Risk-!n case study: How Sunstar set up a quantitative risk management system

By Sara Benwell

Maya Wellig, head of global risk management at Sunstar, shares her process for quantifying risks and how it improves c-suite engagement

Case study: How parametric solutions allowed Aboitiz Power to insure the uninsurable

By Trevor Treharne

Simplicity, pre-defined triggers, and fast payouts are some of the key advantages of a parametric approach to extraordinary Nat Cat risks, says chief risk officer, Annacel Natividad

Political instability is fuelling unprecedented business losses - how to manage the threats

By Sara Benwell

War in Ukraine, tension between China and Taiwan, climate change, conflict in Sudan, and rogue states have all added to the geopolitical risk facing companies. Here’s how risk managers can manage the ever-evolving threats

How risk managers can tackle the evolving automotive risks in their organisations

By Kiran Boosam, global insurance industry leader, Capgemini

Kiran Boosam, global insurance industry leader, Capgemini, explores how mobility risk is changing and the tactics that risk managers can deploy to manage emerging threats

How to achieve cyber resilience through increased security vendor accountability

It’s time for risk managers to hold cybersecurity vendors to account, says Richard Hollis, CEO of Risk Crew

The role of the CRO in defining risk appetite

Alex Sidorenko, a chief risk officer and the founder of Risk Awareness Week and the RISK-ACADEMY, explores the three key aspects of risk appetite and where risk managers can add value

How automation can improve risk management practices

Lauren Doyle, product and platform specialist at Whyaye, explores what is behind the rise of automation in IRM and what it means for risk managers

Supply chains rattled by multi-risk landscape

By Trevor Treharne

Pandemic impacts, geopolitical issues, economic risks and cyber threats converge on supply-chain risk decision-makers

What risk managers need to know about tensions in the Strait of Hormuz

The Strait of Hormuz is a vital conduit for transporting crude oil to the rest of the world and a huge, connected risk in global supply chains. Here’s why risk managers should take note of recent tensions

Why employee benefits could be the next frontier of captive management

By Sara Benwell

Pascal Prévost, former manager of corporate insured employee benefits at Nestlé explores how captives could be used to reinsure employee benefits

Learning lessons from pharma risk management

Kathrin Anne Meier, Board Member, SRA - Swiss Risk Association, explores how risk managers are tackling the unique threats facing the pharmaceutical industry and what other sectors can learn from their approach

Silicon Valley Bank’s collapse: a wake-up call for risk managers

The collapse of Silicon Valley Bank raised important questions about the role of risk management in ensuring stability. Atul Vashistha, chairman and CEO of Supply Wisdom, explores the key lessons that risk managers should learn

RIMS and PARIMA announce alliance for global risk management standard

Collaboration between global risk management associations will be critical to the profession’s future, said RIMS, as it welcomed risk professionals to RISKWORLD 2023 in Atlanta.

Heatmaps can be dangerous - how to make sure you’re using them effectively

Hans Læssøe, founder of AKTUS, explains when heatmaps and risk matrices can be useful, and how to use them appropriately

Moving beyond Excel: the urgent need for better risk management tools

By Danny Wong is an Enterprise Risk Management thought leader with over 20 years’ experience in senior risk roles

While Excel may be easy and free, it is no longer sufficient to manage the complex and ever-changing risks faced by organisations today. Danny Wong, an enterprise risk management thought leader, explores the alternatives.

Chief risk officer view: how I develop and maintain a strong risk culture

By Alex Sidorenko, a chief risk officer and the founder of Risk Awareness Week and the RISK-ACADEMY

Alex Sidorenko, a chief risk officer and the founder of Risk Awareness Week and the RISK-ACADEMY shares his five top tips for creating risk culture and empowering executive decision making

Political risk is growing - how risk managers can prepare

By Sara Benwell

Operating successfully will depend on the ability of companies to proactively manage political risks. A new survey shows how the landscape is shifting, and how risk managers can respond.

Nine tips for reducing people-related risk in a cost of living crisis

When employee well-being suffers, so does an organisation’s bottom line. Risk managers must make sure that people-related risk is top of mind as the cost-of-living crisis worsens.

How cyber threats are evolving and what risk managers can do to prepare

By Johnty Mongan, head of cyber risk management at Gallagher

One of the biggest threats to the cybersecurity of businesses is the ever-increasing expertise of cybercriminals. Johnty Mongan, head of cyber risk management at Gallagher explores how organisations can pre-empt what attackers’ next moves might be.

Why captives are growing ever more important for CFOs and risk managers

Denis Kallaert, risk & compliance consultant to reinsurance companies and independent director of various reinsurance captives, shares his views on the future role of captives in risk management

Four common mistakes risk managers make - and how to avoid them

New Risk Academy guides explore some of the biggest mistakes risk managers commonly make and how to avoid them

Insured losses from strikes, riots and civil commotion now comparable to major natural disasters

Risk managers face reduced political violence (PV) insurance and strikes, riots and civil commotion (SRCC) cover, thanks to global outbreaks of violence

Brokers missing the mark on ESG factors

By Sara Benwell

UK brokers are failing to consider ESG factors when evaluating insurers, according to new research from GlobalData.

The key controls that reduce organisational cyber risk

New analysis reveals which cybersecurity controls are most effective in reducing cyber risk across an organisation

Why risk managers are turning to political risk insurance

In the wake of falling foreign exchange reserves, more businesses are relying on political risk insurance to protect against governments failing to pay foreign suppliers

Risk management is the best way to control insurance costs

Insurers want to work with businesses to counteract the impact of inflation, which threatens to drive up the cost of property and casualty claims, says David Jones, Director of Underwriting, QBE Europe.

Cyclone Gabrielle costs insurers $1.5 billion

The catastrophes have disrupted supply chains and tested New Zealand’s resilience

Inflation set to erode global political stability

Global growth opportunities outweigh elevated geopolitical and economic risk landscape, finds Marsh political risk report

Guidelines for safe transport of Lithium-ion batteries introduced

Guidelines seek to prevent fire and other risks, ensuring a safer supply chain in the future

Cultivating risk culture

By Trevor Treharne

Tough to measure and tricky to implement, how can organisations bolster risk culture?

Supply Chain Webinar: No time for complacency

Risk managers operating in a global world should ensure their organisations are ready to roll with the punches

Energy prices remain top threat to business resilience

Weakening customer demand, cyber security, increased taxation, and access to talent are other major challenges - survey

How humanity averted an environmental catastrophe

The success of the 1987 Montreal Protocol is proof all is not lost in the fight against climate change

Cloud providers suffered nearly 500 critical outages in 2022

About a third of events impacted US cloud regions, with a total of 1,190 performance disruptions overall

Inflation set to drop sharply as energy prices fall

Global inflation will return to pre-crisis levels faster than it took to reach its peak, but any number of shocks could derail this outcome

New Zealand summer flood claims hit NZ$1.65 billion

Floods are the largest weather-related loss in history for New Zealand, prompting a rethink of extreme weather exposures

Asian corporates adapt risk management to include sustainability metrics

By 2023, ESG performance will become a standard component for third-party risk assessment, predicts IDC

Credit Suisse displayed risk management “deficiencies” over Greensill

FINMA has opened proceedings against four managers as it orders the bank to improve its controls

Asia-Pacific sees fall in crisis incidents in 2022

But greater volatility is expected in 2023, driving threats including kidnap incidents and political repatriations

Global security threatened by Russian influence in Africa

Shortages of grain and fertiliser are literally a matter of life and death in some nations, warn experts from KCS Group Europe

