ERM for Emerging Risks in General Insurance

This paper is focussed on ERM for emerging risks in general insurance in our world of "unknown unknowns" and the emergence of unexpected risks over time. It illustrates how Chief Risk Officers can focus, with an ERM framework on "risk and opportunity management", balancing risks against opportunities, whilst being resilient against "unknown unknowns" and their emergence over time as "known unknowns" and "known knowns". The findings were based on real case studies and review the "lessons learned" and the "early warning indicators" that could (and perhaps should) have been used in order to detect the emerging risks in a timely manner and influenced the CRO function to have taken appropriate remedial action.