This position paper of the Emerging Risk Initiative of the Chief Risk Officer Forum (CRO) Forum aims at providing an overview of upcoming medical advances and the aspects that insurers need to consider in order to be prepared. The CRO Forum is a group of professional risk managers from the insurance industry, including Allianz Global Corporate & Specialty experts.
One of the rewards of societal progress is medical advancement and its ability to save and improve lives. The upcoming medical advances are likely to bring significant advantages for individuals, insurance and society as a whole. Still, these advances will not come without challenges.
The new report from the CRO Forum reflects on the following questions among other things:
- How do changes related to medical advances affect the insurance industry and its role?
- How will these developments affect professional, product and cyber liability aspects?
- What opportunities do improvements in technology create for insurers?
- In which way does the traditional insurance model get challenged?
- What is the impact on society?
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