, the cyber - insurance market is still underdeveloped. insurers can and should take inspiration from their own experiences in tackling cyber - risk, and use it to develop a more mature european cyber - insurance offering. the second subject i ’ d like to focus on is personal data and big data. naturally, the spread of connected objects that is triggering an exponential rise in the amount of data available on insurance policyholders represents an opportunity for the business of insurance, which consists precisely in collecting and exploiting data in order to quantify and put a price on risk. nonetheless, insurers should take a responsible approach : we need to strike the right balance between segmentation and the sharing of risk between policyholders. the basic principles of solidarity and risk - pooling that are intrinsic to insurance are at stake. and we must not lose sight of our collective values regarding individuals ’ right to privacy. to conclude, i wish to stress that all these innovations require some creativity, on the part of both supervisors and insurers. john maynard keynes, who profoundly renewed economic thinking, was well aware of this need to think “ out of the box ”. he wrote in the preface of the general theory : “ the difficulty lies, not in the new ideas, but in escaping from the old ones, which ramify, for those brought up as most of us have been, into every corner of our minds. ” 2 let ’ s have the courage to think differently. in this respect, as insurers, it ’ s up to you to shape the insurance of the future and, as i said, a lot has to be done. as supervisors, we also have to demonstrate enough flexibility so as to foster your innovations, while ensuring that the key principles that i mentioned earlier are respected. i am very happy that this very issue will be developed in the next panel discussion this afternoon. i wish you a fruitful reflection. thank you for your attention. 1 “ loi sapin ”, 9 december 2016 ; definitive framework adopted before december 2017 via “ ordonnances ” 2 j. m. keynes ( 1935 ), the general theory of employment, interest and money. 4 / 4 bis central bankers'speeches

benjamin e diokno : riding out the covid - 19 crisis - reform imperatives for recovery and resilience remarks by mr benjamin e diokno, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the knowledge series on “ recovery resilience : rethinking growth post covid - 19 ”, 22 may 2020. * * * good day, everyone. thank you for inviting me to share bsp ’ s views on growth and recovery after the covid - 19 crisis. we are now two months into the quarantine. and i must say that i am amazed at the breadth and speed of the virtual policy coordination and multi - sectoral consultation process that are taking place as we fight the pandemic. even as the covid - 19 uncertainty continues, i am cautiously optimistic that we can overcome this crisis. let me now proceed by first providing a snapshot of the terrain after the outbreak of covid - 19. the domestic financial markets were racked by heightened volatility following the outbreak of the covid - 19 pandemic. we saw sharp decline in portfolio inflows in the first two months of 2020. the stock market index recorded on march 19 its lowest year - to - date record since 11 october 2011. we have had serious exogenous shocks in the first quarter – the taal volcano eruption, us - china trade tensions, african swine fever. but nothing comes close to the covid - 19 pandemic that has brought the global economy at a standstill. the confluence of these shocks resulted in the dismal contraction of the economy by 0. 2 % in the first quarter o 2020. this is the first negative real gdp growth since 1998 when the economy wrestled with el nino and the asian financial crisis. in its latest assessment, the development budget coordination committee forecasts a full - year contraction of – 2. 0 to – 3. 4 percent ( neda, 13 may 2020 ). on a positive note, the peso appears to buck the trend as most regional currencies have depreciated significantly against the us dollar. the peso is the least depreciated currency among its peers. we have hefty gross international reserves estimated at us $ 89 billion. we forecast that the year - end gir will reach us $ 93 billion. despite the gloom, there is reason for optimism on the prospects of the philippine