Insurers today find themselves confronting increasing levels of volatility, complexity and interdependencies. In view of these challenges and rising expectations, it is more and more evident that risk management will likely have to evolve beyond its core focus and join with other drivers of the business to improve efficiency and predictability.
Our third Global Risk Management Study explores not only the current trends in risk management, but the challenges that lie ahead. Over the next few weeks, I’ll share the most salient findings from the study as they specifically relate to insurance.
Let’s start by looking at what survey respondents view as the top external pressures:
- Most risks faced by the insurance industry are expected to rise over the next two years.
- Legal, market and business risks are seen as the most likely to rise in the next two years, with legal as the top concern for 57 percent of surveyed insurers.
In an environment of rising risk across multiple risk types, insurers are not leaving their fate to chance. Join me next week when I look at the steps insurers are taking to manage emerging risks.
To learn more: