Kate Mead, Senior Vice President – Carrier Management & Head of Property & Casualty Broking (Canada), Willis Towers Watson
One of the major lessons from 2021 is that data-driven risk management is the new normal. While we appreciate the qualitative considerations in underwriting, we need to drive a more sophisticated and quantitative underwriting process.
The industry needs to improve upon predictive modelling capabilities in light of global challenges, such as climate change and natural catastrophic events. We have to build adaptable models to deal with a range of emerging risks and prepare for the next Black Swan. In the last 18 months, the industry has had to deal with the pandemic, supply chain management challenges, inflation and heightened concern over cyber threats.
In response, the industry pushed the boundaries of insurance policies to evolve and morph reactively to changing risk profiles. But there are gaps and unintended coverage consequences that did not exist 10-plus years ago when we were evaluating risk through a different lens.
We need to re-evaluate how policies – such as professional liability, cyber, executive risk, property/bodily injury and…
