FULLCOVER 10 | Risks of the future
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We all have our own opinions on what the risks of the future will be. For some insurers there are clear emerging risks, while for others, it’s more complex. FULLCOVER asked insurers Swiss Re, Lloyd’s, Zurich and Hannover Re and global medical assistance firm, International SOS for their views on the top five risks of the future. Find out!
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The Global Risks 2014 report highlights how global risks are
not only interconnected but also have systemic impacts. To
manage global risks effectively and build resilience to their
impacts, better efforts are needed to understand, measure
and foresee the evolution of interdependencies between
risks, supplementing traditional risk-management tools with
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What are the key trends changing the insurance, pensions, and wealth management industries in Asia?
And how can companies best capture growth?
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connect, and collaborate on issues relating to the confluence of financial services, public policy, and
technology. SFF attracted 62,000 participants from over 115 countries—the largest SFF gathering ever.
It featured 850 speakers, 570 exhibitors, including 25 country pavilions, and over 4,000 meeting
through the business matching platform.
With inflation persisting and growth slowing, many fintech firms are trying to remain viable. With that
background, three key themes emerged at SFF that hold opportunities for insurance companies in Asia.
First, we discussed how risks for the current generation have changed, creating new paths of growth
as technology spreads across all sectors and functions in the insurance industry. The changing
behavior of consumers triggers new opportunities by demanding unconventional ways of redefining
customer relationships.
Second, a widening pension gap caused by an aging population, the rise of self-employment, and the
gig economy offers opportunities. We foresee that people caught in this gap could succumb to further
risks raised by rising inflation, longer lifespans, and the rising cost of healthcare. Further, we discussed
micro-pensions and micro-investments and how they would take off in the coming years.
Third, Asia’s financial wealth stands at $180.6 trillion as of 2021, or roughly 40% of global wealth, and
we expect continued growth. This causes more customers to get serious about financial planning. We
also discussed approaches to reaching Generation Y and Z customers who require an omnichannel
experience to maintain high engagement.
We also had pragmatic discussions around artificial intelligence (AI) and embedded insurance. AI is still
nascent, with regulators constantly figuring out how AI and machine learning play a role in insurance.
Embedded insurance, meanwhile, needs to work seamlessly in the customer journey.
This report covers the three main megatrends to watch in the landscape of Asia’s life and health insurance,
as well as the key imperatives insurers should take to capture the significant opportunities in the market.
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One of the primary objectives of cybersecurity is to safeguard sensitive information. This includes personal data, financial records, intellectual property, and classified government documents. Robust encryption algorithms, secure authentication protocols, and effective access controls are essential components of protecting data from unauthorized access. Additionally, data backup and disaster recovery strategies play a crucial role in ensuring that information remains intact and accessible even in the event of a breach.
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This magazine specifically targets corporate clients and industrial firms. It features our operating field of Risk Solutions and presents our extensive range of risk expertise which we offer our clients in all relevant Lines of Business and markets.
Here's some of what you'll find in this issue:
-- Mining: The increasingly networked nature of machines and processes comes with new risks
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BIGDATAGPWEB final
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- The top concerns were malware/viruses, administrative errors, data provider incidents, and malicious employee activity.
- Legal liability from data breaches was also a major concern, with costs of litigation and regulatory fines among the top worries.
- While many companies have improved security practices like IT updates and employee training, over 20% said their security budgets were inadequate and awareness has yet to penetrate all levels
Business storytelling: key ingredients to a story
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What are the key trends changing the insurance, pensions, and wealth management industries in Asia?
And how can companies best capture growth?
These topics were among those discussed at the recent Singapore FinTech Festival (SFF). Since its
inception in 2016, SFF has become the premier platform for the global fintech community to engage,
connect, and collaborate on issues relating to the confluence of financial services, public policy, and
technology. SFF attracted 62,000 participants from over 115 countries—the largest SFF gathering ever.
It featured 850 speakers, 570 exhibitors, including 25 country pavilions, and over 4,000 meeting
through the business matching platform.
