The Industrial Revolution, Space Age, and technological revolution all had a transformative impact on humanity. Today, it feels as though we are at another inflection point. In the first of two papers, we examine how the industry is responding to the fast-evolving world based on conversations with life insurers, focusing on implications for capital management, asset-liability management, and risk-management practices. Both papers focus on these challenges in the context of the United Kingdom, European, U.S., and Bermudian markets. This first paper discusses: 

• Risk identification and classification framework
• Evolving and emerging risks
• Risk calibration and dependencies