 The most visible transformation will be in the rebalancing of the global economy and consequently the cultural and political hegemony. Macroeconomic imbalances and high levels of debt are likely to weight on developed economies for most of the next decade and the balance of power will swing towards developing economies. This will lead to growing pressure on publicly financed social security networks in the developed world with particular implication for healthcare and pension entitlements that will need to be met in the private sector, competition for natural resources and environmental challenges and the emergence of new financial and industry titans in the emerging world. Our customers are facing increasingly complex interconnected challenges that require integrated holistic solutions. As we saw from the tragic disaster in Japan in March of 2011 disruption in one region can have serious repercussions for the global supply chain. Businesses are increasingly operating across borders and are thus more at risk from global events. To meet the needs of these cross-border businesses insurers will have to operate globally but respond to customer needs locally. That will take scale, state-of-the-art infrastructure and systems and will require a new level of risk assessment, capital management and underwriting. Insurers will have to bulk up and develop new capabilities to meet the changing needs of their customers. Innovation is a product of culture. It is all about having the right people with the right skills working collaboratively in an environment in which they feel their ideas are listened to and acted upon. But it is also about taking risks, investing in new ideas, reaching for the stars. And for that to be sustainable, those risks have to be appropriately assessed and managed. To be successful, truly sustainable next-generation innovators will not only focus on profitability but also on developing and harnessing human capital, people power and implementing effective risk management. The insurance industry can be very influential because we serve so many different stakeholders from governments to corporations and private individuals and have a diverse range of technical skills. We employ a lot of engineers and policy experts, for example. This global insight combined with our industry's strong focus on risk positions us as an active contributor to debate around how various stakeholders come together to address the enormous challenges facing the global economy and the world at large. We are facing a complex and interconnected series of global risks that demand a coordinated, multi-stakeholder response. The insurance industry is uniquely positioned to assess those risks and develop, together with relevant stakeholders, proposals for integrated holistic responses.