Diversity now considered crucial to company success - survey

Progressing towards diversity and inclusion goals is becoming managed in the same way as corporate and financial performance

The tough cookie

By Trevor Treharne

Philippines-based Annacel Natividad on resilience and building risk relationships in her frequently catastrophe-hit country

Seoul: After the floods

By Trevor Treharne

Lashed by the most severe rainfall in over 80 years, will Seoul’s deadly summer floods spark a risk reassessment

Risk index helps airports identify threats

It compares 110 of the world’s busiest airports against 19 threats to identify and mitigate sources of disruption

Pandemic drives claims in digital health and wellness

Trend is particularly strong in Asia where demand for digital health services has grown substantially - Beazley

Eastern Australia braces for another wet Spring

With a third La Niña officially underway, outlook shows more than 80% chance of above average rainfall

Aon names senior leader for APAC Cyber Solutions

Adam Peckman will oversee Cyber Solutions portfolio growth and integration across the region

Significant loss creep on East Australia floods

Event is now the largest insured catastrophe loss event experienced in Australia at $6.3 billion

Webinar: Operational risk - becoming agile

Achieving a dynamic approach to operational risk management is essential in today’s uncertain, interconnected, and increasingly volatile world

Australia’s extreme weather burden grows - ICA

Since 2005, Commonwealth expenditure on disaster relief was $24 billion, while spending on disaster resilience was just $500m

Power sector faces rising rates amid volatile risk landscape

Power insurance market will harden further due to constrained capacity and a ‘disappointing’ loss record - WTW

Parima introduces hybrid Resilience Week for 2022

The event on 7-10 November will see a comeback of the association’s in-person Conference in Singapore and a series of #GoLocal2022 sessions

Inflation fuels social unrest, with the worst to come

Sri Lanka experienced the biggest decrease in government stability, but risks in the Philippines are growing

Battery fires in shipping a significant safety issue

All parties in the supply chain must understand and mitigate risks of transporting lithium-ion batteries - AGCS

Two thirds of boards discussing climate impact in Singapore, Philippines

Lack of climate risk expertise and data are seen as the main obstacles for climate financial disclosure - WTW

Demand for trade credit cover will increase even as appetite reduces – Aon

Supply chain issues, inflationary pressures and geopolitical uncertainty contributed to the market’s challenges in Q2 2022

China’s record-breaking drought triggers power outages

Due to a lack of hydroelectric power, manufacturing companies in southern China have been forced to close

WTW names head of Hong Kong and Macau

Sean Deehan will also continue in his current position as Hong Kong market leader for WTW’s ICT business

Insurance facility launches to cover green and blue hydrogen project risks

Investment in green and blue hydrogen initiatives is estimated to exceed $150 billion by 2025

Supply chain security under threat

Disruptive economic, societal and geopolitical influences are altering global supply chain risk profiles

Cyber: Hitting pause

At below $10 billion, why has the cyber re/insurance market failed to live up to its potential?

Ukraine: A ‘Matrix moment’ for climate change

The choices governments make in response to the Ukraine conflict might either accelerate or delay the global transition to net-zero emissions

‘Dive In’ calls on the industry to build braver cultures

Registration for Dive In now open

APAC rebound will slow into 2023, but not reverse

With most of the continent now treating COVID as endemic, consumption growth will remain resilient - Oxford Economics

COVID BI test case rumbles on

Australia’s High Court to hear arguments in the country’s second BI test case, which has so far favoured insurers

Taking an authentic approach to ESG

Why relying on ESG ratings may be the quickest way to undermine your own reputation for ESG compliance

Hope for the best, prepare for the worst

Today’s volatile risks will impact your supply chain in unique ways; here are three areas to consider

Asia-Pacific MAT market to surpass $16 billion by 2026

Geopolitical tensions, supply-chain issues, volatility in oil prices, and extreme weather repercussions could hamper growth

APAC nat cats cost $22 billion in H1 - Munich Re

The loss tally is higher than usual with floods in Australia constituting the costliest disaster at $6.6 billion

Global energy transition fuels international rivalries

While energy insecurity has sped up the transition in Europe, it has pushed some Asian countries to rely more on fossil fuels

Don’t wait for the hammer to fall

Climate litigation - including ’greenwashing’ claims - is increasingly a risk for Board consideration

Black Sea grain deal will ease supply bottlenecks

UN Secretary General Antonio Guterres has hailed the accord a “beacon of hope”

China floods top catastrophe tally in 1H

Global natural catastrophes during the first half of the year caused estimated damage of $92 billion

Fire/explosion and nat cats remain top drivers of claim severity

Contingent BI claims spike due to broken supply chains, cyber claims remain elevated and inflation will add to claims severity, finds AGCS

Firms in Guangdong cease production amid flood warnings

Meanwhile, Sichuan has been hit by flash floods while Shanghai braces for further heatwaves

AGCS integrates captive solutions into expanded multinational offering

Henning Haagen will oversee the new team with Guy Money promoted to global head of Multinational Business

Singapore, New Zealand warn against travel to Sri Lanka

A curfew has been imposed in Colombo after further violent protests and troops are patrolling the streets

Australian food recalls at lowest levels since 2017

Food recall numbers appeared largely unaffected by the pandemic in 2020, but numbers have been decreasing since

Cyber extortion grows in sophistication, warns Beazley

Data exfiltration is now prevalent in a significant majority of incidents as extortion techniques become increasingly complex

Sydney flood claims begin to mount

So far, insurers have received 8,415 claims costing $97.9m, but losses are expected to rise substantially

Insurance Council declares ‘significant event’ for NSW floods

Communities need to be “better protected” from extreme weather events that are “becoming more frequent and severe”

Ukraine triggers a re-evaluation of global systemic risk

Systemic risks affect entire markets - not just specific sectors - and are now top of mind for senior executives - WEF

Has 2022 knocked global resilience off course?

Protection gap for health, mortality and natural catastrophe risks combined reached $1.42 trillion in 2021, finds sigma

ESG approach helps buyers secure D&O

More D&O insurers are willing to offer better coverage to businesses with robust ESG frameworks, says Marsh

Pool Re warns of ‘perfect storm’ in geopolitics

Power games are increasingly being fought on multiple levels beyond physical conflict, including cyber warfare

Asian nations lead emerging world in climate commitment

Malaysia and China are ’exemplars’ and governments of Bangladesh, Malaysia and the Philippines are ’strongly committed’

1-in-4 falling victim to fraud in APAC - Experian

Nearly half of businesses say fraud is a high concern but just 25% of Singaporeans say their expectations are being met

Queensland gains additional resilience funding

It follows the devastating floods experienced in South-East Queensland in February and March this year

AXA XL names China country manager

Dr HaoMing Zhou is based in Shanghai and reports to Gilles Fromageot, regional manager, Asia

Supply chains at a ‘critical junction’

Why global supply chains are ‘on the move’ as risk managers measure the trade-off between cost, risk and sustainability

Cyber war exclusions boost likelihood of claims litigation

A lack of standard, battle-tested definitions in cyber policies makes litigation more likely amid the conflict in Ukraine, warns Moody’s

Over half of employees are falling victim to spear phishing

Cybercriminals are turning to social engineering in increasingly sophisticated attacks

FM Resilience Index shines spotlight on ESG

Country filters present data related to businesses’ climate risk and ESG interests

Australia flood claim costs hit $5 billion

Claims inflation, due to rising labour and supply costs, is a key driver of the loss creep

Bangladesh depot blast caused by mislabelled chemicals

ILO calls for improved safety campaigns targeting transport, logistics and emergency-service providers

Lessons in supply chain disruption

Should we be surprised by the speed and magnitude of supply chain failures - or should we be better prepared?

Chubb and JA Assure launch cyber platform for SMEs

Solution providing clients with pre-loss risk mitigation and incident response services for SMEs in Asia

Opportunity to build societal resilience post pandemic

Pandemic is a call to action for insurers to help close the protection gap in life and health across APAC markets, finds Swiss Re

22% of world’s cities face widespread security risks - Maplecroft

The lowest risk cities are predominantly in East Asia, with Japan and Taiwan making up the 10 safest locations

Business leaders lack confidence in ability to manage cyber risk

Just 43% of respondents have conducted a risk assessment of their vendors or supply chains - Marsh

GCube reveals impact of supply chain crisis on renewables

Recurring lockdowns have ”exposed the weaknesses of the solar industry’s total reliance on Southeast Asia”

Stagflation increases ‘fallen angel’ risk for Asian corporates - Fitch

Prospects of ’stagflation’ are rising, with added supply-chain risk, China’s lockdowns, and tighter labour market conditions

Australia’s election result “a climate victory”

ICA welcomes Albanese government’s commitment to build more resilient communities

Cargo theft rises amid port congestion

Strict COVID-19 protocols at Asian ports created delays and backlogs leading to theft opportunities

WEF calls for ‘urgent action’ amid energy crisis

Prioritising energy transition is a crucial response to the most severe energy crisis since the 1970s

South Korea joins NATO’s cyber defence centre

Close international cooperation is essential in countering the cyber threat, says the country’s National Intelligence Service

Multiple risks surround cost-of-living crisis - sigma

Decades of rising inequality in advanced markets has taken a $252 billion toll on insurance protection

“No room for complacency” in shipping industry

Crew and port congestion challenges and the war in Ukraine are among the challenging headwinds - AGCS

US D&O market posts best results since 2014

Rate hikes exceeding 10% per quarter fuelled direct premium growth of 35% to $14.6 billion

RIMS-WTW: Intellectual property supply chain risk warning

Companies have problems because they underestimate what IP exposures are

Shanghai lockdown delivers $28 billion hit to global trade

Clothing, textiles and automotive industries have been most impacted by supply chain backlogs

RIMS-WTW: Disruption and opportunity

By Daniel Dunkley

Corporates can mitigate a range of risks by embedding ESG principles into their business strategies

Australia’s 2022 flood costs break previous records

Floods in February and March are estimated to have cost $3.35 billion in insured losses

Financial firms fear advanced cybercrime

Cyber threats, macroeconomic change and geopolitical turbulence will shape emerging risk landscape

Cyber war exclusions could leave firms high and dry

Businesses caught in cyber crossfire of Russia-Ukraine conflict cannot rely on insurance for protection, warns Databarracks

Are you ready for the SEC climate rules?

Publicly-listed firms will be compelled to report on third party climate risks as well as their own

RIMS-WTW: Time to face our fragility

By Helen Yates

MAS’ Gillian Tan says more innovation and collaboration is needed to tackle complex risks

Hong Kong and NZ buck insolvency trend

Continuing fiscal support will allow ‘zombie’ firms to continue operating through 2022 - Atradius

Risks to “peak” in summer 2022

Businesses are facing perfect storm of high risk / low resilience - Beazley

RIMS names LaBranche new CEO

Gary LaBranche will succeed longstanding RIMS CEO Mary Roth, who is retiring

Maersk diverts cargo from Shanghai ports

Several vessels will be “omitting Shanghai” due to a shortage of available container space at the port

Q1 nat cat losses reach $32 billion

APAC accounted for the highest percentage of Q1 economic losses at over $15 billion

Pandemic behind record rise in fraud

A “perfect storm” created increased exposure to cyber, social engineering, phishing and CEO fraud, finds new research

Singapore to increase data breach fines for FIs

Under the Financial Services and Markets Bill the maximum fine would be raised to $1m per breach

Clyde & Co launches APAC cyber risk practice

Chris McLaughlin joins from Aon to head up the venture - a response to ’heightened cybersecurity pressure’ on APAC firms

IPCC “encouraged” by climate action

Scaled-up actions can support ”deep emissions reductions”, with carbon capture and storage an option

WEF expands Industry 4.0 ‘lighthouse’ community

Local manufacturing and supply chain resilience are crucial in the current geopolitical context

Asian demand for captives grows, but hurdles remain

There is growing demand for captive solutions as organisations seek alternatives to traditional insurance structures

Australian insurers resilient to flood losses - Fitch

Net losses will be “much lower” than ICA’s current gross estimate of $2.5 billion due to reinsurance recoveries

Reinsurance Pool legislation passes in Australia

The risk pool for cyclone and cyclone-related flood will launch in just three months

One year from Suez - another Evergreen grounding

Grounding is the second major cause of total loss of all shipping vessels over the past decade - AGCS

WTW partners with RIMS to advance risk management in APAC

Collaboration kicks off with the launch of the first RIMS-WTW Asia Pacific Risk Conference, held virtually from 26 to 28 April

Asian catastrophe losses hit $72 billion in 2021

Insurance covered just nine percent of losses as physical damage costs continue to rise - Aon

Ukraine war further exacerbates auto disruption

BMW is among the car manufacturers that are warning of supply chain disruptions exacerbated by Russia’s invasion of Ukraine

Boeing’s MAX is back

By Selwyn Parker

Have the risk management lessons been learnt and a more transparent organisation emerged?

Shenzhen lockdown to further test supply chains

Major disruption at Shenzhen’s Yantian International Container Terminal is expected as 7-day lockdown begins

Cyber terror fears at heart of insurers’ reluctance to broaden cover

By Jon Guy

How the industry’s lack of appetite to cover terrorism or nation state cyber warfare risks is hindering market growth

Fitch warns of spillover cyberattacks

Cyberattacks on businesses and government agencies have increased following the Russian invasion of Ukraine

How to set and use risk appetite

Forget the caricatures. Risk appetite can and does power the link between strategy and execution

Ukraine conflict puts cyber resilience to the test

Firms urged to improve cyber resilience as governments anticipate rise in state-sponsored attacks - MyCena

Boardrooms yet to fully grasp ESG risk - Marsh

Less than one-third of the FTSE100 sample showed evidence of standalone reporting on climate change risk in line with TCFD

IPCC: “Half measures no longer an option”

Report calls for ”urgent actions” as increased heatwaves, droughts and floods exceed biodiversity thresholds

Delta Insurance launches in Australia

Specialist insurer with focus on risk mitigation is initially offering professional indemnity, cyber and commercial liability

Business must become “stabilising force” in society

Corporates are more trusted than governments, but this brings heightened ESG expectations - Edelman

IDF launches disaster risk reduction initiative

Countries to benefit from anticipatory action partnership include Bangladesh, Nepal, Pakistan and the Philippines

Pandemic enters new phase - risk survey

Businesses perceive tail risks to be diminishing as economies learn to live with Covid and supply chain pressures ease

Chaucer and Moody’s launch ‘game changing’ ESG scorecard

Tool will evaluate businesses’ risks and opportunities based on 158 different ESG metrics

Australian insurance sector set for rapid growth

Demand for natural catastrophe protection is one factor driving insurance penetration

Gallagher Re: 2021 third largest cat year for re/insurers

Reinsurance broker urges a rethink of the impact from “secondary perils” as extreme weather events drive loss tally

Claims reflect supply chain pressures and terminal logjams

Volume increases at terminals, and associated congestion, is behind an increase in impact-related incidents - TT Club

Global catastrophes cost $343 billion in 2021 - Aon

China was among the countries recording the costliest insurance industry events on record

Lessons from Merck’s NotPetya victory

Cyber war exclusions are likely to see future disputes over state-sponsored attacks ruled in insurers’ favour

Tonga eruption highlights global telecom vulnerabilities

Catastrophe highlights fragility of the global undersea cable network and how quickly it can go offline

Cyber threats growing faster than “ability to manage them”

By Clare Ruel

Rewarding efficiency over resilience ’can leave companies vulnerable to shocks’, says Marsh’s Carolina Klint

Hong Kong in bid to strengthen international risk management role

The region’s chief executive Carrie Lam outlined plans to strengthen the SAR’s position as a centre for risk and insurance

Firms failing to address unethical behaviour - EY

Standards of corporate integrity have stayed the same or worsened since COVID began

WEF Report: From ‘fight or flight’ to ‘boiling frog’

By Helen Yates

Why it’s time to shift out of crisis management mode as geopolitical tensions obstruct resilience efforts

Ningbo restrictions spell further supply chain disruption

A week’s delay of essential trade at the Chinese port could impact $4 billion worth trade, warns Russell Group

Ransomware will continue to evolve in 2022

After a year of unprecedented attacks, Beazley’s Raf Sanchez warns the worst is yet to come

RIMS names Sterling 2022 president

Patrick Sterling takes the reins as risk management profession reaches “a pivotal moment in its history”

Summer floods drive 2021 cat losses - CRESTA

The Fukushima earthquake, floods in Henan province and most recently Typhoon Rai in the Philippines are among major cat events

CROSS urges attention to risk management

Engineers must consider risk management at a “fundamental level” following structural collapses and tragic building fires

APAC faces heightened geopolitical risk

The Asia Pacific region will probably be the most geopolitically charged region going into 2022, warns Dragonfly

Insolvencies, ESG and cyber are key risks for D&Os in 2022

Risk managers and their D&O insurers should also closely monitor potential exposures to US derivative actions, warns AGCS

Omicron variant hits business sentiment

Half of the respondents report that their business is currently being affected by the supply-chain crisis

Wildfire buffers improve resilience, reduce claims

Nature-based solutions significantly reduce financial losses associated with wildfires, finds research

Can parametrics close the gap?

By Jon Guy

Parametric products have role to play in closing protection gaps and catering to emerging risks like NDBI and cyber

COVID-19: Fallout continues for Indian firms

The pandemic, a prolonged recession, cyberattacks and data fraud are the primary short-term risks, finds RIMS and Marsh

Australia to consult on cyclone reinsurance pool

The government has released draft legislation for a reinsurance pool for cyclones and related flood damage from 1 July 2022

What is top of your risk radar for 2022?

Don’t miss your last chance to tell us about your priorities in the 2021 Asia Pacific risk benchmarking survey

Australian properties lack resilience to tropical cyclones

Tropical storms to become more severe as the climate changes; ICA calls for stronger building codes and retrofitting programs

StrategicRISK Q4 2021: The great reset

By Helen Yates

Risk management is not just about avoiding losses. It is about saying ‘yes’ when it counts

Mental health crisis to test firms in 2022

Having adequate resources to deal with the pandemic is a top challenge for Asian firms in 2022 - International SOS

Making good on a promise

By Helen Yates

It is in how they manage blindsiding losses that the risk managers prove their mettle

A fresh take on risk

Is risk management strategically fit for purpose when it is too reactive and compliance-focused? asks Adrian Clements

Global supply chains tested “like never before”

COVID-19, cyber risk and port backlogs are among six key facets of current global supply chain strain - FM Global

Cyber and reputation are Australia’s top threats

Survey highlights the growing interconnectivity of risks, as firms shift focus to impact-based risk assessments

Aon and ICEYE launch Japan climate risks solution

Japan experiences an average of three typhoon landfalls and several flood events annually

Malaysia to lead Asia's 'Great Reopening'

Malaysia, Australia, and New Zealand will experience strong gains from an easing of curbs - Oxford Economics

Operational technology breaches grow by 83%

Cybercriminals are targeting critical infrastructure with ransomware as they are considered easy prey - Skybox Security

Beware ESG threats in your supply chain

By Helen Yates

New laws will require corporates to monitor their supply chains for human rights and environmental abuses

COP26: Risk management “central” to climate mitigation

Insurance industry has a “unique contribution” in advancing understanding and sharing of climate-related risks - report

Supply chain woes to continue into 2022

Supply-chain disruption poses the greatest risk to global economic recovery, according to Oxford Economics

COP26 “must be a turning point” - UN

As the World Leaders Summit gets underway in Glasgow, WMO warns the past seven years were the hottest on record

GDP an “unsustainable” measure of growth

Global wealth has grown overall, but at the expense of future sustainability and by exacerbating inequalities, warns World Bank

Experian highlights cautious credit risk approach

Risk Radar report examines the key priorities and concerns of Australia’s most senior risk leaders across the lending market

PARIMA Resilience Week: Cyber seen as leading risk in APAC: Aon

Business interruption risk is the top concern of APAC risk professionals, according to Aon’s latest Global Risk Management Survey 2021.

PARIMA Resilience Week: Working from home heightens cyber risks

The trend towards working from home has opened organisations up to new cyber risks and legal liabilities, according to Gerallt Owen, managing director of cyber risk at Kroll.

PARIMA Resilience Week: Insurers make sustainability push

Global insurer AXA XL is educating customers about sustainability, using its technical and scientific expertise to inform clients about growing climate risks.

ESG champions to receive preferred D&O terms

Marsh initiaitive will initially recognise US-based corporates but will be rolled out internationally in the coming months

Surge in demand for supply chain covers expected

CO2 crisis and other supply chain disruptions will drive “inevitable” interest in innovative supply chain insurance products

Beazley launches Lloyd’s first ESG syndicate

Syndicate 4321 will support those businesses that invest in ESG by offering additional capacity on a multi-line basis

Australian corporates lose BI test case

A judge has ruled in favour of insurers in the Federal Court of Australia in a second COVID-19 business interruption test case

Trends behind the ransomware epidemic

Double and triple extortion and supply chain attacks are driving the surge in ransomware incidents - AGCS

FERMA Talks: Political will for pandemic solution cools

Collaboration at all levels is necessary to ensure future financial resilience against systemic shocks, such as pandemics and state-sponsored cyber attacks.

FERMA Talks: Time to reward ESG?

Corporate risk managers throw down the sustainability gauntlet to insurers in day 2 discussions

FERMA Talks: Collaborate for resilience

The pandemic has made the communication lines between risk managers and their senior management very short, says Philippe Cotelle

European risk managers prepare for FERMA Talks 2021

The event’s theme reflects a more uncertain world: From risk to resilience - learning to deal with disruption

Blog: FERMA Conference 2021 Daily News Summary

Stay tuned - live reporting from the FERMA Conference this week

Slavery risks continue to rise in Asian hubs - Verisk

The challenges of maintaining responsible supply chains are becoming more difficult as human rights violations grow

Global floods events lead 2021 nat cat tally - CRESTA

Extreme floods in Henan province in July caused claims of $1.9 billion, the largest cat event loss ever for Chinese insurers

Captive growth surges, led by PCCs

Marsh saw double the usual formation rate in 2020, with D&O premiums written via captives increasing by 50%

StrategicRISK Q3 2021: Comply or explain

Companies are being told ‘no more greenwashing’ as governments and activist shareholders push the zero-carbon agenda

ESG shaping construction risk profiles

Global construction output is expected to grow by 42% by 2030, driven largely by government stimuli - report

Abandoned cargo presents growing risk

Supply chain congestion and widespread delays in the international container trade is set to continue - TT Club

Ransomware considerations for a hybrid workplace

There is now a much larger attack surface for cybercriminals to target due to remote and hybrid working practices

Governance: Why culture matters

By Sara Benwell

How instances of poor governance, bribery and corruption have increased in the wake of the COVID-19 pandemic

COVID-crisis improves senior management engagement

The COVID-19 pandemic changed the perception of organisational resilience at top management level - BCI

