According to the survey, respondents at insurance companies reported that they considered their firms to be extremely or very effective at managing various types of insurance-related risks, including morbidity, underwriting/reserving, mortality, and catastrophe. However, given the current global health crisis, insurance companies will need to stay on top of managing these risks moving forward.
“Insurance companies need to continue to be vigilant in monitoring those risks, especially around the area of mortality and morbidity,” said David Sherwood, managing director at Deloitte, noting that after all, “We’re in the middle of a global pandemic, and we’re also seeing some new and emerging risks come through, like climate and others, where perhaps it’s less clear exactly what the impacts of those [risks] will be.”
Read more: Pandemic risk expert examines longer-term impacts of coronavirus
Outside of the pandemic, a key weak point when it comes to insurers’ risk management has been geopolitical risk, according to the Deloitte survey, which found that just 48% of insurance respondents rated their institutions…
