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Risk financing
Unveiling the future of risk management: the 2023 RMIS Panorama
François Beaume, VP digital transformation at Amrae, explores how this year’s Panorma survey can help risk managers leverage technology, to better mitigate threats
Cyclone Gabrielle costs insurers $1.5 billion
The catastrophes have disrupted supply chains and tested New Zealand’s resilience
Climate change will drive disruption within food & drink sector - WTW
Three quarters of food & drink firms cite lack of supply chain insurance solutions as among their biggest challenges
2022 global nat cat claims breach $100 billion
Global losses from floods were above average, the main event being flooding in eastern Australia in February-March 2022
Cloud providers suffered nearly 500 critical outages in 2022
About a third of events impacted US cloud regions, with a total of 1,190 performance disruptions overall
New Zealand summer flood claims hit NZ$1.65 billion
Floods are the largest weather-related loss in history for New Zealand, prompting a rethink of extreme weather exposures
SVB crisis shows need for diversified funding options
Corporates must not put all their eggs in one basket where funding options are concerned
Asia-Pacific sees fall in crisis incidents in 2022
But greater volatility is expected in 2023, driving threats including kidnap incidents and political repatriations
What can risk managers do better in 2023?
In the post-pandemic world, risk managers must reevaluate what constitutes an ‘acceptable’ risk
Interest in parametrics grows as traditional capacity retrenches
Offers an “affordable solution” for large-scale insurance of catastrophic and agriculture exposures - New Dawn Risk
Top three regulatory developments to watch in APAC
From supply chain and natural hazards to ransomware and risk management processes, APAC risk managers face multi-faceted compliance requirements
APAC firms adjust to a rapidly changing risk landscape
The hard market, supply chain disruptions and natural catastrophes continue to challenge businesses in the region - Aon
Supply chain risks remain underinsured despite demand for cover
Companies are redesigning supply chains, but BI insurance protection remains a “wafer-thin patchwork”
Captives hailed as hard market solution for cyber, D&O
Captives provide much-needed capacity as traditional carriers reduce limits, increase exclusions, and/or increase pricing
Firms take stock after one year of Russian sanctions
There are many lessons to be learned from the rollout of the sanctions and ensuing compliance efforts
AGCS outlines five risk drivers of political violence
Civil unrest risks has risen substantially, causing billions of dollars in property damage and business interruption
Surviving today’s “poly-crisis”
Not all risks can be managed out of existence. It’s time for insurers to step up
Chaucer will “embed” ESG into underwriting model
The company intends to embed a pre-bind tool to determine the ESG score of prospective clients
Damage from New Zealand catastrophes to exceed $10 billion
Cyclone Gabrielle and Auckland floods to erode profitability of property insurers in New Zealand
New Zealand’s North Island suffers widespread flooding
Around a third of New Zealand’s population live in areas affected by Cyclone Gabrielle, many without power
Risk managers voice concern over sensitive data stored by cyber insurers
Airmic members say the “gold mine” of sensitive data they share with underwriters could present a security risk
Global freeze map will help with business continuity
Freeze risk regularly impacts equipment and infrastructure which is often hidden and enclosed within a building
Insurers monetise intangible assets for IP product
Aim is to develop a trade secret protection ecosystem as the value of unprotected intangibles grows
Turkey earthquake largest in 84 years
Tragedy is a reminder that resilience is the main defence against such powerful seismic events
Commercial insurance rates continue to moderate, says Marsh
Cyber rates continue to rise at slower pace; financial and professional rates fall for a second quarter
Born to insure
From a family of insurance experts, Soni Srivastava was perhaps destined for a career in the industry
Hospitality firms feel unable to control their risks
Strategic risks are mounting post-pandemic as firms cite fears around reputational risk and underinsured BI losses
Global nat cat losses surpassed $313 billion in 2022 - Aon
Flood losses in Australia broke the historical record and monsoonal floods in Pakistan had a far-reaching humanitarian impact
Parametrix to pay claims after MS Azure Outage
Outage at the world’s second-ranked cloud service provider brought down multiple regions for nearly three hours
Food and fuel top global cargo thefts
Thefts from hijacking have fallen as a proportion of cargo theft; these are now second to theft from facilities
Cyber war endorsements could invite innovation
Credentials stolen via phishing remains the most common cyber attack vector for businesses
Robust pipeline for renewables in Asia, despite ‘new trilemma’
Floating solar will play an important role in the energy transition of China, India and South Korea
Emerging risk must be the responsibility of all
Insurance sector must ‘stay curious and think ahead’ to cope with emerging risks, rather than simply passing the buck to other industries
IoT explosion presents massive (and growing) cyber exposure
Just 4% of experts worldwide are “confident” that connected devices are properly secure, warns WEF
Demand for BII shoots up after COVID test cases
Insurance class to see a period of “growth and stability”, but appetite for pandemic cover remains muted
Eastern Australia floods top 2022 ex-US cat losses for insurers
The floods generated an industry loss of $4.7 billion, while the Fukushima Earthquake caused $3.9 billion in claims - CRESTA
Cyber: Why are buyers opting to retain risk? And other questions
Some surprising trends have emerged in the industrial cyber risk landscape. What does this mean for 2023?