Typhoon Chanthu disrupts supply chains

Delays caused by the closure of Shanghai and Ningbo ports could disrupt over $14 billion of trade flow - Russell Group

Technology risks top global survey

Attention to intellectual property is a potential blind spot that may require more forceful remediation - Beazley

Super Typhoon Chanthu on course for Taiwan

Chanthu is currently a category 5 windstorm, tracking from the Northern Philippines towards Taiwan

RIMS Australasia 2021: Insurers to pull coverage due to climate concerns

By Dan Dunkley

Across Australasia, carbon-intensive sectors face being left without access to insurance capacity, warns Willis Towers Watson

Lloyd’s: Insurers must addressing emerging geopolitical risks

By Katie Scott

New report calls for innovation around insurance for geopolitical risks to address the “significant protection gap”

RIMS Australasia 2021: Hard market sparks captive discussions

By Dan Dunkley

Higher premiums and falling coverage is prompting insurance buyers to explore captive and virtual captive structures

China tops flood risk index - Marsh

Japan ($3.7 trillion) and China ($7.5 trillion) have the highest economic exposure to flood in the world

More positive outlook for insurance buyers - Marsh

For property and D&O insurance, premiums continued to increase throughout the first half of 2021, but at a lower rate

Push for insurance take-up after Henan floods

Substantial protection gap underpins “huge potential demand for catastrophe insurance protection” in China

Japan cleans up after floods and mudslides

Kyushu was worst hit, with some weather stations recording over 1,000mm of rain in less than a week

Tokio Marine Insurance Singapore hit by ransomware attack

By Isobel Rafferty

The group has since hired an external specialist to verify the impact of the attack

Risks as Taliban retakes Afghanistan

The “largest foreign policy failure since the Suez Canal crisis” will cause deterioration in security - Dragonfly

Nat cats cost $77 billion in 1H 2021

Severe flooding in Henan province in July resulted in estimated insured claims of CNY 11 billion ($1.7 billion)

Flood exposures up by 24% since 2000

Nearly 90% of flood events over the past two decades occurred in South and Southeast Asia

IPCC: Prioritise adaptation and resilience

New report is “code red for humanity” with many climate change effects now “irreversible”

Almost half of food recalls avoidable - RQA

A large majority of recalls emanate from packaging mistakes, which are costly, reputationally damaging and avoidable

AGCS: Bigger ships, bigger exposures

The South China, Indochina, Indonesia and Philippines maritime region remains the global loss hotspot, accounting for one in every three losses in 2020

Zurich considers AI-related emerging risks

Liabilities could arise from the unintended consequences of decisions made by algorithms and artificial intelligence

Aborted Aon WTW deal a “victory for competition”

Insurance buyers stand to benefit from greater choice as regulators lose appetite for monopolistic tie-ups - Brokerslink

Commercial insurance rates rise 15% in Q2

It is the 15th consecutive quarter of rate increases in the global commercial insurance market, finds Marsh

Aon: Nat cat losses reach $93 billion in 1H

Fatalities due to temperature extremes were the deadliest type of disaster during the first six months of 2021

Wildfire costs grow for solar sector

Insufficient fire risk management and record high temperatures will increase the likelihood of fires spreading out of control

Parametric quake cover launches for Japan corporates

Seismographs are installed directly at a client’s premises to provide a faster claims pay-out process

Insurers must meet buyers’ changing needs

Only 54% of insurance buyers say their cover is addressing their business challenges very well, finds Beazley

RIMS rethinks ERM in an era of disruption

While controls are useful, risk leaders must focus on the impact of shocks at a business model level

Cyber tops financial services risk register

Cyber attacks, pandemics and over regulation are among the biggest fears for CEOs at banks and insurers - PwC

Let Colonial Pipeline fuel our fight back

Take ransomware seriously, and find your weak spots now – before the hackers do

COVID-19 forced firms to ‘cut corners’

Under mounting pressure to increase revenue and profits, 65% of organisations admitted taking due diligence shortcuts

‘Colossal’ ransomware attack hits 200 firms

Attack on Miami-based IT supplier Kaseya was timed to coincide with the 4th of July celebrations

International SOS highlights ‘gaps’ in crisis management

Too many firms were unprepared for the global pandemic due to delayed response time and lack of clear roles

Power sector faces up to transition risks

As insurance capacity shrinks, power companies across Asia need to adopt cleaner fossil fuels, warns WTW

StrategicRISK Q2 2021: Stronger together

We all learned a lot in the past year. Now it’s time to take that into the latest redesign of work life.

Indonesia Asia’s most complex country for business

Hong Kong is the second most simple jurisdiction in which to conduct business, finds TMF Group

Climate warning for cotton industry - study

One third of India’s cotton growing regions face severe climate risks by 2040 if carbon emissions continue to soar

Cyber attack volumes grow for APAC firms

89% and 82% of Australian and Singaporean cybersecurity professionals said attacks increased due to remote working

Lessons from the vaccine supply chain

By Sara Benwell

How risk managers can learn vital lessons in resilience from the global vaccine effort

Study reveals the true cost of ransomware

84% of firms are hit again after submitting to ransom demands; with data corrupted during the recovery for 43%

BoE launches climate stress test for banks, insurers

It will provide central banks and supervisors globally with a common starting point for analysing climate risks under different scenarios

2021 to bring “very active” cyclone season

The number of forecast tropical cyclone landfalls across East Asia varies significantly, with below-normal figures forecast for Japan and Korea

Child labour an emerging supply chain risk

Organisations are urged to take action to root out child labour within their supply chains as numbers grow to 160 million worldwide

IoT is a supply chain risk “game-changer”

Aon’s vaccine insurance solution demonstrates the technology’s potential in the insurance market, says GlobalData

Steps towards cyber resilience

Three proven strategies business leaders can deploy to accelerate cyber transformation

Corruption, oil intensity see China fall in resilience rankings

Climate risk is an increasingly important factor for companies and leaders making strategic decisions - FM Global

Climate: Tide turns on energy firms

By Helen Yates

After Shell and ExxonMobil, why climate change in major emerging markets could be next legal battleground for energy firms

Power outages hit QLD after fire

An explosion at a Queensland coal-fired power station has led to a widespread power outage, from northern New South Wales to Cairns

Sedgwick predicts post-pandemic recall surge

Product recall events are on the rise despite ongoing operational challenges experienced by global car and OEMs

Just 4.5% of Asia cat losses insured in 2020

Economic losses due to natural catastrophes in the region reached $67 billion last year, indicating a huge gap and growth opportunity for re/insurers

After COVID, firms will face transformative change

COVID-crisis will lead to a new period of rapid, transformative growth and prosperity, predicts Studio 44

AXA’s Asian operations hit by ransomware attack

By Helen Yates

It comes a week after AXA said it would be dropping extortion payments when underwriting cyber-insurance policies in France

Time to pull together

By Helen Yates

Argo Group’s Adam Seager on the challenges of maintaining corporate cohesion in a more virtual working environment

Colonial Pipeline attack exposes ransomware “pandemic”

By Helen Yates

CISA urges organisations to take action to strengthen cyber security following US critical infrastructure attack

FM Global releases earthquake map

In China, a hazard model jointly developed by FM Global and the China Earthquake Administration is used

Cyber tops risk concerns for financial firms

Analysis of $1 billion of insurance industry claims show cyber incidents, including crime, is the top cause of loss - AGCS

Physical climate risk to test limits of diversification - Fitch

Companies with strong internal coordination and contingency planning will be better placed to respond to climate shocks

WTW launches climate transition risk framework

New tool will assess companies’ transition plans to a low-carbon economy and ensure firms can continue to access insurance

Australian government launches cat risk pool

The $10 billion reinsurance pool will subsidise the cost of insurance coverage for cyclones and related flood damage

