Mr. Philip Bradley:

There are some kinds of risks which are difficult to insure. If we were to take the example of Covid and the worldwide pandemic, it affected all areas and countries at the same time. They are difficult risks for an insurance company to cover because they are systemic. A similar issue is around cybersecurity which can affect numerous companies in numerous countries at the same time. The market will get more sophisticated. It will focus more on advising people about the protection they should take rather than just paying claims. There will continue to be a healthy insurance market, but we must buy protection from reinsurers for the bigger events so that it does not endanger our balance sheet.