Aon Benfield’s latest Insurance Risk Study provides insight into emerging risks and growth opportunities, as Stephen Mildenhall, global CEO of analytics for Aon, explains.
What are the key themes of this year’s Insurance Risk Study (IRS) report?
The market can be divided into three areas, which is how we have positioned the report. The first area is demand, where we have looked at the top concerns for risk managers such as reputation and cyber risk. Overall we have seen opportunities shift away from traditional risk lines of business such as general liability and motor, and more movement towards emerging risks.
On the supply side, we are looking at the record amount of capital in the re/insurance industry; there is more capital available to take risk, so this needs to be matched to the demand. The third area is the glue of data and analytics that sits between supply and demand and makes the market. If you cannot understand the risk, you are not going to be able to measure or manage it, and therefore operate a successful risk management programme.
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Aon Benfield, Stephen Mildenhall, Aon, London, Europe