Lessons in risk from the Boeing 737 MAX disasters

Myriad failures that contributed to the 737 MAX crashes revealed “systemic shortcomings” in Boeing’s ability to manage risk - Arthur D Little

Environmental risks a growing credit driver for Chinese insurers

Insurers’ have a rising exposure to climate-related disasters and decarbonisation policies warns Moody’s

The road to future-proofing your supply chain

As companies look to pivot from the pandemic, their focus of attention is turning towards building sustainability in supply chains

Asian corporates gain climate risk tool

Swiss Re CorSo risk framework helps firms assess physical climate exposure; Many climate ‘hotspots’ are located in Asia Pacific

Global climate stress test launches on Earth Day 2021

China could lose nearly 24% of its GDP in a severe scenario; Malaysia, Thailand, India, the Philippines and Indonesia lack resilience - Swiss Re Institute

Australia/Singapore amongst hardest hit by insolvencies

Global corporate bankruptcies are forecast to increase by 26% in 2021 as fiscal support is gradually phased out

Cyber: Critical industries bombarded during pandemic

As firms scaled-up cloud computing during lockdown, they did not always scale up their security processes at the same rate

Trans-Tasman travel risks remain

Australia and New Zealand’s agreement on quarantine-free travel marks a new chapter for the two antipodean nations, but risks for travellers remain

IoT used in vaccine insurance solution

Insurance industry initiative, led by Aon, offers supply chain protection for COVID-19 vaccine shipments

Unpicking the Greensill collapse

Did fintech superstardom enable the Greensill collapse and could it have been prevented?

Suez backlog presents further disruption

Cargo accumulations are expected at ports and terminals, presenting security risks and straining yard capacities

Energy sector undergoes rapid transformation

WTW report highlights the importance of using risk quantifications and analytics to conduct energy transition initiatives

Trans-Tasman travel bubble to open

Further COVID-19-related travel disruption, such as government-enforced lockdowns, may not be covered by insurance

NZ gains parametric ‘bounce-back’ cover

Lloyd’s and Kiwi start-up Bounce launches New Zealand parametric earthquake insurance which pays claims within five days

Protecting revenue volatility from extreme weather

Parametric insurance solutions are a valuable form of transfer to manage climate and other natural disaster risks, explain Marc Paasch and Richard Zhang

StrategicRISK Q1 2021: A slice of the pie

Like so many of us, capitalism kicked off 2021 with something of an existential crisis. Is it time to call time on short-termism?

Liability risk: Adapting to survive

By Helen Yates

The past year has forced businesses to become more agile and pivot quickly in order to survive. But when business models change, so do risk profiles

High Court to hear insurance appeal

The High Court will hear appeal arguments over the NSW Court of Appeal’s judgment in the first BI test case

The art of the con

Cyber security strategist Eddie Doyle explains how social engineering attacks prey on individuals’ vulnerabilities

Suez Canal blocked by container ship

It has the potential to create more than $40 billion dollars of trade disruption, with implications for retail and automotive sectors among others

Power and utilities gain dedicated cyber cover

Product includes cover for property damage and fines and defence costs arising from regulatory actions, including GDPR

Boards have “fragmented” approach to cyber risk - WEF

Boards have made gains in recent years by recognising cyber as an enterprise risk, but greater resilience is needed

RMS launches climate change models

Growing frequency of extreme weather catastrophes alongside regulatory, ESG and climate reporting requirements is driving demand for analytics

Fitch: Insurers are “green economy enablers”

The ability to channel investment into sustainable projects is viewed as a sizeable growth opportunity for the insurance sector

Baron: Time to challenge insurers

By Helen Yates

Parima chairman Franck Baron says most APAC corporates are retaining more risk as the insurance market hardens

Indonesia, Philippines and Thailand gain exposure database

PERILS will provide market-wide property sums insured exposed to earthquake, tropical cyclone (typhoon) and flood

Pandemic and debt to fuel political instability

Political upheaval and unrest in emerging markets will define the next two years, predicts Verisk Maplecroft

Remembering Tohoku ten years on

Even though disasters will always be unexpected, business continuity planning has benefits both before and after they occur, finds the World Bank

Bringing more women on board

Suzanne Sangiovese shares her thoughts on women’s risk leadership opportunities on International Women’s Day

Greensill crisis threatens steel supply chain

By Helen Yates

Greensill Capital is the main source of supply chain finance for steel tycoon Sanjeev Gupta

Asian insurance buyers adapt to hard market

Insureds are exploring alternatives and trade-offs - such as increasing deductibles - to offset proposed premium increases, finds Aon

US vs China among geopolitical flashpoints

Should relations deteriorate it could trigger an aggressive tit-for-tat policy response, with significant implications for global markets and corporates

Australian court to hear second BI case

It follows an initial test case heard in the NSW Court of Appeal last year regarding the application of the Quarantine Act exclusion to business interruption policies

ESG drives better financial performance - study

Sustainability initiatives drives better financial performance due to improved risk management and more innovation

WTW and Liberty partner to provide reputation cover

The solution is available globally and initially to clients in the leisure & hospitality, manufacturing, retail and transportation sectors

Supply chains: Striking the right balance

By Helen Yates

Supply chains must balance efficiency and resilience, according to participants at a StrategicRISK Virtual Roundtable

Human factor dominates data breach notifications

Data breaches attributed to human error continue to increase according to the Office of the Australian Information Commissioner

IRM sets out risk agenda for 2021

The APAC region “is at the forefront of dealing with climate change and all other aspects of sustainability”

Lloyd’s launches systemic risk initiative

The COVID-19 pandemic has highlighted gaps in the knowledge, understanding, and mitigation of systemic and black swan risks

Perth Hills bushfires declared a catastrophe

Bushfires in the north-east Perth Hills region have so far destroyed 81 homes, with insurers receiving over 270 claims worth $40m

Commercial insurance rates rise 22% in Q4 2020

Nearly all regions reported double-digit price increases, led by the UK (44%), Pacific (35%), and the US (17%)

In support of a green economy

Europe and Asia suffer from some of the most severe fossil-fuel-company insured losses in the world, according to PCS data

Mental health: The next crisis

By Helen Yates

Tackling mental health is not just the right thing to do, but an essential exercise in risk management, according to International SOS’ Dr Rodrigo Rodriguez-Fernandez.

Australia joins climate coalition

Worsening natural disasters across Australia illustrate the threat of asset damage and operational disruption arising from physical climate risks

Nat cat losses cost $268 billion in 2020

Just 36% of the losses were covered by insurance, creating a protection gap of 64%, according to Aon

72% of risk managers responsible for reputation

As a largely uninsurable risk, risk professionals are seeking metrics to better measure, monitor and manage reputational risk

Climate change transforms renewable risk landscape

Asia to take the lead in the clean energy transition with some key challenges for risk managers

WEF: Why investment in resilience pays off

By Helen Yates

“It is always cheaper to build a dam than to pay for the flood” - WEF Global Risks 2021

US braces for Inauguration Day violence

By Helen Yates

The FBI warns of violence ahead of Joe Biden’s Presidential inauguration, but heightened security may defer the risk

Service to measure cyber ‘human error’ risk

The Workforce Cyber Culture Assessment assesses people risk and the impact of business culture in a cyber context

COVID-19 tops travel risks for 2021

Violent crime, political instability, severe natural disasters and social unrest are among the other threats to businesses and their staff

‘Black summer’ bushfires cost insurers $2 billion

Insurance losses during the New Year peak period were most severe in New South Wales, which accounted for 71% of the industry loss

D&Os face rise in insolvency claims

Corporate bankruptcies will be a strong driver of D&O risk in 2021 in Singapore and Australia, predicts Clyde & Co

