Only a few weeks into the new year, trends are developing that insurance experts cite as key emerging risks for businesses in 2013. Among the risks at the top of the list are: the increased likelihood of extreme weather, the damage of negative publicity on established brands accelerated through social media, and missed business opportunities in emerging markets. These are just some of the risks facing business executives in the year ahead, according to a special feature on WillisWire, the blogging platform of Willis Group Holdings plc, the global insurance broker.
Tasked with pinpointing the emerging risks for 2013, sixteen Willis experts have identified the biggest risks facing their industries and services over the next twelve months. The blog covers a vast range of practices around the world, including life sciences, D&O, reinsurance and healthcare.
In the special feature, Julian Roberts, Executive Director, Willis Weather Risk Solutions, says that unpredictable weather is fast becoming a norm that affects almost every business sector worldwide. Risk managers can no longer afford to disregard the impact of extreme weather as something that is beyond their control.
Also in the latest WillisWire blog post, Jeremy Brooks, Managing Director, Willis Global Solutions, warns that businesses need to look beyond their product if they are to avoid the reputational dangers of unwanted and unexpected social media coverage. Meanwhile George Haitsch, Executive Vice President, Willis Global Solutions, believes that the biggest risk in 2013 for global businesses is missing out on what he describes as "BRIC Round 2", the next emerging economies after Brazil, Russia, India and China.
Further risks that Willis experts have identified as gaining momentum in 2013 include:
Tom Teixeira, Life Sciences Practice Leader in Willis Global Markets International, explains how the improvement in availability and quality of risk data leaves companies facing the serious reputational risk of being exposed as environmentally unfriendly.
- Richard Magrann-Wells, Senior Vice President, Financial Services Practice Leader, Willis North America, describes the latest development in cyber warfare, whereby attacks on financial institutions are increasingly being funded and coordinated by sovereign states.
- David Shuey, Executive Vice President & North America Practice Leader for Willis Life Sciences, explains the evolving nature of the new drug and medical device industry and considers who is liable for patient compensation when human clinical trials go wrong.
- David Ingram, Willis Re, foresees a host of new risks and exposures for insurers who are increasingly allocating fewer resources to Enterprise Risk Management (ERM).
Willis Group experts regularly post their thoughts on WillisWire about the risk and insurance implications of significant events, giving readers real-time information and insight into all the risks facing their business. This year, WillisWire will be running a series of special features, topical video interviews and commentary on breaking news.
Willis Group Holdings plc is a leading global insurance broker. Through its subsidiaries, Willis develops and delivers professional insurance, reinsurance, risk management, financial and human resource consulting and actuarial services to corporations, public entities and institutions around the world. Willis has more than 400 offices in nearly 120 countries, with a global team of approximately 17,000 employees serving clients in virtually every part of the world. Additional information on Willis may be found at www.willis.com.