Global Risk Review

1. Cyber war exclusions: The scope of cyber cover was a hot topic for 2022, with Lloyd’s of London announcing there will no longer be coverage for some state-backed cyber attacks from March 2023.
2. Sustainable insurance and net zero: To tackle the effects of climate change and growing importance of ESG, insurers are refining their business offerings by expanding into the sustainable insurance market. 
3. Climate-related natural disasters: Climate change disasters will have a strong impact especially on the reinsurance sector, with catastrophe and other types of reinsurance expected to continue soaring.
4. D&O claims relating to ESG and the recession: With promises of being ESG responsible, corporates and their directors will come under increasing scrutiny, with allegations pertaining to alleged greenwashing gaining increasing prominence. 
5. Crypto risks: Insurers are likely to review or amend policy wordings to ensure they are not indirectly insuring losses arising from the activity of insureds who may have involvement in cryptocurrencies.
6. Construction claims: Companies going under, general interest rate rises, supply chain pressures and demand for labour are the highest risk for construction sector insurers in 2023. 
7. Health and safety: It is only a matter of time before prosecutions for causing work-related stress occur against organisations that have not prioritised mental health and supporting their workforce. 
8. Claims against professional advisers in the property market: 2023 could be a rocky year for estate agents, property managers and rental companies as the economic recession pushes down property prices and increases utility bills.