The risk of losses isn't going anywhere, and will likely increase, according to a recent PwC report, "Broking 2020: Leading from the front in a new era of risk." Protecting against a new breed of emerging risks will require coordination across corporations, insurance companies and policy makers. As the traditional intermediary in the risk transfer chain, brokers are positioned to identify and develop innovating solutions.
While brokers have some of the required capabilities and investments are underway to bridge this ever-widening gap, significant changes to operating models must be addressed in order to meet future demands. According to PwC, the question moving into the future remains: Can brokers respond quickly enough to keep pace with the rapid shifts in the marketplace and risk environment.
"Companies and their insurers have to keep pace with a global risk landscape that is evolving more rapidly now than at any time in recent history," says Richard Mayock, global insurance broking leader with PwC (US).
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