A new Geneva Association report explores emerging trends in commercial liability risks, based on a survey of Geneva Association member insurance companies. The report identifies the most significant liability risks facing businesses and their insurers in the medium to long term as well as the approaches insurers intend to take in response.
In our VUCA (volatile, uncertain, complex and ambiguous) world, risks are constantly evolving and increasingly connected. The ways that risks can harm people and businesses are also changing.
Liability risks often have a long tail, meaning claims can take years and even decades to develop fully. This is attributable to delays in recognising an insurable event has occurred and the lags in settling claims if they are disputed and result in lengthy litigation. As a result, it is important for insurers to stay abreast of emerging liability trends.
To glean insight into the most significant commercial liability risks on the horizon for businesses and their insurers, The Geneva Association conducted a survey of liability experts at its member insurance companies. Based on the responses, this report identifies five key themes that are most likely to shape the corporate liability landscape in the coming years.
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