Climate litigation continues to ramp up in Australia
State governments and large corporates will be held to account on climate related pledges, warns Clyde & Co
You, me and ESG
Navigating complex ESG challenges with the support of internal and external partners
AGCS launches dedicated ESG division
Gabrielle Durisch will join from Zurich Insurance Group in April 2023 as global head of ESG & Sustainability Solutions
Insurer targeted over controversial Adani coal project
Activists received a tip-off that Probitas1492 is insuring the Adani Carmichael’s thermal coal project rail line, haulage operation and port
ESG presents ‘significant exposure’ for D&Os
Fallout from a global recession, lax cyber security and an uptick in litigation are other key risk drivers for 2023
Demand for contract frustration grows as economy deteriorates
Cost of insurance against defaults on sovereign debt jumps by 179% in Asia & Pacific
China insurance outlook revised on easing of lockdown rules
AM Best has revised its market segment outlook on the China non-life insurance industry to stable from negative
PERILS pegs Southeast Australia floods at $791m
The floods primarily affected the states of New South Wales, Victoria and Tasmania during October 2022
Hong Kong unveils risk and insurance roadmap
Markets in the Mainland and Hong Kong will be brought closer to transform the SAR into a ’global risk management and insurance hub’
The torchbearer
In a country with a scarceness of risk managers, Kei Masuyama is leading the way for the profession in Japan
WTW names head of crisis management, APAC
Ensuring health and safety of staff is a “business imperative” given increasing duty of care regulations
SR Q4 2022: Thriving or surviving?
As we approach year-end, it is clear 2022 has offered no reprieve from shocks and cascading risks
Captives: Plugging holes in protection
Does the creation of a mega captive in Europe reflect poorly on commercial insurers, and what are the risks involved?
Inflation drives up cost of vessel, cargo repairs
The rising prices of steel, spare parts and labour are all factors in the increasing cost of hull repair and machinery breakdown claims
Rethinking food and drink supply chains
With growing vulnerability to extreme weather and geopolitical threats, the industry needs new risk transfer solutions
How inflation is compounding business interruption
As rising costs fuel higher insured losses, risk managers will get preferential treatment for their organisational resilience, says FM Global
FM Global debuts $80m Singapore risk facility
Insurer opens experiential risk management facility for APAC clients featuring interactive simulation labs and an immersive theatre
Three ways of increasing cyber insurability - sigma
There is currently a protection gap of around 90% due to the uncertain nature of systemic risk
Major floods continue across NSW, Victoria
Widespread disruption continues due to flood-impacted roads, rail, homes, properties, businesses and agricultural land
COP27: ‘Tangible progress’ needed to close climate finance gap
The recent floods in Pakistan caused $30 billion in economic losses - more than 10% of the country’s GDP
Sovereign debt downgrades grow as inflation bites
Ukraine crisis and inflation lead to 34% increase in sovereign debt downgrades, including Sri Lanka
Ransomware: Business is booming
Ransomware is forecast to cause $30 billion in damages by 2023, warns AGCS
Global commercial insurance rates up 6% in Q3 - Marsh
Rates increased in the Pacific by 5% and in Asia by 2%, with cyber pricing increasing 53% overall
Green transition to drive construction growth of $5.6 trillion
The fastest-growing region globally is expected to be emerging Asia, led by China and India
The role of insurance in times of crisis
The war in Ukraine is one of the major crises of our times. It is exposing the limitations of insurance
Extreme climate losses 30x more likely at exposed premises
Research from FM Global shines a light on the vulnerability of commercial properties which lack resilience
Ferma panel tackles $10 trillion cyber accumulation
Risk managers faced up to insurance bosses as they discussed the ‘industrialisation of crime’ in Copenhagen
Beazley warns of cyber risk complacency
An uncertain geopolitical risk landscape could be one source of distraction as cyber resilience deteriorates
Pinning down inflation effects
Soaring inflation is creating issues on many levels - but there are things you as a risk manager can do
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
Predictive analytics in an era of cascading risks
How effective data integration makes sense of complexity and takes risk management into a new era
Pandemic drives claims in digital health and wellness
Trend is particularly strong in Asia where demand for digital health services has grown substantially - Beazley
Taking a systemic approach to global resilience
Building resilience into our global society has to begin now, with significant benefits for risk managers
Research shines light on digital trust gap
While nearly all respondents in Australia and New Zealand say that digital trust is important, just 12 percent have a dedicated staff role
Study exposes ‘blind spots’ in risk preparations at sports stadiums
Research paper from China finds “stampede accident” and “fire or explosion” are dominant causes of severity loss
Significant loss creep on East Australia floods
Event is now the largest insured catastrophe loss event experienced in Australia at $6.3 billion
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
Risk managers should ‘pick recovery over replacement’ to aid sustainability
As sustainable approaches burgeon in importance, risk managers have been urged to focus on recovery measures when disaster hits
Insuring the transition
The insurance industry has a ‘once in a lifetime’ chance to support the transition to Net Zero, so what’s holding it back
Are your brokers costing too much?
