Risks of the New Era
Mercedeh Firoozbakht, Reinsurance Underwriter, Amin Reinsurance Company
Emerging technologies present fascinating opportunities, but as with all new developments, they also create challenges. Throughout human history, we have always been able to learn & adapt & these new technologies afford us the chance to do so once more.
Technological progress is accelerating at a rapid pace across all businesses & as technology evolves, so do potential risks in different segments. to name a few of those risks, we can say: exposures to cyber-attacks are increasing; medical advances & pharmaceutical breakthroughs, the focus on having a healthy lifestyle & prolonged life span, which increases exposure for annuity or pension plan providers; new materials being used in new products could lead to new diseases that are not yet recognized & quantifiable which creates unknown implications for any number of product lines.
The emergence of these transformations are challenging the way insurance industry evaluates, analyzes & manages new exposures.