While this is the beginning of a new year, old problems still remain—some of which show no sign of being resolved anytime soon, including in the insurance industry.
Long-tail risks are a perfect example of how the past has a way of creeping up when you least expect it. There are two long-tail risks insurers should pay attention to in 2012 for the benefit of the industry and the global village.
First is climate change. An article a couple of weeks ago in The New York Times titled, “Harsh Political Reality Slows Climate Studies Despite Extreme Year,” examined how political pressure is killing the financing needed to study climate change—and give direction to determine what could help deal with the impending future.
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