A coalition of the insurance industry, government and technology companies has been formed, led by the World Economic Forum, to “take charge” of new risks posed by technology.
Victoria Shirazi, who will lead the Mitigating Risks In The Innovation Economy project at the WEF, said: “No one currently knows the magnitude of the risk exposure of society to new, uninsured technologies. A technology failure that was once both small and contained can cascade into potentially catastrophic losses. This initiative will help societies prevent, respond to and recover from these new risks.”
The working group’s goals include closing the gap in governance frameworks to manage innovation risks and setting up a data-sharing mechanism to manage risks.
Inga Beale, CEO of Lloyd’s, said the collaboration is essential to address the increasing gap in insurance and risk. “As technologies emerge on their own, the risks are becoming so big and complex that businesses and governments will not be able to handle them. With this initiative, we want to address that.”
Lloyd’s has been joined by other insurers, reinsurers and brokers to support the WEF initiative. Theses include Allianz, Marsh & McLennan, Sompo Holdings, Swiss Re, Willis Towers Watson, XL Catlin and Zurich Insurance Group. They will work alongside technology companies Cisco, Hitachi, IBM and Siemens. Senior officials from the European Commission are also on board, together with governments in the UK, Switzerland, the Netherlands, US, India, Singapore and Japan.
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