‘Navigating the Escalating Risk Trajectory’ quantifies direct and indirect impacts of today’s heightened risk environment
Leading insurtech Zywave released an industry special report, ‘Navigating the Escalating Risk Trajectory,’ that delineates six forces driving change in the risk and insurance landscape. The Zywave report analyzes the ever-expanding challenges confronting risk and insurance professionals and provides invaluable insight into the causes and effects of today’s insurance landscape.
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The 22-page risk report equips insurers and brokers with actionable information to better educate clients on the state of the insurance market and what can be done to build resilience and mitigate negative impacts. Combining Zywave’s proprietary loss data with third-party research, the piece details six key forces – emerging risks, causes of loss, types of loss, laws and regulations, litigation trends, and the costs of loss – which should influence every conversation about risk.
“It’s undeniable that the insurance landscape is becoming increasingly complex,” said Martin Simoncic, Zywave’s Chief Executive Officer. “Dynamic market conditions, combined with today’s economic headwinds and a cascade of other business hurdles, make both risk transfer for clients and profitable growth for insurance firms more challenging than ever before.”
‘Navigating the Escalating Risk Trajectory’ is powered by Zywave’s Loss Insight data set, which offers access to over 1 million low frequency, high severity loss events, totaling more than $10 trillion in loss value. The report offers numerous examples that illustrate the escalating risk trajectory, each with a unique impact on the market. One example cited, over the past 15 years, the number of jury verdicts and settlements exceeding $10 million has increased by 130%, with 2024 alone having over 200 cases. During that same period, the average verdict or settlement over $10 million ballooned by more than 75% to $75 million in 2024.
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“It’s critical that insurance professionals not only deeply understand the causes of loss and their impacts, but also share that knowledge with their customers, insurance buyers and policyholders,” adds Simoncic. “Through leveraging their own data, market data, and emerging technology, including AI, patterns emerge that will help us better predict future losses, which in turn enables both insurers and brokers to make smarter, more profitable business decisions. Working together as an industry, this type of analysis and open information sharing is the key to both thriving in today’s challenging market and to be prepared for whatever tomorrow brings.”
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Source – www.prnewswire
