Insurers and reinsurers could potentially capitalise on seven emerging risks over the next five to 10 years, according to a report.

They are: US mortgage credit; the sharing economy; reputation and brand; microinsurance; corporate liability covers; terrorism cover; and cyber risk.
The report Global Insurance Market Opportunities, published by Aon Benfield, said many of the emerging risks included exposures that were intangible, but could impact balance sheets, income statements and shareholder value.
Aon Benfield said during the financial crisis, companies that acquire mortgages and sell them to institutions such as government-sponsored enterprises began sharing default risk.
It said these enterprises were transferring US mortgage market risk in a series of reinsurance transactions, with the potential demand for $6bn (£3.9bn) of reinsurance limit annually.
With individuals renting out personal assets for money in direct competition with established businesses like hotels and taxis, the firm said this "sharing economy" highlighted an opportunity for insurers and reinsurers to fill the gap between personal and commercial risks.
On microinsurance, which provides coverage to low-income households, the report said it could offer access to four billion potential new customers. It also said there were opportunities for long-term growth as "developing economies gradually become more affluent".
The firm also explained reputation and brand was the number one risk identified, based on a separate survey of 1,400 respondents, indicating demand for this cover. On cyber risk, the firm said businesses saw hacking and computer crime as one of the top 10 risks for the first time.
Some losses resulting from directors' and officers' liability, major incidents such as oil spill and similar causes are "potentially insurable", it said. Therefore, corporate liability offers opportunities for firms to provide cover for losses of more than $1bn (£654m).
Meanwhile, insurers could offer terrorism cover by leveraging military-based technology to better understand this risk and improve model competencies.
Stephen Mildenhall, CEO of Aon Analytics, said: "Risk owners are demanding new solutions for these emerging risks as they work to grow their businesses. This in turn represents opportunities for international insurers to grow through increasing the relevance of their insurance products."