“Public-private partnerships are the only way to tackle climate risk,” insurance broker Willis Towers Watson  CEO John Haley said at a virtual meeting of the World Economic Forum.

Zurich Insurance CEO Mario Greco said insurers did not have the capacity to tackle climate and cyber risks alone, but neither should such problems be outsourced wholly to governments.Governments and insurers in Europe and the United States are considering state-backed reinsurance programmes for future pandemics, though some insurance sources have said progress has been slow, as governments focus their attention on dealing with the current crisis.