Latest updates

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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

inflation (2)

Pinning down inflation effects

By Sara Benwell

Soaring inflation is creating issues on many levels - but there are things you as a risk manager can do

Data breach Getty

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

Cyber

Time to tackle cyber accumulations, urges Actuaries Institute

Inaction not an option, says Green Paper in the aftermath of Australia’s massive Optus data breach

ukraine, russia

Tipping towards disaster

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

Diversity hands 2

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

dam

Tool measures ‘resilience dividend’ of critical infrastructure

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

Annacel Natividad

The tough cookie

By Trevor Treharne

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

complexity, confused businessman

Predictive analytics in an era of cascading risks

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

Flood protection hand

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

flood anchor

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

airport woman covid mask

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

SR_web_Mark Malecki

Time to stop ignoring supply chain cybersecurity

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

health insurance partnership

Pandemic drives claims in digital health and wellness

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

shanghai insurtech china innovation

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

Queensland floods

Eastern Australia braces for another wet Spring

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

Cyber

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

Adam Peckman (1)

Aon names senior leader for APAC Cyber Solutions

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

empty football stadium

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

Queensland floods

Significant loss creep on East Australia floods

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

marine

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

agile, tech

Webinar: Operational risk - becoming agile

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

coronavirus, world

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

NSW floods

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

agriculture, farming

​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

power station, fossil fuels

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

Geobear Subsidence Repairs

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

singapore (2)

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

renewable energy

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

global risk

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

Alex Sidorenko

Are your brokers costing too much?

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

ship cargo

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

rainfall

Parametric solution for extreme rainfall launches in Singapore

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

climate risks

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

Vietnam flood

Losses mount from deadly Pakistan floods

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

marine

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

Cyber security April 2021 Aviva EV

‘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

dry river bed

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

bricks-on-site-desktop-teaser

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

Sean Deehan-HK

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

SR_web_Ryan Swann

Risk management and next-generation technology

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

green, net zero, climate change

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

inflation

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

SR_web_Dorota Jilli

Supply chain security under threat

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

NSW floods

NSW government releases independent flood report

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

Barriers

Cyber: Hitting pause

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

Flooded car

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

SR_web_Joe Noss

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

flooding, warehouse

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

Flooded car

Seoul reels from deadly flash floods

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

Recovery

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

Riot control

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

court room

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

SR_web_Nigel Collins

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

SR_web_Rosie Hawes

Taking an authentic approach to ESG

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

stressed man

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

SR_web_Jag Lamba

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

money graph profit going up upwards financial

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

marine

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

Flooded area

Floods across Asia drive H1 cat losses

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

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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

Russia Ukraine floor crack

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

power station, fossil fuels

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

Allianz Solar Panels

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

SR_web_Andrew Coburn

Don’t wait for the hammer to fall

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

cyber, global shift

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

marine

Black Sea grain deal will ease supply bottlenecks

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

Riots

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

China flood

China floods top catastrophe tally in 1H

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

flood

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

building on fire

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

inflation

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

China flood

Firms in Guangdong cease production amid flood warnings

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

metaverse

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

connect world

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

Iris Chan photo-WTW

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

Riots

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

Zero tolerance

Insurers adapt underwriting to better price climate risks

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

Supply chain

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

shanghai insurtech china innovation

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

cyber topic

Cyber extortion grows in sophistication, warns Beazley

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

lightbulb, technology change

Insurers must build new, data-led markets

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

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Sydney flood claims begin to mount

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

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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

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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”

Flood

Thousands evacuate as Sydney floods

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

geopolitical risk, chess, world, map, data

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

data security

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

iStock-577623462 motorway gap

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

transportation-logistics-supply-chain

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

ESG Committee

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

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StrategicRISK Q2 2022: It just won’t wash

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

Ed Butler (Preferred)

Pool Re warns of ‘perfect storm’ in geopolitics

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

Queensland floods

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

renewables-solar rsa final

Asian nations lead emerging world in climate commitment

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

ESG

Beazley to prioritise firms with robust ESG scores

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

fraud prevention button

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

supply chain (2)

Identifying Asia’s major supply chain chokepoints

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

Queensland floods

Queensland gains additional resilience funding

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

Insurance Rebellion - greenwash

It’s not easy being green

By Sara Benwell

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

IMG_8555

AXA XL names China country manager

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

globe melt climate crisis

Beware new generation climate risks, warns SONAR

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

supply chain

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

handshake, people hire

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

cyber

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

AXA XL Space

Earth observation data: A new frontier

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

Cyber attack

Over half of employees are falling victim to spear phishing

Cybercriminals are turning to social engineering in increasingly sophisticated attacks

Riot control

Inflation and ‘ideological shifts’ fuel civil unrest

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

climate change

FM Resilience Index shines spotlight on ESG

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

Global_Risks_iStock-641311154

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

Queensland floods

Australia flood claim costs hit $5 billion

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

ESG

Who pays for ESG?

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

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Bangladesh depot blast caused by mislabelled chemicals

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

Cyber resilience

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

supply chain (2)

Lessons in supply chain disruption

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

Cyber

Improved cyber resilience tempers ransomware

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

Data breach

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

Queensland floods

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

mental health (2)

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

Russia Ukraine floor crack

IIA: Businesses facing perfect storm of risks

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

Riot control

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

Riots

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

Cyber Risk

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

IoT conected world

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?

renewables-solar rsa final

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”

singapore

Singapore sets up cybersecurity centre

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

inflation

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

marine

Supply chain disruptions persist, fuelling further inflation

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

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Australia’s election result “a climate victory”

