From natural disasters such as earthquakes and hurricanes to manmade threats such as terrorism and cyberattacks, today’s communities and businesses face an unprecedented array of risks. The risk management and insurance industry is rising to the challenge with technology-based tools, new products and improved outreach to support preparedness and resiliency. Industry professionals, students and academics gained from the perspective of the field’s leaders at the 2018 Insurance Forum, sponsored by the CSUF Mihaylo College Center for Insurance Studies and Lloyd’s North America, on Oct. 2.
With increased population and infrastructure at risk coupled with the challenges of climate change, the annual cost of damages from natural disasters has increased nearly tenfold since the 1970s. At the same time, human-caused risk ‒ ranging from terrorism, geopolitical unrest and cyberattacks to stock market crashes ‒ has risen to become the leading risk category for contemporary society.
CSUF Mihaylo College Insurance Forum keynote speaker Hank Watkins, president of Lloyd’s North America, which oversees the 332-year-old insurance giant’s operations in the United States and Canada, explained that identifying the risks facing communities and then mounting actionable preparedness initiatives is essential to ensure the resilience of the economy and society in the 21st century.
“There is great importance in recognizing risk before it happens and doing all you can to mitigate it,” he said. “It takes much longer than expected to rebuild, yet disasters can happen much faster than we anticipate. The purpose of this day is to understand the major threats, both manmade and natural, that impact all of us.” Read More