SMEs more exposed to cyber-attacks as resilience grows, finds BCI

Phishing and spear phishing remain the most frequent form of cyber-attack, but ransomware is ranked second most disruptive

Cyber expert shares top 10 social engineering techniques

The watering hole, piggybacking, dumpster diving, and other social engineering attacks threatening employees

Where energy security meets human rights

Mitigating risk in rare earth metals supply chains is essential for a just energy transition, say Kevin Braine and Oliver Stern

Captives hailed as hard market solution for cyber, D&O

Captives provide much-needed capacity as traditional carriers reduce limits, increase exclusions, and/or increase pricing

AGCS outlines five risk drivers of political violence

Civil unrest risks has risen substantially, causing billions of dollars in property damage and business interruption

Surviving today’s “poly-crisis”

Not all risks can be managed out of existence. It’s time for insurers to step up

Chaucer will “embed” ESG into underwriting model

The company intends to embed a pre-bind tool to determine the ESG score of prospective clients

China spy balloon: Inflating tensions

By Trevor Treharne

The balloon controversies come just as the US and China were attempting to stabilise relations

New Zealand’s North Island suffers widespread flooding

Around a third of New Zealand’s population live in areas affected by Cyclone Gabrielle, many without power

Russia-Ukraine conflict: At a crossroads

Both sides appear to be gearing up for a long, attritional war, with consequences on both sides

Risk managers voice concern over sensitive data stored by cyber insurers

Airmic members say the “gold mine” of sensitive data they share with underwriters could present a security risk

Re-inventing sanctions screening

Why firms must improve compliance, drive efficiency and tackle friction as the war in Ukraine rumbles on

Turkey earthquakes: Port fires impact $679m of global trade

Damage at Iskenderun is a reminder that ’a single point of failure’ can ripple across supply chains - Russell Group

Insurers monetise intangible assets for IP product

Aim is to develop a trade secret protection ecosystem as the value of unprotected intangibles grows

Risk Benchmarking Survey 2023: Great expectations

By Helen Yates

After three years of global shocks and turmoil, senior managers are more engaged than ever in risk management

Commercial insurance rates continue to moderate, says Marsh

Cyber rates continue to rise at slower pace; financial and professional rates fall for a second quarter

Countries shifting into opposing blocs, finds Political Risk Index

The Western bloc has lost ground in all world regions, presenting risks for multinational companies

Adani hits back at Hindenburg fraud allegations

The Indian conglomerate accuses short seller of misinformation and alleges ulterior motives

Global nat cat losses surpassed $313 billion in 2022 - Aon

Flood losses in Australia broke the historical record and monsoonal floods in Pakistan had a far-reaching humanitarian impact

How short-term challenges are impacting the net-zero transition

Charles Sincock explains how global risks are altering our journey to net zero and what this means for businesses

Governments are boosting domestic supply chains - BSI

New regulations emphasise financial sustainability as firms grapple with trade disruption and inflation

Supply chains have not fully recovered from disruptions

A shortage of skilled labour is a compounding concern within construction, manufacturing and healthcare

Robust pipeline for renewables in Asia, despite ‘new trilemma’

Floating solar will play an important role in the energy transition of China, India and South Korea

Duty of care a key concern as business travel returns

Corporates – forced to cope without travel for so long – will be more discerning when weighing up the value of a business journey

Financial services firms lack responsible AI strategies - study

71% of organisations state that AI ethics and responsible AI are not a core part of their operational strategies

The year operational resilience became a boardroom priority

Resilience is not a one-time box-tick exercise but an ongoing journey that begins with data and culture

Davos: Pressures on food, energy and inflation may be peaking

In China, expectations of growth are polarised, with an even split between those who expect weak or strong growth

Franck Baron to step down as Parima chair

He has become president of the International Federation of Risk and Insurance Management Associations

Cost of living crisis tops WEF Global Risks 2023

Geopolitical rivalries and inward-looking stances will heighten economic constraints going forward

Make 2023 the year of zero trust

Uber, Optus and Medibank are cautionary tales in corporate network access, writes MyCena’s Julia O’Toole

APAC nat cat losses cost $70 billion in 2022

In parts of China, a prolonged drought and heatwave disrupted shipping and hydroelectric production

Nearshoring is happening faster than expected

Apple, GM and Boeing lead the trend as US-based corporates source suppliers closer to home

LRQA buys Australian sustainability audit firm SAS

The combined entities will offer a range of risk management and ESG-led solutions

Jennifer Santiago named RIMS 2023 President

Lendlease’s Kevin Bates is named RIMS secretary and David Arick and Kristen Peed become vice president and treasurer

Eastern Australia floods top 2022 ex-US cat losses for insurers

The floods generated an industry loss of $4.7 billion, while the Fukushima Earthquake caused $3.9 billion in claims - CRESTA

Webinar: Climate change risk - it’s time to step up

By Helen Yates

How do risk managers prepare an adaptation plan in the face of increasing weather extremes?

Only 20% of firms feel prepared for supply chain disruptions - study

Socio-economic changes and shifting consumer demands are among some of the challenges facing organisations

Climate litigation continues to ramp up in Australia

State governments and large corporates will be held to account on climate related pledges, warns Clyde & Co

AGCS launches dedicated ESG division

Gabrielle Durisch will join from Zurich Insurance Group in April 2023 as global head of ESG & Sustainability Solutions

Why you must understand the board’s risk tolerance

Without this, efforts to manage and optimise risk will be futile

2023 will bring heightened levels of unrest

Further geopolitical disruption expected as crisis management teams remain in ‘perma-crisis’ mode

Demand for contract frustration grows as economy deteriorates

Cost of insurance against defaults on sovereign debt jumps by 179% in Asia & Pacific

PERILS pegs Southeast Australia floods at $791m

The floods primarily affected the states of New South Wales, Victoria and Tasmania during October 2022

China-Taiwan tensions: What are the risks?

By Trevor Treharne

With a “significant escalation” in the strained relationship between Taiwan and China, how should risk managers be preparing

Korean Re adopts coal-exit strategy

The move is welcomed, but there are calls to go a step further and restrict coal from its treaty business

The torchbearer

By Trevor Treharne

In a country with a scarceness of risk managers, Kei Masuyama is leading the way for the profession in Japan

Two thirds of SMEs are ‘fighting for survival’

Research from the WEF and National University of Singapore Business School comes amid warnings of a global recession

Special report: ESG

Your planet needs you, and so does your organisation

SR Q4 2022: Thriving or surviving?

By Helen Yates

As we approach year-end, it is clear 2022 has offered no reprieve from shocks and cascading risks

Rising global risks to impact business travel in 2023

Organisations must handle multiple physical and mental health issues to maintain Duty of Care responsibilities

Third of internal auditors yet to adopt data analytics

Audit body argues that advanced analytics is the key to navigating an increasingly volatile risk landscape

Decline in workplace health contributes to ‘quiet quitting’

Mental health issues alone are expected to cost firms $16 trillion in output by 2030

Australia continues to warm; rainfall becomes more intense

State of the Climate Report shows an increase in extreme heat events, intense heavy rainfall, longer fire seasons and sea level rise

Inflation drives up cost of vessel, cargo repairs

The rising prices of steel, spare parts and labour are all factors in the increasing cost of hull repair and machinery breakdown claims

Geopolitical flashpoints include Taiwan security crisis

Although invasion is “highly unlikely”, a naval blockade in the Taiwan Strait increasingly probable, warns Dragonfly

Rethinking food and drink supply chains

With growing vulnerability to extreme weather and geopolitical threats, the industry needs new risk transfer solutions

