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Andreas, thank you so much for joining
us today here in Davos. What I'd like to,

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to start out on, with many CEOs, we
have this discussion that 20 years ago,

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as a CEO, you could expect
to manage crises in 10,

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15% of your time,

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and you could expect some steady-state
of business as usual for the rest of

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your time. And when you look at data
today, it tells you basically the reverse,

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that CEOs manage layers and layers
of crises as their new normal,

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if you'd like to call it that way.

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And I'm just curious to hear
your view on crises in 2023.

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Which ones you,

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you think we're probably close to
solving and what's on your mind?

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Thanks, and thank you for
having me here, Judith.

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Well this is a problem that
we're facing every day.

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We try to find answers
to all those issues.

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We're shifting towards a multipolar
world that's accelerated by COVID,

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accelerated by the war in Ukraine,
and many, many more things.

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Climate change is just one topic.

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I think the most important
thing we've got to do is,

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and that's more important than
ever before, is cooperation.

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Cooperation between organizations
because the problems are so big,

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they're interconnected, and we
can't solve them on our own.

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That's why side by side with partners,

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I think that's
the rule of the game. Otherwise,

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I don't see us managing
basically the severity and the

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interconnectedness of risks. We don't
have all answers. We'll make mistakes,

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but cooperation, I think
is the overarching theme.

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Thank you. Look,

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I recall an interview I had
to do as a BCG baby in 2005,

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ages ago. You know,

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our obsession with both climate and
sustainability on the one side and,

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and data and AI on the other.
And so 2005, I was sent to the,

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to the head of the board of
Swiss Re back in the day.

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And we were talking about trust and the
role of businesses in creating societal

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trust.

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And he told me that Swiss Re
had hired their first climate

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scientists in the 1970s. I
still recall because he said:

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this was probably before you were born.

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And if you look at this long cycle that
you as a company have invested in this

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and you know, the latest
trends in in data, AI, analytics,

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what are you watching out for most?

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Uh, first of all, our purpose is
to make the world more resilient.

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And that is resonating very well.
So climate change, et cetera,

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that was always at the center of what we
were concerned with because we are the

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shock absorber in the industry.

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So we are looking at insuring
and reinsuring natural

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catastrophes, earthquakes,
floods, hurricanes, whatever.

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So that's a centerpiece of our
works. Swiss Re Institutes,

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they came up with some analysis
and the outcome was actually

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that there are no winners
in the world, no winners.

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That means everybody's impacted.

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And it's actually worse if we don't do
anything in the most severe scenario,

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we see that a fifth of world
GDP in the mid-century,

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next mid-century will actually be
lost. So if you look at the world,

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obviously there are discrepancies
between regions and if you look at

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Southeast Asia, emerging Asia,
we call them, that's the area,

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the region that is most impacted.

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Mostly also not only because
of the geographical situation,

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but also because of the
composition of the economy.

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So you can see that those who
depend on agriculture and tourism,

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they're heavily impacted more
so than Europe with just more

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service-centered, et cetera.

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So I think this is center of our

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work and Swiss Re Institute
is known for that.

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We were starting early and
the data that we collected,

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that's claims data, that's modeling,

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that's inputting every new information on

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natural catastrophe into our models
to keep it updated. That's very rich.

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That's one of our very
important data assets.

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When you look at the, the work
you've also done at the Institute,

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really in quantifying the cost of climate
change and not the cost in 20 years,

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but also the cost that hits
companies today and tomorrow,

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that has been really groundbreaking.

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How do you see industries and and sectors
picking that work up and turning that

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into very practical action?

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It's well known. All our publications
are being read quite heavily.

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But, and you were mentioning
AI before or data,

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and I actually have to pick this up
because what we realize is that data is

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disorganized and dispersed everywhere.

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So if companies really want to find
the answer to addressing climate

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change, then they need data.
Now, data needs to be organized.

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You need to make sense of data.
It needs to be accessible.

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You need to understand what kind
of data do you need to model.

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So what we try to do now is to make all
our data models and what we call our

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analytical data model
available to our customer base.

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So in practical terms, it means
that we provide a platform,

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the customers ingest the
data on the platform, they're
still owners of the data,

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and it's private, it's secured,

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but then we create a digital twin
representation of their reality--assets,

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for instance.
And then we stress test it.

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We decide which events
we're going to choose:

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climate risk or earthquake or a pandemic,

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and then we stress test
their digital twin.

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And that's how we feed back into
their organization the risk insights.

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And it's not about insurance, it's
about resilience, increasing resilience,

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about mitigating the risk,

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because ultimately the exposure
is sitting on the customers,

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on the corporate balance sheet.

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We just try to help to risk finance
it by risk transferring it. But,

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so if you want, we forward into,

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that's a forward integration into the
customer world and using their data

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together and mapping it with our
data, our risk rich data assets,

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in particular on climate change.

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And I think it's another interesting
model of cooperation that you spoke about.

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Coming back to how you started thinking
about cooperation and that's a topic

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that obviously Davos has been
wrestling with over the years.

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Any other expectations you
have towards this week?

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Our chairman, Sergio Ermotti,  

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he said, you know what,

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don't have any expectations because
then you're going to enjoy it.

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So that's exactly what I'm going to do.

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So then I hope you'll enjoy it.
Absolutely. Thank you for being with us.

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 Thank you very much,

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Judith.