top of page

Emerging risks, are you prepared?

Risks that were hardly reported just a few years ago are being increasingly brought to the attention of insurance underwriters, brokers and policyholders, according to new data.

A car driving past solar panels

As well as highlighting the Top 10 most common risk management interventions, RiskSTOP’s new 2024 Risk Management Infographic looks at the key emerging risks over the past 12 months.


RiskSTOP’s report offers a clear view of where the insurance industry is focusing its attention and resources around risk management interventions. As well as more traditional issues, such as electrical testing, storage of combustibles and permit to work systems, things like solar panel checks, EV charging procedures and fire officer visits are now more regularly required.


More than 25,000 risk improvements were raised by RiskSTOP last year, with the ‘traditional’ top 10 accounting for around half of these. For risk improvements related to solar panels, there was a significant increase compared with 2022, with a year-on-year rise from 30 requirements to 146, a surge of 387%.


Climbers and fallers

There are growing risk-related challenges associated with integrating and maintaining renewable and efficient energy systems, alongside a vast uptake.


More than 190,000 solar panel systems were installed in 2023. Approximately 315,000 battery-electric (BEVs) cars were registered in 2023, marking an 18% rise from the previous year. It is estimated that around 414,000 new BEVs will be registered in 2024. (Source: SMMT).


Contrasting this rise in emerging risks, issues such as Driver Training and Noise are seeing a downtrend, with reductions in improvement requests of 24% and 32%, respectively. These figures may indicate a reallocation of focus within risk management, as resources are directed towards newer, more pressing challenges.


‘Evolving priorities’

RiskSTOP Group’s Marketing and Communications Director, Johnny Thomson, commented: "While the more traditional areas of risk improvement remain critical, this significant rise in emerging risks cannot be ignored.

 

"This change is a clear sign of evolving priorities as we integrate more sustainable and complex technologies into our infrastructure. Our risk management strategies must keep pace with technological advancements to make sure we continue to keep people safe and secure.”


Johnny added: "Adapting to these risks is becoming an essential part of our dialogue with insurers, brokers and policyholders, with a strong need for us to inform as well as offer risk solutions.”


Click below to download and view our latest infographic.

RiskSTOP 2024 Infographic
.pdf
Download PDF • 313KB


0 comments

Comments


bottom of page