Taking a zero-tolerance approach to cyber hygiene

The drive to digitally transform is resulting in gaps and weak links in the fight against the cybercriminals

AIIB pledges climate-resilient infrastructure investments

The Asian Infrastructure Investment Bank has joined the Coalition for Climate Resilient Investment

Four major themes from PARIMA 2022

By Trevor Treharne

The Asian risk management association focused on geopolitical risks and personal well-being

Why wellbeing is becoming a strategic priority

With 40% of workers facing burnout and many ‘quietly quitting’, the onus is on organisations to act

Australian data breaches up 14% - OAIC

The number of major breaches caused by cyber security incidents - including ransomware - calls for up-to-date response plans

How inflation is compounding business interruption

By Trevor Treharne

As rising costs fuel higher insured losses, risk managers will get preferential treatment for their organisational resilience, says FM Global

Three ways of increasing cyber insurability - sigma

There is currently a protection gap of around 90% due to the uncertain nature of systemic risk

Major floods continue across NSW, Victoria

Widespread disruption continues due to flood-impacted roads, rail, homes, properties, businesses and agricultural land

Evolving attitudes to cyber risk

Why some businesses are re-evaluating their attitude to cyber coverage amid rising premiums and tougher terms

Workplace transformation: Great opportunities, but not without risk

New work models are reshaping how organisations approach risk. Done well, sustainable competitive advantage can be achieved

Fraudsters target professional services firms

Claims caused by fraudulent instruction and business email compromise are on the rise - Beazley

Global commercial insurance rates up 6% in Q3 - Marsh

Rates increased in the Pacific by 5% and in Asia by 2%, with cyber pricing increasing 53% overall

Climate change is becoming number one global risk

In APAC, this is followed by pandemics and cyber risks, with geopolitical instability ranking fourth - Future Risks Report

The role of insurance in times of crisis

The war in Ukraine is one of the major crises of our times. It is exposing the limitations of insurance

RAW2022: Risk governance and the board

Norman Marks offers some key questions for the board as Risk Awareness Week 2022 gets underway

Extreme climate losses 30x more likely at exposed premises

Research from FM Global shines a light on the vulnerability of commercial properties which lack resilience

Ferma panel tackles $10 trillion cyber accumulation

Risk managers faced up to insurance bosses as they discussed the ‘industrialisation of crime’ in Copenhagen

Beazley warns of cyber risk complacency

An uncertain geopolitical risk landscape could be one source of distraction as cyber resilience deteriorates

Keeping pace with ESG regulation

Firms are being pushed to pursue a cleaner, greener, more equitable and ethical world. But it’s not easy being sustainable

Climate change: Unpicking the complexity

By Helen Yates

Is our permanent state of crisis a distraction from climate commitments, or an opportunity to accelerate the transition?

Pakistan faces monumental hunger crisis after floods

The conflict in Ukraine has also disrupted the supply chain of wheat grain, seed and fertilisers into Pakistan

Special report: Climate change 2022

Why risk professionals are the ideal people to make sense of the complexities surrounding climate change

SR Q3 2022: Inflation - staying grounded

Even the risk community isn’t keen on trying to predict the next crisis, as each one seems to have a cascade effect

Australia will tighten data protection rules after Optus cyber attack

Sensitive data of around 10 million customers, or about 40% of the population, were compromised

Tipping towards disaster

In this ever-more destabilised world, the post-Cold War rules no longer apply, explains Dragonfly’s Henry Wilkinson

Tool measures ‘resilience dividend’ of critical infrastructure

Approach from Mott MacDonald and the Coalition for Climate Resilient Investment will attract investment adaptation

Predictive analytics in an era of cascading risks

How effective data integration makes sense of complexity and takes risk management into a new era

APAC region vital to achieving disaster risk reduction targets

By Trevor Treharne

The global battle to reduce disaster losses by 2030 will be won or lost in Asia-Pacific, according to the UN Office for Disaster Risk Reduction

Time to stop ignoring supply chain cybersecurity

NHS 111 is one of the latest victims, but it doesn’t have to be this way

Boards face ‘perfect storm’ of high-impact risks

The gap between awareness and action taken on geopolitical risk is ‘alarming’, as tensions grow between the West and China

Research shines light on digital trust gap

While nearly all respondents in Australia and New Zealand say that digital trust is important, just 12 percent have a dedicated staff role

Study exposes ‘blind spots’ in risk preparations at sports stadiums

By Trevor Treharne

Research paper from China finds “stampede accident” and “fire or explosion” are dominant causes of severity loss

The end of globalisation is nigh, warns Russell Group

By Helen Yates

Industry must brace for profound changes ahead as economies shift away from globalisation after three decades

sigma study examines risk in a multi-polar world

“Friend-shoring” and reshoring of supply chains, investments in green energy and mitigating a food crisis will shape the risk landscape

​Heat stress to threaten over 70% of global agriculture by 2045

This could trigger a host of secondary impacts, from civil unrest and political instability to mass migration and human rights abuses

Risk managers should ‘pick recovery over replacement’ to aid sustainability

By Trevor Treharne

As sustainable approaches burgeon in importance, risk managers have been urged to focus on recovery measures when disaster hits

Insuring the transition

By Helen Yates

The insurance industry has a ‘once in a lifetime’ chance to support the transition to Net Zero, so what’s holding it back

Are your brokers costing too much?

When approaching last year’s renewals, a single factor helped us shortlist brokers: data

Parametric solution for extreme rainfall launches in Singapore

The parametric insurance product is designed to help travellers manage the impact of unexpected weather conditions

Losses mount from deadly Pakistan floods

Early estimates put the damage at more than $10 billion as minister blames climate change

‘Zero trust’ a top priority for 80% of C-suite

Amid growing cyber threats and changing work environments, decision-makers are embracing a ‘zero trust’ mentality

Firms face underinsurance as construction costs rise

Raw material shortages and rising energy costs are causing building costs to skyrocket, potentially leaving business out of pocket

Risk management and next-generation technology

Why firms must proactively construct risk management capabilities to keep pace with transformative change

The risk of underinsurance posed by inflation

By Katie Scott

Brokers have a ‘real opportunity’ to showcase their value in the face of cost and supply chain pressures

NSW government releases independent flood report

The O’Kane-Fuller Flood Inquiry’s 28 recommendations will help improve future flood resilience

Flood losses ‘material’ for Korean insurers - Fitch

The heavy rainfall caused unprecedented flooding in various parts of Seoul, Gyeonggi Province and Incheon, with the Gangnam area one of the worst hit

FM Global offers policyholders $300m resilience credit

The credit will be applied as a 5% premium offset against policies with renewals between 1 October 2022 and 30 September 2023

Seoul reels from deadly flash floods

Torrential rain knocked out power, caused landslides and left roads and subways submerged

Economic stresses drive social unrest in LatAm

As with Sri Lanka, protests are being driven by inflation, adding to economic and social stresses initially caused by COVID

Reputation in an era of state-sponsored attacks

Managing the reputational fallout from being the subject of a cyber attack is an aspect that is often overlooked

CISOs face burnout as ransomware threat continues

A third of organisations experience a ransomware attack at least once a week, with impacts on security professionals’ wellbeing

Global commercial insurance rates up 9% in Q2

In Singapore, financial and professional lines prices increased by 24%, the largest pricing increase compared to 16% in the previous quarter

Floods across Asia drive H1 cat losses

Floods in India, China and Bangladesh confirm the growing loss potential from floods in urbanised areas

Lloyd’s, Aon examine long-term impacts of Ukraine conflict

Ability of businesses to diversify and ‘hedge’ portfolios and supply chains to reduce dependencies are key to minimising risk exposure