When approaching last year’s renewals, a single factor helped us shortlist brokers: data
Parametric solution for extreme rainfall launches in Singapore
The parametric insurance product is designed to help travellers manage the impact of unexpected weather conditions
Losses mount from deadly Pakistan floods
Early estimates put the damage at more than $10 billion as minister blames climate change
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
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
WTW names head of Hong Kong and Macau
Sean Deehan will also continue in his current position as Hong Kong market leader for WTW’s ICT business
Insurance facility launches to cover green and blue hydrogen project risks
Investment in green and blue hydrogen initiatives is estimated to exceed $150 billion by 2025
The risk of underinsurance posed by inflation
Brokers have a ‘real opportunity’ to showcase their value in the face of cost and supply chain pressures
NSW government releases independent flood report
The O’Kane-Fuller Flood Inquiry’s 28 recommendations will help improve future flood resilience
Flood losses ‘material’ for Korean insurers - Fitch
The heavy rainfall caused unprecedented flooding in various parts of Seoul, Gyeonggi Province and Incheon, with the Gangnam area one of the worst hit
FM Global offers policyholders $300m resilience credit
The credit will be applied as a 5% premium offset against policies with renewals between 1 October 2022 and 30 September 2023
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
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
Reputation in an era of state-sponsored attacks
Managing the reputational fallout from being the subject of a cyber attack is an aspect that is often overlooked
CISOs face burnout as ransomware threat continues
A third of organisations experience a ransomware attack at least once a week, with impacts on security professionals’ wellbeing
Global commercial insurance rates up 9% in Q2
In Singapore, financial and professional lines prices increased by 24%, the largest pricing increase compared to 16% in the previous quarter
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
Floods across Asia drive H1 cat losses
Floods in India, China and Bangladesh confirm the growing loss potential from floods in urbanised areas
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
Black Sea grain deal will ease supply bottlenecks
UN Secretary General Antonio Guterres has hailed the accord a “beacon of hope”
China floods top catastrophe tally in 1H
Global natural catastrophes during the first half of the year caused estimated damage of $92 billion
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
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
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
WTW names head of Corporate Risk and Broking, Hong Kong
Iris Chan assumes an expanded role and will be responsible for all aspects of CRB business in Hong Kong and Macau
Insurers adapt underwriting to better price climate risks
Conduct risks such as ‘greenwashing’ stand to be major source of environmental liability claims
Claims inflation will extend hard market - sigma
Global insurance premiums are set to surpass $7 trillion, with China now the world’s second largest market
Cyber extortion grows in sophistication, warns Beazley
Data exfiltration is now prevalent in a significant majority of incidents as extortion techniques become increasingly complex
Insurers must build new, data-led markets
Imagination is needed by corporate risk managers to deliver outcome-based solutions, say panellists
Sydney flood claims begin to mount
So far, insurers have received 8,415 claims costing $97.9m, but losses are expected to rise substantially
Insurance Council declares ‘significant event’ for NSW floods
Communities need to be “better protected” from extreme weather events that are “becoming more frequent and severe”
Has 2022 knocked global resilience off course?
Protection gap for health, mortality and natural catastrophe risks combined reached $1.42 trillion in 2021, finds sigma
ESG approach helps buyers secure D&O
More D&O insurers are willing to offer better coverage to businesses with robust ESG frameworks, says Marsh
Pool Re warns of ‘perfect storm’ in geopolitics
Power games are increasingly being fought on multiple levels beyond physical conflict, including cyber warfare
East Coast Floods were ‘most costly flood event’ in Australia’s history
Claims costs creep towards $5 billion four months after ICA declared the event a catastrophe
Beazley to prioritise firms with robust ESG scores
Companies must meet an appropriate threshold score under Marsh’s ESG Risk Rating (ERR) framework
WTW appoints APAC financial solutions head
Lee Garvey will oversee the development of credit and non-payment insurance solutions, as well as political risk and crisis management products
Queensland gains additional resilience funding
It follows the devastating floods experienced in South-East Queensland in February and March this year
AXA XL names China country manager
Dr HaoMing Zhou is based in Shanghai and reports to Gilles Fromageot, regional manager, Asia
Beware new generation climate risks, warns SONAR
The thawing of permafrost could accelerate climate hazards and release disease-carrying pathogens
WTW expands Asian construction and power team
Aon’s Nicki Tilney takes on a new role as George Nassaouati is promoted to head of Energy Asia
Earth observation data: A new frontier
The application, accuracy and quantity of satellite data continues to explode with opportunities for risk transfer and mitigation
Inflation and ‘ideological shifts’ fuel civil unrest
Strikes, riots and violent protest movements pose property damage and BI risks to companies - AGCS
Global events have ‘significantly altered’ business resilience in 2022
Rising prices and an unpredictable economic environment are driving instability and civil unrest, as we have already seen in Sri Lanka
Australia flood claim costs hit $5 billion
Claims inflation, due to rising labour and supply costs, is a key driver of the loss creep
Improved cyber resilience tempers ransomware
Companies’ risk management investments appear to be paying off with notable moderation in ransomware frequency
2022 Australia flood claims rise to $4.3 billion
Floods that hit South-East Queensland and Northern New South Wales are now the country’s fourth costliest disaster
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
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
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”
Multiple risks surround cost-of-living crisis - sigma
Decades of rising inequality in advanced markets has taken a $252 billion toll on insurance protection
Insurers face rising ESG concerns
’ESG reputation could become as important as product, service and price’ for insurers
“No room for complacency” in shipping industry
Crew and port congestion challenges and the war in Ukraine are among the challenging headwinds - AGCS
US D&O market posts best results since 2014
Rate hikes exceeding 10% per quarter fuelled direct premium growth of 35% to $14.6 billion
Targeting Asia’s protection gap
How innovation can build natural catastrophe resilience across the region
Australia’s 2022 flood costs break previous records
Floods in February and March are estimated to have cost $3.35 billion in insured losses
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
RIMS-WTW: Time to face our fragility
MAS’ Gillian Tan says more innovation and collaboration is needed to tackle complex risks
Hong Kong and NZ buck insolvency trend
Continuing fiscal support will allow ‘zombie’ firms to continue operating through 2022 - Atradius
Cyber and data loss D&O's top risks
Climate change was ranked 6th by respondents in Asia and Australasia - WTW and Clyde & Co
PERILS pegs Australia flood claims at $4 billion
Event is the largest flood loss on record for insurers, exceeding the 2011 Brisbane floods
Maersk diverts cargo from Shanghai ports
Several vessels will be “omitting Shanghai” due to a shortage of available container space at the port
UNDP partners with Generali to tackle protection gap
The partnership will support developing countries’ access insurance and risk finance solutions
Q1 nat cat losses reach $32 billion
APAC accounted for the highest percentage of Q1 economic losses at over $15 billion
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
Are your property assets underinsured?
