Managing new-age risks: The changing role of General Insurers

From cyberattacks and climate change to supply-chain disruptions, as risks evolve in complexity and scale, general insurers are being pushed to rethink their traditional playbook. No longer limited to underwriting and claims management, insurers are now taking on the role of proactive risk advisors, leveraging technology, data analytics, and innovative products to stay ahead of emerging challenges. On Day 2 of Business Standard BFSI Insight Summit 2025 in Mumbai on Thursday, leaders from the general insurance sector discussed how the industry is adapting to this new era of risk to safeguard individuals and businesses in an increasingly unpredictable world. The industry chiefs argued that the response must be systemic — combining product innovation, public-private cooperation, deeper data use, and customer incentives — if the sector is to contain escalating economic and social losses.