Emerging Risks
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How insurers can prepare for unexpected, unmodelled shock losses -
As the world faces an onslaught of perils – from potential food and energy crises to inflation and political instability – much of the blame is being traced back to Ukraine.
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The biggest challenge facing insurers today is the need for the industry to come together to collaborate and find solutions for emerging risks, said Chris Sparro, CEO North America, Sompo International Commercial P&C Insurance.
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If PFAS, or “forever chemicals,” are the major risk that's currently in litigation, then ubiquitous microplastics are the major risk that's waiting in the wings, said Bob Reville, Co-Founder, President and Chief Executive Officer of Praedicat.
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Insurers must always lift their eyes towards the horizon and scan it carefully for emerging risks. The events of the last two years have reminded every insurer of the need to pay careful attention to the future -- pandemics, the impact of climate change, automation, technology and artificial intelligence, and now war in Europe -- all hold potentially devastating implications for insurers.
