The next big opportunity
Non-life insurance brokers in search of an emerging trend to take their brokerages to the next level could do worse than adding cyber liability insurance to their product mix. This is because cyber risk is emerging alongside climate change and pandemic as one of the greatest risks of modern times. A media release by global reinsurer, Munich Re, suggests that better preparation is needed to tackle emerging risk trends. “The coronavirus pandemic will be a lesson to us all,” wrote Torsten Jeworrek, Member of the Board of Management at the reinsurer. “We must take action more rapidly and vigorously to ensure that we are not as unprepared for other emerging risks as we were with COVID-19”. This action could include ensuring that both your commercial and personal lines clients are adequately protected against cyber risk.