Chicago — The potential impact of climate change is the greatest strategic risk currently facing the property/casualty insurance industry, according to a new study by New York-based Ernst & Young. For the life insurance industry, the study found demographic changes presenting the greatest strategic risk.

To compile the new study, Strategic business risk 2008, Ernst & Young and London-based Oxford Analytica Ltd. interviewed more than 70 industry analysts from around the world to identify the emerging trends and uncertainties driving the performance of the global insurance sector over the next five years. The study identified risks in three broad areas — macro, sector-specific and operational threats.

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