The CRO Forum’s Emerging Risk Initiative continually scans the horizon to identify and communicate emerging risks facing the insurance industry. The Emerging Risk Initiative identified the current major trends and emerging risks which are expected to have a significant impact on insurance claims within 1 to 10 years. These trends and risks are described in the 2021 update of the Emerging Risk Radar.
Compared to the Emerging Risk Radar 2020, the following changes were made in the 2021 edition:
— Three new risks have been included: “Biodiversity”, “Mental Health” and “social-economic inequalities”.
— The risks “GMOs” and “Synthetic Biology” have been included under the heading “Genetic Engineering”.
— The new title “Resource Management” includes the old risks “Resource Scarcity” and “New Frontiers for Resource Extraction”.
— “3D printing” has become fully established in the industry in recent years and has transitioned into insurance as a standard risk. Therefore, it is no longer included in the risk radar this year.
We hope this Emerging Risk Radar will be as useful and insightful for readers when considering and framing their emerging risks as it has been for us.