Preparing for the next wave

Climate change is so big that we do not even see it as a wave that may “break” and cause havoc for us

Sunburst hack highlights supply chain risks

By Helen Yates

The SolarWinds Orion ‘backdoor’ hack has affected numerous global organisations, including the US government - FireEye

AGCS: Directors face volatile risk landscape

COVID-19-related insolvencies and ’event-driven’ litigation linked to diversity, climate change and/or ESG concerns are exposing D&Os

COVID-19: Aon study charts the great reset

Companies prioritise operational resilience and staff wellbeing as they adapt to the crisis and look ahead to the future

Supply chains: Building climate risk resilience

Supply chains are particularly vulnerable to climate risk, as many global production systems are focused on ensuring efficiency over resiliency

Terrorism: West Africa a new hotspot

Increased instances of human rights violations by security forces pose a major reputational risk for some firms

SMEs are ‘most vulnerable’ to cyber attack

Cyber criminals consider SMEs a ‘sweet spot’ due to their lack of security controls and poor cyber hygiene

Australian flood: Proactive action needed

Geneva Association calls for more resources to mitigate flood damage and greater collaboration between public and private sectors

Australia BI test case “raises more questions than answers”

The question of pandemic business interruption coverage will remain a significant source of uncertainty for Australian insurers - AM Best

Special report: Sustainability Risk

Our virtual roundtable met to compare notes on sustainability risk coming out of the pandemic.

2021 to bring ecopolitical turbulence

Employers will need to go through an evolution in their Duty of Care provisions, just as they did post 9/11

NSW Court of Appeal rules against insurers

The Insurance Council of Australia is considering whether to appeal the pandemic business interruption test case decision

Counting down to a vaccine

There are positive signs that a Covid-19 vaccine is close. How should risk managers ensure the health and safety of returning staff?

China risks rise for Australian companies

Amid rising trade tensions between China and Australia, political risks are growing for companies Down Under

Nat cat loss tally rises in October

Total combined economic losses from heavy seasonal rainfall across India are estimated at $4 billion

Hard market: “Start renewals early”

Risk managers should start their renewal process early and manage their expectations, advises FM Global

Vietnam flood model launches

Fully probabilistic model provides countrywide coverage and enables insurers to assess their exposure to floods, which affect 70% of the country’s population

Global insurance pricing up 20% in Q3

All regions, except Latin America (9%), reported double-digit pricing increases, led by the UK (34%), Pacific (33%), and the US (18%) - Marsh

Parima: Risk managers will have a stronger voice post COVID

In an interview with Parima, David Jacob, CEO of Marsh Asia, said the spotlight would remain on risk managers moving into 2021

Singapore work injury laws: what you need to know

Major changes to Singapore’s work injury compensation laws are set to come into effect, increasing liability for employers. Here’s what you need to know

Queensland’s Halloween hailstorms declared a catastrophe

The hailstorms struck south-east Queensland late on the 31st October causing significant damage to vehicles and property

Northern Philippines braces for Typhoon Goni

Goni will take a similar path as of Tropical Storm Quinta (Molave), increasing the vulnerability of people affected

Accenture and MIT create supply chain resilience stress test

The new standard will assess a global supply chain’s ability to mitigate the impact of disruptive events

Reducing temperature-controlled cargo losses

Why temperature-controlled incidents are such a common cause of marine cargo claims and how to avoid them

Restoring mangroves to build coastal resilience

Globally, mangroves reduce flood damages by $65 billion every year; insurance solutions are critical to post-storm restoration

BoE: Climate disclosures will become mandatory

Setting out pathways to mandatory TCFD disclosures should be a “priority” for public authorities, according to the Bank of England

APRA calls for urgent disaster risk funding

Executive board member Geoff Summerhayes warns of the “high, rising and volatile costs” of natural disasters

China flood losses up to $32 billion

Total combined economic losses of seasonal monsoon flooding in China are likely to exceed CNY220 billion ($32 billion)

Reputational crises put directors at risk

ESG pledges, unmet, will leave stakeholders disappointed and pose the greatest enterprise risks of all, warns Nir Kossovsky and Denise Williamee

Firms must build more resilient workforces

COVID-19 has created a new urgency to protect working people, with compulsory unemployment insurance a much-needed safety net - research

How COVID-19 is reshaping the risk landscape

The pandemic will shape future loss trends with changes to working environments, travelling habits and supply chain networks, predicts AGCS

Climate change analytics tool launched

Data suite from JBA will help global financial services firms plan for their future and understand possible flood risk under different climate scenarios

Pandemic eclipses climate change - Future Risks

Climate change remained the number one risk in Europe but fell to third place in Asia and America

Singapore underwriters tackle intangible risks

Marsh has seen a 30% increase in the take up of cyber insurance across Asia annually

Indonesian flood model launches

Model provides a detailed assessment of the flood risk countrywide, including the industrial estates in flood-prone West Java

ARPC study reveals cyber terrorism protection gap

The research considered the practicalities of extending insurance coverage to include cyber terrorism in Australia

D&I plays “crucial role” in business resilience - survey

Mental health, gender equality, flexible working patterns and culture & ethnicity ranked the top issues to address within risk and insurance - Dive In

StrategicRISK Q3 2020: A more mindful business

As lockdown restrictions lift, organisations must carefully manage the safety, mental health and wellbeing of their staff. It’s the right thing to do, and it’s good for business.

Fighting cancel culture

By Helen Yates

Before you can manage and mitigate risks to you brand and reputation, you first need to be able to measure it

Climate change and ESG transforming mining risk

Mining companies must incorporate ESG, above all climate change into their risk mitigation strategies in order to survive in the future - WTW

Southeast Asia to benefit from supply chain diversification

Global supply chains are undergoing fundamental and accelerated restructuring, the latest Swiss Re Institute sigma study

Purposeful resilience

How can we ensure that a desire to ‘be resilient and purposeful’ results in practical actions that add sustainable value for people, society and the planet? asks Gareth Byatt

DAY FOUR: 3. Global Sustainability

The Covid-19 pandemic has demonstrated how profoundly a risk can have impacts that stretch across society and the economy. But as we recover it’s vital we keep our eyes on the horizon and “redouble” our efforts to mitigate the far greater risk posed by climate change.

DAY FOUR: 1. The global insurance market & COVID19

Insurance premiums will keep rising: Chubb

DAY THREE: 2. Focus on mental health: Willis Towers Watson

Organisations should focus on prevention and early detection of mental health and wellbeing risks in the workforce, according to Adam Hall, talent and reward leader for Willis Towers Watson Australasia.

DAY TWO: 2. Influencing the unseen

How can you manage the risks associated with having staff online and engaging with social media? 

DAY ONE: 3. Shining a light on the unseen – managing supply

The “full steam ahead”charge to the cloud during the Covid-19 pandemic has highlighted the challenges risk managers now face when trying to manage complex supply chains and rapidly-developing cyber risk.

DAY ONE: 1. Disrupting the disruptors

Disruption from Covid-19 will create opportunities for organisations navigating the new normal, according to Laura Langone, RIMS President, and head of insurance operations at Airbnb.

