Yesterday, Swiss Re released a report highlighting six emerging trends in risk management. The data was collected from underwriters, client managers, risk experts and other insurance sector experts; their SONAR program utilized this information to compile the report, and the results may surprise you.
The biggest risk to property? Drought.
To liability? Cloud computing.
Additionally, the report lists the threats that spin off of these risks. For example, "losses in agricultural, energy and forestry, risk of large-scale wildfires, drought-induced soil subsidence and water pollution events in the energy, mining and agricultural sectors are just some of the rising exposures related to drought."
Staying up to date on emerging risk trends is just as important as ever to make sure your business (and self) are protected, and to implement risk control measures to limit your exposure!
After all, it was best said by Swiss Re’s group chief risk officer Patrick Raaflaub, "Ignoring emerging risks is just not an option. We need to prepare for the risks of tomorrow.”
To read more, click here.