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François Beaume, VP digital transformation at Amrae, explores how this year’s Panorma survey can help risk managers leverage technology, to better mitigate threats
The catastrophes have disrupted supply chains and tested New Zealand’s resilience
Three quarters of food & drink firms cite lack of supply chain insurance solutions as among their biggest challenges
Global losses from floods were above average, the main event being flooding in eastern Australia in February-March 2022
About a third of events impacted US cloud regions, with a total of 1,190 performance disruptions overall
Floods are the largest weather-related loss in history for New Zealand, prompting a rethink of extreme weather exposures
Corporates must not put all their eggs in one basket where funding options are concerned
But greater volatility is expected in 2023, driving threats including kidnap incidents and political repatriations
In the post-pandemic world, risk managers must reevaluate what constitutes an ‘acceptable’ risk
Offers an “affordable solution” for large-scale insurance of catastrophic and agriculture exposures - New Dawn Risk
From supply chain and natural hazards to ransomware and risk management processes, APAC risk managers face multi-faceted compliance requirements
The hard market, supply chain disruptions and natural catastrophes continue to challenge businesses in the region - Aon
Companies are redesigning supply chains, but BI insurance protection remains a “wafer-thin patchwork”
Captives provide much-needed capacity as traditional carriers reduce limits, increase exclusions, and/or increase pricing
There are many lessons to be learned from the rollout of the sanctions and ensuing compliance efforts
Civil unrest risks has risen substantially, causing billions of dollars in property damage and business interruption
Not all risks can be managed out of existence. It’s time for insurers to step up
The company intends to embed a pre-bind tool to determine the ESG score of prospective clients
Cyclone Gabrielle and Auckland floods to erode profitability of property insurers in New Zealand
Around a third of New Zealand’s population live in areas affected by Cyclone Gabrielle, many without power
Airmic members say the “gold mine” of sensitive data they share with underwriters could present a security risk
Freeze risk regularly impacts equipment and infrastructure which is often hidden and enclosed within a building
Aim is to develop a trade secret protection ecosystem as the value of unprotected intangibles grows
Tragedy is a reminder that resilience is the main defence against such powerful seismic events
Cyber rates continue to rise at slower pace; financial and professional rates fall for a second quarter
From a family of insurance experts, Soni Srivastava was perhaps destined for a career in the industry
Strategic risks are mounting post-pandemic as firms cite fears around reputational risk and underinsured BI losses
Flood losses in Australia broke the historical record and monsoonal floods in Pakistan had a far-reaching humanitarian impact
Outage at the world’s second-ranked cloud service provider brought down multiple regions for nearly three hours
Thefts from hijacking have fallen as a proportion of cargo theft; these are now second to theft from facilities
Credentials stolen via phishing remains the most common cyber attack vector for businesses
Floating solar will play an important role in the energy transition of China, India and South Korea
Insurance sector must ‘stay curious and think ahead’ to cope with emerging risks, rather than simply passing the buck to other industries
Just 4% of experts worldwide are “confident” that connected devices are properly secure, warns WEF
Insurance class to see a period of “growth and stability”, but appetite for pandemic cover remains muted
The floods generated an industry loss of $4.7 billion, while the Fukushima Earthquake caused $3.9 billion in claims - CRESTA
Some surprising trends have emerged in the industrial cyber risk landscape. What does this mean for 2023?
State governments and large corporates will be held to account on climate related pledges, warns Clyde & Co
Navigating complex ESG challenges with the support of internal and external partners
Gabrielle Durisch will join from Zurich Insurance Group in April 2023 as global head of ESG & Sustainability Solutions
Activists received a tip-off that Probitas1492 is insuring the Adani Carmichael’s thermal coal project rail line, haulage operation and port
Fallout from a global recession, lax cyber security and an uptick in litigation are other key risk drivers for 2023
Cost of insurance against defaults on sovereign debt jumps by 179% in Asia & Pacific
AM Best has revised its market segment outlook on the China non-life insurance industry to stable from negative
The floods primarily affected the states of New South Wales, Victoria and Tasmania during October 2022
Markets in the Mainland and Hong Kong will be brought closer to transform the SAR into a ’global risk management and insurance hub’
In a country with a scarceness of risk managers, Kei Masuyama is leading the way for the profession in Japan
Ensuring health and safety of staff is a “business imperative” given increasing duty of care regulations
As we approach year-end, it is clear 2022 has offered no reprieve from shocks and cascading risks
Does the creation of a mega captive in Europe reflect poorly on commercial insurers, and what are the risks involved?
