One of the most challenging areas for risk managers, insurers and regulators is identifying and assessing emerging risks that may affect the industry
The ongoing technological revolution continues to create new risks and business opportunities for insurers and their customers. It will be key for risk managers, regulators and insurers to continue to work together to keep on top of this ever-changing environment. Even when the risk has been identified, its impact can be difficult to quantify, yet it may be significant.
In this chapter of the Evolving Insurance Risk and Regulation series we explore the changing risk landscape including new environmental, technological, geo-political, economic and legal developments, as well as the growing interdependencies among them. The more that these risks are evaluated and understood, the better a business can respond.
We believe that the shift to risk-based regimes enhances the ability of risk managers in the insurance industry to assess both the risk and opportunities associated with these shifts in a more dynamic manner than in the past. Increasingly, insurers are likely to be seen by their customers as important sources of support and advice as policyholders adjust their businesses. It will be key for risk managers, regulators and insurers to continue to work together to keep on top of this ever-changing environment.
This chapter is just one of a series on Evolving regulation. Click on the promo box below to read more.
Chapter 1: International developments dominate regulatory change
Chapter 2: Conduct Risk: Increasing regulatory focus to align product, customer and value
Chapter 3: Regional regulatory developments
Chapter 4: The impact of accounting changes on regulation
Chapter 5: Impacts of emerging risks on the global insurance industry
Chapter 6: Global tax risks bring increased challenges for the insurance industry