Today’s economies and societies are facing a transformation of risk. The COVID-19 pandemic, the return of war in Europe, and intensifying climate and cyber risks are driving up both systemic and intangible risk.
This new global risk landscape is a significant test of insurers’ capacity for financial loss absorption and there is an increasing gap between what stakeholders expect the industry to do and what it is technically able to do. Insuring homes in certain regions is a topical example.
In response, an increasing number of insurers are launching customer propositions that go beyond their traditional role of absorbing financial risk. A recently published Geneva Association report explores ways for insurers to maintain or even strengthen their societal relevance in today’s changing risk landscape and presents the findings of a global survey on customers’ perceptions of risk and their appetite for such expanded insurance offerings.
This presented and discussed the report’s key messages, convening senior leaders from the insurance industry and academia to explore what is at stake and innovations underway.
