Risk financing

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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

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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

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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

Pandemic

ICA explores insurance solutions for future pandemics

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

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Restart facilities with care - AGCS

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

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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

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

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WTW launches cyber marine cover

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

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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

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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

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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

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

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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

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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.

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.

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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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

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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.

Mergers

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

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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.

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Qatar Re CEO Gunther Saacke quits

Ex-Novae Re chief Gunther Saacke is set to step down as CEO and executive director in March.

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What are the limitations of DIC/DIL (Difference in Conditions & Difference in Limits) I should be aware of?

Zurich head of international sales and distribution for APAC, Fernando Denes, explains why local subsidiaries of multinational companies may not have the right insurance coverage.

terrorism

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.

merger

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.

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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.

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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.

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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.

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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.

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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.

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The Journal, 2nd edition: Business interruption

StrategicRISK and Swiss Re Corporate Solutions launch the second edition of The Journal examining business interruption risk.

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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

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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.

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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….

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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

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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.