The rising prices of steel, spare parts and labour are all factors in the increasing cost of hull repair and machinery breakdown claims
With growing vulnerability to extreme weather and geopolitical threats, the industry needs new risk transfer solutions
As rising costs fuel higher insured losses, risk managers will get preferential treatment for their organisational resilience, says FM Global
Insurer opens experiential risk management facility for APAC clients featuring interactive simulation labs and an immersive theatre
There is currently a protection gap of around 90% due to the uncertain nature of systemic risk
Widespread disruption continues due to flood-impacted roads, rail, homes, properties, businesses and agricultural land
The recent floods in Pakistan caused $30 billion in economic losses - more than 10% of the country’s GDP
Ukraine crisis and inflation lead to 34% increase in sovereign debt downgrades, including Sri Lanka
Ransomware is forecast to cause $30 billion in damages by 2023, warns AGCS
Rates increased in the Pacific by 5% and in Asia by 2%, with cyber pricing increasing 53% overall
The fastest-growing region globally is expected to be emerging Asia, led by China and India
The war in Ukraine is one of the major crises of our times. It is exposing the limitations of insurance
Research from FM Global shines a light on the vulnerability of commercial properties which lack resilience
Risk managers faced up to insurance bosses as they discussed the ‘industrialisation of crime’ in Copenhagen
An uncertain geopolitical risk landscape could be one source of distraction as cyber resilience deteriorates
Soaring inflation is creating issues on many levels - but there are things you as a risk manager can do
Inaction not an option, says Green Paper in the aftermath of Australia’s massive Optus data breach
How effective data integration makes sense of complexity and takes risk management into a new era
Trend is particularly strong in Asia where demand for digital health services has grown substantially - Beazley
Building resilience into our global society has to begin now, with significant benefits for risk managers
While nearly all respondents in Australia and New Zealand say that digital trust is important, just 12 percent have a dedicated staff role
Research paper from China finds “stampede accident” and “fire or explosion” are dominant causes of severity loss
Event is now the largest insured catastrophe loss event experienced in Australia at $6.3 billion
Power insurance market will harden further due to constrained capacity and a ‘disappointing’ loss record - WTW
As sustainable approaches burgeon in importance, risk managers have been urged to focus on recovery measures when disaster hits
The insurance industry has a ‘once in a lifetime’ chance to support the transition to Net Zero, so what’s holding it back
When approaching last year’s renewals, a single factor helped us shortlist brokers: data
The parametric insurance product is designed to help travellers manage the impact of unexpected weather conditions
Early estimates put the damage at more than $10 billion as minister blames climate change
Supply chain issues, inflationary pressures and geopolitical uncertainty contributed to the market’s challenges in Q2 2022
Raw material shortages and rising energy costs are causing building costs to skyrocket, potentially leaving business out of pocket
Sean Deehan will also continue in his current position as Hong Kong market leader for WTW’s ICT business
Investment in green and blue hydrogen initiatives is estimated to exceed $150 billion by 2025
Brokers have a ‘real opportunity’ to showcase their value in the face of cost and supply chain pressures
The O’Kane-Fuller Flood Inquiry’s 28 recommendations will help improve future flood resilience
The heavy rainfall caused unprecedented flooding in various parts of Seoul, Gyeonggi Province and Incheon, with the Gangnam area one of the worst hit
The credit will be applied as a 5% premium offset against policies with renewals between 1 October 2022 and 30 September 2023
As with Sri Lanka, protests are being driven by inflation, adding to economic and social stresses initially caused by COVID
Australia’s High Court to hear arguments in the country’s second BI test case, which has so far favoured insurers
Managing the reputational fallout from being the subject of a cyber attack is an aspect that is often overlooked
A third of organisations experience a ransomware attack at least once a week, with impacts on security professionals’ wellbeing
In Singapore, financial and professional lines prices increased by 24%, the largest pricing increase compared to 16% in the previous quarter
Geopolitical tensions, supply-chain issues, volatility in oil prices, and extreme weather repercussions could hamper growth
Floods in India, China and Bangladesh confirm the growing loss potential from floods in urbanised areas
The loss tally is higher than usual with floods in Australia constituting the costliest disaster at $6.6 billion
UN Secretary General Antonio Guterres has hailed the accord a “beacon of hope”
