, corporate pools, and bi-party swaps.

Dr Michelle Tuveson, executive director and chairman of the advisory board at CCRS, explained: “We are honoured to be leading this private sector consortium – their guidance in steering our research will be invaluable as we create new private market risk management products and services together.”

Julian Enoizi, (pic below) chief executive officer of Pool Re, and chairman of the industry consortium, said, “The COVID-19 pandemic triggered the deepest economic recession in our lifetime. Our policies, preparedness and financial responses require a significant overhaul if we are to better equip and protect society from the next major systemic risk that threatens our way of life. The insurance industry is committed to coordinating and collaborating with the wider communities, and I am honoured to partner Pool Re Solutions with the Cambridge Centre for Risk Studies, who bring deep academic rigour to this new and expanding consortium.”

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