With inflation persisting and growth slowing, many fintech firms are trying to remain viable. With that
background, three key themes emerged at SFF that hold opportunities for insurance companies in Asia.
First, we discussed how risks for the current generation have changed, creating new paths of growth
as technology spreads across all sectors and functions in the insurance industry. The changing
behavior of consumers triggers new opportunities by demanding unconventional ways of redefining
customer relationships.
Second, a widening pension gap caused by an aging population, the rise of self-employment, and the
gig economy offers opportunities. We foresee that people caught in this gap could succumb to further
risks raised by rising inflation, longer lifespans, and the rising cost of healthcare. Further, we discussed
micro-pensions and micro-investments and how they would take off in the coming years.
Third, Asia’s financial wealth stands at $180.6 trillion as of 2021, or roughly 40% of global wealth, and
we expect continued growth. This causes more customers to get serious about financial planning. We
also discussed approaches to reaching Generation Y and Z customers who require an omnichannel
experience to maintain high engagement.
We also had pragmatic discussions around artificial intelligence (AI) and embedded insurance. AI is still
nascent, with regulators constantly figuring out how AI and machine learning play a role in insurance.
Embedded insurance, meanwhile, needs to work seamlessly in the customer journey.
This report covers the three main megatrends to watch in the landscape of Asia’s life and health insurance,
as well as the key imperatives insurers should take to capture the significant opportunities in the market.
Underinsurance of property risks - Sigma5
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Safeguarding the Digital Realm: The Importance of Cybersecurity
Introduction:
In our increasingly interconnected world, cybersecurity has emerged as a critical concern for individuals, organizations, and governments alike. The pervasive nature of technology and the rapid digitization of various sectors have brought about numerous benefits, but they have also introduced unprecedented risks and vulnerabilities. As cyber threats continue to evolve in sophistication and scale, it is crucial to understand the significance of cybersecurity and adopt effective measures to protect our digital infrastructure.
The Ever-Present Cyber Threat Landscape:
Cyberattacks come in various forms, including data breaches, malware infections, ransomware attacks, phishing scams, and more. The motives behind these attacks range from financial gain to espionage, activism, and even geopolitical warfare. The digital landscape is teeming with hackers, criminal syndicates, and state-sponsored actors who constantly seek to exploit vulnerabilities in computer systems and networks. The impact of successful cyberattacks can be devastating, causing financial losses, reputational damage, and compromising personal privacy.
Protecting Sensitive Data:
One of the primary objectives of cybersecurity is to safeguard sensitive information. This includes personal data, financial records, intellectual property, and classified government documents. Robust encryption algorithms, secure authentication protocols, and effective access controls are essential components of protecting data from unauthorized access. Additionally, data backup and disaster recovery strategies play a crucial role in ensuring that information remains intact and accessible even in the event of a breach.
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Cybersecurity is not limited to protecting personal information or corporate data; it also extends to safeguarding critical infrastructure. Industries such as energy, transportation, healthcare, and finance heavily rely on interconnected networks to function effectively. A breach in these sectors could result in catastrophic consequences, ranging from power outages and disruptions in transportation systems to compromised patient records and financial instability. Consequently, robust cybersecurity measures must be implemented to protect these vital systems from malicious actors.
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This magazine specifically targets corporate clients and industrial firms. It features our operating field of Risk Solutions and presents our extensive range of risk expertise which we offer our clients in all relevant Lines of Business and markets.
Here's some of what you'll find in this issue:
-- Mining: The increasingly networked nature of machines and processes comes with new risks
--Reputation: How to prepare for a crises
--Infrastructure: Project Risk Rating as a key component in investment decisions
--Column by Peter Höppe: COP21 - Let’s make the most of the new opportunities
For past issues, or to order a hard copy visit our website: http://bit.ly/Topics-Risk-Solutions-1-2016
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This document discusses the concept of information risk insurance. It provides context on the growing importance of information in business and society, and the corresponding risks that have emerged from increased digitalization and cyber threats. The document then reviews different perspectives on defining "information risk" and the role of cyber insurance. It analyzes the development of information risk insurance internationally and some of the key insurance products and risks covered, such as theft of data, computer network failures, and cyber attacks. The conclusion summarizes that information risk insurance aims to compensate organizations financially for losses from issues like data loss, fraud, and unauthorized access in order to help manage these emerging risks.
