Aon Benfield identifies seven emerging risks that offer growth potential
Microinsurance, cyber risk and US mortgage credit are among seven emerging risks that offer the potential for growth in the re/insurance market over the next five to 10 years, according to Aon Benfield.
Making up the final four of the firm’s list is the sharing economy, reputation and brand, corporate liability covers and terrorism cover. These risks have been identified in the company’s Global Insurance Market Opportunities report.
Stephen Mildenhall, chief executive officer (CEO) of Aon Analytics, is set to speak more on this issue at Aon Benfield’s 14th Biennial Hazards Conference in Australia tomorrow (22 September).
He will describe how a history of successful risk management has dampened demand for existing risk products, amid declining frequencies in road fatalities, property fires and medical professional liability payments in many countries over the past decade.
However, he will claim developments in the global economy provide an opportunity for insurers through new areas of emerging risks.
“Risk owners are demanding new solutions for these emerging risks as they work to grow their businesses.
“This in turn represents opportunities for international insurers to grow through increasing the relevance of their insurance products. By investing in data and analytics, insurers will be able to grasp the potential around growth, geographic expansion and market feasibility,” said Mildenhall.
