In an inaugural EY/Institute of International Finance (IIF) global insurance risk management survey, cybersecurity was ranked as the highest concern for chief risk officers.
CROs surveyed said the top five risk types or risk management types for the coming year were:
- 53% – Cybersecurity risk
- 35% – Insurance risk (e.g., underwriting risk, including lapses, catastrophic (CAT) and longevity risk)
- 32% – Business model change/transformation
- 26% – Credit risk (including country, sovereign and concentration risk)
- 24% – Tied between capital allocation, interest rate risk and technology risk (e.g., risk of inadequate management or maintenance of technology systems, networks, assets and applications)
