APAC: InsurTech companies' prospects huge in emerging risk arena

Examining Protection Gaps in Emerging Risks

According to Philip Weiner, CEO of bolttech APAC, significant protection gaps are becoming evident in several key areas, including cyber security, climate change, aging populations, and urban mobility. This insight reflects a growing concern in the insurance industry about how these emerging risks are being managed.

Key Areas of Concern

Weiner highlights that the rapid pace of technological advancement and environmental change is outpacing current insurance solutions. Here’s a breakdown of the four primary areas he mentioned:

• Cyber: As organizations increasingly rely on digital platforms, the risk of cyberattacks rises, creating a pressing need for better protection.
• Climate Change: The frequency of climate-related disasters poses a challenge for traditional insurance models, necessitating innovative coverage options.
• Aging Populations: As populations age, there is a heightened need for insurance solutions that cater to the unique health and lifestyle needs of older adults.
• Urban Mobility: The rise of new forms of transportation and shifts in urban mobility patterns call for updated insurance frameworks that reflect these changes.

Who is Affected?

These protection gaps have significant implications for various stakeholders, including consumers, businesses, and insurers. Individuals and companies may find themselves underinsured against emerging risks, while insurers may miss opportunities to develop new products that meet evolving needs.

Looking Ahead

Weiner's comments suggest that InsurTech companies have a substantial opportunity to innovate and fill these gaps. As the market shifts, there is potential for new solutions tailored to these pressing issues, which could lead to more comprehensive coverage options in the future.

Original Source: https://www.asiainsurancereview.com/News/View-NewsLetter-Article?id=92232&Type=AIRPlus