As the economy becomes more digitalized, the role of insurance in society is changing from one concerned primarily with loss indemnification to a broader advisory service for customers on how to prevent, mitigate and manage their risks.
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The insurance industry plays a key role in de-risking infrastructure and mobilising long-term private capital to climate risk-resilient projects, agreed a group of decision makers and international experts summoned in Toronto by The Geneva Association.
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The unique characteristics of cyber risk imply that exposure measurement and modelling approaches that have been developed for other perils cannot easily be transferred to cyber risk. The insurance industry has made progress in developing the technical capabilities to handle these distinct characteristics of cyber risk, but there is still some way to go.
Cyber insurance offerings and premium volumes have expanded sizeably. Keeping up with demand is challenging and sustainable growth in the cyber insurance market should not be taken for granted, as accumulation risks need to be addressed in the context of a hyperconnected digital world.
Also of interest:
While the biggest threat to businesses is geopolitics and trade, the insurance industry can help promote regulation that is appropriate, proportional and competitive, says Mark Wilson, Chairman of The Geneva Association and CEO of Aviva. Recorded at the 45th General Assembly.
The main issue of current health systems is the lack of alignment amongst many stakeholders, although insurers are aligned closest to customers’ interests because they pay their bills, says Thomas Buberl, CEO of AXA. Recorded at the 45th General Assembly.
The risk of people outliving their retirement savings represents a threat to their standard of living, meaning many could lapse into poverty; however, the annuitisation of occupational pension assets represents an insurance solution to this societal issue, according to a new study released today by The Geneva Association.
Read the report: Annuitisation: Retirement Income That Lasts a Lifetime