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The document summarizes a joint statement from global insurance industry leaders calling for collaboration with governments to address climate change risks. It outlines that climate change is accelerating extreme weather events and risks, and without action to reduce emissions the capacity to limit global warming will diminish. The insurance industry can incentivize risk prevention, facilitate risk transfer, and provide analysis. The statement calls for public-private partnerships along the risk management process, from data sharing to developing incentives for climate adaptation and resilience. It urges governments and multilateral organizations to support disaster risk reduction and climate action through these collaborative approaches.
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Big data refers to the massively increasing volume, velocity and granularity of data sets that are being accessed and linked. The analysis of big data is transforming how insurers assess risk and price insurance. While this will benefit many through more accurate risk-based pricing, it may disadvantage some through unaffordable premiums. Government will need to address issues like privacy, discrimination, and protecting those facing uncontrollable risks.
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This document discusses the importance of insurance and actuarial science education in Bangladesh's current economic state. It provides background on what insurance and actuarial science are, and how actuarial science is applied in different areas like life insurance, health insurance, pensions, and property/casualty insurance. It then discusses the insurance industry specifically in Bangladesh, noting that while risk is high, insurance awareness and the market are still low compared to other Asian countries due to factors like low incomes and risk awareness. There are currently 77 insurance companies operating in Bangladesh.
Ace emerging-risks-barometer-2013
The document summarizes the key findings of a survey and research on emerging risks facing businesses. It identifies four top risks: 1) Infrastructure and supply chain risk was expected to have the largest negative financial impact due to lack of visibility into complex global supply chains. 2) Environmental risk was the second overall concern affecting all sectors. 3) Cyber risk and D&O risk tied for third as businesses realize internal errors are a large source of cyber risk and regulations are increasing liabilities for directors and officers. The research highlights the need for improved risk education, information sharing between companies and insurers, and a focus on internal security processes to help businesses address these emerging threats.
Business blackout
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Bigdatagpweb
Big data refers to the massively increasing volume, velocity and granularity of data sets that are being accessed and linked. Insurers currently use data to determine pricing and identify relevant risk factors, but have varying levels of freedom in how they translate data into premiums. Increased analysis of big data has the potential to significantly refine risk pooling and pricing. This will allow insurers to better understand individual risks, provide more tailored products, and use price signals to encourage risk reduction. However, it may also lead to issues around affordability, privacy, and the risk profiles of some consumers becoming more transparent. Government will need to consider these implications and how to protect consumers.
Disadvantages Of Disaster Risk
The document discusses the risks associated with disasters, noting that disaster risk stems from natural hazards combining with vulnerabilities in exposed populations and assets. It explains that while vulnerability has decreased somewhat due to improvements like better building standards, overall risk has grown globally due to increasing exposure as populations and economic assets concentrate in hazardous areas. Furthermore, marginalized groups tend to be disproportionately affected by disasters due to higher levels of vulnerability and exposure.
HBR - Zurich - FERMAZ - PRIMO Cyber Risks Report
This document summarizes the key findings of a survey on cyber risk conducted by Harvard Business Review Analytic Services and sponsored by Zurich Insurance Group. Some of the main points:
- More than 3/4 of respondents said information security and privacy have become more significant concerns in the past 3 years.
- The top concerns were malware/viruses, administrative errors, data provider incidents, and malicious employee activity.
- Legal liability from data breaches was also a major concern, with costs of litigation and regulatory fines among the top worries.