Global natural catastrophes during the first half of the year caused estimated damage of $92 billion
A quarter of the world’s power generation capacity and 26% of international port outflows are currently at risk of flooding, finds Marsh McLennan
Contingent BI claims spike due to broken supply chains, cyber claims remain elevated and inflation will add to claims severity, finds AGCS
Henning Haagen will oversee the new team with Guy Money promoted to global head of Multinational Business
Iris Chan assumes an expanded role and will be responsible for all aspects of CRB business in Hong Kong and Macau
Conduct risks such as ‘greenwashing’ stand to be major source of environmental liability claims
Global insurance premiums are set to surpass $7 trillion, with China now the world’s second largest market
Data exfiltration is now prevalent in a significant majority of incidents as extortion techniques become increasingly complex
Imagination is needed by corporate risk managers to deliver outcome-based solutions, say panellists
So far, insurers have received 8,415 claims costing $97.9m, but losses are expected to rise substantially
Communities need to be “better protected” from extreme weather events that are “becoming more frequent and severe”
Protection gap for health, mortality and natural catastrophe risks combined reached $1.42 trillion in 2021, finds sigma
More D&O insurers are willing to offer better coverage to businesses with robust ESG frameworks, says Marsh
Power games are increasingly being fought on multiple levels beyond physical conflict, including cyber warfare
Claims costs creep towards $5 billion four months after ICA declared the event a catastrophe
Companies must meet an appropriate threshold score under Marsh’s ESG Risk Rating (ERR) framework
Lee Garvey will oversee the development of credit and non-payment insurance solutions, as well as political risk and crisis management products
It follows the devastating floods experienced in South-East Queensland in February and March this year
Dr HaoMing Zhou is based in Shanghai and reports to Gilles Fromageot, regional manager, Asia
The thawing of permafrost could accelerate climate hazards and release disease-carrying pathogens
Aon’s Nicki Tilney takes on a new role as George Nassaouati is promoted to head of Energy Asia
The application, accuracy and quantity of satellite data continues to explode with opportunities for risk transfer and mitigation
Strikes, riots and violent protest movements pose property damage and BI risks to companies - AGCS
Rising prices and an unpredictable economic environment are driving instability and civil unrest, as we have already seen in Sri Lanka
Claims inflation, due to rising labour and supply costs, is a key driver of the loss creep
Companies’ risk management investments appear to be paying off with notable moderation in ransomware frequency
Floods that hit South-East Queensland and Northern New South Wales are now the country’s fourth costliest disaster
Pandemic is a call to action for insurers to help close the protection gap in life and health across APAC markets, finds Swiss Re
Widespread riots broke out in Sri Lanka following an attack on anti-government protests in Colombo on 9 May
Recurring lockdowns have ”exposed the weaknesses of the solar industry’s total reliance on Southeast Asia”
Decades of rising inequality in advanced markets has taken a $252 billion toll on insurance protection
’ESG reputation could become as important as product, service and price’ for insurers
Crew and port congestion challenges and the war in Ukraine are among the challenging headwinds - AGCS
Rate hikes exceeding 10% per quarter fuelled direct premium growth of 35% to $14.6 billion
How innovation can build natural catastrophe resilience across the region
Floods in February and March are estimated to have cost $3.35 billion in insured losses
Businesses caught in cyber crossfire of Russia-Ukraine conflict cannot rely on insurance for protection, warns Databarracks
MAS’ Gillian Tan says more innovation and collaboration is needed to tackle complex risks
Continuing fiscal support will allow ‘zombie’ firms to continue operating through 2022 - Atradius
Climate change was ranked 6th by respondents in Asia and Australasia - WTW and Clyde & Co
Event is the largest flood loss on record for insurers, exceeding the 2011 Brisbane floods
Several vessels will be “omitting Shanghai” due to a shortage of available container space at the port
The partnership will support developing countries’ access insurance and risk finance solutions
APAC accounted for the highest percentage of Q1 economic losses at over $15 billion
Losses such as the Beirut explosion in 2020 and Winter Storm Uri were not included in the analysis
How supply chain disruption has driven up the cost of construction, impacting insured property values
Chris McLaughlin joins from Aon to head up the venture - a response to ’heightened cybersecurity pressure’ on APAC firms
Geopolitical uncertainty is creating an increased need for transition risk management - WTW
