There is a significant issue of underinsurance in new risk categories that needs to be addressed, says founder of Guidewire, Marcus Ryu, who is seen as one of the global thought leaders on insurance. Ryu pointed to risks to individuals including those created by the sharing economy and drones and risks to enterprises relating to potential supply chain disruption and product recalls, citing Samsung’s Galaxy Note 7 recall which he said could cost the firm at least $5bn in losses. The report also highlights how insurers are struggling with their business models amid rising costs for healthcare services such as prescription drugs and hospital stays.
There is a significant issue of underinsurance in new risk categories that needs to be addressed, says founder of Guidewire, Marcus Ryu, who is seen as one of the global thought leaders on insurance. Ryu pointed to risks to individuals including those created by the sharing economy and drones and risks to enterprises relating to potential supply chain disruption and product recalls, citing Samsung’s Galaxy Note 7 recall which he said could cost the firm at least $5bn in losses. Guidewire is one of the biggest general insurance technology firms in the world.