Risk has changed immeasurably over the past few decades. Anyone who has been trying to manage it knows that. Yesterday, speaking at the World Captive, Willis CEO and Chairman Joe Plumeri highlighted this phenomenon — and how it is making the jobs of risk managers that much harder.

“Traditional property/casualty risks endure,” said Plumeri, “but the nature of risk is changing … As the risk landscape evolves and includes both natural and man-made catastrophes, organizations need to build resilience against the unpredictable. Insurance serves as a powerful ally for organizations to tackle these new risks and in many ways, insurance is the bridge between anticipation and resilience.

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Plumeri also broke down the history of the captive insurance, starting with its beginnings in the 1980s when companies increasingly found the traditional insurance market to be ineffective.

“The captive insurance industry has evolved and now offers a robust and effective approach to help firms become resilient in the face of unpredictable risks,” said Plumeri.

“Captives play a key role in the insurance industry, offering creative solutions for critical risks.”

We can expect those risks to only become more “creative.” Fortunately, the modern risk manager — if she is doing her job correctly — is one of the most creative problem solvers any organization can posses.
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The key, as Plumeri noted, is anticipation.

Can your creativity stay ahead of the changing nature of risk?