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

future corona business

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

Tool theft

Cargo theft rises amid port congestion

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

HK protests

Cost of living crisis inflames civil unrest risks

Sri Lanka and Kazakhstan have already experienced destabilising unrest this year

power station, fossil fuels

WEF calls for ‘urgent action’ amid energy crisis

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

Riots

Crackdown in Sri Lanka could escalate unrest

The government has ordered armed forces to shoot looters on sight

Cyber resilience

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

ransomware, system hacked

Remembering WannaCry, five years on

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

knowledge gap, inequality

Multiple risks surround cost-of-living crisis - sigma

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

Extinction Rebellion

Insurers face rising ESG concerns

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

marine

“No room for complacency” in shipping industry

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

AXA XL Space

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

board room, price increases

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

fraud arrest

Firms face heightened risk of fraud

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

intellectual property

RIMS-WTW: Intellectual property supply chain risk warning

Companies have problems because they underestimate what IP exposures are

marine

Container fires shine spotlight on lithium battery risks

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

Marine_Getty

Shanghai lockdown delivers $28 billion hit to global trade

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

regulation, compliance, plans

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

green, net zero, climate change

RIMS-WTW: Disruption and opportunity

By Daniel Dunkley

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

financial calculate

The problem with Quant

Daniel Roberts considers the limitations of quantitative risk management

NSW floods

Australia’s 2022 flood costs break previous records

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

Resilience

Riding out the perfect storm

By Selwyn Parker

Why businesses should be making themselves as resilient as possible

Crystal ball future

Financial firms fear advanced cybercrime

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

2021-11-23-184330415-Clare-Muhiudeen_-Head-of-Asia_-WTW

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

Cyber

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

price increases

Commercial rates rise for the 18th consecutive quarter

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

SR_web_Atul Vashistha

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

cyber insurance, city

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

singapore

RIMS-WTW: Time to face our fragility

By Helen Yates

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

Logistics_Getty

Reshoring is ‘misguided’, warns IMF

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

closed, coronavirus

Hong Kong and NZ buck insolvency trend

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

Cyber attack

Cyber and data loss D&O's top risks

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

Resilience

Risks to “peak” in summer 2022

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

SR_web_Lou Gritzo

Moving towards net zero

Opportunities and risks around greener business

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RIMS names LaBranche new CEO

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

Queensland floods

PERILS pegs Australia flood claims at $4 billion

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

Marine_Getty

Maersk diverts cargo from Shanghai ports

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

Kerala Floods

UNDP partners with Generali to tackle protection gap

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

Vietnam flood

Q1 nat cat losses reach $32 billion

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

marine cargo

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

fraud arrest

Pandemic behind record rise in fraud

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

beirut-blast

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

singapore

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

_SR_web_specialreports_April2022_RiskConnect

Special report: Intangibles

The pandemic focused our attention on intangible risks like never before

Cyber security April 2021 Aviva EV

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

Plane buildings

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

climate change innovation idea

IPCC “encouraged” by climate action

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

renewable energy

Energy transition accelerated by Russia-Ukraine

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

technology in cars

WEF expands Industry 4.0 ‘lighthouse’ community

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

Ad_SRGlobalQ12022_781x521

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

Labuan

Asian demand for captives grows, but hurdles remain

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

Queensland floods

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

Queensland floods

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

Cyber attack

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

storm, cyclone

Reinsurance Pool legislation passes in Australia

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

Flooded area

Floods drive 2021 cat losses to $270 billion

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

evergreen

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

earthquake

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

cold-front-warm-front-hurricane-felix-76969

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

future corona business

BCI: Prepare for the unexpected

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

China flood

Asian catastrophe losses hit $72 billion in 2021

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

Taiwan

Taiwan among most ‘promising markets’ for 2022

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

Chervon-motor-manufacturing-650x433

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

war, Ukraine

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

plane sunset Getty

Boeing’s MAX is back

By Selwyn Parker

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

Ukraine flag

Risk survey shows business sentiment rocked by war

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

Marine_Getty

Shenzhen lockdown to further test supply chains

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

boardroom

D&O: Walking a tightrope

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

cyber crime, world

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

Intangibles background3

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

ransomware (2)

Fitch warns of spillover cyberattacks

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

Flooded area

Australia floods to cost insurers at least $1.45 billion

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

challenge, mountain

How to set and use risk appetite

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

Russia Ukraine stand off

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

Cyber attack

Ukraine conflict puts cyber resilience to the test

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

risk planning strategy

Organisations step up investments in crisis management - BCI

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

ESG acronym cubes

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

Queensland floods

Losses mount from eastern Australia floods

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

mangrovesfranciscoblancosstock

IPCC: “Half measures no longer an option”

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

Carolina Klint

Risk leader: Connecting risk to strategy

By Helen Yates

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

Australia

Delta Insurance launches in Australia

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

construction welder manufacturing

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

trust

Business must become “stabilising force” in society

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

ransomware (2)

Improve ransomware preparedness, Asian corporates urged

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

Kerala Floods

IDF launches disaster risk reduction initiative

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

cyber insurance (4)

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

M&A up outlook

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

Bad REPUTATION

WTW: Firms failing to adequately protect reputation

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

organic growth

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

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

Hong-Kong-Island-Victoria-Peak

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

Australian bushfires

Australian insurance sector set for rapid growth

Demand for natural catastrophe protection is one factor driving insurance penetration

shanghai insurtech china innovation

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

storm, cyclone

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

financial, global

Hard market continues with cyber rates up 130% in Q4

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

Shipping_freight_ports

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

storm umbrella businessman

Descartes in bid to disrupt corporate insurance

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

ChinaFlood2

Global catastrophes cost $343 billion in 2021 - Aon

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

Empty fuel gauge

Corporates facing ‘resilience fatigue’ - Beazley

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

Cyber attack

Lessons from Merck’s NotPetya victory

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

green, net zero, climate change

Marsh expands climate transition offering

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

tonga-volcano-eruption_5644717

Tonga eruption highlights global telecom vulnerabilities

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

data breach

2021 sets new data breach record

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

Carolina Klint

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

GettyImages-1155623694

Allianz Risk Barometer: Cyber and BI top concerns

Cyber ranks top Asia Pacific risk for the third consecutive year

Hong-Kong-Island-Victoria-Peak

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

Slavery

US Xinjiang bill demands full supply chain visibility

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

ethics

Firms failing to address unethical behaviour - EY

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

Hong Kong 2

WTW launches crisis management solution

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

outllook ball future

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

globe melt climate crisis

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

cargo vessel (2)

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

alarm clock

When to think about risk

Why timing is everything when it comes to effective risk management

ransomware attack, cyber skull

Ransomware will continue to evolve in 2022

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

World coronavirus mask

Standard risk management fails to address systemic threats - study

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

new hire, shaking hands

RIMS names Sterling 2022 president

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

diverse board room

D&O risks in 2022 defined by COVID and diversity

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

Vietnam flood

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

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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

47qnuo9o_taiwan-fire_625x300_14_October_21

CROSS urges attention to risk management

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

flood

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

2019-11-05_US-China-Trade-War_400x267

APAC faces heightened geopolitical risk

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

Hong Kong 2

How technology is shaping political risk

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

boardroom

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

China flood

2021 catastrophe claims tally reaches $112 billion

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

M&A up outlook

Omicron variant hits business sentiment

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

View from the board

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

wildfires

Wildfire buffers improve resilience, reduce claims

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

storm

October storm claims tally reaches $1 billion

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

closing gap, parametric

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

cyber handshake

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

covid future

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

marine cargo

Omicron variant could hurt supply chains

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

storm umbrella businessman

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

Covid-19 Option 1

BI tops risks for APAC firms

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

Future Success

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

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Special report: Complex claims

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

Storm

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

marine cargo

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

SRGlobalQ42021_781x521

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

construction

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

mental health

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

Agile adaption digital

WEF champions “adaptive” SMEs

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

pinky promise

Making good on a promise

By Helen Yates

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

leave job resign

Ready for the Big Quit?

