Corporate risk management
Our solutions to insure emerging risks confronting companies.
Companies have always been confronted with new types of risk, named “emerging risks”. Whether they are new, or in constant evolution, they are difficult to identify and to manage. However, solutions exist.
The impact of climate change, the emergence of new health risks, cybercrime, reputation risks, etc., companies today have never been exposed to such a high number of risks. And their management has proved delicate, especially for emerging risks. In the insurance domain the latter are usually known as “risks that may be susceptible to arising in the future and showing a high potential for claims”, according to the definition supplied by the Swiss Insurance Association (SIA). Their dynamic evolution and their complexity make them risks that are particularly difficult to identify, quantify and understand. However, should they occur, they may have great impact on companies, governments and insurers.
Identifying emerging risks
“Emerging risks arise directly from the evolution of our society and the preoccupations that these changes engender”, is the analysis of Sophie Di Meglio, Director Special Risks at Swiss Risk & Care. “Climate change, environmental consciousness, the migration problem, geopolitical tensions, the increasing power of technology in all areas: these are all complex issues that may have substantial impact. New technologies, for example, can lead to new risks that are difficult to manage: cyber security risks, self-drive vehicles, GMOs, robotics, 3D printing, artificial organs, and the list is still long! These risks must be better identified in order to encourage early reflexion so that they can be prevented or limited.”