Navigating the harsh market

By Matt Ford

A “harsh” insurance market means risk managers need to adapt fast to conditions most have never seen before

Pandemic BI test case heads to NSW Court of Appeal

Test case was launched by the Insurance Council of Australia (ICA) to examine the application of certain infectious diseases exclusions in business interruption policies

South Korea braces for second major typhoon

Supertyphoon Haishen is currently on track to make landfall as a category 4 storm, with windspeeds of up to 156 mph

Putting people first

As lockdown restrictions lift, organisations must carefully manage the risks associated with encouraging staff back to work, including their safety, mental health and wellbeing

Modern slavery risks surge in Asia manufacturing hubs

The risk is set to intensify further as the economic fallout from COVID-19 takes full hold, warns Verisk Maplecroft

Hurricane Laura claims up to $8 billion

Cat modelling firms peg insurance losses from the Category 4 storm at between $4 billion and $8.7 billion

Data leaks surge almost 500% during pandemic

12 billion records were exposed in the first half of 2020. More than the total number of records leaked during the whole of 2019

The new risk horizon

Risk management is undergoing a significant change and complacency is not an option, argues Hans Læssøe

COVID-19: Political and economic outlook deteriorates

In Asia-Pacific, almost two-thirds (64%) of countries experienced an increase in their country economic risk rating

ICA launches BI test case in NSW Supreme Court

Outcome will be used to determine complaints arising from COVID-19 related business interruption claims

Asian economies contract post COVID-19

Trade credit insurer Atradius has analysed the impact of the coronavirus pandemic on five Asian markets - India, Japan, Indonesia, Thailand and Vietnam - revealing economic contraction, sharp swings in export rates and a rise in business insolvencies.

APAC commercial insurance pricing up 31% in Q2

COVID-19 related losses among the factors driving up insurance pricing - Marsh

Research predicts dramatic increase in wildfire risk

By 2030-2040 climate change will prolong wildfire seasons, adding up to three months of days with high wildfire potential in Western Australia

Beirut port disaster loss to impact global insurers

Observers are drawing comparisons with the 2015 explosion in the Chinese port of Tianjin, which highlighted accumulation exposures in ports - AM Best

Hard market to prompt captive growth

By Helen Yates

Firming commercial insurance prices and impacts from COVID-19 could present opportunities for the captive insurance segment - AM Best

Australian insurers adapt to intangibles

Items like data, content, software code, brands, confidential information, inventions, industrial know-how, and design rights are integral to corporates

COVID-19 litigation tracker identifies vulnerable industries

217 complaints have been filed in the US with 55% involving cruise ship passengers and nursing home residents and staff

Due diligence the key for third-party risks

Research from Refinitiv reveals 43% of third-party relationships are not subject to any form of due diligence checks

Nat cats cost global economy $75 billion in 1H 2020

Cyclone Amphan, which killed 133 people in India in May, was the costliest economic event of 1H 2020

COVID-19: APAC firms prioritise healthcare and wellbeing

Half of organisations have taken actions such as hiring freezes, furloughs, and workforce reduction to reduce costs

Using risk appetite to support decision-making: Gordon

In the last of our #changingrisk series, Sarah Gordon warns against vanilla risk appetite statements

Australian hailstorms claims reach A$1.8 billion

The largest impact was experienced in Canberra which suffered from hailstones up to 6cm in size

COVID-19: Three quarters have experienced supply chain disruption

By Helen Yates

Two-thirds of organisations plan to source goods more locally post-pandemic, reducing reliance on the Far East - BCI report

Measuring risk culture: Greenstein

Companies are investing heavily in GRC tools, but often lack the ability to measure risk behaviour and culture, says Justin Greenstein

Asia counts cost of June floods - Aon

Total combined economic losses from flooding across the greater Yangtze River Basin in China in June is expected to reach $5.1 billion

Cost of third-party incident up to $1 billion - Deloitte

Losses associated with supply chain failure, data privacy breach or disruption to IT services have at least doubled in the last five years

Special report: Climate change

By Helen Yates

Climate change is a truly global risk. Why risk managers need to consider the physical, reputational and transition risks arising from climate change.

Why firms must focus on staff well-being

By Matt Ford

Risk managers and HR need to collaborate to ensure employees are supported in a post-pandemic world - Mercer

Staff safety takes priority in post-lockdown Australasia

As Australians and New Zealanders return to offices, mass gatherings, daily commutes and open shops, what are the biggest risks facing organisations in the region?

Cyber threats grow in Singapore

Cybercrime cases now accounting for more than a quarter of overall crime in Singapore - EverEdge

Refinitiv survey exposes lack of supply chain transparency

COVID-19 is set to have a substantial impact on the risk landscape, particularly in terms of supply chain and third-party risk

Study predicts near-normal tropical cyclone activity

Above-average numbers are however anticipated for the Philippines in the first part of 2020, as ENSO neutral conditions continue

The importance of measuring the ‘resilience dividend’

Zurich shares new risk management lessons from disaster events to help businesses become more resilient

Tunstall turns to technology

Risk professional Steve Tunstall believes technology will be at the heart of risk management’s future

APAC companies unprepared for climate risks - survey

More than half of APAC’s top CEOs and CFOs say their companies are underprepared for climate-related financial risks, finds FM Global

Corruption to increase post-COVID

Disruption to traditional working patterns and an increase in remote working is the top risk to the ethical conduct - EY

Phishing attacks ‘soared’ during lockdown

Beazley has reported a 25% spike in ransomware attacks in the first quarter of 2020 versus Q4 2019

Growth of electric cars brings host of new risks

More complex and costly repairs; new fire and cyber threats and potential recalls are among the new exposures - AGCS

Climate change survey: Have your say

Has COVID-19 distracted your business from climate change? Take part in our short survey

Gradual lockdown easing better for supply chains - study

A gradual easing of restrictions would be “less disruptive” for the global supply chain, finds peer-reviewed study by UCL and Tsinghua University

Striking the right balance

By Helen Yates

As economies restart after the COVID-crisis, there is an opportunity to embed sustainability into the recovery, argues Zurich’s John Scott

Australian nat cat claims surpass $5.19 billion

Nearly of claims from the four storm, bushfire and hailstorm catastrophes have been closed by insurers - ICA

Australian government clamps down on class actions

By Helen Yates

COVID-crisis prompts decision to suspend the continuous disclosure provisions of the Corporations Act for six months

COVID-19: The global risk response - IRM

”Why don’t our risk management frameworks [enable] immediate actions rather than leaving the actions for the decision makers?” - Sonjai Kumar

WEF launches COVID-19 Risks Outlook

Economic distress and social discontent will rise unless world leaders, businesses and policymakers work together to manage pandemic fallout

Covid-19 raises pandemic protection gap questions

The answers are likely to lie at government level, with insurance risk pools one option for future pandemics

Philippines flood model launched

The combined impacts of climate change and rapid urbanisation are aggravating flood risk in the Philippines - Guy Carpenter

ICA explores insurance solutions for future pandemics

An Australian pandemic risk insurance pool is one option being mooted by the Insurance Council

JBA rolls out global flood model

Estimates almost 50% of global flood losses can be found in just eight countries in Asia

COVID-19 biggest shock to the global energy system since WWII

”Energy industry that emerges from this crisis will be significantly different from the one that came before” - IEA

COVID-19: Firms to invest more in BCP

96% of Singapore businesses to invest more in technology to support remote working and business continuity planning

Time to get creative about third-party cyber risk

As use of conferencing technologies grows during the lockdown, organisations should step up attention to their vendor cyber risks - RSA Archer and RiskRecon

Use digital transformation to your advantage: Corless

Digital transformation should be used to “reliably and repeatedly detect changes to risk”, argues risk thought leader Chris Corless

WTW launches cyber marine cover

Product includes business interruption cover in the event of a cyber incident that disrupts operations

COVID-19 will “enhance protectionism” - Control Risks

By Helen Yates

Companies will be pressured to ‘onshore’ their supply chains, predicts Charles Hecker

Data can engage C-Suite: Wong

Risk managers can harness data to their advantage to engage C-Suite members on important issues, according to Danny Wong.

Use alternatives to heat maps: Sidorenko

Risk managers should use alternatives to heat maps to inform decision-making, according to Risk Academy’s Alex Sidorenko.

