The CRO Forum’s Emerging Risk Initiative continually scans the horizon to identify and communicate emerging risks facing the insurance industry. The Emerging Risk Initiative identified the current major trends and emerging risks which are expected to have a significant impact on insurance claims within 1 to 10 years. These trends and risks are described in the 2020 update of the Emerging Risk Radar.
Compared to the Emerging Risk Radar 2019, the following changes were made in the 2020 edition:
- The overall layout of the report has been significantly revised;
- Three new risks were included: “Digital Misinformation”, “Plastics and Microplastics” and “Skills Shortage and Reskilling”;
- The risk “Predictive Genetic Testing” was merged into “Medical Advances”;
- For the risk “Pandemics” the horizon of realisation was shortened (from “First significant impacts expected within 1-5 years” to “Significant impacts already seen in insurance claims”);
- Wording modifications in descriptions were made to the following risks: “Climate Tipping Points”, “Geopolitical Conflict”, “Pandemics”, “Protectionism”.
We hope this Emerging Risk Radar will be as useful and insightful for readers when considering and framing their emerging risks as it has been for us.