Traditional underwriting of physical risks does not meet the reality of evolving extreme climate impacts or intangible cyber threats. Christopher Townsend, Board Member Allianz SE, highlights in this article for the World Economic Forum Agenda that insurers must evolve by innovating new ways of transferring risk and supplementing traditional indemnity insurance solutions. We owe it to society and our stakeholders to expand the insurer’s value proposition to include supporting customers’ adaption, mitigation, and resilience measures.