Emerging Risk Initiative

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Emerging Risk Initiative 2017-05-22T19:42:29+00:00

The CRO Forum Emerging Risks Initiative (ERI) was launched in 2005 to raise awareness of major emerging risks relevant to society and the (re)insurance industry. The Emerging Risks Initiative consists of ten members representing Allianz, AXA, Hannover Re, Lloyd’s, Munich Re, RSA, Prudential, SCOR, Swiss Re and Zurich Insurance Group.

ERI PUBLICATIONS

Autonomous Machines

CROF ERI 2017 - Autonomous Machines Position Paper Autonomous machines increasingly feature in business’s and people’s everyday lives. With exponential [...]

ERI Risk Radar 2016

The CRO Forum’s Emerging Risk Initiative is committed to continuously improve risk management and identify emerging risks within the insurance [...]

Water Risk

Water risks are often underestimated, disregarded or simply ignored. They represent major emerging risks for the re/insurance industry and for [...]

The Smart Factory – Risk Management Perspectives

The world is about to embark on a fourth industrial revolution, propelled by innovative technologies termed as the “Smart Factory.” [...]

Pushing the limits – Managing risk in a faster taller, bigger world

Pushing the limits - Managing risk in a faster taller, bigger world Our world is moving into unprecedented technological dimensions, [...]

Human rights and corporate insurance

This fifth paper in our series on managing environmental, social and governance (ESG) challenges in business transactions is dedicated to [...]

Food and its impact on the risk landscape

Food risk, whether food insecurity or unsafe food, has wide ramifications for society and businesses, exposing risk managers and insurers [...]

Environmental, Social and Governance factors in Country Risk Management – a new horizon

This paper is the fourth blueprint in our series on managing environmental, social and governance (ESG) challenges in business transactions, [...]

ERI Meeting Slides [March 13-14]

Please note that the slides of the ERI meeting at Lloyd’s 13-14 march are available online on the Working Group [...]

Endocrine Disruptors

Human and animal life is widely exposed to many artificial substances that interfere with the sensitively constructed hormonal system. Substances [...]

Power blackouts pose growing challenge to society and industry: urgent action is needed

A study by the Chief Risk Officer’s (CRO) Forum has found that the risk of large scale power disruptions is set to increase due to the growing interconnectedness of electricity grids, changing mix of power sources and aging infrastructure

Nanotechnology

This presents the insurance industry with significant challenges and opportunities. The paper recommends that assessing risk over the life cycle of these nanomaterials should be standard practice for the nanotechnology industry, as well as for their insurers and reinsurers.

Longevity Risk

The longevity paper finds that increased life expectancy will challenge society to provide adequate income to all individuals through old age. Consequently, demand for longevity risk mitigation solutions is growing, and life insurers should play an important role. However, their current capacity to take longevity risk onto their balance sheets is small relative to global longevity risk exposure.

Environmental Liabilities

Work related stress

Carbon nano tubes

The Emerging Risks Initiative releases today three papers on risks emerging in the insurance industry, namely: Environmental liabilities & biodiversity losses; Carbon nano tubes (CNT); and Workplace related stress. The papers identify elements of the changing risk landscape that may create new challenges for stakeholders such as public authorities as well as financial institutions like insurance providers.

Position paper – Influenza pandemics Position paper

but their views vary widely regarding how it will unfold and what excess mortality fi gures will result. Although analyses of past pandemics provide an insight into possible future scenarios, a simple extrapolation of statistics can be highly misleading. However, the 1918 Spanish fl u is often used as a basis for projecting the possible impact of a severe pandemic.

Terrorism – A unique challenge for the insurance industry

As recent terrorist activities in major cities - notably, the 11 September 2001 attacks in the United States - have made strikingly clear, terrorism has developed into a threat that affects every aspect of society and knows no national boundaries. Although there is no internationally binding defi nition of terrorism, some aspects can be agreed on: it seeks to cause human suffering, to instil widespread fear, and to disrupt life and business. The insurance industry has responded to this evolving hazard, and is doing all in its power to manage the terrorism risk.

CRObriefing Emerging Risk Initiative

The Chief Risk Officer (CRO) Forum's Emerging Risk Initiative is committed to continuously improving risk management. This paper advocates as best practice a process whereby insurers and reinsurers re-examine their assumptions about frequency, severity, loss trends and how the risks in their portfolios are interconnected and generally stress test their internal processes for hitherto "unthinkable" dimensions of risks. The paper seeks to address rating agencies, analysts, governments, regulators, intermediaries and risk modelling firms alike. This study is non-binding and for reference purposes only.