categorytitle / Research Update .
  • time : 9:52:2
  • Date : Sun May 02, 2021
  • news code : 4745
Lack of Knowledge, the Most Important Issue Regarding Emerging Risks
Shortage of historical data, inefficient traditional methods of risk assessment, difficulty in modelling, failure to consider comprehensive provisioning, and capital management are the most serious challenges, the insurance industry encounters with respect to emerging risks, according to PRIAO, IRC.

Each year, various institutes and organizations such as Swiss Re and AXA carry out surveys and collect feedbacks in order to identify and assess the emerging risks with the highest potential of impacts and publish their results. Aimed at helping to learn the primary knowledge about emerging risks, Property and Casualty Research Group, have presented the results of such surveys in a report entitled “Emerging Risks and How to Manage Them”.     

The report initially illustrates the concept of emerging risks from various standpoints and delineates their differences with the known risks. Then, it addresses the challenges insurance industry encounters with regard to these risks and offers recommendations for maximizing the effectiveness of public sector in emerging risk management. The report also explores the standards and frameworks of managing emerging risks.

Based on the global experiences and various emerging risk management approaches, the report presents the following recommendations to Iran’s insurance industry: preparing annual reports about Iran’s emerging risks, employing frameworks, roles, and apportioning duties, reexamining the information received from the middle managements, in order to fully understand the industry risks, corporate risks, and financial system risks.

For more information about the report, please visit the following web address: http://www.irc.ac.ir/fa-IR/Irc/4946/Articles/view/14643/1290.

Average :  0 |  Submitted :  0

Tags

    Copyright © 2020 Insurance Research Center. All Rights Reserved
    V6.0.0.0