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

lightbulb, new thinking

A fresh take on risk

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

2019-11-05_US-China-Trade-War_400x267

Atradius: Asia trade at a crossroads

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

Marine_Getty

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

Court case

Judicial independence under attack in 45 countries

Companies must remain vigilant as the situation deteriorates rapidly in China

iStock-885690024 - cyber

Cyber and reputation are Australia’s top threats

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

pollution_Getty

Firms failing to address environmental risk

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

cold-front-warm-front-hurricane-felix-76969

Aon and ICEYE launch Japan climate risks solution

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

Storm

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

travel shake hands partnership

Malaysia to lead Asia's 'Great Reopening'

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

green, net zero, 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

cyber attack 2

Operational technology breaches grow by 83%

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

kenya, flooding

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

Mining minerals hands child labour

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

transport and logistics

Demand for supply chain insurance to rise

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

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COP26: Risk management “central” to climate mitigation

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

Mary Shapiro

COP26: International Sustainability Standards Board launches

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

Marine_Getty

Supply chain woes to continue into 2022

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

jewellery, one stop shop

Luxury brands face liability protection gap

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

Climate COP26

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

strength relationships

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.

trees

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

mental health, homeworking

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.

bankrupt

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

arrows up

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

global risk

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.

Cyber safety

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.

working from home, stress

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.

data workforce

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.

xavierveyry

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.

Franck Baron

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.

Aviva ESG

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

climate change agreement shake hands

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

shipping containers

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

construction equipment

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

Lloyd's of London inside

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

pandemic

Reinsurance bosses face up to systemic risks

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

legal judgement

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

shopping woman

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

ransomware attack, cyber skull

Trends behind the ransomware epidemic

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

mic

Blog: PARIMA Resilience Week 2021 Daily News Summary

Highlights from PARIMA Resilience Week 2021

oliver-wild-president-amrae

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.

FBfanGAXMAMpjwD

FERMA Talks: The cyber conundrum

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

CEOs forum

FERMA Talks: Time to reward ESG?

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

FBaRdRKXIAEI6t4

FERMA Talks: Channelling strategic foresight

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

Philippe Cotelle 2

FERMA Talks: Collaborate for resilience

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

Dirk

FERMA Talks: Preparing for the next crisis

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

Carolina Klint

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

Etienne Champion

Ferma 2021: Hard market continues

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

conference, event

Blog: FERMA Conference 2021 Daily News Summary

Stay tuned - live reporting from the FERMA Conference this week

Collapse

Zombie companies to drive insolvency surge

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

Mining minerals hands child labour

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

conference, event

Blog: Airmic Conference 2021 Daily News Summary

Stay tuned - live reporting from the Airmic Conference this week

China flood

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

merger new york

Global M&A on track for record-breaking year

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

Labuan

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%

graduates

RIMS collaborates with India’s Amity University

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

SRGlobalQ32021_781x521

StrategicRISK Q3 2021: Comply or explain

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

climate change

Future Risks Report highlights growing climate threat

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

road, city

ESG shaping construction risk profiles

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

People growth graph, network

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

Marine_Getty

Abandoned cargo presents growing risk

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

climate change placard

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?

connected home

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

Dive In 2021 Logo Horizontal Small

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

Work culture

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

business confidence

Supply chain disruption dents confidence

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

risks, covid

COVID-crisis improves senior management engagement

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

singapore

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

marine cargo

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

Renewable Energy

Energy underwriters must embrace decarbonisation

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

cyber crime, world

Technology risks top global survey

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

Labuan

The ART of renewals

By Matt Ford

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

Storm

Super Typhoon Chanthu on course for Taiwan

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

Never Forget 911

9/11: Never forget

By Helen Yates

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

wildfires

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

climate change opportunity

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

lloyds_Getty

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”

Resilience

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

bermuda ariel

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

Mary roth rims

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

China flood

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

Mergers

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

team happy

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

car parts

COVID prompts supply chain ‘overhaul’

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

Indonesia floods

Push for insurance take-up after Henan floods

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

growth plants

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

China flood

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

boardroom

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

Cyber attack

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

Indonesia floods

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

terrorism-warning-expanded

Risks as Taliban retakes Afghanistan

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

Marine_Getty

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

Indonesia floods

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)

marsh thecityuk cyber risk cybercrime

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

Flooded area

Flood exposures up by 24% since 2000

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

supply chain

Sustainable procurement intrinsic to robust supply chains

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

climate change

IPCC: Prioritise adaptation and resilience

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

cyber attack

Ransomware payments surge by 82%

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

supermarket shelves

Almost half of food recalls avoidable - RQA

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

ESG grow advice

RepTrak: High correlation between ESG and trust

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

ship_getty

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

Riot control

COVID continues to fuel political unrest - Aon

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

Media image robot

Zurich considers AI-related emerging risks

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

boardroom, directors

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

Greg-Case-AON

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

japan

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

commercial property price up

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 headquarters

Aon and WTW call of mega merger

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

Flooded area

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

China flood

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

Renewable Energy

Wildfire costs grow for solar sector

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

resilience

Resilience agenda gains ‘new urgency’

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

earthquake

Parametric quake cover launches for Japan corporates

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

wind farms

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

handshake meeting

Insurers must meet buyers’ changing needs

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

marine cargo

$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

Future of transportation

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

Crystal ball future

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

cyber insurance, data

Cyber tops financial services risk register

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

risks, covid

COVID continues to hinder APAC recovery

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

Cyber security April 2021 Aviva EV

Let Colonial Pipeline fuel our fight back

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

Lloyd's

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

regulation, compliance, plans

COVID-19 forced firms to ‘cut corners’

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

Aviation

Piloting post-COVID aviation trends

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

cyber insurance, city

‘Colossal’ ransomware attack hits 200 firms

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

closed, coronavirus

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

risk planning strategy

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

SpecialReport_operationalrisk_banner

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?

coal power plant

Power sector faces up to transition risks

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

marine

South China port disruption could last months

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

SRGlobalQ22021_781x521

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.

cyber crime, world

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

indonesia

Indonesia Asia’s most complex country for business

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

NSW floods

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

Egypt-Cotton-Industry-600x400

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

bushfire 1

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

cyber insurance (4)

