The risk of critical infrastructure disruption is constantly present today. In addition to climate change and the threat of cyber attacks, the COVID-19 pandemic and the Russia-Ukraine war are recent examples of how infrastructure that was thought to be safe can be quickly put at risk or suddenly become unavailable. Most infrastructure systems today are interconnected and the interdependencies are very complex. Severe disruptions within any critical infrastructure system can quickly spread and expand to other (critical) infrastructures through a series of direct and domino effects. As a consequence, these risks can accumulate and are difficult to monitor, quantify, control and properly manage in their entirety. Businesses and policymakers have recognised these risks and are working on strategies to improve the resilience of critical infrastructures. The particular challenges related to the high interconnectivity of risks associated with critical infrastructures require further analysis and modelling efforts and improved collaboration between all stakeholders. This paper presents examples of threats to critical infrastructure and their impact on various areas of life. It looks at the possible effects of the disruption of critical infrastructure on different insurance sectors and the options available not only for mitigating losses but also for developing the necessary coverage concepts. In addition, possibilities for improving resilience and aspects of optimised operational risk management are described.

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