How supply chain disruption has driven up the cost of construction, impacting insured property values
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
Energy transition accelerated by Russia-Ukraine
Geopolitical uncertainty is creating an increased need for transition risk management - WTW
Asian demand for captives grows, but hurdles remain
There is growing demand for captive solutions as organisations seek alternatives to traditional insurance structures
Australia’s devastating floods prompt risk evaluation
A national emergency has been declared in Australia, prompting risk managers to review their natural catastrophe exposure once more
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
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
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
Insuring the transition to net zero
Why insurers have a critical role to play in the shift away from fossil fuels
Asian catastrophe losses hit $72 billion in 2021
Insurance covered just nine percent of losses as physical damage costs continue to rise - Aon
Let’s avoid a VHS v Betamax stand-off on the climate transition
More open sources of data and open, common modelling standards will facilitate climate-transition decisions
Green hydrogen: managing transition risks
Green hydrogen could be a key component of a carbon-free future but there are significant hurdles to overcome
Cyber terror fears at heart of insurers’ reluctance to broaden cover
How the industry’s lack of appetite to cover terrorism or nation state cyber warfare risks is hindering market growth
Australia floods to cost insurers at least $1.45 billion
Farmers anticipate millions of dollars of losses as system shifts south to Sydney
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
Losses mount from eastern Australia floods
Torrential rail is wreaking devastation across Eastern Australia with flash floods forecast for Sydney
Post COVID-19 risk management needs more granularity
The heightened and complex risk landscape will test the creativity of insurers and risk managers
Delta Insurance launches in Australia
Specialist insurer with focus on risk mitigation is initially offering professional indemnity, cyber and commercial liability
Improve ransomware preparedness, Asian corporates urged
2021 was region’s “most challenging year yet for cyber insurance”, according to Aon Asia Market Review
IDF launches disaster risk reduction initiative
Countries to benefit from anticipatory action partnership include Bangladesh, Nepal, Pakistan and the Philippines
Top 10 cyber incidents last year cost firms $600m
Cyber threats are more common, more dangerous and more destructive than ever before - Tokio Marine HCC International
WTW: Firms failing to adequately protect reputation
77% of global executives lack confidence in their company’s reputational and ESG approach
Chaucer and Moody’s launch ‘game changing’ ESG scorecard
Tool will evaluate businesses’ risks and opportunities based on 158 different ESG metrics
Australian insurance sector set for rapid growth
Demand for natural catastrophe protection is one factor driving insurance penetration
Gallagher Re: 2021 third largest cat year for re/insurers
Reinsurance broker urges a rethink of the impact from “secondary perils” as extreme weather events drive loss tally
Hard market continues with cyber rates up 130% in Q4
It was the 17th consecutive quarter of commercial insurance price increases, according to Marsh
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
Descartes in bid to disrupt corporate insurance
The parametric insurtech has raised $120m to expand its solutions for risks relating to climate change
Global catastrophes cost $343 billion in 2021 - Aon
China was among the countries recording the costliest insurance industry events on record
Corporates facing ‘resilience fatigue’ - Beazley
Institutional burnout is a particular threat in pandemic-exposed sectors such as health, travel, education and hospitality
Lessons from Merck’s NotPetya victory
Cyber war exclusions are likely to see future disputes over state-sponsored attacks ruled in insurers’ favour
Marsh expands climate transition offering
Collaboration with deep tech data analytics platform will help corporations understand, manage, and report on their net zero journey
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
WTW launches crisis management solution
Broker merges SCR with Terror and Political Violence teams to assist multinationals
WEF Report: From ‘fight or flight’ to ‘boiling frog’
Why it’s time to shift out of crisis management mode as geopolitical tensions obstruct resilience efforts
Promoting risk engineering as part of a healthy risk culture
While nat cats cannot be avoided, risk engineering plays an important role in identifying and mitigating the potential damages arising
D&O risks in 2022 defined by COVID and diversity
Brokers have flagged emerging D&O risks, including COVID liabilities and ESG considerations
CROSS urges attention to risk management
Engineers must consider risk management at a “fundamental level” following structural collapses and tragic building fires
Minimising the risk of thermal runaway in renewable batteries
With modern applications of lithium-ion batteries relatively new, we’re just beginning to understand the implications of thermal runaway
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
2021 catastrophe claims tally reaches $112 billion
Total economic losses from natural and manmade catastrophes reached $259 billion, up by 20%
Wildfire buffers improve resilience, reduce claims
Nature-based solutions significantly reduce financial losses associated with wildfires, finds research
Special report: Risk conferences 2021
There was a lot to digest at the Airmic, Ferma and Parima conferences, but don’t worry, you can borrow our notes
Can parametrics close the gap?
Parametric products have role to play in closing protection gaps and catering to emerging risks like NDBI and cyber
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-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
Should insurers lead the climate march?
