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3. Emerging Risks for Insurers. Andrea French Technical Specialist, Insurance Sector Team. 3.1 Definition of an emerging risks . An emerging risk can be defined as:

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3 emerging risks for insurers
3. Emerging Risks for Insurers

Andrea French

Technical Specialist, Insurance Sector Team

3 1 definition of an emerging risks
3.1 Definition of an emerging risks

An emerging risk can be defined as:

"an issue that is perceived to be potentially significant but which may not be fully understood or allowed for in insurance terms and conditions, pricing, reserving or capital setting".

(Source: Lloyd’s of London)

Emerging Risks

3 2 key drivers of risk
3.2 Key drivers of risk

The key drivers of risk include:

Economic, technological, environmental and socio-political developments as well as the interdependencies between them.

Other risk drivers can include:

The changing business environment, such as liability issues, evolving regulatory regimes, stakeholder expectations, and shifts in risk perception.

Emerging Risks

3 3 insurance specific r isks
3.3 Insurance-specific risks

This presentation will concentrate on the insurable areas of risk for both life and general insurers. These risks include:

Life Products Risk (credit & counterparties, impact of the low interest rate environment, enhanced annuities and retail distribution review & platforms)

General Insurance (GI) Risk (impact of the low interest rate environment, inadequate reserving, UK flooding and periodic payment orders)

Technology Risk (cyber attacks)

Stakeholder Risk (shadow banking activities)

Black Swan Risks (combined effect of financial, catastrophe & pandemic)

Emerging Risks

3 4 life emerging risks
3.4 Life Emerging Risks

Financial risks - Credit and counterparties

Emerging Risks

3 4 life emerging risks1
3.4 Life Emerging Risks

Financial risks - Low interest rate environment impact

Emerging Risks

3 4 gi emerging risks
3.4 GI Emerging Risks

Financial risks - Low interest rate environment impact

Emerging Risks

3 4 gi emerging risks1
3.4 GI Emerging Risks

GI line of business risk – Inadequate reserving

Emerging Risks

3 4 life and gi emerging risks
3.4 Life and GI Emerging Risks

Technology risk - Cyber attacks

Emerging Risks