Plenary speakers
Invited plenary talk: Thu, Sept. 4, 2024, 09:00-09:50
Robert Holzmann (Governor OeNB, Austria)
Damages by extreme weather and the case of insurance
The number and scope of extreme weather conditions is increasing in Europe and elsewhere which stimulates the discussion of how best to pay for damage and quick repair. The presentation explores the role and scope of insurance against the background why central banks are interested in the topic and EU financial market institutions, including the European Central Bank, participate in the discourse. While insurance is expected to play a major role in mitigating extreme weather outcomes, the role of private and – perhaps – mandated insurance may be limited, innovative models of risk management – such impact underwriting and cat bonds – can contribute to reduce the insurance protection gap. More innovations, including in public-private partnership may be needed.
About
Robert Holzmann is an Austrian economist, Governor of the Austrian Central Bank und member of the Governing Council of the European Central Bank (since 2019), and elected member of the Austrian Academy of Sciences (since 2014). He holds honorary positions at the South-Western University in Economics and Finance, Chengdu, University of Malaya, Kuala Lumpur and University of New South Wales, Sydney. Before his return to academia in 2011, he held various positions at the World Bank including for 12 years Sector Director and acting Senior Vice President. Before joining the World Bank in 1997 he was an academic in Austria and Germany, and senior economist at the IMF and OECD. He has published 39 books and over 200 articles on financial, fiscal and social policy issues. He has travelled to over 90 countries in the world.