Calls for solar industry to mitigate fire risk

In Australia, the number of solar fires attended by firefighters rose six-fold between 2018 and 2020

Ukraine fall-out and new ransomware tactics elevate cyber risks

The maritime sector and satellite infrastructure are sectors most likely to be targeted by cyber criminals

World ‘unprepared’ for magnitude of cascading climate risks

As the intensity of heatwaves, storms and floods speeds up, so do the time horizons for rising global instability

India, South Korea at severe risk of flood as temperatures rise

A quarter of the world’s power generation capacity and 26% of international port outflows are currently at risk of flooding, finds Marsh McLennan

Inflation begins to bite for top 50 APAC firms

Companies lose 6% aggregate market value in Q2 amid heightened risk of recession and soaring inflation - GlobalData

The metaverse will support ‘shift from risk indemnity to risk mitigation’

Use of the metaverse for the insurance sector is “evolving at pace”, says Accenture’s global insurance lead

WTW names head of Corporate Risk and Broking, Hong Kong

Iris Chan assumes an expanded role and will be responsible for all aspects of CRB business in Hong Kong and Macau

Insurers adapt underwriting to better price climate risks

Conduct risks such as ‘greenwashing’ stand to be major source of environmental liability claims

Claims inflation will extend hard market - sigma

Global insurance premiums are set to surpass $7 trillion, with China now the world’s second largest market

Insurers must build new, data-led markets

Imagination is needed by corporate risk managers to deliver outcome-based solutions, say panellists

Supply chain risks linger in Asia

China’s zero-COVID strategy hasn’t just impacted those living within its borders — a ripple effect has been felt across Asia

Thousands evacuate as Sydney floods

Over 30,000 people have been impaced as heavy rain and flooding continues to impact New South Wales

Cyber security remains “chief risk” for IT audit teams

War-related cyberattacks are on the rise and the surge of sophisticated ransomware attacks is ongoing, warns research

Pandemic and geopolitical shocks continue to test global trade

Reshoring production and diversifying suppliers and customers may not be the silver bullet companies hope, warns Atradius

StrategicRISK Q2 2022: It just won’t wash

Organisations are racing to declare their sustainable credentials… but should they tread more carefully?

East Coast Floods were ‘most costly flood event’ in Australia’s history

Claims costs creep towards $5 billion four months after ICA declared the event a catastrophe

Beazley to prioritise firms with robust ESG scores

Companies must meet an appropriate threshold score under Marsh’s ESG Risk Rating (ERR) framework

Identifying Asia’s major supply chain chokepoints

China investment in Brazilian infrastructure will ease its reliance on the Panama Canal, finds Russell Group

It’s not easy being green

By Sara Benwell

Organisations are racing to declare their sustainable credentials… but should they tread more carefully?

Beware new generation climate risks, warns SONAR

The thawing of permafrost could accelerate climate hazards and release disease-carrying pathogens

WTW expands Asian construction and power team

Aon’s Nicki Tilney takes on a new role as George Nassaouati is promoted to head of Energy Asia

Earth observation data: A new frontier

The application, accuracy and quantity of satellite data continues to explode with opportunities for risk transfer and mitigation

Inflation and ‘ideological shifts’ fuel civil unrest

Strikes, riots and violent protest movements pose property damage and BI risks to companies - AGCS

Global events have ‘significantly altered’ business resilience in 2022

Rising prices and an unpredictable economic environment are driving instability and civil unrest, as we have already seen in Sri Lanka

Who pays for ESG?

There are massive upfront costs in getting your organisation ESG-ready. So who pays?

India’s new cyber rules criticised by tech firms

The data protection rules will require firms to report a breach within six hours of discovery

Improved cyber resilience tempers ransomware

Companies’ risk management investments appear to be paying off with notable moderation in ransomware frequency

2022 Australia flood claims rise to $4.3 billion

Floods that hit South-East Queensland and Northern New South Wales are now the country’s fourth costliest disaster

IIA: Businesses facing perfect storm of risks

Conflict in Ukraine has exacerbated the severity and range of risks businesses are now grappling with

Sri Lanka riot claims to exceed $3m

Widespread riots broke out in Sri Lanka following an attack on anti-government protests in Colombo on 9 May

Industry 4.0: Risk or opportunity?

By Helen Yates

Many of us are accelerating our digital journeys. So how do we adjust our risk radar?

Singapore sets up cybersecurity centre

NTU Singapore and CSA Singapore launch joint centre for cybersecurity evaluation, research, and education

Supply chain disruptions persist, fuelling further inflation

A range of manufacturing activities across the globe will be affected by the logjams

RIMS: Just 27% of risk managers address emerging risks

When scanning the horizon for future risks, only 24% look three to five years ahead, finds research

Cost of living crisis inflames civil unrest risks

Sri Lanka and Kazakhstan have already experienced destabilising unrest this year

Crackdown in Sri Lanka could escalate unrest

The government has ordered armed forces to shoot looters on sight

Remembering WannaCry, five years on

The attack highlighted the potential systemic impact of ransomware and indiscriminate nature

Insurers face rising ESG concerns

’ESG reputation could become as important as product, service and price’ for insurers

Competition for sea, space, and soil will fuel future geopolitical risk

Conflict between Russia and Ukraine is a stark reminder of how quickly geopolitical risks can escalate - Marsh

Firms face heightened risk of fraud

82% said their organisations had been significantly impacted by fraud and illicit activity - Kroll

Container fires shine spotlight on lithium battery risks

Ecommerce platforms have facilitated trade in potentially lethal products, warns TT Club

RIMS-WTW: Risk managers challenged by ESG compliance

How supply chain risks, D&O responsibilities and the rise of climate-related litigation are shaping the risk landscape

The problem with Quant

Daniel Roberts considers the limitations of quantitative risk management

Riding out the perfect storm

By Selwyn Parker

Why businesses should be making themselves as resilient as possible

RIMS-WTW: Firms must adopt ‘culture of adaptability’

The impact of multiple ‘low frequency, high-impact’ risks calls for a new approach, says WTW’s Muhiudeen

Commercial rates rise for the 18th consecutive quarter

Hard market is beginning to moderate but inflationary pressure could impact pricing going forward - Marsh

Cyber remains a leading risk for Asia

By Dan Dunkley

Cyber is an ever-present threat, while sustainability is a top emerging risk for Asian corporates

Reshoring is ‘misguided’, warns IMF

Supply chain resilience is better built through diversification and ’substitutability’, argues IMF

Cyber and data loss D&O's top risks

Climate change was ranked 6th by respondents in Asia and Australasia - WTW and Clyde & Co

Moving towards net zero

Opportunities and risks around greener business

PERILS pegs Australia flood claims at $4 billion

Event is the largest flood loss on record for insurers, exceeding the 2011 Brisbane floods

UNDP partners with Generali to tackle protection gap

The partnership will support developing countries’ access insurance and risk finance solutions

Exporter confidence plummets amid soaring energy costs

A majority of exporting firms (54%) received some form of state support over the last 12 months, especially in China (70%) - Allianz Trade

Complex energy claims dropped during 2020-2021

Losses such as the Beirut explosion in 2020 and Winter Storm Uri were not included in the analysis

Special report: Intangibles

The pandemic focused our attention on intangible risks like never before

Travel and working patterns to stabilise by year-end

Nearly half of respondents in Asia anticipated that stability could take between 12 months and 3 years to be reached

Energy transition accelerated by Russia-Ukraine

Geopolitical uncertainty is creating an increased need for transition risk management - WTW

