The Cambridge Systemic Risks Hub, founded by the CCRS, focuses on attaining a deeper comprehension of the interlinked nature of systemic risks. It delves into the drivers, consequences, and potential solutions, ultimately empowering the insurance industry to better respond to both current and future threats.
This collaborative hub promotes a private-public partnership aimed at sharing expertise for the development of new risk transfer products and advisory services.
For their contribution to this initiative, AXA XL and AXA Research Fund will place a specific emphasis on climate transition risk. The climate transition is poised to have substantial global implications, affecting geopolitics, technology, social cohesion, and business development across all countries and sectors of the economy.
The research outcomes will facilitate enhanced collaboration with international organisations, national governments, and local authorities in policymaking related to risk reduction. This collaboration aims to bolster global cooperation in reducing systemic risk.
Funding for this initiative is provided through the collaboration of various international companies, including founding partners AXA via AXA XL and the AXA Research Fund.
“Evolving our assessment of risk management from linear thinking to a more systemic approach will enhance our ability to manage and understand increasingly complex and interconnected risks. CCRS has longstanding expertise in this area and working alongside them will enable us to identify opportunities to support our clients while they navigate a constantly changing risk landscape,” said Andrew MacFarlane, AXA XL head of climate.
“Collaborating in this way aligns with the AXA Research Fund’s mission of helping to inform public and private decision-making based on science to tackle the key issues of our time to protect the planet, communities and society as a whole,” said Martin Powell, AXA group head of sustainability.
Elsewhere for the company, AXA XL Risk Consulting recently introduced AXA Immersive Solutions, designed to provide training for risk managers, facilities or plant managers, and site operators through the use of virtual reality and digital twin technologies.
What are your thoughts on this story? Please feel free to share your comments below.