Cyber attack volumes grow for APAC firms

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

Riot control

After Hong Kong, SRCC restrictions remain

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

vaccine Covid-19

Lessons from the vaccine supply chain

By Sara Benwell

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

Queensland floods

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

ransomware

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%

financial, covid

COVID erodes macroeconomic resilience - Swiss Re

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

climate change opportunity

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

SR_web_Mary Nwaojei

Cyber: Breaking the culture of silence

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

Cyclone pic

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

Cyber attack

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

Mining minerals hands child labour

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

cloud black digital

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

vaccine cargo

IoT is a supply chain risk “game-changer”

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

Crystal ball future

Emerging risks and the “COVID effect”

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

SR_web_Phil Zongo

Steps towards cyber resilience

Three proven strategies business leaders can deploy to accelerate cyber transformation

marine

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

financial resilience

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

Cargo

Russell releases port disruption scenarios

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

legal action

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

Slavery

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

coal power plant

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

I stock fraud hacker

Social engineering: Sophisticated and underinsured

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

general-motors-recalls

Sedgwick predicts post-pandemic recall surge

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

Queensland hail

Tech to help close climate protection gap

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

natural-catastrophes

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

crisis

Firms stuck in ‘response’ mode - Deloitte

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

rocket

After COVID, firms will face transformative change

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

risk planning strategy

Firms failing to anticipate emerging risks

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

Cyber attack

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

Priti_Patel__1_

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

Headshot Adam Seager

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

view-mumbai-skyline-slums-bandra-suburb_163782-2221

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

cyber attack

Colonial Pipeline attack exposes ransomware “pandemic”

By Helen Yates

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

storm, cyclone

Hail drives cat losses in April

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

earthquake

FM Global releases earthquake map

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

Cloud magnify

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

cloud

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

Queensland floods

Claims from NSW floods reach $1 billion

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

desert-drought-dehydrated-clay-soil-60013

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

Chervon-motor-manufacturing-650x433

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

green, net zero, climate change

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

money graph profit going up upwards financial

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

flood

Australian government launches cat risk pool

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

Hail storm

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

aviation, aeroplane

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

ship cargo

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

ChinaFlood2

Environmental risks a growing credit driver for Chinese insurers

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

climate change

Financial sector grossly underreporting climate exposure

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

SR_web_Charles Minutella

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

ransom, cyber (2)

Governments most targeted by ransomware attacks

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

Vietnam flood

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

company director

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

Climate change suspended world

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

Cyber resilience

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

singapore

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

ship cargo

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

cloud

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

Grey swan

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

travel covid19

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

storm, cyclone

ICA declares Cyclone Seroja a catastrophe

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

vaccine Covid-19

IoT used in vaccine insurance solution

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

climate change

COVID-19 a “foretaste” of climate shocks

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

SR_web_Oliver Chapman

Unpicking the Greensill collapse

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

digital, market

Asset-light economy presents new, disruptive risks

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

suez canal

Suez backlog presents further disruption

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

digital trading

Digital disruption tops banks’ emerging risks

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

energy--1

Energy sector undergoes rapid transformation

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

Labuan

Labuan anticipates strong captive growth

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

coronavirus risk plane travel

Trans-Tasman travel bubble to open

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

Riot control

Social inequality shapes political risk map

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

earthquake

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

robot future coronavirus

WEF: Scenario planning for Industry 4.0

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

Vietnam flood

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

hurricane

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

SRGlobalQ42020_781x521

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?

digital race

Digital health sector overexposed - survey

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

PPE sanitizer

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

marine

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

legal court

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

cyber

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

SR_web_Eddie Doyle

The art of the con

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

Cyber attack

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

marine

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

HK protests

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

energy--1

Power and utilities gain dedicated cyber cover

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

9914997804_5a2e1e8576_c

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

iStock-885690024 - cyber

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

flood

NSW flood claims reach 11,700

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

wildfires

RMS launches climate change models

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

NSW floods

NSW floods declared a catastrophe

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

Renewable Energy

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

Bitcoin

Cyber: Ransom payments jumped 171% in 2020

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

Franck 2

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

Pandemic

G-20 firms prepare for future crises

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

Indonesia floods

Indonesia, Philippines and Thailand gain exposure database

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

Renewable Energy

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

Riot control

Pandemic and debt to fuel political instability

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

SR_web_Michael Beaumont

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

Tohoku

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

3-Swamy-India-China-edited

China and India lead economic recovery

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

Women leadership

Bringing more women on board

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

cloud

Google offers cloud cyber risk protection

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

steel-sector-of-india

Greensill crisis threatens steel supply chain

By Helen Yates

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

SR_web_Helene Galy

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

singapore

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

201122233533-joe-biden-1119-exlarge-169

Biden calls for resilient supply chains

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

2019-11-05_US-China-Trade-War_400x267

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

Solarwinds sunburst hack

WEF: Building resilient digital supply chains

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

court room

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

ERM success

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

Investment

ESG drives better financial performance - study

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

earthquake 450

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

social media

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

SR_web_Vasileios Drakopoulos

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

transportation-logistics-supply-chain

Supply chains: Striking the right balance

By Helen Yates

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

5g

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

Data breach

Human factor dominates data breach notifications

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

pandemic solution

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

new job, people

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”

John Trowbridge

Australian insurers to examine coverage gaps

By Helen Yates

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

John Neal Future at Lloyds

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

Boardroom_Getty

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

Wildfire bushfire

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

Storm

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

price increases

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%)

coronavirus, office

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

oil platform

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

Cyber attack

Cyber: Lessons from the Sunburst hack

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

Dr Rod

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.

pandemic insurance (2)

PPPs needed to insure systemic risk

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

Australian bushfires

Australia joins climate coalition

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

Bitcoin

Insurers complicit in ransomware rise - warning

By Helen Yates

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

natural-catastrophes

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

unilever-logo

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

social media

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

cold-front-warm-front-hurricane-felix-76969

Tropical cyclone risk in 2050

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

Renewable Energy

Climate change transforms renewable risk landscape

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

World coronavirus mask

BI and pandemic top Allianz Risk Barometer 2021

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

Queensland floods

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

social unrest

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

Capitol Hill Riot3

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

growth covid

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

computer transaction

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

climate change risks

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

coronavirus, travel

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

voice-assisted technology

Threat from “deep fake” cyber attacks grows

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

Australian bushfires

‘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

Lloyd's view from below

Howden: Better risk transfer solutions needed

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

Bankruptcy

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

changing landscape

Six business risks for 2021

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

Hans Laessoe

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

artificial intelligence (2)

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”

Cyber

Sunburst hack highlights supply chain risks

By Helen Yates

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

wildfires

Catastrophe losses cost insurers $83 billion in 2020

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

legal action

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

rising rates

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

Greg-Case-AON

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

company directors

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

Michael Stuckings Headshot

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

Hail storm

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

12465451engGBliberia2-480x385

Terrorism: West Africa a new hotspot

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

shanghai insurtech china innovation

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

Cyber

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

legal court (2)

Insurance Council of Australia to appeal BI ruling

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

flood

Australian flood: Proactive action needed

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

general-motors-recalls

Liability solution targets motor manufacturers

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

legal court

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

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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

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Special report: Sustainability Risk

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

Supply chain

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?

building safety

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

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Biden presidency sees return to multilateralism

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

legal court (2)

NSW Court of Appeal rules against insurers

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

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NSW tackles unsafe cladding

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

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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?

