As the world becomes increasingly precarious, new risks have either not been addressed or have been by the industry's refusal to accept the risk, said insurance industry legend Patrick G. Ryan.

“We haven't been as responsive as we need to be,” the chairman and chief executive of Ryan Specialty Group said at Advisen's Management Liability Insights Conference in New York.

However, through innovation and a better spread of these newer risks—cyber and contingent liabilities as examples—Ryan says the surplus lines sector is in line for expansion.

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