Inga Beale, CEO, Lloyd's, said the insurance industry invests less in researching risks and developing new products than industries such as manufacturing.
Shaun Tarbuck, CEO, International Cooperative and Mutual Insurance Federation, said insurers are poised to help lead initiatives aimed at reducing global risk but must have the confidence and courage to step forward.
Insurers at ICMIF's Meeting of Reinsurance Officials conference said a wave of international efforts aimto address global risks, but it's up to the insurance community to remain key parts of those solutions.
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.
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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