A post on WillisWire, the blogging platform of Willis Group Holdings, identifies developing trends cited by insurance experts as key emerging risks for businesses in 2013. Willis said “the increased likelihood of extreme weather, the damage of negative publicity on established brands accelerated through social media, and missed business opportunities in emerging markets” top the list.
The post said “sixteen Willis experts have identified the biggest risks facing their industries and services over the next twelve months. The blog covers a vast range of practices around the world, including life sciences, D&O, reinsurance and healthcare.”
In the special feature, Julian Roberts, Executive Director, Willis Weather Risk Solutions, pointed out that “unpredictable weather is fast becoming a norm that affects almost every business sector worldwide. Risk managers can no longer afford to disregard the impact of extreme weather as something that is beyond their control.”
Jeremy Brooks, Managing Director, Willis Global Solutions, warned “that businesses need to look beyond their product if they are to avoid the reputational dangers of unwanted and unexpected social media coverage.
In addition George Haitsch, Executive Vice President, Willis Global Solutions, expressed his belief that “the biggest risk in 2013 for global businesses is missing out on what he describes as “BRIC Round 2”, the next emerging economies after Brazil, Russia, India and China.
Additional risks Willis experts identified as gaining momentum in 2013 include the following:
— Tom Teixeira, Life Sciences Practice Leader in Willis Global Markets International, explains how the improvement in availability and quality of risk data leaves companies facing the serious reputational risk of being exposed as environmentally unfriendly.
— Richard Magrann-Wells, Senior Vice President, Financial Services Practice Leader, Willis North America, describes the latest development in cyber warfare, whereby attacks on financial institutions are increasingly being funded and coordinated by sovereign states.
— David Shuey, Executive Vice President & North America Practice Leader for Willis Life Sciences, explains the evolving nature of the new drug and medical device industry and considers who is liable for patient compensation when human clinical trials go wrong.
— Davie Ingram, Willis Re, foresees a host of new risks and exposures for insurers who are increasingly allocating fewer resources to Enterprise Risk Management (ERM).
Source: Willis Group Holdings