SEF.Growth Event with Zurich Insurance

From Data to Action - Understanding and Managing the Risks of Tomorrow


Ever thought about how to stay one step ahead of the risks that come with our ever-changing risk landscape?

24 October 2024

Zurich Insurance Head Office Mythenquai
Breitingerstrasse 7
8002 Zurich

Turning risks into opportunities

Have you ever thought of risk as an opportunity? While risk-taking is often encouraged in start-ups and investments, risk is generally seen as something negative to be avoided. At the SEF.Growth event hosted by Zurich Insurance, Juan Beer, CEO of Zurich Insurance Switzerland, and Peter Giger, Chief Risk Officer of Zurich Insurance, offered a refreshingly optimistic perspective on risk.

Understanding risk, not fearing it

"Risks are only a threat if they aren't understood or acknowledged," said Peter Giger, inviting the audience to see risk as something not to be feared. This is a surprising stance for an insurer, whose role is to warn us of risks and urge us to protect ourselves. However, Giger clarified this by stating: "We are risk experts, not fear experts. Once you understand the risk and its potential impact, you can prepare and control the outcome. The only truly frighteninging is the question: 'What risk do I not have on my radar?'”

Juan Beer emphasised the importance of foresight in navigating today's risk landscape. "We must always think one step ahead," he said, stressing the need to remain vigilant in a rapidly evolving world marked by geopolitical tensions, economic challenges and technological disruptions. Beer cited the upcoming US presidential election, China's economic slowdown and climate disasters as examples of risks that could have a far-reaching impact on global supply chains and markets. "Inaction is not an option," he added, stressing that companies must not only mitigate risks, but also identify opportunities within them. "Ignoring or fearing risk will get us nowhere."

Perceived risks vs. factual risks

Referring to the World Economic Forum's recent Global Risks Report 2024, Peter Giger noted that the report is more about how risks are perceived than how they actually are, as it is based on a survey.

He highlights five key observations to keep in mind when discussing risk:

  1. Risk perception is subjective: Personal biases often cloud factual understanding, making risks appear larger or smaller than they are.
  2. Short-term focus dominates: We tend to respond to immediate threats ("fight or flight"), neglecting long-term risks that may have far greater consequences.
  3. Risk avoidance stifles progress: For society to progress, we must embrace risk. "Without risking mistakes, there can be no innovation".
  4. We romanticise the past and exaggerate the present: The belief that "life used to be easier" or "the world is getting worse" is misleading. There have been wars, inequalities and environmental crises throughout history. The world is not worse - it's just different.
  5. Technology isn't the enemy: We often blame technologies like AI for problems like fake news, but human behaviour - like an increased willingness to lie - is the real problem. Similarly, the internet is blamed for data breaches, but stolen records existed long before that. In reality, technology has brought far more positive change than negative, including job creation.

Cyber insecurity: One “Top 5 Risk” over the next two years

Peter Giger presented the top five risks for the next two and ten years. One of the key risks is increasing cyber insecurity - a topic that was explored in depth in a live hacking session by Gunnar Porada, a leading expert in the field of cyber security. In an impressive demonstration, Porada showed how quickly and easily significant damage can be done. A key takeaway: when asked how to protect yourself effectively without spending a lot of money on security, Porada emphasised that a lack of prevention can be far more costly in the event of a breach than proactive prevention.

Conclusion: Risk is a catalyst for innovation

The event made one thing abundantly clear: risk is an integral part of progress. By understanding and anticipating risk, we can not only protect ourselves from potential pitfalls, but also unlock opportunities for innovation and growth. In today's world, it is no longer viable to avoid risk or live in fear of it. As both Juan Beer and Peter Giger emphasised, the key is to embrace risk with an optimistic mindset and a proactive approach.

Risk itself is not the problem. The real danger lies in not recognising or understanding it. Once risk is understood, it can be managed, mitigated and even turned into a catalyst for success. The world is changing - and while that brings uncertainty, it also brings the possibility of a better future, shaped by those willing to embrace the challenges that lie ahead.

Our speakers

Peter Giger

Chief Risk Officer, 
Zurich Insurance Group

Peter Giger is a seasoned professional with extensive experience in insurance and reinsurance, particularly in finance, risk management, strategy, underwriting and regulatory management. He has been Group Chief Risk Officer (CRO) since October 2019 and has temporarily assumed the role of Group Chief Investment Officer from mid-2021 to early 2022. Previously, he headed FINMA's Insurance Division from 2014 to 2018, also serving as Deputy CEO. His previous experience includes senior positions at Zurich and Swiss Re. Giger holds a doctorate in business administration from the University of Zurich and an MBA from the University of St. Gallen (HSG).

Gunnar Porada

Founder & CEO, 
innoSec

Gunnar Porada is the Founder and CEO of innoSec (Weggis) and an internationally recognised expert in the field of cyber security. He began his career as a hacker 30 years ago and has developed into one of the leading figures in the cyber security industry. His expertise is regularly quoted in renowned media, including more than 10 television appearances and over 100 mentions in editorial publications. In addition to his professional activities, Gunnar Porada is also academically active. He was Co-Director of the Cyber Security Competence Centre at the University of Liechtenstein and has been lecturing at the renowned University of St. Gallen (HSG) for over a decade.

Juan Beer

Chief Executive Officer, 
Zurich Insurance Switzerland

Moderation

Lukas Frösch

Director Entrepreneurship, NZZ Connect

Programme for 24 October 2024

 Time Description
 Individual arrival
4.30 pmDoor opening
5.00 pm

Welcome, agenda and introduction

by Juan Beer, Chief Executive Officer, Zurich Insurance Switzerland and Lukas Frösch, Director Entrepreneurship, NZZ Connect

5.20 pm

Keynote "Future scenarios and risk assessments: What the Global Risk Report reveals about our future" 

by Peter Giger, Chief Risk Officer, Zurich Insurance

 Q&A Session
6.00 pmShort break
6.10 pm

Keynote "Cybersecurity" including a live hacking session

by Gunnar Porada, Founder & CEO, innoSec (Weggis)

 Q&A Session
7.10 pm

Closing words

by Lukas Frösch, Director Entrepreneurship, NZZ Connect

 Networking-Apero
9.30 pmDoor closing

Join us at the SEF.Growth Event in partnership with Zurich Insurance!