In 2021, the U.S. had 19 weather disasters that each resulted in $1 billion or more in damages, the National Oceanic and Atmospheric Administration reported. Also in 2021, more than 1,800 data breaches were identified by the Identify Theft Resource Center, and the world experienced one of the biggest supply chain disruptions in modern history while struggling through the second year of a global pandemic.
As a result, the insurance market is moving away from transactional coverage and moving more toward comanagement of risk.
These mega-risks that we experienced last year are not going away any time soon, but instead are expected to intensify in the year ahead.
So what do risk management solutions look like in 2022? Here are four ways brokers, vendors and insureds can work together to combat these mega-risks in 2022.
Enhanced Predictive Systems For CAT Claims
The global economy is being impacted continuously as climate change continues to slam farms, food manufacturers and hospitality businesses, damaging crops, affecting livestock, and disrupting operations on a massive scale. As a result, P/C rates are on the rise. For both restaurants and lodging establishments, rates are…
