IIS Executive Insights Life & Health Expert: Ronald Klein, Executive Director, BILTIR
IIS Executive Insights Cyber Expert: David Piesse, CEO, DP88
This article was originally published in the Spring 2022 edition of Insights: A Professional Journal by the CPCU Society and is shared with permission from The Institutes CPCU Society. All rights reserved. www.CPCUSociety.org.
Flood was a common factor among the major global loss events of 2021, and a peril risk managers and the industry should pay close attention to going forward, according to the latest sigma report from the Swiss Re Institute.
Overall, natural and man-made disasters in 2021 resulted in global economic losses of USD $280 billion, the sixth highest on sigma records. Insurance covered USD $119 billion, the fourth highest on record.
IIS Executive Insights Regulation Expert: William Marcoux, WCM Advisory LLC
A long-standing debate within the insurance regulatory world has been to what extent should regulators be responsible for market development, meaning closing protection gaps and increasing insurance penetrations rates. In light of evolving markets, insurers withdrawing from some coverages and persistent (and in some cases growing) protection gaps, this is receiving new attention— and it should!
As the world starts to reopen and we grapple with other, immediate global concerns, the virus's fate has only one outcome: it will become endemic in our society. Each major variant so far has been more transmissible than its predecessors and brings different symptoms and differing resistances and susceptibilities to vaccines or treatments. Resurgent waves of breakthrough infections, driven most recently by the Omicron variant, in vaccinated populations with waning immunity, remain an ongoing risk to economic recovery and healthcare.