The latest risk report from GILC;
Global Insurance Law Connect, the global network of insurance law firms, has today released the seventh edition of its Risk Radar report. In it, 23 member firms identify regulatory, climate change, cyber and AI risks as being among the most pressing for insurers in their jurisdictions. Regulation stands out as the most critical of these across the majority of countries.
In the report, each firm provides details of current changes within the insurance market for their country and provides an outlook for the coming year. By collating submissions from different jurisdictions, the report provides a view into the global approach to the management of these risks.
Gillian Davidson, Chair of Global Insurance Law Connect, commented: “The striking difference between this year’s Risk Radar report and that of last year is the progression in regulation change. 15 of the 23 firms rank specific pieces of regulation or legislation among the most significant recent changes in their jurisdictions.
“Alongside regulation, the twin concerns of a rapidly evolving cyber and AI space and the intensifying impacts of climate change and natural disasters were picked up by many member firms. As the scale of the impact natural catastrophes have increases, they not only become harder to model accurately but the damage will also require coordination, which presents its own challenges around supply and labour chains as insurers seek to respond quickly. As climate change continues to impact the world and the insurance industry, there will be an ever greater role for international collaboration, insights and support to ensure strong and effective responses.”
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