If the politicians won’t go to battle against climate change, maybe insurers have the power to drive behavioural change
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
Making good on a promise
It is in how they manage blindsiding losses that the risk managers prove their mettle
The next wave of climate litigation
Nigel Brook explains why climate litigation risk needs to be on every corporate risk manager’s radar
Cyber and reputation are Australia’s top threats
Survey highlights the growing interconnectivity of risks, as firms shift focus to impact-based risk assessments
Aon and ICEYE launch Japan climate risks solution
Japan experiences an average of three typhoon landfalls and several flood events annually
Insurers’ sustainability focus a “clarion call”, says BlackRock
Nearly half of respondents have turned down an investment opportunity over the past 12 months due to ESG concerns - BlackRock
COP26: Global resilience index launches
GRII will help sectors across the global economy quantify the value of building climate resilience, and the costs of doing nothing
Don’t fall foul of sanctions
Get on top of your sanctions risk compliance or suffer reputational consequences
Demand for supply chain insurance to rise
The global supply chain crisis has exposed the limits of business interruption insurance - DBRS Morningstar
COP26: Risk management “central” to climate mitigation
Insurance industry has a “unique contribution” in advancing understanding and sharing of climate-related risks - report
COP26: International Sustainability Standards Board launches
Move represents a “major step forward in establishing consistent, comparable global reporting standards” - TCFD
Luxury brands face liability protection gap
D&O, environmental and business travel risks are underinsured - Willis Towers Watson survey
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
ESG champions to receive preferred D&O terms
Marsh initiaitive will initially recognise US-based corporates but will be rolled out internationally in the coming months
Surge in demand for supply chain covers expected
CO2 crisis and other supply chain disruptions will drive “inevitable” interest in innovative supply chain insurance products
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
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
Reinsurance bosses face up to systemic risks
Transparency is needed as re/insurers navigate the systemic risk potential of pandemics, cyber and climate change
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
FERMA Talks: Political will for pandemic solution cools
Collaboration at all levels is necessary to ensure future financial resilience against systemic shocks, such as pandemics and state-sponsored cyber attacks.
FERMA Talks: The cyber conundrum
“We can’t leave insureds under-protected on cyber” as industry works through systemic risk potential
FERMA Talks: Time to reward ESG?
Corporate risk managers throw down the sustainability gauntlet to insurers in day 2 discussions
Global floods events lead 2021 nat cat tally - CRESTA
Extreme floods in Henan province in July caused claims of $1.9 billion, the largest cat event loss ever for Chinese insurers
Captive growth surges, led by PCCs
Marsh saw double the usual formation rate in 2020, with D&O premiums written via captives increasing by 50%
Don’t panic… but do act now
The IPCC report tells us tomorrow is not the same as yesterday, hence past data solely can’t always predict future outcomes
Abandoned cargo presents growing risk
Supply chain congestion and widespread delays in the international container trade is set to continue - TT Club
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
When to outsource your claims
Corporates are taking on more risk as a result of the hard insurance market, but what does this mean for claims?
Energy underwriters must embrace decarbonisation
Insurers should view the transition to net zero as an opportunity to be proactive - IUMI
Technology risks top global survey
Attention to intellectual property is a potential blind spot that may require more forceful remediation - Beazley
RIMS Australasia 2021: Insurers to pull coverage due to climate concerns
Across Australasia, carbon-intensive sectors face being left without access to insurance capacity, warns Willis Towers Watson
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
Lloyd’s: Insurers must addressing emerging geopolitical risks
New report calls for innovation around insurance for geopolitical risks to address the “significant protection gap”
RIMS Australasia 2021: Hard market sparks captive discussions
Higher premiums and falling coverage is prompting insurance buyers to explore captive and virtual captive structures
Fire risk at battery energy storage systems
Battery energy storage systems (BESS) are essential for low carbon economies… but fires are hampering growth potential
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
More positive outlook for insurance buyers - Marsh
For property and D&O insurance, premiums continued to increase throughout the first half of 2021, but at a lower rate
Push for insurance take-up after Henan floods
Substantial protection gap underpins “huge potential demand for catastrophe insurance protection” in China
Japan cleans up after floods and mudslides
Kyushu was worst hit, with some weather stations recording over 1,000mm of rain in less than a week
Tokio Marine Insurance Singapore hit by ransomware attack
The group has since hired an external specialist to verify the impact of the attack
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
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)
Almost half of food recalls avoidable - RQA
A large majority of recalls emanate from packaging mistakes, which are costly, reputationally damaging and avoidable
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
Aborted Aon WTW deal a “victory for competition”
Insurance buyers stand to benefit from greater choice as regulators lose appetite for monopolistic tie-ups - Brokerslink
Commercial insurance rates rise 15% in Q2
It is the 15th consecutive quarter of rate increases in the global commercial insurance market, finds Marsh
Aon and WTW call of mega merger
Brokers terminate $30 billion merger agreement following “an impasse” with the US Department of Justice
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
Catastrophic floods hit Zhengzhou
The record rainfall has caused widespread disruption across Henan, home to the world’s biggest production base for iPhones
Parametric quake cover launches for Japan corporates
Seismographs are installed directly at a client’s premises to provide a faster claims pay-out process
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
Insurers must meet buyers’ changing needs
Only 54% of insurance buyers say their cover is addressing their business challenges very well, finds Beazley
Is the ‘harsh market’ starting to ease?
At mid-year, pricing for most classes of business was back to technical levels - but cyber remains an outlier
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
Power sector faces up to transition risks
As insurance capacity shrinks, power companies across Asia need to adopt cleaner fossil fuels, warns WTW
Navigating the hard market
Can you show insurers that you’re up-to-speed with how your operations are responding to new market pressures?
