Every broker has an emerging risk role

Every broker has an emerging risk role | Insurance Business

Every broker has an emerging risk role
Every broker has a key role to play in the development and uptake of emerging risks, including cyber insurance, an industry leader has said.

While many have made the point that specialisation on risks such as cyber will be key going forward, Andre Eisele, director, head of client markets P&C Australia & New Zealand for Swiss Re said, no matter how big or small, every broker has an important role to play on ensuring protection for their clients.

“Brokers play a key role in helping their clients manage their current risks but there is also an opportunity for them to provide education on new and emerging ones,” Eisele told Insurance Business.

“They will often have a broader view and information depth than the insurer in terms of what are the local, regional and global developments around these kinds of exposures.
“They have a very important role in terms of finding the appropriate risk transfer pieces to, more or less, safeguard their clients’ balance sheets.”

Eisle called brokers the “interlinks of the industry” and said that by further developing their clients’ knowledge on cyber risk, they will also help to improve their own reputations. Brokers can look to utilise their own knowledge of a client’s business to help them understand their exposure and create new opportunities.

Eisle noted that insurance and reinsurance firms like Swiss Re should look to utilise connections to and partnerships with brokers to not only educate clients on cyber risk, but to find suitable transfer solutions for the wider Australian market.

“That’s a very important point because we’re probably still not talking to all the necessary people we should be talking to if you’re talking to a hyper-connected world,” Eisle stated.

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