The world could end this year—on Dec. 21, to be precise. Doomsday theorists have hyped 2012 as the year of Armageddon, citing the predictions of ancient texts from the Egyptians and Mayans as supporting evidence. Others say Nostradamus may have predicted that a significant cataclysmic event, such as a comet impact, will devastate the earth in 2012.
News reports have highlighted people who are stocking up on supplies in preparation for humankind's grand finale, and we have seen “end-of-the-world shelter” companies selling public bunker space. Although this may seem a bit kooky, insurance company risk professionals may benefit in 2012 from the strategy of “hope for the best, plan for the worst.”
What will be the likely drivers for enterprise risk management (ERM) this year? Well, 2012 may not bring the end of the world, but there are certainly a number of serious ”game-changing” regulatory initiatives at play this year, that will combine with environmental, political, and financial factors to threaten insurers who are not properly prepared. A thorough ERM program will be imperative now more than ever to analyze and address such complex risks, company-wide. Here is a sampling of the top risks that will likely test the strength of insurers' ERM efforts in the coming months.
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