Marsh NZ Boss: “Sure, it’s only a matter of time.”

“I’m worried about the impact on colleagues, clients and communities servicing New Zealand, especially these parts of our business, and even the face-to-face consulting-type businesses that will be most affected by future blockades. doing. .”

“When we set aside the pandemic and many of us strive to solve the most complex risk environment we have ever experienced, we see a great opportunity for our industry to shine,” he declares. did.

In Roach’s view, working in the insurance industry in a risk situation never seen before is an incredibly exciting time.

The Auckland-based CEO said:

“Our purpose at Marsh is to” protect and promote potential, “and I am excited and privileged to achieve this goal. “

As a New Zealand boss, Roach leads more than 400 Marsh employees in 14 locations.

This year’s business leaders believe that the biggest challenge is to navigate and respond to the increasingly complex risk environment in the face of COVID-19 headwinds.

“I believe there is a significant supply chain disruption associated with increasing demand for clients and ESG (environmental, social and corporate governance), and the fastest rising inflation in 10 years. Inflation leads to higher insurance claims, which can mean higher claims costs, higher premiums and lower capacity, “Roach said.

“Retaining and attracting talent is a challenge for everyone, especially when borders are closed, but I’m worried that stagnant demand could lead key talent to flee abroad when borders are opened. . “

He goes on to say: “I am very closely watching the impact of Omicron in Australia and abroad. I am considering the impact of New Zealand inevitably hitting our shore. We have time, but we are all. You need to address industry vulnerabilities and risks. You know and can control them. “

read more: World Economic Forum reveals top risks in 2022

On the other hand, when it comes to insurance products, CEO said cyber is “definitely” challenging.

He explained: “On the supply side, the market is reducing capacity and coverage, and on the demand side, more clients, big and small, are seeking protection.

“The 2022 Global Risks Report, produced by the World Economic Forum in collaboration with Marsh McLennan and other partners, has just been released, and New Zealand respondents have ranked” cybersecurity failures “as the greatest risk. increase. “

Roach emphasized that bridging the supply-demand gap in cyber insurance is a top priority.

“The availability and cost of seismic capacity remains a challenge,” he continued. Insurance business“But this is where New Zealand insureds need to bring data and insight-based advice and solutions to the forefront.”

The CEO said: The pandemic experience is unique to everyone, but I think we have the opportunity to help our clients better manage their mental health risks in the workplace.

“I think there are opportunities in increasingly complex risk situations. It’s important to have a deeper understanding of client-specific risks and help navigate this environment using data and industry-specific insights. Become.”

Roach also sees “immeasurable” opportunities to raise the bar for talent in terms of both diversity and skills. “Let’s think more sideways about the sources of talent to stop fishing in the same pond, guarantee our industry in the future and provide the best service to our clients,” he said.

Marsh NZ Boss: “Sure, it’s only a matter of time.”

Source link Marsh NZ Boss: “Sure, it’s only a matter of time.”

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