WillisWire report highlights the emerging risks facing the global insurance industry

Insurance newsThe global insurance industry has been facing many threats in recent years, the majority of which coming from unpredictable natural disasters. The world is changing at a rapid pace in terms of technology, environment and crime and as each of these fields advances, new threats emerge that could destabilize the industry as a whole. Willis Group Holdings, one of the world’s largest insurance brokers, has launched a new website that seeks to document these risks. The site is called WillisWire and will play host to a number of surveys and reports regarding how new threats are affecting insurers and risk managers.

WillisWire was officially launched in September 2011, but its first feature report was released this week titled “What New Risks Will Emerge in 2012?” The report highlights 18 emerging risks that could give insurers and reinsurers problems in the future. These risks are associated with a variety of industries from banking and entertainment to politics and alternative energy.

The report makes a special mention of cybercrime, which has exploded into the limelight recently due to a wave of hacking sprees executed from several anti-security groups. This swelling tide of activity has put insurers on alert, as thousands of people have had their personal and financial information compromised. The report notes that if companies – not just those in the insurance industry – do not begin to take cybercrime seriously, they could be facing major monetary losses and even government intervention in the future.

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