SONAR 2018 – A peek into the future of risk
31 Jul 2018
The "Swiss Re Sonar, New emerging risk insights" report aims to get us talking about what tomorrow's risk landscape could look like.
Catching emerging risks is a bit like catching fog. Some drops will turn into water nurturing new risk pools while others just evaporate as they won't hit the ground. But all risks have the potential to impact not only the insurance industry but also society as a whole. So it's worth looking at them carefully. Swiss Re's latest SONAR report draws on the company's unique in-house risk management expertise to chart the progress of evolving risks that could spell both opportunities and dangers for the insurance industry in the future.
Growing geopolitical tensions, the re-emergence of the asbestos threat, cyber risks and new technology, biased algorithms and the erosion of risk diversification are just some of the key themes identified in this year's SONAR report.
Fast developing technologies can also have broader implications for our general wellbeing. They can exacerbate sleep deprivation, undermine human skills or have both beneficial and negative impacts as in the case of cryptocurrencies. These are some of the additional emerging risks discussed in this publication.
The SONAR report offers insights into the macro trends shaping the risk landscape, into 18 emerging risks and highlights a number of emerging trend spotlights. The identified risks are relevant to life and non-life insurance areas as well as asset management and operational areas. They are presented with the goal of helping industry players prepare for new scenarios by adapting their behaviour, market conduct and product portfolios.
"Our SONAR report features new emerging risks. It is not a catalogue of all such risks. Nor is it intended as a forecast of the future. It is rather meant to be a guide to prepare for future eventualities and to trigger a dialogue around risks which could become relevant to the industry. If we can combine the experience from the past and anticipate the future, we can adapt better to the changing risk landscape."
-Patrick Raaflaub, Swiss Re's Group Chief Risk Officer
See Press Release
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