- While many companies have improved security practices like IT updates and employee training, over 20% said their security budgets were inadequate and awareness has yet to penetrate all levels
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FULLCOVER 10 | Risks of the future
- 3. Risks of the future We all have our own opinions on what the risks of the future will be. For some insurers there are clear emerging risks, while for others, it’s more complex. FULLCOVER asked insurers Swiss Re, Lloyd’s, Zurich and Hannover Re and global medical assistance firm, International SOS for their views on the top five risks of the future. The majority of respondents cited cyber/data security as the number one risk, highlighting digitalisation, FinTech, sharing economies and the ‘internet of things’ as key components. Second was extreme weather, including a failure of climate change mitigation/adaption, third, political risk, including social instability and fourth, terrorism. From here the future risk landscape differed. Respondents suggested; regulatory, macro‑economic, operational, financial repression, large‑scale involuntary migration, human‑induced earthquakes, trust in public/international institutions, natural disasters, growing urbanisation and beef consumption litigation. On the medical side, day‑to‑day risks of road safety, malaria and cardiovascular disease were identified. When asked whattheyweredoingtoassessandmeasurethe impactoftheserisks, the response was ‘there isn’t one tool to measure the impact of risk’. Various approaches, from surveys/ metrics, collaboration with experts, data sharing (including historic data) and social media to continual research, monitoring/evaluation, scenario planning and modelling are used. All concede there are challenges in assessing the impact of emerging risks that are yet to materialise into insurable losses. In response to howcanwechangetheserisksintoopportunities andareyoudevelopinginsurancesolutionstotransferthese risks, respondents agreed ‘the nature of global risk means they are interconnected and so difficult for any country, company or business to mitigate’. A multi‑stakeholder approach, effective risk management and risk transfer can all address the risk. Solutions include; having strong digital security and managing breach costs through cyber insurance, risk management in the supply chain combined with business interruption cover to address natural disaster risks and new product development to address emerging risk from legal rulings and the impact of legislation. Whenaskedhowwillbigdataandanalyticstransformthe insuranceindustry,theconsensuswas‘bigdatawillfundamentally sharpentheindustry’sunderstandingofrisk’.Datageneratedby mobiledevicescanbeusedtobetterpricerisksandproductscanbe delivered,anytime,throughmultipledistributionchannelsincreasing accesstonewmarketsandreducingtransactionalcosts. 78
- 4. Analyticsallowsinsurerstounderstandtherisksandtheirportfolios inamoregranularwaysotheycanworkmorecloselywithcustomers toidentifyanddevelopeffectiveandefficientriskmanagement strategies.Itcanalsohelpidentifynewriskpoolsandinnovative products/servicestomitigatethem,resultingingreateroperational efficiencyandaccuracywithpricing/claimshandling. Buttherearebigdatarisks‑thehypefordatacanleadtothe ‘manufacturing’ofphoneydataandfalsemodellingthatdoesnot reflectreality,resultinginriskmispricing. Thefinalquestion,aretraditionalinsurancecompaniesprepared todealwiththerisksstemmingfromthe‘uberisation’ofsociety prompted‘digitalisationwillcreatenewdistributionandsalesmodels openingupmanyopportunitiesinriskassessment,underwriting, claimshandlingandoperations’. The ‘fourth industrial revolution’ is changing the way people work and live. Connectivity makes remote working easier, creating greater global competition, yet lower‑skilled workers are more likely to see their jobs disappear to automation. Our move to a sharing and collaborative economy increases the number of jobs that fall outside the standard employment contract model, the so‑called ‘gig economy’. Societal changes, such as the emergence of the sharing economy, impacts on liability issues and so the industry must respond with appropriate insurance products. Whatever the model, the need for specialist underwriting will always be there. TOP 5 RISKS OF THE FUTURE: * Such as regulatory, macro-economic, operational, financial repression, large-scale involuntary migration, human-induced earthquakes, trust in public/international institutions, natural disasters, growing urbanisation and beef consumption litigation, day-to-day risks of road safety, malaria and cardiovascular disease 79