It is a given fact that Global Companies are facing various risks such as

• • disaster risks (e.g., earthquakes, hurricanes, avian flu),
  • property risks (e.g., fire and technical risks, such as the failure of public utilities),
  • liability risks (e.g., product recall, automotive, environmental and water damage),
  • financial risks (e.g., bad debts, financial market risks, currency risks),
  • personnel risks (e.g., loss of employees, confidence damage, strike, illness/injury, liability for damage to third parties, individual errors by employees),
  • market risks (e.g., steady shortening of product life cycles, entry of new competitors, introduction of substitutes),
  • a stronger emphasis is being placed on newer risks, such as terrorist attacks, and risks that arise due to digitization and cyber – for example, damage to reputation in social networks, data loss, or hacking attacks.
  • digitization and cyber – for example, damage to reputation in social networks, data loss, or hacking attacks.

Due to these circumstances holistic risk management is required in order to lower and control the impact on both the company and the business environment.

Since our economy is globally connected, the total failure of a company may have a butterfly effect on the overall economy (global value and supply chain) that could result in its extensive damage. As not all risks are assumed by an insurer and some are thus uninsurable, or only insurable to a limited extent – these non-insurable risks can pose a significant threat to a company’s’ future.

Today’s businesses are confronted with a risk landscape that has been partly reconstituted in recent years, while not only structural changes in the economy, but also notable changes in the legal environment have occurred, creating new forms of risk stemming from both digitization and globalization, including global political changes, and technological innovations. The complexity of these changes has led to a permanent extension regarding the limits of insurability and ultimately the need to design ynnovative risk transfer solutions.