Do we need more standardized frameworks around contextualizing risk?

I think we're at a point in time where the industry needs more standardized frameworks around contextualizing risk. There's too many, various rapidly evolving definitions and interpretations, which are creating more inflated risk determination models, and you see that in contracts. It's clear that because of the change in the landscape and how the insurance companies are responding, the concept of residual risk and who carries that is starting to morph.

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Anonymous Author
I think we're at a point in time where the industry needs more standardized frameworks around contextualizing risk. There's too many, various rapidly evolving definitions and interpretations, which are creating more inflated risk determination models, and you see that in contracts. It's clear that because of the change in the landscape and how the insurance companies are responding, the concept of residual risk and who carries that is starting to morph.
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Anonymous Author
Given today's climate and ever changing outcomes, it is more important now to have standardized frameworks to guide and stabilize our risk.
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