The Iran War has highlighted the issue of unquantified risk accumulation and is impacting underwriting portfolios, according to attendees at our webinar.
The webinar, “Iran War: Six Weeks On”, explored the impact of the Iran War on the global economy and on the insurance classes.
Growing concern about the war
During the webinar, attendees which included representatives from corporates and (re)insurers, were asked a series of questions in which they provided the following responses:
- 73% agreed with the following statement: “would you agree that the war has highlighted key unquantified areas of risk accumulation such as ports & airports”.
- 55% answered “somewhat concerned” in answer to the question “how concerned are you about the impact of the Iran War on your underwriting portfolio?”.
- 88% of respondents confirmed that they are monitoring geopolitical volatility.
Comment from Russell
Chris Don, Head of Communications & External Affairs, provided some comment:
“The results of our polls highlight the increasing concern about the geopolitical ramifications of the US and Iran War on insurance markets across the world. The war is creating uncertainty, which is certainly going to have a negative impact on the global economy in the short term, but not necessarily for insurance markets.
Different underwriters have different risk appetites, but what they increasingly share is a thirst for business intelligence as it relates to geopolitical events such as Iran. Such intelligence can make the difference when returning underwriting results across portfolios that deliver a superior return on equity to investors. .”
Listen back to the full recording of webinar