Emerging Risks are new or future risks whose hazard potential is not yet reliably known and whose implications are difficult to assess. These risks may evolve over time from being weak signals to clear tendencies with a high potential for danger. Specific strategies and approaches must be implemented to cope with these risks properly, as there are typically no historical data for risk managers and underwriters to rely on.
Hannover Re has established the Working Group “Emerging Risks and Scientific Affairs”. The working group identifies, evaluates and monitors these risks. An additional task for this interdisciplinary group is to translate science into insurance terminology to close the gap between the ever increasing speed in scientific progress and day to day underwriting and risk management.
In order to increase the awareness for such Emerging Risks in the (re-)insurance industry, Hannover Re has so far published the following risk briefings:
