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By their very nature, risks are constantly evolving in ways society is often unprepared to handle. As our environment changes, known risks are modified, new ones are formed and the insurance industry is presented with new opportunities to reduce, mitigate transfer risk.
Businesses everywhere need to prepare for what's to come, but risk assessment is impossible if said risks aren't identified. To assess and underwrite risks, the insurance industry relies on experience and historical data for identified and insurable risks. But the industry also has to deal with a future risk landscape that is changing constantly and where reliance on historical data is not sufficient.
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