The need for innovative cover has never been higher as new and emerging risks pose greater challenges for risk managers
New and emerging risks are posing challenges for risk managers and insurers, according to AIG.
In a video interview, managing director for AIG UK, Jacqueline McNamee, said: “[The industry is] operating in a very risk-rich [and] dynamic environment. You just have to put the news on these days and new areas [of risk] are emerging. An example is the alleged Chinese hack of the US federal government. [The industry] talks about a dynamic market [in which] we operate from a risk standpoint but other areas such as technology is driving change.”
She explained that the “dynamic risk” environment does not only encourage innovative solutions from insurers, but it will also change the way in which businesses operate and this “itself is going to drive new risks”.
She said the dynamic environment is putting pressure on insurers to look beyond traditional insurance and develop customer-centric solutions.
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