Cyber insurance struggling to counter online threat
Cyber insurance has failed to live up to expectations that it may act as a tool for improving organisations’ cyber security practices, finds RUSI
NSW and Queensland flood claims at $916m
PERILS has updated its loss estimate for the New South Wales and Queensland floods of 18 to 24 March 2021
After Hong Kong, SRCC restrictions remain
SRCC insurance provides cover for loss or damages caused by riots, protests, strikes or other work-related unrest
Victoria floods gain ‘catastrophe’ status
Australian insurers have received more than 6,500 claims after storms and flooding affected large parts of the state of Victoria
IoT is a supply chain risk “game-changer”
Aon’s vaccine insurance solution demonstrates the technology’s potential in the insurance market, says GlobalData
Social engineering: Sophisticated and underinsured
Social engineering attacks are on the rise, but losses can pose a grey area where insurance is concerned
Sedgwick predicts post-pandemic recall surge
Product recall events are on the rise despite ongoing operational challenges experienced by global car and OEMs
Tech to help close climate protection gap
Early warning tool can help strengthen response to climate-related weather risk in Australia - Aon
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
AXA’s Asian operations hit by ransomware attack
It comes a week after AXA said it would be dropping extortion payments when underwriting cyber-insurance policies in France
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
Hail drives cat losses in April
Cyclone Seroja triggered flash flooding and massive landslides in southeastern Indonesia and Timor-Leste
FM Global releases earthquake map
In China, a hazard model jointly developed by FM Global and the China Earthquake Administration is used
Cloud dependency brings systemic risk potential
During the last six months, Amazon, Google and Microsoft Azure have all experienced significant service outages affecting businesses worldwide - CyberCube
Claims from NSW floods reach $1 billion
The New South Wales coast experienced the highest recorded rainfall since records began in March 2021
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
Australian government launches cat risk pool
The $10 billion reinsurance pool will subsidise the cost of insurance coverage for cyclones and related flood damage
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
Environmental risks a growing credit driver for Chinese insurers
Insurers’ have a rising exposure to climate-related disasters and decarbonisation policies warns Moody’s
Financial sector grossly underreporting climate exposure
Just a quarter are reporting portfolio emissions, which are on average 700 times higher than direct emissions
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
Warehouse risks in an age of e-commerce
How a surge in demand for warehouse storage may leave firms exposed to facilities which rely on sub-standard levels of risk protection
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
Trans-Tasman travel risks remain
Australia and New Zealand’s agreement on quarantine-free travel marks a new chapter for the two antipodean nations, but risks for travellers remain
IoT used in vaccine insurance solution
Insurance industry initiative, led by Aon, offers supply chain protection for COVID-19 vaccine shipments
Asset-light economy presents new, disruptive risks
Corporations are holding more risk on their balance sheets as the value of intangible assets grows
Labuan anticipates strong captive growth
Captive formation set to increase further in 2021 fuelled by the hardening commercial insurance market and renewed economic growth
Trans-Tasman travel bubble to open
Further COVID-19-related travel disruption, such as government-enforced lockdowns, may not be covered by insurance
NZ gains parametric ‘bounce-back’ cover
Lloyd’s and Kiwi start-up Bounce launches New Zealand parametric earthquake insurance which pays claims within five days
Protecting revenue volatility from extreme weather
Parametric insurance solutions are a valuable form of transfer to manage climate and other natural disaster risks, explain Marc Paasch and Richard Zhang
Nat cats cost global economy $190 billion in 2020
While COVID-19 was a stress test for society and the economy, it has an expiry date – climate change does not, warns Swiss Re chief economist
Digital health sector overexposed - survey
More than two thirds lack insurance coverage for bodily injury claims arising from system failure or cyber breach
Liability risk: Adapting to survive
The past year has forced businesses to become more agile and pivot quickly in order to survive. But when business models change, so do risk profiles
High Court to hear insurance appeal
The High Court will hear appeal arguments over the NSW Court of Appeal’s judgment in the first BI test case
MS Exchange attacks to hit larger firms
The cyber attacks, believed to have come from Chinese state-sponsored hackers, exploit vulnerabilities in Microsoft Exchange servers
Insurer CNA hit by cyber attack
The insurer, which underwrites cyber insurance via subsidiary CNA Hardy, said the “sophisticated” attack on 21 March caused network disruption
BCPs must explicitly address civil unrest
Civil unrest is now the main political risk exposure for companies, with COVID-19 likely to fuel further disturbances
Power and utilities gain dedicated cyber cover
Product includes cover for property damage and fines and defence costs arising from regulatory actions, including GDPR
OECD: Insurers need "skin in the game" on pandemics
Insurance sector needs to play more active role in future pandemic solutions, says OECD secretary-general Angel Gurría
NSW flood claims reach 11,700
SE Queensland floods also declared a catastrophe as large parts of the Hawkesbury-Nepean Valley remain inaccessible
NSW floods declared a catastrophe
Large parts of New South Wales, including Mid-North Coast and Hawkesbury-Nepean, are inaccessible after widespread floods
Fitch: Insurers are “green economy enablers”
The ability to channel investment into sustainable projects is viewed as a sizeable growth opportunity for the insurance sector
Baron: Time to challenge insurers
Parima chairman Franck Baron says most APAC corporates are retaining more risk as the insurance market hardens
Indonesia, Philippines and Thailand gain exposure database
PERILS will provide market-wide property sums insured exposed to earthquake, tropical cyclone (typhoon) and flood
Google offers cloud cyber risk protection
Google Cloud partners with Munich Re and Allianz Global Corporate & Specialty to provide cloud specific cyber insurance
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
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
NDBI: Exposed and unprotected
Caroline Woolley explains why it’s much better to play ‘let’s pretend you have a loss’, than trying to deal with expectation gaps after an event
Australian insurers to examine coverage gaps
Review comes amid concern about the availability and affordability of some categories of insurance cover
Lloyd’s launches systemic risk initiative
The COVID-19 pandemic has highlighted gaps in the knowledge, understanding, and mitigation of systemic and black swan risks
Perth Hills bushfires declared a catastrophe
Bushfires in the north-east Perth Hills region have so far destroyed 81 homes, with insurers receiving over 270 claims worth $40m
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
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%)
PPPs needed to insure systemic risk
Future climate and systemic risks remain a key challenge - Insurance Development Forum
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
Tropical cyclone risk in 2050
Study assesses the likely impact of climate change on hurricane severity and storm surge over the next 30 years
US braces for Inauguration Day violence
The FBI warns of violence ahead of Joe Biden’s Presidential inauguration, but heightened security may defer the risk
Service to measure cyber ‘human error’ risk
The Workforce Cyber Culture Assessment assesses people risk and the impact of business culture in a cyber context
‘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
Howden: Better risk transfer solutions needed
COVID-19 has brought the growing ‘intangibility’ of risk into focus, a trend that will accelerate
Willis Towers Watson to leverage AI for emerging risk solutions
Airmic welcomes broker’s partnership with analytics firm Polecat, which ”signals a new generation of innovative risk management solutions”
Catastrophe losses cost insurers $83 billion in 2020
Losses from secondary peril events are forecast to increase, driven by climate change - Swiss Re sigma
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
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
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
Is cladding ever safe to use?
