IIS Executive Insights Life & Health Expert: Ronald Klein, Executive Director, BILTIR
Ralph Mucerino, Principal, RPM Strategy and Management Consulting LLC
Overview
IIS Executive Insights Cyber Expert: David Piesse, CEO, DP88
Abstract
This article was originally published in the Spring 2022 edition of Insights: A Professional Journal by the CPCU Society and is shared with permission from The Institutes CPCU Society. All rights reserved. www.CPCUSociety.org.
Flood was a common factor among the major global loss events of 2021, and a peril risk managers and the industry should pay close attention to going forward, according to the latest sigma report from the Swiss Re Institute.
Overall, natural and man-made disasters in 2021 resulted in global economic losses of USD $280 billion, the sixth highest on sigma records. Insurance covered USD $119 billion, the fourth highest on record.
The last two years has seen the insurance industry forced down a digital path as physical disruption to operational norms has forced change onto market participants. It becomes clear that some aspects of change are here to stay, and as “back-to-normal” means permanent adjustment to digital ways of working.
On top of that, the Financial Services industry’s wholesale recognition that a comprehensive response to sustainability is now essential has placed this overarching issue at the forefront of corporate activity.