FMG Cyber

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

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China risks rise for Australian companies

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

coronavirus (10)

Report finds “major flaws” in risk reporting

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

Kerala Floods

Nat cat loss tally rises in October

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

shanghai insurtech china innovation

China leads economic recovery

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

digital conference

Hard market: “Start renewals early”

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

artificial intelligence

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

Vietnam flood

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

Cyber attack

Global ransomware attacks rise 110% in September

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

money graph profit going up upwards financial

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

US protests

US election: Protests expected

By Matt Ford

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

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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

US flag

US businesses prepare for social unrest

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

back to work

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

1120_Fig1_goni-sat-landfall

Super Typhoon Goni slams into Philippines

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

Queensland hail

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

Australian bushfires

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

Hurricane Maria

Northern Philippines braces for Typhoon Goni

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

working from home

Cyber: Staff admit to risky behaviour

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

Supply chain large

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

coronavirus

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

ship cargo

Reducing temperature-controlled cargo losses

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

Mary roth rims

RIMS and HKFI collaborate on training initiative

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

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Restoring mangroves to build coastal resilience

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

coronavirus (2)

COVID-19 a “wake-up call”

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

Climate change iStock-926155608

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

Queensland hail

April Queensland hailstorm claims reach A$604m

The largest hail impact was recorded in Rockhampton and Yeppoon, where the storms caused extensive damage

Queensland floods

APRA calls for urgent disaster risk funding

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

cyber insurance, city

Cyber insurance transparency key to growth

By Helen Yates

PCS has launched a new data set to help the cyber insurance sector manage risk and capital more effectively

ChinaFlood2

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)

autonomous vehicle

Swiss Re and Daimler launch e-mobility MGA

“Movinx” will offer solutions for a sector being disrupted by technology and changing mobility service models

SR_web_Nir Kossovsky

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

Cyber

Conduct risk rises for financial firms

The pandemic is driving concern over mis-selling and improper business practices in the financial services sector - ORX

coronavirus man, mask

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

Manufacturing

Swiss Re Corporate Solutions and Hitachi launch ‘smart manufacturing’ solution

Insurance-based solutions will initially focus on manufacturing and transport firms that are adopting AI and other cutting-edge technologies

world coronavirus protection

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

Queensland floods

Australian cyclone risk increases under La Niña

The Bureau of Meteorology has declared that La Niña has developed in the Pacific, with the potential for increased floods and cyclone activity

Climate change suspended world

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

legal court (2)

BI test case heard by NSW Court of Appeal

Insurance industry argued that the intention of pandemic exclusions in commercial property policies that contain business interruption cover is clear

World coronavirus mask

Pandemic eclipses climate change - Future Risks

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

climate change covid19

Climate Week: CCRI warns of ‘cascading’ risk

COVID-19 should not be allowed to derail progress made in driving greater climate resilience

cyber insurance, city

Singapore underwriters tackle intangible risks

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

Jacinda Ardern

New Zealand introduces climate risk disclosure regime

New rules will require firms to disclose how climate change will affect their business on a ‘comply or explain’ basis

Indonesia floods

Indonesian flood model launches

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

working in office

COVID-19 is fuelling cyber losses

Concern over a catastrophic cyber event leading to claims of $10 billion or more is greatest in Asia Pacific

cyber insurance, city

ARPC study reveals cyber terrorism protection gap

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

Mining australia

Australian mining sector faces hard market

There is a continued constriction of insurance capacity for thermal coal operations - Willis Towers Watson

diversity

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

Bush fire

Virtual roundtable: Dark clouds on the horizon

Australasian risk managers are reacting to climate change and improving the resilience of their organisations to extreme weather events

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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.

Bermuda-1060x655

COVID crisis sparks captive growth

Captive formation grew by 200% in the first half of 2020, including captives to cover pandemic-related losses - Marsh

reputation

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

Cyber

COVID-19: Mid-market firms hit by social engineering

Cybercriminals targeted businesses that remained open during lockdown, making them more susceptible to cyber attack

Kalgoorlie_open_cast_mine

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

cyber insurance, city

Cyber protection gap widening

Flattening market trend is “at odds” with a heightened threat environment - Guy Carpenter

Marine_Getty

Southeast Asia to benefit from supply chain diversification

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

legal action

Five liability trends for a COVID age

Rising litigation; more costly recalls; civil unrest and the increased potential for indoor air quality claims are just some of the liability trends exacerbated by COVID-19

Gareth-Byatt

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

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RIMS Australasia 2020 Virtual Summit

Follow daily coverage from Monday 14 to Thursday 17 September 2020

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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.

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DAY FOUR: 2. CEO Panel: Plan, prepare, engage

Engagement and co-operation between risk teams, c-suites, brokers, and insurers is crucial in a challenging insurance market, according to panellists at the RIMS Australasia 2020 Virtual Summit.

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DAY FOUR: 1. The global insurance market & COVID19

Insurance premiums will keep rising: Chubb

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DAY THREE: 3. Phronesis: the art of the possible

The Covid-19 pandemic has brought with it real challenges – and real opportunities. But how can we tell the difference? The answer is through “phronesis”. 

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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.

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DAY TWO: 3. An introduction to alternate risk transfer: techniques & solutions

As the insurance market hardens around the world, more and more risk managers are looking to Alternative Risk Transfer to provide the cover they need – at the right price.

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DAY TWO: 2. Influencing the unseen

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

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DAY TWO: 1. Driving Innovation through positive Risk

How can you use risk to make money in a pandemic? The answer is by understanding your intangible assets and seeing risk as a game-changing opportunity for real growth.

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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.

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DAY ONE: 2. Managing cyber risk during disruption

Establishing a thorough cyber resiliency plan is the most effective way to guard against rising cyber risks, according to executives at FM Global.

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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.

