Looking back on the global political and economic events of the last decade, the pace of change has heightened tenfold. Now the question becomes, what will be the next event of global proportion?
Today’s risk management professionals need to hedge against events such as floods in Australia; earthquakes in New Zealand; the bankruptcy of General Motors, Enron, Lehman Brothers; unpredictable government actions in Mexico, Brazil, and China ... these lists go on and on without limit.
These occurrences perpetuate claims, sometimes of catastrophic nature. While insurance premiums, which are a pure expense, can be viewed as an investment, I recommend that risk management professionals view them as an educated hedge against changes that at some point in time will adversely affect their organizations.
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