The 2015 Global Risk Management Survey from Aon found business CEOs believe six of the top ten risks facing their companies are ‘uninsurable' leading to concerns insurers are failing in their call of duty.
This viewpoint had already been mooted last July, when a poll of Association of Insurance and Risk Managers members found lack of innovation was the biggest complaint risk managers have about the insurance industry. At the time, CEO John Hurrell claimed underwriters needed to be "bolder".
The first six risks - reputational, economic slowdown, regulatory/legislative changes, increasing competition, failure to attract or retain talent, failure to meet customer needs and cyber risk - are deemed wholly or partially uninsurable, according to Aon, which polled more than 1400 CEOs.
This article studies whether insurers are being innovative enough to address the problem and meet corporate risk managers' needs.