Hold on to your hats, a new wave of disasters are about to hit
There are disasters that are new and unique that could occur in coming years that may or may not have insurance solutions around them.
As Risk Managers and advisors identify new risks to handle, they need to be measured and then they determine whether they can be transferred away or managed in some other way.
One of the places you can transfer your risks to are Insurers, however they will not accept any such risks without determining their Insurability.
There are a number of criterias for Insurability which are discussed elsewhere but not all meet these requirements. Some we are watching to see how they develop. Others we are attempting to control the risks but are impeded by a lack of knowledge about them. All at the same time as Insurers are seeking to be innovative and market leading. Ah the free enterprise system is a wonderful thing.
So what are the new wave of risks we need to be aware of? To sum it up briefly, whenever there is new technology, changes to the climate or changes to the law, then we see new risks come about. Modern Risk Managers and Risk Advisors need to be aware of these and continue to discuss these with their employers or clients. It is an ever changing world we live in.