Kerala Floods

Indonesia flood model launched

Climate change influences are likely to increase the impact of flooding over the near and medium term

money graph profit going up upwards financial

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

thumbnail_20191105 Parima on stage -1st-Batch

Parima gears up for “Resilience Week”

Parima is planning its first-ever digital conference between 9th and 13th November 2020

legal court

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

Bankruptcy

2020 insolvencies jump amid COVID-led recession

Global corporate insolvencies are forecast to increase by 26% in 2020, led by Hong Kong in Asia Pacific

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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

Kevin Bates pic 2

Kevin Bates: A lesson in Carpe Diem

By Helen Yates

Risk managers have got to be genuine, authentic and transparent in order to succeed, says Kevin Bates

QBE mental health awareness

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

Lloyds_aaronparsonsphotography_mediumes152611

Lloyd’s targeted by climate campaigners

Protests outside the Lloyd’s market reflect growing pressure on the insurance industry to take action on heavy polluters

Sweatshop factory image

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

Australian bushfires

Black Summer losses to reach A$5.4 billion

Insurance Council of Australia says more than 83 per cent of bushfire claims have already closed

Hurricane Laura

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

Hurricane Laura

Hurricane Laura makes Louisiana landfall

Laura made landfall as a category 4 hurricane with wind speeds of up to 150mph and an “unsurvivable” storm surge

marsh thecityuk cyber risk cybercrime

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

coronavirus, decline

Global insurance protection gap reaches $1.24 trillion

The COVID-19 pandemic is expected to reduce global macroeconomic resilience by about 20% in 2020 - Swiss Re Institute

Hans Laessoe

The new risk horizon

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

Michael Stuckings Headshot

Time to revisit building codes?

Amidst the increasing frequency and intensity of natural catastrophes it is time to revisit the purpose and content of building codes, argues FM Global’s Michael Stuckings

Riot control

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

Supply chain large

Risk managers must heed COVID supply chain lessons

Among the key lessons from the crisis, RQA Group says there will be a move towards shorter, more localised supply chains and less reliance on the Far East

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ICA launches BI test case in NSW Supreme Court

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

Benedict Burke_Crawfords

The Herculean task of rebuilding Beirut

By Matt Ford

Lessons learned in the aftermath of the Tianjin port explosion in 2015 will be particularly significant in Beirut, says Crawford’s Benedict Burke

Coronavirus

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.

beirut-blast

Long-term governance failures caused Beirut blast

Governmental shortcomings were to blame for the explosion in Lebanon, according to risk experts, who say lessons can be learned from the incident

arrow  up

APAC commercial insurance pricing up 31% in Q2

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

marine cargo

Insurers shine spotlight on container loss incidents

The extent and pace of growth in container volumes have put strains on a wide range of operational procedures

wildfires

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

Kerala Floods

Monsoon floods inflict $20 billion of damage in July

Much of the physical damage to property, infrastructure and agriculture is expected to be uninsured - Impact Forecasting

beirut-blast

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

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Beirut explosion, 5 years on from Tianjin

The large blast in Beirut, Lebanon is expected to result in a significant insurance event as the death toll and casualties from the explosion continue to rise.

coronavirus (9)

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

legal court (2)

ICA prepares pandemic BI test case

The outcomes will be used to determine complaints arising in respect of COVID-19-related business interruption claims

cyber security

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

coronavirus, exclusion

Covid-19 transforms professional lines market

Rising premiums are expected for risk managers across the Asia-Pacific region

coronavirus man, mask

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

Supply chain large

Study recommends new approach to supply chain risk

Researchers in the UB School of Management say their framework would have benefitted organisations as the coronavirus pandemic hit

Marine_Getty

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

Australian bushfires

ICA welcomes hazard research funding

The Australian Government has pledged $88.1m over the next ten years to the Bushfire and Natural Hazards Cooperative Research Centre

Cyclone pic

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

business man look forward telescope

Strengthening business resilience after COVID-19

The speed with which the crisis unfolded meant companies had to improvise, because their crisis-response plans were too rigid and slow - Arthur D Little

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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

HK protests

Emerging markets face “unparalleled” civil unrest

In India and Hong Kong, pre-existing grievances centre around political rights are likely to inflame protests - Verisk Maplecroft

risk (2)

Using risk appetite to support decision-making: Gordon

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

construction site

COVID-19: Construction insurance rates harden

In Asia, pricing generally rose during the first half of 2020 in key markets, including Singapore and Hong Kong

Storm

Australian hailstorms claims reach A$1.8 billion

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

Socialmedia

Twitter hack exposes potential for reputational harm

The confluence of COVID-19 and advanced social engineering techniques poses a growing threat - CyberCube

Supply chain

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

marine cargo

Asian waters account for most shipping losses

Consequences of coronavirus and a sustained economic downturn could threaten long-term safety improvement

Culture

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

Cyber attack

Cybercrime to cost global economy $6 trillion by 2021

India, South Korea, Australia and China in top ten countries most targeted by significant cyber attacks - Specops

Kerala Floods

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

price rise

COVID to cost insurers up to $100 billion - sigma

Rate hardening is likely to continue amid potentially high losses and contracting insurance supply, particularly in commercial lines

fmglobal-supplychain

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

Work from home challenge_Jon Grainger_SlaterandGordon

Firms must change cyber security approach

The traditional approach to cyber security must be replaced by something that is more user-centric - Aon and CyberCube

SR_web_specialreports_Climate change

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.

Australian bushfires

Australian bushfire claims reach A$1.86 billion

The figures were released six months after the worst Australian bushfire season on record, known as the ‘Black Summer’ - PERILS

QBE mental health awareness

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

CLimate

Parametric products can increase climate resilience

By Matt Ford

Today’s “wealth of data” can be used to construct risk transfer products for extreme weather - Nephila’s Barney Schauble

staff retention

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?

shanghai insurtech china innovation

AXA XL receives green light for Shanghai-domiciled reinsurer

AXA XL Re China will provide non-life reinsurance in China after CBIRC grants business license

Cyber attack

Cyber threats grow in Singapore

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

Lark20200701-114905

RIMAS: Fighting the cyber war

Why organisations must fight a “cyber war”, according to Andeed Ma, president of the Risk and Insurance Management Association of Singapore

Supply chain large

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

SR-issue-Q2-Our-time-to-shine

StrategicRISK Q2 2020: Our time to shine

New risk realities arising in the post-COVID world will demand very new risk solutions. This is our moment.

storm, cyclone

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

CLimate

How insurability hinges on disaster mitigation

By Helen Yates

Global warming is just one factor provoking the rise in natural disasters. If we want to avoid ‘no coverage’ regions, we must invest in risk mitigation

natural-catastrophes

The importance of measuring the ‘resilience dividend’

