While volatility is increasing locally and globally, we’re not seeing an increase in risk-preparedness, exposing businesses to the financial implications of uninsured losses. A key concern is that businesses are slow to develop and implement new risk and insurance programmes in the face of evolving risks such as cyber security, political risk and now, pandemic risk. A new lens is needed to match specialised insurance solutions to these evolving risks.
Managing risk and costs is imminently more crucial as the interconnectivity of traditional and emerging risks means organisations can no longer evaluate individual risks in isolation but must look at all the top risks and people in a more holistic way.