StrategicRISK Q1 2022: Our world in pain

By Helen Yates

The world needs more adults in the room who are willing to speak up and behave with intellect, diplomacy and integrity through a crisis

Australia’s devastating floods prompt risk evaluation

By Dan Dunkley

A national emergency has been declared in Australia, prompting risk managers to review their natural catastrophe exposure once more

Ransomware payments hit new records in 2021

The most affected industries were professional and legal services, construction, wholesale and retail, healthcare, and manufacturing - Unit 42

Floods drive 2021 cat losses to $270 billion

Already in the first quarter of 2022, major flooding in eastern Australia has caused widespread devastation

Namie Earthquake claims up to $4 billion - Verisk

Up to $820m in insured losses from the M7.3 earthquake are attributed to commercial and industrial properties

BCI: Prepare for the unexpected

Horizon scanning remains overly dominated by events that are happening now, finds report

Taiwan among most ‘promising markets’ for 2022

The worldwide chip shortage looks to persist throughout 2022, providing ongoing opportunities in this sector

Ukraine reawakens business to the importance of political risk

Conflict calls for a strategic re-evaluation of footprints, supply chains, relationships, company cultures, business functions and risk appetite, argues Claudine Fry

Risk survey shows business sentiment rocked by war

Latest Oxford Economics risk survey finds Russia’s invasion of Ukraine has triggered widespread pessimism

D&O: Walking a tightrope

How ESG, insolvencies, cyber intrusions, emboldened regulators and now sanctions could challenge your board

Webinar: Getting a grip on intangibles

By Helen Yates

The pandemic has increased attention to intangible risks, but getting a firm grasp of the data remains a key challenge

Australia floods to cost insurers at least $1.45 billion

Farmers anticipate millions of dollars of losses as system shifts south to Sydney

Ukraine conflict hits supply chains as oil prices surge

Energy prices, supply chain issues, travel disruption, inflation, ESG issues and business continuity are just some of the risks to navigate

Organisations step up investments in crisis management - BCI

Report finds “people, not technology” represent the first point of failure in an emergency communications plan

Losses mount from eastern Australia floods

Torrential rail is wreaking devastation across Eastern Australia with flash floods forecast for Sydney

Risk leader: Connecting risk to strategy

By Helen Yates

The pandemic has fundamentally changed the way we think about risk, thinks Carolina Klint

Atradius predicts further disruption to India manufacturing

Credit risk is high in the textiles, paper and machinery/engineering sectors and business performance is below long-term trends

Improve ransomware preparedness, Asian corporates urged

2021 was region’s “most challenging year yet for cyber insurance”, according to Aon Asia Market Review

Top 10 cyber incidents last year cost firms $600m

Cyber threats are more common, more dangerous and more destructive than ever before - Tokio Marine HCC International

WTW: Firms failing to adequately protect reputation

77% of global executives lack confidence in their company’s reputational and ESG approach

Zero-Covid policy is undercutting Hong Kong’s appeal

Delay to reopening its borders will “weigh on [the SAR’s] attractiveness as a global financial hub” - Oxford Economics

Why CEOs are “resetting” their risk radar

Nearly 80% of business leaders are adjusting global operations and/or supply chains to minimise risk, finds EY

Hard market continues with cyber rates up 130% in Q4

It was the 17th consecutive quarter of commercial insurance price increases, according to Marsh

Descartes in bid to disrupt corporate insurance

The parametric insurtech has raised $120m to expand its solutions for risks relating to climate change

Corporates facing ‘resilience fatigue’ - Beazley

Institutional burnout is a particular threat in pandemic-exposed sectors such as health, travel, education and hospitality

Marsh expands climate transition offering

Collaboration with deep tech data analytics platform will help corporations understand, manage, and report on their net zero journey

2021 sets new data breach record

Nearly six billion accounts were impacted globally, with the COMB breach the biggest leak in history - Atlas VPN

Allianz Risk Barometer: Cyber and BI top concerns

Cyber ranks top Asia Pacific risk for the third consecutive year

US Xinjiang bill demands full supply chain visibility

Companies must map highly complex supply chains to identify signs of modern slavery - Verisk Maplecroft

WTW launches crisis management solution

Broker merges SCR with Terror and Political Violence teams to assist multinationals

WEF Report: Climate inaction dominates global concerns

By Helen Yates

Top risks are climate crisis, growing social divides, heightened cyber risks and an uneven global recovery, as pandemic lingers on

When to think about risk

Why timing is everything when it comes to effective risk management

Standard risk management fails to address systemic threats - study

Joined-up thinking across government and academia is needed to deal with complex environmental risks

D&O risks in 2022 defined by COVID and diversity

Brokers have flagged emerging D&O risks, including COVID liabilities and ESG considerations

Asia Pacific Risk Benchmarking Survey 2021: Show us the money

Boards remain more engaged in risk, but it’s time to start putting their money where their mouths are

India and Australia count cost of November floods

It was the wettest November for New South Wales and Australia since records began, according to Impact Forecasting

How technology is shaping political risk

Social media has made activist politics more effective in emerging markets, finds the WTW Political Risk Index

2021 catastrophe claims tally reaches $112 billion

Total economic losses from natural and manmade catastrophes reached $259 billion, up by 20%

How climate is changing the world’s boardrooms

75% of board members say climate change is very or entirely important to the strategic success of their companies - report

October storm claims tally reaches $1 billion

Severe weather in October “one of the costliest natural catastrophes ever” for South Australia - PERILS

Cyber captives to take off in 2022

As the cyber market continues to harden, buyers will seek alternative risk transfer solutions, predicts New Dawn Risk

Omicron variant could hurt supply chains

Global trade remains vulnerable to pandemic-related disruptions, but Asia is ramping up production - Oxford Economics

BI tops risks for APAC firms

In Asia Pacific, business interruption topped the list, followed by cyber attacks, finds Aon

Special report: Complex claims

When it comes to large and complex claims you told us your main concern was nasty surprises

WTW launches ports and terminals risk forum

It is collaborating with the University of Cambridge Centre for Risk Studies to develop an index of risk disruptors

Asia to power global construction boom

The switch to more sustainable buildings and infrastructure and adoption of modern building methods will transform the risk landscape, finds AGCS

WEF champions “adaptive” SMEs

Factors that once disadvantaged small and medium-sized firms now work more in their favour

Ready for the Big Quit?

Why employers unable to meet workers’ post-COVID expectations are seeing staff head for the exit

Atradius: Asia trade at a crossroads

The future of Asia’s international trade hangs in the balance as global forces shift, warns Atradius

Judicial independence under attack in 45 countries

Companies must remain vigilant as the situation deteriorates rapidly in China

Firms failing to address environmental risk

Environmental issues are bottom of business leaders’ concerns and set to fall further in 2022, finds Beazley

Parts of Australian coast will become ‘uninsurable’

ICA estimates Australian governments will need to invest $30 billion in coastal protection and adaptation due to climate change

Insurers’ sustainability focus a “clarion call”, says BlackRock

Nearly half of respondents have turned down an investment opportunity over the past 12 months due to ESG concerns - BlackRock

COP26: Global resilience index launches

GRII will help sectors across the global economy quantify the value of building climate resilience, and the costs of doing nothing

Demand for supply chain insurance to rise

The global supply chain crisis has exposed the limits of business interruption insurance - DBRS Morningstar

COP26: International Sustainability Standards Board launches

Move represents a “major step forward in establishing consistent, comparable global reporting standards” - TCFD

Luxury brands face liability protection gap

D&O, environmental and business travel risks are underinsured - Willis Towers Watson survey

PARIMA Resilience Week: Pandemic highlights strength of third-party relationships

The Covid-19 pandemic has revealed the strengths and weaknesses of third-party relationships, according to a panel of leading risk executives.

