It is interesting that insurers have set the standards for various industries throughout history, cyber security being the latest. There are challenges that individual governments cannot regulate in a coordinated way, but a global insurer can demand specific actions and set the bar for performance.
Brokers play an important role in this process. They educate clients on what insurers demand and best practices for risk management.
Pretty cutting edge for a very old industry.
“It’s certainly something that I think insurers can look at and can drive that forward, to have more of a global standard… It’s not going to happen from governments and regulatory – they will always be looking at what’s important for that country. The companies themselves aren’t going to do it, so it needs to be a central point that can drive it, and I think insurance has a part to play in that,” Erceg said.