Swiss Re SONAR Report Discusses Emerging Risks
Swiss Re in May 2019 released its latest SONAR report, in which they highlight emerging and “slow-burner” emerging risks and their potential effects on the re/insurance industry.
Emerging risks are newly developing or evolving risks that are difficult to quantify, but potentially have a significant impact on the industry and society. Emerging trend spotlights examine early development, which may offer both opportunities and risks for the insurance industry in the future.
This year’s report features 15 emerging risk themes and five trend spotlights as well as an overview of global macro trends.
Among the topics are the rising vaccine hesitancy, hazards of cosmetic surgery tourism, artificial intelligence and healthcare, concussion injuries in sports, the warehouse of the future, and the baby boomers’ skills gap.
Climate Change and Public Health
Of particular interest is a section on climate change and public health. The report states that the most pronounced risks from climate change affecting human health stem from heatwaves, floods, droughts, fires and vector-borne diseases.
Millions of lives and healthcare services could be at risk. Without action, mortality rates and healthcare costs could soar, with significant consequences for the health, workers’ compensation and life insurance lines of business.
The report is distributed among clients and the wider stakeholder community in order to inform the debate about emerging risks and facilitate the finding of solutions. The 2019 edition updates the 2018 SONAR report whilst also addressing new, emerging risks.
Read the report here: Swiss Re’s SONAR 2019.