The insurance industry needs to be more responsive to emerging risks so carriers can remain relevant to policyholders, industry executives suggested Thursday at the National Insurance Conference of Canada.
“The challenge for the industry is, how do we react to the new risks that our clients are experiencing, arising from changing technology?” said Stephen Catlin, executive deputy chairman of XL Group plc. One of those risks is cyber, Catlin added during the global leaders’ panel at NICC, held at the Sheraton Centre in Montreal.
“The challenge with cyber in particular – it is the most systemic risk I have every come across,” said Catlin. “I have done this job 42 years as of today, actually, and I have never seen something which is so potentially enormous.”
Greg Meckbach – CANADIANUNDERWRITER.CA – OCTOBER 01, 2015.
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