As we prepare for the FERMA Forum 2019 in Berlin and reflect on the forward-looking theme of the conference – ‘Step into the Future: a New Dimension in Risk’ – it is clear that just as the risk landscape continues to shift and evolve, so too must the risk and insurance industry adapt and innovate.
While many of the traditional physical risks continue to challenge global organizations, including natural catastrophes and fire perils, the influence of so-called intangible risks is growing. Losses sustained from cyber incidents, supply-chain disruption and non-damage business interruption (NDBI) are too often borne by the company balance sheet due to gaps in traditional insurance products and over-reliance on ‘silent’ coverage.
Crawford tackled some of the challenges presented by a changing and more complex risk landscape at a recent client event in Chicago, focusing on the need for more granular data-driven risk insight and new (re)insurance solutions that are fit for purpose. During the panel discussions, speakers and delegates debated whether conventional underwriting techniques were still relevant in the face of major and emerging perils.
Our corporate and insurance partners are facing a paradigm shift, with multiple potentially market-changing developments converging on the sector. As they seek to adapt to this fast-evolving landscape, so too is Crawford keeping up with critical developments in risk and insurance, from emerging risks and a more stringent regulatory environment to data, technology and analytics – and the opportunities and challenges this presents.
Our recent acquisition of Antwerp headquartered complex claims specialist Penta represents the ongoing investment Crawford is making to ensure it continues to be our clients’ leading source of specialized loss adjusting services.
Tuesday, November 05, 2019