Insurance chief risk officers are increasingly focused on cyber threats, third-party risks, and integrating generative AI into risk management, signalling a strategic shift in the sector’s approach to interconnected vulnerabilities and operational resilience.
Insurance chief risk officers are increasingly fixated on cyber threats, with EY saying a majority now see cybersecurity as the issue most likely to demand their attention over the next year. The consultancy's latest survey also shows that third-party and vendor cyber exposure sits among the top five concerns for a significant share of respondents, underlining how the sector's risk picture is being shaped as much by supplier networks as by internal systems.
EY's findings suggest insurers are responding by folding cyber, operational resilience and third-party oversight into broader, more joined-up risk frameworks. The survey says firms are expanding continuous monitoring, tightening governance and using more scenario testing, while also widening scrutiny of fourth-party relationships. That reflects a wider shift in the industry towards anticipating how disruption can travel through increasingly interconnected operations.
The same study points to a rapid embrace of generative AI in risk teams, with chatbot and large language model integration emerging as the most common use case. EY said insurers are also investing more heavily in data, analytics and AI capabilities, even as they expect routine manual work in risk functions to decline. A separate EY report published in May 2025 said governance and controls are becoming more important as AI adoption accelerates and regulators take different approaches across jurisdictions, prompting insurers to refresh control frameworks, clarify accountability and automate monitoring where possible.
Data quality remains a major constraint and opportunity. EY's more detailed insurance survey says many risk leaders are trying to improve access to consistent, high-quality information so they can generate faster and more useful insights, with centralised data platforms helping reduce fragmentation. The firm argues that these changes are also reshaping the risk workforce, with demand rising for people who combine digital, analytical and business skills. In EY's view, that is pushing the chief risk officer role towards a more strategic position in corporate decision-making and transformation.
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Source: Noah Wire Services
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The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
8
Notes:
The article references a survey conducted by EY and the Institute of International Finance (IIF) in April 2026, which is recent. However, the article was published on April 24, 2026, and the survey was released on April 27, 2026. This discrepancy suggests the article may have been written before the survey's official release, potentially leading to inaccuracies or speculative content. Additionally, the article cites a press release from EY dated February 18, 2025, which is over a year old. This raises concerns about the freshness and relevance of the information presented.
Quotes check
Score:
6
Notes:
The article includes direct quotes attributed to EY representatives, such as Joseph Kelly and Scott McCowan. However, these quotes are not independently verifiable through the provided sources. The absence of direct links to the original statements or interviews makes it difficult to confirm the authenticity and context of these quotes, raising concerns about their reliability.
Source reliability
Score:
7
Notes:
The primary source of the article is Reinsurance News, a niche publication within the reinsurance industry. While it may be reputable within its niche, its limited reach and potential biases due to its specialized focus could affect the objectivity and comprehensiveness of the reporting. The article also relies on a press release from EY, which, while authoritative, may present information in a manner that aligns with EY's interests, potentially leading to a lack of critical analysis.
Plausibility check
Score:
7
Notes:
The article discusses the prioritization of cybersecurity and AI investments among insurance chief risk officers (CROs), which aligns with industry trends. However, the lack of specific data points, such as exact percentages or comparative figures, makes it challenging to fully assess the accuracy and depth of the claims. The absence of corroborating information from other reputable sources further diminishes the article's credibility.
Overall assessment
Verdict (FAIL, OPEN, PASS): FAIL
Confidence (LOW, MEDIUM, HIGH): MEDIUM
Summary:
The article presents information based on a recent survey by EY and the IIF; however, discrepancies in publication dates, reliance on unverifiable quotes, and limited source diversity raise significant concerns about its credibility and accuracy. The lack of independent verification and the potential for speculative content further diminish the article's reliability. Given these issues, the article does not meet the necessary standards for publication under our editorial indemnity.
