19 January 2010
Published in: Risk governance, Insurance risk
Prepare for the changing risk landscape
Environmental liabilities and biodiversity, carbon nanotubes (CNT) and workplace-related stress are key threats facing the insurance industry in the future, according to an emerging risks initiative from the CRO Forum.
It has released three papers on each risk as part of its promotion of best risk management practices in insurance. "The papers identify elements of the changing risk landscape that may create new challenges for stakeholders such as public authorities as well as financial institutions like insurance providers," the forum's website says.
- Environmental liabilities: This paper establishes the basis for an enhanced risk dialogue that will increase the likelihood of preventing damage to the environment, but also facilitate restoration of the environment when damage has occurred.
- CNT: These are rapidly developing technologies with huge market potential but which carry potential health risks. The paper provides insights on developments in products, hazard profiles and regulation. In light of all that is known to date about exposure to asbestos-like effects of CNT, there are a number of considerations for individual insurance companies in terms of pre-emptive risk mitigation strategies.
- Workplace-related stress: While the emotional cause of an accident may be obscure in many instances, it should not mask the insurance impacts of occupational stress which can be considerable, the paper says.
For more information go to: www.croforum.org