Insuring risk is not a modern concept. The practice became a routine business security instrument for the burgeoning English shipping industry in the 17th century and the first insurance “contracts” can be traced back to Babylonian times, about 133AD. The field has evolved and withstood centuries of risks. Just as steps needed to be taken to address rapid urbanisation and international trade in the 1600s and 1700s, the industry is again facing an escalating risk landscape. 

Climate change, infrastructure concerns and socioeconomic challenges have created a tough environment for local insurers, who have a responsibility to ensure their businesses are strong and able to sustainably withstand the cost of risks dominating the environment, as well as protect the financial wellbeing of clients and keep communities safe...

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