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

original

The next massive tail risk

There is a one-in-three chance that at least one of four major tail risks will occur within the next decade, warns Deutsche Bank Thematic Research

thumbnail_20191105 Parima on stage -1st-Batch

Tunstall turns to technology

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

financial loss, coronavirus

Marsh webinar highlights “collective failure of imagination”

By Matt Ford

Risk managers need to learn lessons from the pandemic, adapt to the “new normal” and plan strategically for an uncertain future - panellists

CLimate

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

construction

Infrastructure to drive growth post COVID - sigma

Emerging Asia will invest an estimated $1.7 trillion annually, equal to 4.2% of GDP; China will account for 35% of global investment

Ethics

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

Belinda Bates

Zurich expands climate resilience team

“Risk management tools that can help businesses quantify the impact of climate change are high in demand”

cyber insurance, city

Phishing attacks ‘soared’ during lockdown

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

Cyclone pic

Cyclone Amphan causes $15 billion loss; mostly uninsured

Cyclone highlights the need for future investments in modernising coastal barriers, embankments, and the electrical grid - Aon

autonomous vehicle

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

HK protests

Hong Kong set for era of change

Risk managers in Hong Kong face a changing political climate and the risk of violent protests

climate-change

Climate change survey: Have your say

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

Climate change iStock-926155608

Societies ill-prepared for COVID-crisis - Swiss Re

Swiss Re Institute’s 2020 SONAR report says there is an opportunity for the pandemic to prompt a more sustainable future

supply chain

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

Renewable Energy

Power sector feels pandemic pressures

The increasing focus on ESG is also having a significant impact on future power sector risk management strategies

Photo-at-PRMIA-event-2013

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

Shipping_getty

Idle vessels face new risks, Allianz warns

Increasing disruption and economic pressures caused by the pandemic has serious risk management implications for the maritime community

bushfire 1

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

View from the board

Selling the value of risk management to the board: Narayanan

If you haven’t convinced stakeholders in two minutes, you’ve probably lost their attention, says Suchitra Narayanan

legal, court

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

HK protests

South Asia at highest risk of civil unrest

Food insecurity a key driver amid economic and social fallout from COVID-19

coronavirus (7)

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

Future of transportation

FM Global launches 2020 update to Resilience Index

No Asian country ranked inside the top 30 for their ‘natural hazard risk quality’ and a number of Asian countries fell in 2020 in regards to ‘inherent cyber risk’

connect world

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

Lloyds

Lloyd’s pegs COVID losses at $4.3 billion

Estimates total industry losses of $203 billion; claims on a par with 9/11 and the combined impact of hurricanes in 2005 and 2017

coronavirus man, mask

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

Franck 2

PARIMA calls on insurers to treat customers fairly

PARIMA is not in favour of regulators imposing retroactive coverage of claims, but calls for the creation of risk pools for future pandemics

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Philippines flood model launched

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

Oil

Energy sector loss severity is growing

Global energy firms need to address the changing risks of older refineries and petrochemical plants - Marsh

Pandemic

ICA explores insurance solutions for future pandemics

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

Machinery

Restart facilities with care - AGCS

20% to 30% of AGCS fire claims are related to the condition of electrical equipment and installations

Kerala Floods

JBA rolls out global flood model

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

Risk

COVID-19 will change risk management - IRM

The future will see a sharper focus on resilience and strategic risk management, predicts survey

Renewable Energy

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

closed sign, coronavirus

How to avoid restart risks

Pre-start up safety reviews can help reduce losses when idle facilities are put back into operation - Swiss Re Corporate Solutions

singapore

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

Pandemic

RIMS calls for pandemic risk insurance program

91% of RIMS’ US members are supportive of a TRIA-type program for insurance claims relating to losses resulting from a pandemic

Cyber resilience

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

Cyber

Cybercriminals profiting from COVID distraction

There are increasing aggregation risks associated with the shift towards remote working, warns AIR Worldwide

Digital wave

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

Blockchain

Is blockchain the solution for broken supply chains?

Resilience of supply chains “can be improved” through the deployment of blockchain technology - World Economic Forum

Shipping_getty

WTW launches cyber marine cover

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

Bankruptcy

Insolvency risks soar amid COVID crisis

Virgin Australia has become one of the biggest casualties of the COVID-19 outbreak so far

global risk

COVID-19 will “enhance protectionism” - Control Risks

By Helen Yates

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

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Focus on intangible risks: Masterson

Organisations should not overlook the intangible risks facing their business, according to Michael Masterson.

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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.

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BI claims present an “existential threat” - Willis Re

Estimates the global reinsurance sector will take a $30 billion hit to its capital base from COVID-19

more decisions

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.

IFB board shakeup

Move away from company-centric views: Clements

Risk managers need to change the way they perceive risk and move away from company-centric views, according to Adrian Clements.

coronavirus, exclusion

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

boardroom

80% of boards unprepared for COVID-19 - EY

Just a fifth said firms were ’very prepared to respond to an adverse risk event from a planning, communications, recovery and resilience standpoint’

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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

marine cargo

COVID-19 heightens risks for cargo shippers and transport firms

Damaged goods already account for more than one in five marine insurance industry claims - Allianz

time is up

Late notices are “missed opportunities” - Allied World

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

ERM

COVID-19 makes ‘business case’ for ERM

Pandemic shows the clear business benefits of managing risk from an enterprise-wide perspective - Gartner

Oil

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

supply chain

COVID-19 global supply chain disruptions continue

Organisations with a diversified supplier base are better equipped to address the effects of COVID-19 - Institute of Supply Management

Risk

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”

SR_web_specialreports_Supply chains

Special report: Supply chains

Supply chains may be complex and suppliers remote, but you must know their ESG strategies well.

connected home

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

fire factory

Prevent losses at idle factories - FM Global

Fires, vandalism, theft, flooding and stormy weather could leave understaffed facilities vulnerable

CLimate

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

coronavirus, money

COVID-19 fuelling US-China rivalry

By Helen Yates

An inability to cooperate in the fight against the coronavirus shows how far the bilateral relationship has deteriorated - Verisk Maplecroft

storm, cyclone

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

connected home

Asian risk managers adapt to COVID-19

Everybody has a plan until they get punched in the face, says Parima head Franck Baron, quoting Mike Tyson

Manufacturing

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

HK protests

COVID-19: Spotlight on security risks

Protests and unrests, strikes and fraud and scams are just some of the security risks likely to be exacerbated by the coronavirus pandemic

Supply chain large

“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

Marriott 2

Marriott reveals new breach: 5.2 million exposed

By Helen Yates

The new compromise follows a major breach of up to 339 million guests, discovered in 2018

Lloyd's of London

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”

digital face

Risk 4.0 - Are you prepared: Black

Risk managers must be prepared for new risks in an unprecedented era of technological and societal change, according to Warren Black, principal and founder, Complexus

fmglobal-supplychain

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

wind storm

Claims from February Australian floods reach A$794m

By Helen Yates

Property losses from the February east coast low make it the third largest such event in the last three decades - PERILS

independent brokers resisting lure consolidators

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.

ethics

COVID-19: Ethics will be tested

By Helen Yates

Deloitte has warned of a potential spike in bribery and corruption across Asia Pacific in the wake of COVID-19

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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.

coronavirus, covid-19

COVID-19: The role of climate change

By Helen Yates

Climate change and growing extremes will likely increase the threat of global pandemics, according to AIR Worldwide

cyber product report

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.