PARIMA resilience Week: Focus on mental health and wellbeing required in Covid-era

Organisations must focus on the mental health and wellbeing of their employees to build resilience in a post-Covid world, according to leading risk professionals.

Global commercial insurance prices up 15% in Q3 - Marsh

Despite pricing levelling out in certain lines of business, the ‘pressure on rates in cyber insurance’ continues

PARIMA Resilience Week: Cyber threat presents risks from within

Organisations face a series of cyber threats from within and from increasingly adept criminal actors, according to panel discussion attendees at PARIMA’s digital conference.

PARIMA Resilience Week: How corporates can build resilience with data

Corporates can use data insights to build resilience and improve risk management, according to Jonathan Rake, CEO Asia Pacific, Swiss Re Corporate Solutions.

PARIMA Resilience Week: PARIMA chairman Franck Baron calls for climate action

PARIMA chairman Franck Baron kicked off the PARIMA Digital Conference 2021 by urging global leaders to treat climate change with greater urgency.

IRM publishes climate change guidance

It is the first time the IRM has published a guidance report focused solely on climate change for risk managers

Chaucer adds political risk to BRI consortium

The consortium will provide capacity of up to $300m to companies working on China’s Belt and Road Initiative

Reinsurance bosses face up to systemic risks

Transparency is needed as re/insurers navigate the systemic risk potential of pandemics, cyber and climate change

Why retail reputations are on the line

Scrutiny of the sector and its conduct is growing against the backdrop of the global pandemic, finds RepTrak

Blog: PARIMA Resilience Week 2021 Daily News Summary

Highlights from PARIMA Resilience Week 2021

FERMA Talks: The cyber conundrum

“We can’t leave insureds under-protected on cyber” as industry works through systemic risk potential

FERMA Talks: Channelling strategic foresight

Horizon scanning is an essential tool for policymakers, explained European Commission vice president Maroš Šefčovič

FERMA Talks: Preparing for the next crisis

Legislation should incentivise companies that embed risk management into their culture, says FERMA president Dirk Wegener

Ferma 2021: Hard market continues

Extreme weather events will focus minds as corporate insurance buyers navigate renewal season discussions - AXA XL

Zombie companies to drive insolvency surge

As economies rebound and support schemes are withdrawn, the escalation of insolvencies is inescapable, warns Atradius

Blog: Airmic Conference 2021 Daily News Summary

Stay tuned - live reporting from the Airmic Conference this week

Global M&A on track for record-breaking year

Only Asia-Pacific buyers managed to outperform their regional Index with a strong quarterly result

RIMS collaborates with India’s Amity University

Amity will offer a comprehensive risk management learning experience for graduate and post-graduate students

Future Risks Report highlights growing climate threat

Pandemics and infectious diseases continue to top the list of concerns for Asia Pacific risk experts

People risks - lessons from COVID

By Helen Yates

Speakers at this year’s Duty of Care summit highlighted the importance of mental health and pandemic preparedness

Climate-crisis in an era of comply or explain

By Helen Yates

With unstoppable momentum towards zero carbon, how can risk professionals identify key risks and opportunities?

Mental health takes centre stage at Dive In

The insurance industry’s D&I festival kicks off today with mental health, gender equality and racial inclusion high on the agenda

Supply chain disruption dents confidence

Half of businesses expect supply chain disruptions to continue beyond the middle of 2022 - Oxford Economics

Singapore’s reopening a step into the unknown

By Daniel Dunkley

Singapore has begun the perilous journey of opening up its economy. But greater economic freedom will heighten risks

Energy underwriters must embrace decarbonisation

Insurers should view the transition to net zero as an opportunity to be proactive - IUMI

The ART of renewals

By Matt Ford

Alternative risk transfer and parametric solutions can offer more than just relief from a hard market

9/11: Never forget

By Helen Yates

9/11 transformed how we think about “unimaginable” events

Climate crisis to fuel rapid insurance growth - sigma

Climate-related risks are expected to result in a 22% increase in global property premiums, or up to $183 billion, over the next 20 years

RIMS Australasia 2021: It’s all about resilience

By Dan Dunkley

Why strategic planning, human resources, business continuity and information security feed into strong resilience programmes

RIMS Australasia 2021: Don’t neglect opportunity to “inspire change”

By Dan Dunkley

High likelihood, high-risk impact events are becoming more common, says RIMS president Ellen Dunkin

Insurer M&A dips in 1H 2021 - Clyde & Co

The sharp drop in M&A activity in Asia Pacific can be attributed in part to the high regulatory bar in some jurisdictions

COVID prompts supply chain ‘overhaul’

Asia Pacific supply chains remain resilient, but Covid-19 is resulting in a broader rethink - EIU research

2021 on target for economic growth of 6.2% - Atradius

Emerging markets in Asia had the pandemic relatively well under control, until the Delta variant started to spread in recent months

Boards sharpen focus on external risks - McKinsey

Directors seeking to identify risks that can “test a company’s resilience”, including political risk and the climate crisis

Chinese insurers endure costliest-ever nat cat

The total economic cost of flooding in China in July has been estimated at nearly $25 billion - Impact Forecasting

Port closure signals further strain for global trade

Partial closure at China’s Port Ningbo adds to global supply chain woes, threatening $172 billion of goods - Russell Group

US banks vulnerable to systemic cyber attack

Tail events from a systemic cyber risk event caused by a ‘single point of failure’ could be “material”, warns Fitch

Sustainable procurement intrinsic to robust supply chains

Sustainability initiatives ensured 63% of buyers and 71% of suppliers were stronger through the pandemic - survey

Ransomware payments surge by 82%

Latest Unit 42 figures confirm the ransomware crisis continues to intensify, with the rise of quadruple extortion

RepTrak: High correlation between ESG and trust

Corporate transparency and accountability are now an expectation, finds corporate activism study

COVID continues to fuel political unrest - Aon

Public unrest about government responses to the COVID-19 pandemic will influence global unrest moving forward

D&O market ready to “move on” from COVID

In Australia, a softening of the pricing curve is being observed with more cause for optimism - Gallagher

AIR releases new Japan quake and wind models

Events in recent years have reaffirmed the vulnerability of Japan to typhoons and earthquakes, prompting the updates

Aon and WTW call of mega merger

Brokers terminate $30 billion merger agreement following “an impasse” with the US Department of Justice

Catastrophic floods hit Zhengzhou

By Helen Yates

The record rainfall has caused widespread disruption across Henan, home to the world’s biggest production base for iPhones

Resilience agenda gains ‘new urgency’

Geopolitical uncertainty and ESG are impacting strategic and operating decisions for ICT firms like never before - WTW

Lack of clarity over wind turbine fires

While wind turbine fires are relatively rare, when one does occur, it often results in the total destruction of the asset

$19 billion exposed at South Africa ports

Violence in the aftermath of Jacob Zuma’s sentencing has now spread to Durban and Richard Bays Terminal - Russell Group

Risk management a top priority for boards - EY

80% say improved risk management will be critical for their business to protect and build value in the next five years - EY

COVID continues to hinder APAC recovery

Economic growth in APAC ex-China is expected to be relatively subdued in 2021, according to Oxford Economics

Is the ‘harsh market’ starting to ease?

