5 Factors Driving Rising Risk Costs for Businesses. How Technology and a Strong Carrier Partner Can Help
From an economy straining under the pressure of inflation and prolonged supply chain pressures to increased natural catastrophes over the past few years, cyberattacks and rising jury verdicts, businesses are dealing with more exposures than ever.
The cost of managing and transferring risk is rising, and risk managers and their brokers are working to reduce these costs in whatever ways they can.
Thankfully, carriers are engaging risk consultants and new technologies to help tackle risk in today’s ever-evolving world. They’re partnering with insureds to help predict, prevent and reduce the impact of losses.
“We want to partner with our insureds as much as possible in terms of helping them manage their risk,” said Matt O’Malley, U.S. country leader, AXA XL. “We need to help our insureds be successful in the business they’ve chosen to be in.”
Here are five areas where risk costs are increasing, and how carriers can help mitigate these exposures.
To learn more about AXA XL, please visit their website.