IIS Michael Morrissey

The 2015 Global Insurance Forum was held in New York from June 14 – 17. It is one of the most important events on the insurance calendar, drawing hundreds of senior executives, regulatory leaders and prominent academics from around the world. WRIN.tv spoke with Mike Morrissey, President and CEO of the International Insurance Society (IIS), and host of the Global Insurance Forum, about “Filling the Protection Gap” and other key themes and take-aways at the conference.

The theme of this year’s Global Insurance Forum, is “Filling the Protection Gap.” Mr. Morrissey says many countries that are underinsured for Life and Health and/or Property-Casualty risks. For these countries, the burden on the government and taxpayers is higher. “If these countries were better insured, not only would society benefit, but the burden on government would be reduced.”

The flow of capital into the insurance sector is impacting the industry on a short-term and long-term basis. Short term, the influx of capital has resulted in softer pricing, while longer term will change pricing and how products are distributed.

Mr. Morrissey said the United Nations showed respect for the insurance industry’s positive role in sustainable development by inviting the Global Insurance Forum for a presentation by the Secretary General. The Global Insurance Forum also heard from Insurance CEOs, representatives from the World Bank, the World Economic Forum, the OECD, and other public institutions. Mr. Morrissey notes that presenters will have discussed “what the insurance industry is doing, and what it can do to promote sustainable development around the world.“

Mr. Morrissey expects attendees to come away from the Global Insurance Forum feeling “proud of the role our industry is playing…to mitigate risk, reduce risk, to invest…in assets that make the world better.”

For more of our coverage of the 2015 Global Insurance Forum, visit the WRIN.tv On Demand Library.

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