When fire strikes in buildings using foam plastic materials, the results can be catastrophic and tragic
Insurance Council of Australia to appeal BI ruling
Pandemics were not contemplated for coverage under most business interruption policies, insists ICA
Liability solution targets motor manufacturers
Amid growing product recall risks, a 5-in-1 insurance solution has been developed for Asian automotive manufacturers
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
NSW Court of Appeal rules against insurers
The Insurance Council of Australia is considering whether to appeal the pandemic business interruption test case decision
NSW tackles unsafe cladding
New scheme will offer financial incentives to the owners of high-rise properties to replace dangerous cladding
Internal failures drive cyber claims frequency
Business interruption is the main cost driver behind cyber losses, accounting for around 60% of the value of all claims - AGCS
Report finds “major flaws” in risk reporting
FTSE 100 companies ignored or downplayed the impact of pandemics, finds Mactavish in damning report
Nat cat loss tally rises in October
Total combined economic losses from heavy seasonal rainfall across India are estimated at $4 billion
Hard market: “Start renewals early”
Risk managers should start their renewal process early and manage their expectations, advises FM Global
How risk and insurance supports sustainability
Energy companies need partners and advisors that can help them make the move to a renewable future
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
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
Australia must prepare for more severe nat cats - wildfires probe
The Royal Commission into National Natural Disaster Arrangements has called for urgent action on natural disaster risk mitigation
Reducing temperature-controlled cargo losses
Why temperature-controlled incidents are such a common cause of marine cargo claims and how to avoid them
RIMS and HKFI collaborate on training initiative
Multi-year programme will design and deliver advanced risk management training for the Hong Kong market
Restoring mangroves to build coastal resilience
Globally, mangroves reduce flood damages by $65 billion every year; insurance solutions are critical to post-storm restoration
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 transparency key to growth
PCS has launched a new data set to help the cyber insurance sector manage risk and capital more effectively
Swiss Re and Daimler launch e-mobility MGA
“Movinx” will offer solutions for a sector being disrupted by technology and changing mobility service models
Reputational crises put directors at risk
ESG pledges, unmet, will leave stakeholders disappointed and pose the greatest enterprise risks of all, warns Nir Kossovsky and Denise Williamee
Firms must build more resilient workforces
COVID-19 has created a new urgency to protect working people, with compulsory unemployment insurance a much-needed safety net - research
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
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
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 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
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
Climate Week: CCRI warns of ‘cascading’ risk
COVID-19 should not be allowed to derail progress made in driving greater climate resilience
Singapore underwriters tackle intangible risks
Marsh has seen a 30% increase in the take up of cyber insurance across Asia annually
Australian mining sector faces hard market
There is a continued constriction of insurance capacity for thermal coal operations - Willis Towers Watson
D&I plays “crucial role” in business resilience - survey
Mental health, gender equality, flexible working patterns and culture & ethnicity ranked the top issues to address within risk and insurance - Dive In
StrategicRISK Q3 2020: A more mindful business
As lockdown restrictions lift, organisations must carefully manage the safety, mental health and wellbeing of their staff. It’s the right thing to do, and it’s good for business.
COVID crisis sparks captive growth
Captive formation grew by 200% in the first half of 2020, including captives to cover pandemic-related losses - Marsh
Fighting cancel culture
Before you can manage and mitigate risks to you brand and reputation, you first need to be able to measure it
Southeast Asia to benefit from supply chain diversification
Global supply chains are undergoing fundamental and accelerated restructuring, the latest Swiss Re Institute sigma study
Indonesia flood model launched
Climate change influences are likely to increase the impact of flooding over the near and medium term
Navigating the harsh market
A “harsh” insurance market means risk managers need to adapt fast to conditions most have never seen before
Pandemic BI test case heads to NSW Court of Appeal
Test case was launched by the Insurance Council of Australia (ICA) to examine the application of certain infectious diseases exclusions in business interruption policies
South Korea braces for second major typhoon
Supertyphoon Haishen is currently on track to make landfall as a category 4 storm, with windspeeds of up to 156 mph
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
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 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 makes Louisiana landfall
Laura made landfall as a category 4 hurricane with wind speeds of up to 150mph and an “unsurvivable” storm surge
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
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
ICA launches BI test case in NSW Supreme Court
Outcome will be used to determine complaints arising from COVID-19 related business interruption claims
The Herculean task of rebuilding Beirut
Lessons learned in the aftermath of the Tianjin port explosion in 2015 will be particularly significant in Beirut, says Crawford’s Benedict Burke
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
APAC commercial insurance pricing up 31% in Q2
COVID-19 related losses among the factors driving up insurance pricing - Marsh
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
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 port disaster loss to impact global insurers
Observers are drawing comparisons with the 2015 explosion in the Chinese port of Tianjin, which highlighted accumulation exposures in ports - AM Best
Hard market to prompt captive growth
Firming commercial insurance prices and impacts from COVID-19 could present opportunities for the captive insurance segment - AM Best
ICA prepares pandemic BI test case
The outcomes will be used to determine complaints arising in respect of COVID-19-related business interruption claims
Australian insurers adapt to intangibles
Items like data, content, software code, brands, confidential information, inventions, industrial know-how, and design rights are integral to corporates
Covid-19 transforms professional lines market
