Inga Beale, CEO, Lloyd's, said the insurance industry invests less in researching risks and developing new products than industries such as manufacturing.
Insurers and reinsurers said a range of new and expanding risks, including cyber liability, drones, autonomous vehicles and even new farm risks is challenging the underwriting ability of the mutual insurance sector.
Scott Williams, director, PcW Global Crisis Center, said insurers are uniquely positioned to share information and educate businesses, societies and governments on issues of risk and sustainability, but appear to lack the drive and skills to do so.
Rowan Douglas, CEO, capital, science & policy practice, Willis Towers Watson, said several new global initiatives are aimed at matching the abundance of insurance capital and expertise with uncovered risk throughout the world.
Lorie Graham, senior manager, American Agricultural Insurance Company, said farmers are rapidly adopting drones, sensor based equipment, 3D printing and new business models, creating new types of exposure to which agricultural insurers must respond.
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