Public Insurance is about risk transfer and risk control. It is in fact about how local, regional and central government functions in its delivery of products and services into the public domain. This is exceptionally diverse, because the public domain, i.e. the society and its citizens and enterprises, is a complex organism. The organisations serving society do have a rich variety of products and services. We as PRIMO think that the management and insurance of public risks need to go hand in hand and therefor need more attention. We are convinced that both aspects are not always adequate or even not enough interconnected.
For a proper public insurance it is in our view necessary to come to a real understanding of what public sector organisations need to help them build insurance and risk management programmes that respond and adapt to changing circumstances. We see two focus points:
- Risk transfer is about addressing the insurance and risk management requirements of the public sector, outlined in a insurance programme to meet risk appetite and the level of appropriate self-insurance.
- Risk control is about the variety of tools and techniques – from analysis, management consult to claim handling – to analyse and evaluate the effectiveness of well designed insurance programmes to reduce the total cost of risk.
We have selected some articles from the field of insurers, brokers and practitioners which give a first glance of this craftsmanship of public insurance in relation to public risk management.