Whats Risk will look like Tomorrow

Risk is changing in the US. The insurance industry must adapt. This is the view of a lot of insurance professionals and has become self evident with recent events. As the world dishes out catastrophe after catastrophe the effects of interdependency and globalization are making these events more expensive. This is how risk is changing. Ten years ago a catastrophes that happened on the other side of the world did not affect the US insurance market that greatly. However today, the costs of dealing with catastrophes across the globe are coming home to rest on the American doorstep. The insurance industry must develop rates that will allow for growth and profits and still pay the claims that come with interdependent global risks. I hope the industry is ready. Until next time be careful out there and know your risks. K

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