Rising premiums are expected for risk managers across the Asia-Pacific region
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
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
Australian hailstorms claims reach A$1.8 billion
The largest impact was experienced in Canberra which suffered from hailstones up to 6cm in size
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
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
Parametric products can increase climate resilience
Today’s “wealth of data” can be used to construct risk transfer products for extreme weather - Nephila’s Barney Schauble
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
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
Marsh webinar highlights “collective failure of imagination”
Risk managers need to learn lessons from the pandemic, adapt to the “new normal” and plan strategically for an uncertain future - panellists
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
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
Zurich expands climate resilience team
“Risk management tools that can help businesses quantify the impact of climate change are high in demand”
Power sector feels pandemic pressures
The increasing focus on ESG is also having a significant impact on future power sector risk management strategies
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
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
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
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
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
Philippines flood model launched
The combined impacts of climate change and rapid urbanisation are aggravating flood risk in the Philippines - Guy Carpenter
ICA explores insurance solutions for future pandemics
An Australian pandemic risk insurance pool is one option being mooted by the Insurance Council
Restart facilities with care - AGCS
20% to 30% of AGCS fire claims are related to the condition of electrical equipment and installations
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
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
WTW launches cyber marine cover
Product includes business interruption cover in the event of a cyber incident that disrupts operations
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
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
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
Late notices are “missed opportunities” - Allied World
Delayed claim reporting can cost both carrier and insured hundreds of thousands of dollars in defence costs
How climate change is shaping risk management
The Covid-19 crisis has dominated the global agenda in 2020, but climate change risk is the long-term issue that is impossible to ignore
Climate change “major threat” to global resilience - sigma
Failure to take immediate tangible action could lead to climate systems reaching irreversible tipping points, jeopardising insurability
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.
Using AI to map ‘silent cyber’ exposures
Guy Carpenter has partnered with RiskGenius to improve the detection and qualitative analysis of silent cyber exposure across various lines of business.
WTW launches COVID-19 tracking tool
Willis Towers Watson has updated its Global Peril Diagnostic modelling tool to provide up-to-date information on confirmed global COVID-19 cases alongside insurers’ property portfolios
Fitch: Negative outlook for APAC insurers
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
Swiss Re appoints new APAC CEO
Swiss RE stalwart, Russell Higginbotham is succeeding Jayne Plunkett, who has decided to pursue career opportunities outside Swiss Re.
The questions that Marsh-JLT Specialty will need to address at this year's Airmic conference
Marsh’s UK and Ireland chief executive Chris Lay tells StrategicRISK that more JLT staff are likely to leave as premium increases put pressure on brokers to work harder
Mondelez case prompts cyber warning
As the $100m Mondelez vs Zurich case continues in the US, StrategicRISK takes a closer look at the case and what it means for risk managers globally.
Qatar Re CEO Gunther Saacke quits
Ex-Novae Re chief Gunther Saacke is set to step down as CEO and executive director in March.
BHSI withdraws from Hong Kong terrorism pool
The firm said this decision benefits all BHSI’s new and existing EC customers for policies incepting or renewing on or after December 1, 2018.
Marsh appoints APAC leaders post $5.7bn JLT merger
As the Marsh and JLT merger draws to a close, Marsh has announced a number of appointments, effective upon closing of the mega deal.
Lloyd's announces trio of APAC appointments
Following an organisational restructure, Iain Ferguson has been appointed regional director of APAC, combining the existing and Greater China regions under one banner.
The trying tripartite relationship
In this latest opinion piece, StrategicRISK editor Lauren Gow examines the changing relationship status between corporate risk managers, brokers and insurers.
Climate risk could make world 'uninsurable'
Increasing risks to all businesses as nations are failing to act on their current Paris Agreement commitments, with the planet is heading towards a 4°C or higher trajectory.
Can we still have an international programme even if some of our subsidiaries want to opt out?
Zurich’s head of international sales and distribution, Fernando Danes, explains why international programmes are perfect for your business.
Tokio Marine Kiln shuts Hong Kong office
Insurer said the decision was made after re-assessing the ongoing, challenging market for the engineering, marine cargo and marine liability lines written out of Hong Kong which have made the cost of maintaining the office unsustainable.
The Journal, 2nd edition: Business interruption
StrategicRISK and Swiss Re Corporate Solutions launch the second edition of The Journal examining business interruption risk.
What should you consider before buying a cyber insurance policy?
JLT Specialty, financial lines, regional assistant director, Menaka Muthu asks why it is pertinent to really understand your risk before buying a cyber policy
How can risk managers be confident that international claims will be paid should the worst happen?
Sean Welsch, head of captive management and business development, Zurich explores what happens to local retentions of local policies.
We've been using our wording worldwide, why is this not possible in an international program?
Have you heard of “manuscript wording”? Or “difference in conditions”? Or even the concept of “mirroring”? Zurich’s Sean Welsch, head of captive management and business development, explains….
What things should I consider when buying corporate insurance?
Suchitra Narayanan, head of risk and insurance for Bumi Armada, offers a complete guide to the process
What are some of the challenges and pitfalls when buying insurance?
Buying insurance can be a difficult. Suchitra Narayanan, head of risk and insurance for Bumi Armada, explains how to make a success of your policies.