Registration is now closed. Please contact the organiser with any further enquiries.
Admission Price: Free to attend
The global market for large-scale risks has never been more important, as climate change exacerbates natural disasters and concerns arise over new threats such as cyber-risk. Reinsurance is the market that insures insurance companies, enabling them to pay the losses from these devastating risks. It is thus a critical market mechanism, providing a key part of the social and economic safety net for picking up the pieces after disasters. Yet it is also a market undergoing an unprecedented amount of change from new competitors and market convergence.
This event will present the findings from a unique and ground-breaking book about the practice of trading risk in the global reinsurance industry. An expert panel will debate the implications for the future of trading in large-scale risk and reflect on the lessons we can learn from other financial markets, such as the banking sector.
The discussion will be useful to practitioners and academics alike interested in the social practice of financial markets, risk, insurance, reinsurance, and the technologies associated with trading in risk.
- Paula Jarzabkowski, Professor of Strategic Management at Cass Business School, City University London
Expert industry and academic panel:
- Tom Bolt, Executive Team member and Director of Performance Management at Lloyd’s of London
- Clem Booth, (re)insurance industry veteran, currently Chairman of EulerHermes, formerly executive board of Allianz SE and CEO of Aon Benfield Global Inc.
- Michael Power, Professor of Accounting, and former Director of the Centre for the Analysis of Risk and Regulation at LSE
Here is Professor Paula Jarzabkowski on Bloomberg Business in the US, discussing her book, Making a Market for Acts of God, based on research done at Cass with Rebecca Bednarek.
The book looks at how natural and man-made disasters cost the reinsurance industry billions of dollars – and how changes to the way it is calculated and traded could have profound and widespread implications.
The event will launch our Oxford University Press book: ‘Making a Market for Actors of God: The practice of risk-trading in the global reinsurance industry’.
Darwin travelled to the Galapagos to see how species evolved. Paula travelled to more congenial places - Bermuda, Lloyd’s of London, European capitals, Asian capitals and Monte Carlo – to see the reinsurance tribes at work. The result is a groundbreaking book explaining what the different tribes actually do. It is an insightful and vivid account that explains how our market works, how it identifies, prices and manages risk. It also provides important warnings regarding the implications of recent changes to industry structure. It is a must read for anyone interested in (re)insurance, including those working in this industry. Bronek Masojada, CEO Hiscox Group
This ethnographic study of the insurance industry performs an important and urgent task: it exposes the everyday practices by which global financial markets work. The authors bring wonderful clarity to difficult themes, from the structuring of financial deals to developing a macro-level theory of social practice that will be insightful for scholars adopting strategy-as-practice or practice approaches more broadly. This book will be a stimulating read for financial professionals, social scientists, regulators and policy makers alike. Richard Whittington, Professor of Strategy, University of Oxford