Page 14 - RMAI Bulletin July 2024

RMAI BULLETIN JULY 2024

Conclusion port and advice as policyholders adjust their busi-

Although they are often unique, emerging risks can be nesses.
identified, evaluated and monitored, and response
plans can be implemented when they occur. Emerging The ongoing technological revolution continues to cre-
risk identification and assessment creates a competi- ate new risks and business opportunities for insurers
tive advantage, helps "future-proof" longer-term strat- and their customers. This chapter has highlighted in
egies, minimizes unwanted surprises, and allows orga- particular how technology facilitates increased
nizations to capitalize on opportunities. interconnectivity across different risk classes while
generating new insurable risks.
Understanding the potential impact assists in risk man-
agement strategies and may reveal opportunities for It will be key for risk managers, regulators and insur-
new revenue streams. Identifying and evaluating ers to continue to work together to mitigate the risks
emerging risks empowers organizations to be forward-
thinking, leading to increased readiness and resilience References
in the face of new and developing threats. 1. https://home.kpmg/kw/en/home/insights/2020/04/
emerging-risks-in-kuwaitcovid19.html
The shape of insurance risks continues to shift and 2. https://www.weforum.org/agenda/2020/05/covid-19-
expand. risks-outlook-saadia-zahidi/
3. https://rims.nz/wp-content/uploads/2019/06/2019-
The shift to risk-based regimes enhances the ability of Emerging-Risks_4232019_142053.pdf
risk managers in the insurance industry to assess both 4. https://web.actuaries.ie/sites/default/files/
the risk and opportunities associated with these shifts ermresources/
in a more dynamic manner than in the past. The mon- combating_insurance_claims_fraud_how_to_recognize
etary safety net that insurance provides to customers 5. https://www.swissre.com/risk-knowledge/mitigat-
remains valuable. Increasingly, insurers are likely to be ing-climate-risk/emerging-riskstrends-wake-
seen by their customers as important sources of sup- coronavirus.html

12