By Matt Ford

At mid-year, pricing for most classes of business was back to technical levels - but cyber remains an outlier

Piloting post-COVID aviation trends

New generation aircraft bring benefits but higher repair costs; air cargo to continue strong performance - Allianz

Half of businesses ‘feel more resilient’ than a year ago

Sector attitudes to risk vary, finds Beazley, with those hardest hit by lockdown restrictions feeling less resilient

Special Report: Operational Risk

Operational resilience – everyone is talking about it. But how is it created and how can it protect us against the intangible risk landscape?

South China port disruption could last months

Delays in Guangzhou, Yantian, Shenzhen, Shekou and Nansha are being compared to the Suez blockage

Cyber insurance struggling to counter online threat

Cyber insurance has failed to live up to expectations that it may act as a tool for improving organisations’ cyber security practices, finds RUSI

NSW and Queensland flood claims at $916m

PERILS has updated its loss estimate for the New South Wales and Queensland floods of 18 to 24 March 2021

ICA welcomes NSW bushfire funding

Since the devastating 2019-20 bushfires insurers have paid out in excess of $5.6 billion in claims related to natural disasters in New South Wales

After Hong Kong, SRCC restrictions remain

SRCC insurance provides cover for loss or damages caused by riots, protests, strikes or other work-related unrest

Victoria floods gain ‘catastrophe’ status

Australian insurers have received more than 6,500 claims after storms and flooding affected large parts of the state of Victoria

COVID erodes macroeconomic resilience - Swiss Re

There is lowest insurance resilience for natural catastrophes, with a record protection gap of $1.4 trillion

Cyber: Breaking the culture of silence

A lack of transparency on cyber attacks is benefitting the threat actors and exacerbating the threat

Ransomware cartels "expand the playbook" - CyberCube

Criminals will continue to target high-profile organisations, having researched their ability to pay a ransom prior to the attack

Cloud outage highlights need for operational resilience

Multiple major websites went offline on Tuesday after an hour-long outage at the cloud service company Fastly

Emerging risks and the “COVID effect”

Government support programmes have kept alive unviable zombie companies, while wealth inequality has broadened

Lessons in risk from the Suez crisis

By Matt Ford

Suez, COVID and Brexit have challenged assumptions about the complex supply chain risks modern corporates must contend with

Russell releases port disruption scenarios

Around $7.5 trillion of trade is concentrated in 50 major ports, with potential for major supply chain disruption

COVID diverting attention from slavery risks

Businesses in financial services and technology could be dangerously unaware of the rising risks of modern slavery in their supply chain

Social engineering: Sophisticated and underinsured

Social engineering attacks are on the rise, but losses can pose a grey area where insurance is concerned

Tech to help close climate protection gap

Early warning tool can help strengthen response to climate-related weather risk in Australia - Aon

Firms stuck in ‘response’ mode - Deloitte

Over half of organisations have faced a risk incident due to third-party failure during COVID-19 pandemic

Firms failing to anticipate emerging risks

Effective risk resilience is increasingly correlated to a firm’s viability and growth potential, finds Marsh

Ransomware: ‘Don’t pay’, urges UK government

Paying a ransom does not guarantee a successful outcome and will not protect networks from future attacks, says Priti Patel

India, China home to 80 of world’s 100 riskiest cities

Asian cities are at extreme risk of environmental factors, including pollution, temperature extremes and natural hazards, finds Verisk Maplecroft

Hail drives cat losses in April

Cyclone Seroja triggered flash flooding and massive landslides in southeastern Indonesia and Timor-Leste

Cloud dependency brings systemic risk potential

During the last six months, Amazon, Google and Microsoft Azure have all experienced significant service outages affecting businesses worldwide - CyberCube

Claims from NSW floods reach $1 billion

The New South Wales coast experienced the highest recorded rainfall since records began in March 2021

Semiconductor shortage disrupts supply chains

Scarcity is expected to be short-lived but will cause problems for sectors including electronics and motor, according to Oxford Economics

Q1 commercial insurance prices rose 18%

The quarter is the first to show a fall in the average rate of increase since Q4 2017 as rate rises dropped to 8% in Asia - Marsh

SE Queensland hail losses reach $1.17 billion

Hail of up to 14 cm in diameter caused widespread damage during the 2020 South East Queensland Halloween Hailstorms

COVID-19 continues to test supply chains

Pandemic is exacerbating trends such as cargo crime, man-made disruptions, and political protests, which all threaten supply chain resilience in 2021

Financial sector grossly underreporting climate exposure

Just a quarter are reporting portfolio emissions, which are on average 700 times higher than direct emissions

Governments most targeted by ransomware attacks

The government sector was most affected by ransomware attacks in 2020, followed by banking and manufacturing

Cyber tops list of concerns for D&Os

The shift towards WFH has heightened cyber attack and data loss risks, with exposures for senior managers, finds survey

Ransomware costs to reach $20 billion in 2021

Only 40% of organisations report having adequate remote work strategies to manage the risks associated with WFH, finds Aon cyber report

Supply chain professionals lack proper risk tools

Despite the growing fragility of a complex global supply chain, there is poor investment in risk management and ESG tools - IHS Markit

Report quantifies reputational impact of ‘grey swans’

In over 10% of crises in recent years - including COVID-19, 9/11 and the GFC - more than 50% of shareholder value was destroyed

ICA declares Cyclone Seroja a catastrophe

Destruction of the built environment is “severe” in a region of Western Australia not normally affected by windstorms

COVID-19 a “foretaste” of climate shocks

Effective governance is at the heart of addressing climate risk and transitioning to a low carbon economy

Asset-light economy presents new, disruptive risks

Corporations are holding more risk on their balance sheets as the value of intangible assets grows

Digital disruption tops banks’ emerging risks

Untimely adoption may drive sudden changes to information security, change management, business continuity and third-party risk exposures

Labuan anticipates strong captive growth

Captive formation set to increase further in 2021 fuelled by the hardening commercial insurance market and renewed economic growth

Social inequality shapes political risk map

Pandemic-induced economic stress will continue to exacerbate global political risk throughout 2021, according to Marsh

WEF: Scenario planning for Industry 4.0

The rapid pace of technological change and pandemic crisis is accelerating trends; making risk forecasting more challenging

Nat cats cost global economy $190 billion in 2020

While COVID-19 was a stress test for society and the economy, it has an expiry date – climate change does not, warns Swiss Re chief economist

Digital health sector overexposed - survey

More than two thirds lack insurance coverage for bodily injury claims arising from system failure or cyber breach

Suez: 300 ships on standby

By Helen Yates

Suez Canal crisis will unveil which organisations have a strong understanding of their supply chain risk, and which do not

MS Exchange attacks to hit larger firms

The cyber attacks, believed to have come from Chinese state-sponsored hackers, exploit vulnerabilities in Microsoft Exchange servers

Insurer CNA hit by cyber attack

By Helen Yates

The insurer, which underwrites cyber insurance via subsidiary CNA Hardy, said the “sophisticated” attack on 21 March caused network disruption

BCPs must explicitly address civil unrest

Civil unrest is now the main political risk exposure for companies, with COVID-19 likely to fuel further disturbances

OECD: Insurers need "skin in the game" on pandemics

Insurance sector needs to play more active role in future pandemic solutions, says OECD secretary-general Angel Gurría

NSW flood claims reach 11,700

SE Queensland floods also declared a catastrophe as large parts of the Hawkesbury-Nepean Valley remain inaccessible

NSW floods declared a catastrophe

Large parts of New South Wales, including Mid-North Coast and Hawkesbury-Nepean, are inaccessible after widespread floods

Cyber: Ransom payments jumped 171% in 2020

Healthcare organisations were most targeted while the rise of ’double extortion’ has fuelled ransomware losses

