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Global risk landscape influenced by globalization, digital revolution: Lloyd's

Posted On: Oct. 19, 2017 4:00 AM CST

Cameron Murray, head of Middle East and Africa at Lloyd's of London, said that urbanization and the march towards a more digitized world are two of the main forces driving changes in risks, Middle East Insurance Review reported. Urbanization is concentrating high-value assets in cities, creating a risk-management challenge as most cities are exposed to man-made, natural and emerging threats, Mr. Murray said. Meanwhile, the cost of cybercrime is predicted to reach $2 trillion globally by 2019 and insurance products need to be delivered in ways that are efficient, low cost, dynamic, smart and flexible.

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