French insurance major AXA-backed entities have joined a research hub set up by the Cambridge Centre for Risk Studies (CCRS).
AXA XL and the AXA Research Fund hope to reduce systemic risks such as pandemics, cyberattacks, geopolitical upheaval, climate change, and economic downturns through their partnership with CCRS.
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The Cambridge Systemic Risks Hub researches the causes, consequences, and possible solutions for systemic risks to enhance the insurance industry’s ability to address present and emerging dangers.
It facilitates cooperation between the public and private sectors to share expertise and create new risk transfer products and advisory services.
As part of the initiative, AXA XL and AXA Research Fund will concentrate on climate transition risk.
Funding for the initiative will come from a global collaboration of businesses, which include AXA via AXA XL and the AXA Research Fund.
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By GlobalDataAXA anticipates that the partnership will provide enhanced cooperation in risk reduction policy-making with national, international, and local government administrations.
The insurer said that it will ultimately enhance global cooperation in mitigating systemic risk.
AXA XL head of climate Andrew MacFarlane said: “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.”
CCRS chief scientist Andrew Coburn 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.”
In August, AXA XL appointed Lucy Pilko as the new CEO of the insurance business in the Americas region.
