Having witnessed the tsunami disaster first hand, the chairman of Lloyd’s made a call for early warning systems, which, he said, were vital to prepare for global risks, both natural and corporate.

Lord Levene of Portsoken, who recently was named to a second term as the insurer’s chairman, spoke to senior industry officials in Boston on the need for better risk management and increased efforts to mend the industry’s reputation. “It is not only the insurance industry and corporate boards that need to address risk management,” he said. “The world needs to prepare for the most unthinkable disasters. Risk management should be addressed by everyone.”

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