G-20 firms prepare for future crises

Seventy-five percent of organisations must adapt to survive “seismic shifts” in the market, finds resilience study

Renewables see 300% rise in extreme weather losses

Wildfire, floods, hailstorms and windstorms are damaging solar and wind projects with greater frequency and severity, finds GCube

Managing the vaccine supply chain

It’s clear that freezer failure is going to be a significant risk to the smooth execution of this critical vaccination program

China and India lead economic recovery

There are several “bright spots” in the global economy as vaccine programmes are rolled out, notes Atradius

Google offers cloud cyber risk protection

Google Cloud partners with Munich Re and Allianz Global Corporate & Specialty to provide cloud specific cyber insurance

COVID-19 is no black swan

There was evidence the wolf was already in the herd, if only the shepherd had taken a closer look

Biden calls for resilient supply chains

Close cooperation with supply chain allies will “strengthen the capacity to respond to international disasters and emergencies”

WEF: Building resilient digital supply chains

Analysis following the SolarWinds fallout shows there are three ways companies can build more resilient digital supply chains

RIMS: Pandemic has shaped ERM approach

Health and safety and business continuity have become ERM’s primary focus as a result of COVID-19, according to a RIMS survey

New fault investigated ten years on from Christchurch

A decade on, GNS Science experts have embarked on a research project to determine the earthquake risk of a recently discovered fault in the Waikato

Managing risk in a volatile world

Risk leaders must work on strategies and business models to help their firms achieve their objectives in the new environment

Are you ready for 5G?

By Sara Benwell

Risk managers must ensure that the business opportunities offered by 5G are not outweighed by extra security threats

NDBI: Exposed and unprotected

Caroline Woolley explains why it’s much better to play ‘let’s pretend you have a loss’, than trying to deal with expectation gaps after an event

Australian insurers to examine coverage gaps

By Helen Yates

Review comes amid concern about the availability and affordability of some categories of insurance cover

D&O protection gap grows as rates soar

By Helen Yates

Escalating premiums and lack of capacity could see firms refusing to purchase or reducing cover, leaving senior professionals on the hook for claims

2020 nat cat tally hits $78 billion

Hurricane Laura caused an insured loss of $8 billion to 9 billion, the largest weather-related loss event - Willis Re

COVID-19 prompts “evolution in risk management” - survey

Organisations in APAC had built more robust pandemic programs in response to similar threats already faced, such as SARS

Cyber: Lessons from the Sunburst hack

The SolarWinds attack has awoken risk managers to the threat of Trojan-Horse type supply chain incidents

PPPs needed to insure systemic risk

Future climate and systemic risks remain a key challenge - Insurance Development Forum

Insurers complicit in ransomware rise - warning

By Helen Yates

Insurers are inadvertently funding organised crime by covering ransom payments, says former NCSC chief

Unilever in supply chain living wage aim

Tackling societal inequality and raising living standards across the value chain are good for business and society, says food giant

Tropical cyclone risk in 2050

Study assesses the likely impact of climate change on hurricane severity and storm surge over the next 30 years

BI and pandemic top Allianz Risk Barometer 2021

Pandemic is a “reminder that risk management and business continuity management need to further evolve”

WEF: No vaccine for climate change

In 2020, the world saw the catastrophic effects of ignoring long-term risks such as pandemics - WEF Global Risks 2021

Control Risks: “Don’t miss the rebound”

Long COVID, patchy vaccine rollouts, emerging digital threats, climate change and the US China relationship are Top 5 risks for 2021

2020 ties with 2016 as hottest year on record

Wildfires in Australia in 2020, although of unprecedented magnitude, represent only a small fraction of global fire emissions

Threat from “deep fake” cyber attacks grows

New and emerging social engineering techniques will fundamentally change the cyber threat landscape - CyberCube

Howden: Better risk transfer solutions needed

COVID-19 has brought the growing ‘intangibility’ of risk into focus, a trend that will accelerate

Six business risks for 2021

The need for robust organisational resilience plans and resources to ensure employee wellbeing are essential in the ‘new normal’

Willis Towers Watson to leverage AI for emerging risk solutions

Airmic welcomes broker’s partnership with analytics firm Polecat, which ”signals a new generation of innovative risk management solutions”

Catastrophe losses cost insurers $83 billion in 2020

Losses from secondary peril events are forecast to increase, driven by climate change - Swiss Re sigma

Insurance hikes could be “nail in the coffin”

Mactavish expects rates to continue to rise in 2021 and says that some companies will be unable to pay for their cover

D&O to be "further inflamed" by COVID vaccine

New Dawn Risk predicts the hard market for D&O risk could be extended by a further 24 months as rushed deals come to market

Queensland hailstorms to cost insurers over $1bn

Catastrophe data firm PERILS says hailstones from the South East Queensland Halloween Hailstorms were up to 14cm in diameter

Better standards guide IoT risk management

As dependency on connected technologies increases, so do associated risks and the need for good governance, argues the World Economic Forum

Insurance Council of Australia to appeal BI ruling

Pandemics were not contemplated for coverage under most business interruption policies, insists ICA

Liability solution targets motor manufacturers

Amid growing product recall risks, a 5-in-1 insurance solution has been developed for Asian automotive manufacturers

StrategicRISK Q4 2020: Twenty years in risk!

When StrategicRISK was born, few could have anticipated the world of risks we would be facing 20 years on

COVID-19: a ‘Black Swan’ for Asian supply chains

How do companies tackle supply chain disruption during the pandemic, and what steps can be taken now to build in more resilience for 2021?

Biden presidency sees return to multilateralism

However, US-China ties could deteriorate during the transition to a Biden presidency, according to Verisk Maplecroft

NSW tackles unsafe cladding

New scheme will offer financial incentives to the owners of high-rise properties to replace dangerous cladding

Internal failures drive cyber claims frequency

Business interruption is the main cost driver behind cyber losses, accounting for around 60% of the value of all claims - AGCS

Report finds “major flaws” in risk reporting

FTSE 100 companies ignored or downplayed the impact of pandemics, finds Mactavish in damning report

China leads economic recovery

Amid uncertainty over the COVID-crisis, public policy should focus on sustainable infrastructure development and inclusive growth - sigma

Using AI to manage supply chain risk

As much as 43% of third-party relationships are not subject to any form of due diligence checks, finds Refinitiv

Global ransomware attacks rise 110% in September

The region that saw the most significant surge in ransomware attacks was Asia-Pacific

US election: Protests expected

By Matt Ford

A contested scenario will increase the threat of political violence, with potential supply chain impacts

US businesses prepare for social unrest

Demand for political violence insurance soared ahead of the bitterly fought and as yet, unclear US election

Super Typhoon Goni slams into Philippines

“Strongest landfalling cyclone in history” devastates eastern Philippines, causing catastrophic damage to Catanduanes Island

Australia must prepare for more severe nat cats - wildfires probe

By Helen Yates

The Royal Commission into National Natural Disaster Arrangements has called for urgent action on natural disaster risk mitigation

Cyber: Staff admit to risky behaviour

Home working has increased cyber vulnerability, with 73% using company-issued devices for personal matters - Mimecast

Insurer BI premiums insufficient for COVID losses - study

The pandemic exposed a massive protection gap in the area of business continuity risk, according to the Geneva Association and University of St Gallen

RIMS and HKFI collaborate on training initiative

Multi-year programme will design and deliver advanced risk management training for the Hong Kong market

COVID-19 a “wake-up call”

Pandemic highlights the ”staggering potential” for uninsurable systemic risks, according to re/insurer Munich Re