The Future Shape of Insurance and Risk Management in the Cyber-Physical Space

Abstract

For years, the insurance industry was essentially about mathematical quantification and financial transformation of physical risks.

But our world has become more interconnected with the advent of the internet, blockchain etc.: as a consequence, cyber risk is expanding rapidly. Here, Prof. W. Jean Kwon looks at how the insurance industry will adapt to the “cyber-physical” world order.

These ideas were presented by the author at the 8th World Pensions Forum, held in Brussels, 23 & 24 May 2019.

Keywords: Insurance, Risk Management, Cyber-Risk, Blockchain, Innovation, Futurology

JEL Classification: D81, D91, G22, G28, G32, G38, L86, O16, O33