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COVID-19: Australian car firms to produce ventilators

By Helen Yates

Firms including Ford Australia and Holden Special Vehicles, which are adapting their assembly lines to produce ventilators and other medical equipment

Cyber

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.

Supply chain

Pacific nations sign supply chain pact

By Helen Yates

Australia, Brunei, Canada, Chile, Myanmar, New Zealand and Singapore, the seven Pacific rim nations pledge to maintain open and connected supply chains as part of their collective response to combat COVID-19

Pandemic

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

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Why pandemics fell off the risk radar

By Helen Yates

The risk of a global pandemic has risen in recent years, but the perception of that risk has not matched reality - WEF

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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

Supply chain large

WEF: COVID-19 prompts new supply chain thinking

China seems to be seeing the light at the end of the tunnel of fighting the COVID-19 outbreak domestically, but there is much more work to be done for companies to resume normal productions and reconfigure their supply chains

coronavirus

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.

cyber product report

Insurance experts rank cybercrime as top risk for 2020

Cybercrime, disruptive technology and pricing are the top three most dangerous risks, according to a new Willis Towers Watson survey of more than 100 insurance industry executives

diversity hands

‘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.

Risk

Risk leaders need to up their soft skills

A new report argues that as technology increasingly takes over more routine, manual tasks, risk professionals need to upskill and constantly reinvent themselves, or risk being made redundant by technology.

men and women equal scale

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!

supply chain

New kit battling supply chain risk

Supply chain risk is increasing as the coronavirus epidemic continues to spread across the globe. A new tool from riskmethods aims to assist risk managers fight the issue.

US insurance giant

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.

MandA_getty

Aon buys WTW in $80bn mega-deal

The combined company, a technology-enabled global professional services firm focused on the areas of risk, retirement and health,  will maintain its headquarters in London.

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Changing perceptions of risk: Jonas

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

Coronavirus 2

5 minutes on coronavirus with Dr Hyzler

As the world scrambles, StrategicRISK spoke with Dr Adrian Hyzler to get his top tips for risk managers on how best to tackle this crisis over the coming weeks.

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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

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RMIA: How to quell coronavirus panic

Risk Management Institute of Australasia (RMIA) has announced it will host a series of workshops to assist risk managers to address the worsening crisis.

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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

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11 of 15 cities most at risk of rising sea levels in Asia

Guangzhou and Dongguan, two major cities in China’s Pearl River Delta Economic Zone, have been identified as the metropolitan areas most vulnerable to sea level rise worldwide.

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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.

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Global insurance prices rise 11% in Q4 2019

Asia regional composite pricing rose the slowest - hitting only 6% in the fourth quarter of 2019, compared to a 21% rise in the Pacific region.

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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

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Have we learned anything from Hayne?

A year on from the Hayne Commission represents a natural time to consider the new regulatory environment facing corporate Australia.

Machinery

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

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How WeWork got ‘bringing home the bacon’ all wrong

As WeWork prepares to shed its risky wild child image and take on a new CEO, our editor Lauren Gow reflects on where the issues began with this workplace upstart.

business deal, handshake

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.

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5 cyber security trends for 2020

The focus is now firmly on the customer and offering them better service and better protection, particularly with the new paradigm of “everything-as-a-service” – where everything is offered in cloud-based, consumer-based models.

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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.

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BMS hires senior broker in Sydney role

The global broker is continuing its expansion plans in the APAC region with the appointment of Kirsty Kennell-Webb.

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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.

networks

Emerging markets paving the way in digitisation

New markets are partnering with established digital platforms and ecosystems to combine features typically offered by standalone incumbent firms into a one-stop-shop service.

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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.

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WEF report signals danger for Asia-Pacific

As a region uniquely exposed to environmental risks, Asia-Pacific risk professionals see the WEF’s latest report as a timely reminder for the profession to prioritise the threat of climate change and environmental risk.

Environment

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.

Insurance-iStock-878961000

How to become a 'seller of risk' in 2020

Assimilating and reporting risk-based data to insurance partners is an increasingly important part of securing competitive pricing and coverage in today’s highly competitive soft market.

Culture

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.

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StrategicRISK Asia-Pacific (Issue 26)

In our latest issue, we take a look at how to tackle cyber espionage, spy on the looming recession rumours, as well as the latest results from our benchmarking survey.

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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.

Cyber

What risk managers can learn from the biggest cyber attacks of 2019

Looking back at some of the biggest data breaches in 2019 - what are some of the key learnings for businesses and the risk management community

Number 10 Downing Street

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

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IRM guide on how to hire a great risk manager

The new guidance is based on IRM’s professional standards and is aimed at organisations of all types seeking to recruit senior risk professionals.

great storm of 1987

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.

reputation social media

Australians refocus on reputational risk

A new study of 132 Australian business leaders has found more concerned about the long-term impacts of their reputation, such as the erosion of brand equity.

Stephen Nguyen copy

AXA XL appoints ex-Aon director to Asia role

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

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Five tips to boost your cyber security in 2020

This week, StrategicRISK caught up with Adam Selwood, co-founder of Cynch Security, to get his thoughts on where risk managers should be focusing their attention in 2020.

handshake

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.

singapore

Tech risk provider Sedgwick opens new Singapore office

The move follows the recent integration of the Insight Adjusters and Surveyors team, as Sedgwick continues its sustained growth plan across the region.

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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.

Besso broker fraud

New product aims to tackle rising corporate fraud

Impersonation fraud is quickly becoming a systemic issue around the world with recent examples including a social engineering scheme utilising artificial intelligence-based software to impersonate an executive

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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.

cyber cover

Government cyberattacks on the rise

Governments worldwide are vulnerable to cyberattacks, though the associated risks to their credit quality are limited, according to a new report from Moody’s.

Francesca-Dickson-BPay

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.