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Cognition: Minding Risks
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Cognition: Minding Risks

Why the Study of Behaviour Is Important for the Insurance Industry

Mario Weick, Tim Hopthrow, Dominic Abrams and Peter Taylor-Gooby
Lloyd’s, 2013
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Editorial Rating

8

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  • Applicable

Recommendation

Lloyd’s sponsored this report on risk identification for the insurance industry, but don’t let that fool you. This is a focused, methodical overview that a wide range of readers will find useful. It explains the current understanding about human behavior in assessing risk. It addresses the impediments to clear thinking and identifying risk accurately that arise from organizational structures, human nature and society. getAbstract suggests this enlightening study to insurance and finance professionals, investors, innovators and anyone charged with “minding risks.”

Take-Aways

  • Most experts missed the warning signs of the 2008 financial crisis because they didn’t know what to look for.
  • People tend not to see even the obvious when their attention is focused elsewhere.
  • Your expectations and “social and cultural contexts” shape your understanding of risk.

About the Authors

University of Kent professors Mario Weick and Tim Hopthrow teach psychology, Dominic Abrams teaches social psychology and Peter Taylor-Gooby, OBE, teaches social policy.

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