Spotlight on business interruption insurance

The COVID-19 outbreak has laid bare the limitations of business interruption insurance, with companies across the globe discovering gaps in coverage

China’s RTW covers potentially flawed - Fitch

The return-to-work BI policies are aimed at supporting the resumption of production and work within the Chinese economy

Late notices are “missed opportunities” - Allied World

Delayed claim reporting can cost both carrier and insured hundreds of thousands of dollars in defence costs

COVID-19 and climate change to transform energy sector

Energy firms must incorporate ESG standards and climate change into their risk mitigation strategies  - Willis Towers Watson

Risk manager is suddenly a hot job - Bloomberg Businessweek

The pandemic has catapulted the field into prominence almost overnight and boards “want a chief risk officer on speed dial”

EY: Surge in cyber attacks poses data loss risk

By Helen Yates

As the COVID-19 pandemic sweeps the world, cyber attacks and the risk of critical data loss are on the rise

How climate change is shaping risk management

The Covid-19 crisis has dominated the global agenda in 2020, but climate change risk is the long-term issue that is impossible to ignore

Climate change “major threat” to global resilience - sigma

By Helen Yates

Failure to take immediate tangible action could lead to climate systems reaching irreversible tipping points, jeopardising insurability

COVID-19: Asean manufacturing index plummets

By Helen Yates

March highlighted the worst performance of the ASEAN manufacturing sector on record, according to IHS Markit

“Rethink and transform” supply chain model: PARIMA chairman

The covid-19 crisis should prompt companies to “rethink and transform” global supply chain models, according to Franck Baron

Fitch puts Lloyd’s of London on negative watch

By Helen Yates

The rating watch negative reflects “uncertainty and increased risk to Lloyd’s earnings and underwriting performance due to claims emanating as a result of the COVID-19 pandemic”

COVID-19: Reducing the manufacturing supply chain impact

By Helen Yates

Manufacturing companies must assess and devise strategies to reduce the impact of COVID-19 - SpendEdge

Risk managers should challenge subconscious bias: Gahan

Risk managers should view risks from different perspectives and challenge subconscious bias in their roles, according to Karla Gahan, business continuity officer at the University of Newcastle, Australia.

StrategicRISK Q1 2020: World on Lockdown

In this edition of StrategicRISK, we look at how businesses are responding to the COVID-19 crisis as the situation rapidly escalates around the world.

ACSC warns of COVID-19 cyber scams

By Helen Yates

The Australian Cyber Security Centre has warned cyber criminals are exploiting fears surrounding the COVID-19 outbreak in a new series of phishing scams.

Using AI to map ‘silent cyber’ exposures

By Helen Yates

Guy Carpenter has partnered with RiskGenius to improve the detection and qualitative analysis of silent cyber exposure across various lines of business.

WTW launches COVID-19 tracking tool

By Helen Yates

Willis Towers Watson has updated its Global Peril Diagnostic modelling tool to provide up-to-date information on confirmed global COVID-19 cases alongside insurers’ property portfolios

Fitch: Negative outlook for APAC insurers

By Helen Yates

Fitch Ratings has revised the sector outlook of the non-life insurance industry in APAC to negative from stable due to the impact of COVID-19, but does not anticipate a significant increase in loss ratios

36m workdays could be lost in Australia due to COVID-19

Government stimulus package announced this week could help stave off a severe economic downturn as a result of the pandemic currently sweeping the globe say experts.

‘The sum of the whole is greater than the parts’

Catherine Orobator, insurance officer at University of East London and one of Airmic’s rising stars, shares her thoughts on why the risk industry needs more diversity and inclusion.

Why diversity is needed in risk and insurance

Instead of just celebrating International Women’s Day, StrategicRISK has decided to celebrate the achievements of some of our best and brightest women over the next two weeks. Stay tuned for more stories to follow!

Risk market reacts to Aon WTW merger

As the dust begins to settle on the news of the latest mega-merger, StrategicRISK asked our risk experts what their thoughts are on the deal and what the impact will be on you as risk managers.

Changing perceptions of risk: Jonas

Val Jonas, CEO of Risk Decisions Group, suggests risk programmes are put through a 20-minute workout

Latest estimates for COVID-19: AIR Worldwide

The catastrophe modelling firm has issued stark warnings about ’underreporting and uncertainty’ surrounding officially released figures on the numbers of mild to moderately symptomatic cases of COVID-19

Stock market shocks increase as COVID-19 continues to spread

Nordic bank head of economic forecasting Håkan Frisén, and investment strategist, Johan Hagbarth, answer your questions on the risks facing business share prices

Employer medical costs rise in the wake of coronavirus

Employers in markets including China, Hong Kong, India, Indonesia, Malaysia and Singapore should brace themselves to exceed the average expected increase of health care benefit costs in 2020, experts warn.

APAC suffers ongoing COVID-19 market shocks

A new report is warning APAC risk managers a prolonged outbreak will cause significant second-round effects, including severe supply chain disruption

Shut down equipment failure before it shuts you down

Equipment risk permeates across all kinds of industries. In Australia, the power generation, mining and chemical industries are most significantly exposed and most at risk, writes Michael Stuckings, Operations Chief Engineer, FM Global

MS Amlin appoints new APAC chief

Will Ho, who is currently Head of Reinsurance (Asia), will be taking on the role subject to regulatory approval.

Allianz pledge half a billion euros towards frontline coronavirus aid

The fund’s main goal is to support those working in the areas most hit by the epidemic in China’s Hubei Province and aid will consist of medical supplies, donations and insurance protection.

The murky risk brewing in your morning coffee

Forced labour in the coffee industry is a growing risk that no one is taking much notice of but setting minimum price alone will not solve the problem argues SAP Ariba’s Padmini Ranganathan.

Coronavirus - what your business needs to do now

As the coronavirus epidemic deepens, Marsh Risk Consulting Strategic Risk Practice consultant, Renata Elias, details what your businesses needs to be doing right now to tackle this ever-growing risk.

Environmental risks top World Economic Forum Report

Environmental risks make up the entire top five risks in order of likelihood for the first time, according to the latest WEF report.

Risk culture: top focus for APAC risk managers in 2020

In our 2019 Survey, in partnership with AIG, we took a dive into Asia-Pacific risk managers’ greatest concerns and what tops your to-do lists for 2020. With more reporting increased risk engagement and team size, the stage is set for real progress in 2020. Your priority number #1? Risk culture.

White Island tragedy raises risk questions

New Zealand’s Whakaari/White Island tragedy has raised questions about the level of safety in the adventure tourism and cruise ship sector after the death toll from the eruption rose to 16 people.

What the UK general election result means for you

StrategicRISK explores what the conservative general election win means to UK business leaders and what new risks have emerged on the horizon

2019: The year of the APAC catastrophe

Asia Pacific has seen an unprecedented year of natural disasters in 2019 with a spate of fires, monsoons and typhoons with experts predicting the worst is yet to come.

AXA XL appoints ex-Aon director to Asia role

Stephen Nguyen joins the global insurer as a client management leader based in Hong Kong.

WTW partners with Hong Kong-based Tricor

The new partnership will enable Tricor clients base of Fortune 500-listed companies to access to offerings and services from Willis Towers Watson (WTW), which include workforce protection and risk transfer solutions.

Complex risk environment lies ahead: RMIA

The Royal Commission unearthed misconduct at the major financial services groups, which in turn has led to regulatory changes and increased scrutiny from stakeholders and customers says RMIA CEO Jason Smith.

Can risk management save The Great Barrier Reef?

The tourism asset – valued at $56 billion – risks being overwhelmed by coral bleaching, sea level rises, ocean acidification, and pollution.

It pays to be bold

Bill payments provider Bpay is finding the balance between quick-moving growth and robust risk management. It comes down to culture, says head of corporate governance and risk Francesca Dickson.

Could ART solve your risky developments?

Karsten Berlage,