COVID-19 and climate change set to impact the insurance industry significantly
By Ryon Jones, Faculty of Mathematics
The repercussions of COVID-19 and worsening climate change are among the issues that will impact the insurance industry, according to Tony Wirjanto, University of Waterloo professor.
Wirjanto, working as a curator in Insurance and Asset Management for the World Economic Forum (WEF), identified eight key issues poised to influence the insurance industry in the recently released WEF Transformation Maps.
Transformation maps are dynamic knowledge tools that help users explore and make sense of complex forces transforming industries. It allows leaders in that space to visualize and understand more than 250 topics and their connections between each in one place. The result helps support better-informed decision-making.
The eight issues explored in the insurance transformation map, in this case specifically, are big data, commoditization, privacy trends, cyber risk, artificial intelligence, insurtech, Internet of Things and climate change. COVID-19 will be the latest topic to be added.