Here’s some good news: insurance isn’t dull

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November 3rd is National Cliché Day, I just found out.

The unknown

 

What better opportunity to dispel the myth that the insurance sector is dull than right now (before it’s too late!)?

The cliche may have its roots in the notion that getting insurance is all about cozying up to some fictitious “safety zone”.

Or perhaps it’s because the visual surface of the profession is typically one of drab paperwork with fine text

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But consider this: risk is at the heart of every industry!

 

Only the beginning of it includes auto accidents and other types of property damage.

Product liability, professional liability, employment practices, directors and officers, errors and omissions, medical malpractice—the list goes on—are just a few examples of liability risk or the risk of being sued. Insurance professionals need to be fully aware of these risk areas in order to accurately price policies, set aside adequate reserves, and pay claims promptly.

 

Are you having trouble sleeping because of climate risk?

It’s not just you.

Using advanced modeling and analytics tools, insurers have been working on that project for decades.

In addition to worrying about extreme weather and climate, they are working with other sectors of the economy, local communities, and governments to take action.

 

And while we’re on the subject of advanced technology, what about cyber risk?

According to a recent analysis by IBM and the Ponemon Institute, the average cost of a data breach increased year over year in 2021 from $3.86 million to $4.24 million – the highest in the 17 years that this report has been released.

These numbers accumulate quickly.

Cyber dangers are relatively new and continuously changing, in contrast to flood and fire, perils for which insurers have decades of data to assist them in precisely analyzing and price coverage.

They are more similar to terrorism than natural disasters since they are motivated by malice.

 

These are only a few of the hazards that insurance professionals have to deal with on a daily basis. To address them, they collaborate with many specialists from many fields and businesses.

Insurers are essential partners in risk management and financial first responders for everyone from individuals and families to big and small enterprises and the global economy.

 

The next time you find yourself swallowing a yawn when insurance is mentioned, keep these

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