Central bank Quote by Nick Boles
“The Covid-19 pandemic is what insurers call an act of God. It has hit us like an asteroid strike and unleashed an economic downturn in which governments and central banks are mere bystanders. In 2008, during the financial crisis, it was obvious that the disaster was man-made.”
About This Quote
Source Speech: Interview on Financial Risk, 2020
The pandemic is portrayed as an unavoidable natural disaster, yet past crises show many such events are driven by human decisions and policies.
In simple terms: Pandemics seem natural but are often shaped by human actions.
Key Takeaway
Recognize and address human factors in risk planning.
Themes
risk
economics
policy
human agency
Mood
cautious
analytical
Type
critical
insightful
When to use this quote
- insurance underwriting
- public health planning
- economic forecasting
- crisis management
Key Concepts
systemic risk
moral hazard
government intervention
Questions to Reflect On
- How can insurers better anticipate human‑driven risks?
- What policies could reduce the impact of future crises?
A Different Perspective
Assuming disasters are purely natural can ignore preventable causes.
