Managing risk always has been insurers' business; however, in recent years, external forces have driven carriers to take a view of risk that is broader than just underwriting and investments.
“In financial services and other industries, there have been some spectacular train wrecks,” says Donald Light, senior analyst at Celent. “Regulators have said, 'Wouldn't it be nice if you knew there was a cliff you were driving off before your two front wheels were off it?'”
As a result, “all the rating organizations are pushing carriers to represent their entire risk portfolio,” according to Karen Pauli, senior analyst in the insurance practice at TowerGroup.
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