It is hard not to notice that the business environment for property/casualty insurers has changed the past few years. Profound changes, including an evolving regulatory construct and the rise of “big data,” are presenting challenges and opportunities. P/C carriers that are able to manage and mitigate these and other risks effectively will have a greater chance of success in this environment.

Industry regulation is one of the areas in which insurers will need to exercise their risk management skills. Thirty-four percent of executives polled at the 2014 Standard & Poor’s Insurance Conference ranked regulatory risk as the greatest emerging risk, ahead of geopolitical terrorism, cybercrime and unmodeled natural disasters.