Find ways to insure new risks - or risk going out of business: Munich Re

Singapore

IF non-life insurers want to stay in business, they need to find a way to insure weather-related natural catastrophes arising from climate change and new risks connected with digitalisation of industries and personal life such as cyber liability risks and data breaches - which will be increasingly common in Asia in the next few years.

German-based insurance group Munich Re singled out these risks as its focus area in the region, which is also the world's fastest-growing insurance market.

The number of weather-related catastrophes has almost quadrupled since 1980, when the group started its database.…