There is growing demand for captive solutions as organisations seek alternatives to traditional insurance structures
A national emergency has been declared in Australia, prompting risk managers to review their natural catastrophe exposure once more
Net losses will be “much lower” than ICA’s current gross estimate of $2.5 billion due to reinsurance recoveries
Grounding is the second major cause of total loss of all shipping vessels over the past decade - AGCS
Up to $820m in insured losses from the M7.3 earthquake are attributed to commercial and industrial properties
Why insurers have a critical role to play in the shift away from fossil fuels
Insurance covered just nine percent of losses as physical damage costs continue to rise - Aon
More open sources of data and open, common modelling standards will facilitate climate-transition decisions
Green hydrogen could be a key component of a carbon-free future but there are significant hurdles to overcome
How the industry’s lack of appetite to cover terrorism or nation state cyber warfare risks is hindering market growth
Farmers anticipate millions of dollars of losses as system shifts south to Sydney
Less than one-third of the FTSE100 sample showed evidence of standalone reporting on climate change risk in line with TCFD
Torrential rail is wreaking devastation across Eastern Australia with flash floods forecast for Sydney
The heightened and complex risk landscape will test the creativity of insurers and risk managers
Specialist insurer with focus on risk mitigation is initially offering professional indemnity, cyber and commercial liability
2021 was region’s “most challenging year yet for cyber insurance”, according to Aon Asia Market Review
Countries to benefit from anticipatory action partnership include Bangladesh, Nepal, Pakistan and the Philippines
Cyber threats are more common, more dangerous and more destructive than ever before - Tokio Marine HCC International
77% of global executives lack confidence in their company’s reputational and ESG approach
Tool will evaluate businesses’ risks and opportunities based on 158 different ESG metrics
Demand for natural catastrophe protection is one factor driving insurance penetration
Reinsurance broker urges a rethink of the impact from “secondary perils” as extreme weather events drive loss tally
It was the 17th consecutive quarter of commercial insurance price increases, according to Marsh
Volume increases at terminals, and associated congestion, is behind an increase in impact-related incidents - TT Club
The parametric insurtech has raised $120m to expand its solutions for risks relating to climate change
China was among the countries recording the costliest insurance industry events on record
Institutional burnout is a particular threat in pandemic-exposed sectors such as health, travel, education and hospitality
Cyber war exclusions are likely to see future disputes over state-sponsored attacks ruled in insurers’ favour
Collaboration with deep tech data analytics platform will help corporations understand, manage, and report on their net zero journey
The region’s chief executive Carrie Lam outlined plans to strengthen the SAR’s position as a centre for risk and insurance
Broker merges SCR with Terror and Political Violence teams to assist multinationals
Why it’s time to shift out of crisis management mode as geopolitical tensions obstruct resilience efforts
While nat cats cannot be avoided, risk engineering plays an important role in identifying and mitigating the potential damages arising
Brokers have flagged emerging D&O risks, including COVID liabilities and ESG considerations
Engineers must consider risk management at a “fundamental level” following structural collapses and tragic building fires
With modern applications of lithium-ion batteries relatively new, we’re just beginning to understand the implications of thermal runaway
Risk managers and their D&O insurers should also closely monitor potential exposures to US derivative actions, warns AGCS
Total economic losses from natural and manmade catastrophes reached $259 billion, up by 20%
Nature-based solutions significantly reduce financial losses associated with wildfires, finds research
There was a lot to digest at the Airmic, Ferma and Parima conferences, but don’t worry, you can borrow our notes
Parametric products have role to play in closing protection gaps and catering to emerging risks like NDBI and cyber
As the cyber market continues to harden, buyers will seek alternative risk transfer solutions, predicts New Dawn Risk
The pandemic, a prolonged recession, cyberattacks and data fraud are the primary short-term risks, finds RIMS and Marsh
If the politicians won’t go to battle against climate change, maybe insurers have the power to drive behavioural change
Tropical storms to become more severe as the climate changes; ICA calls for stronger building codes and retrofitting programs
It is in how they manage blindsiding losses that the risk managers prove their mettle
Nigel Brook explains why climate litigation risk needs to be on every corporate risk manager’s radar
Survey highlights the growing interconnectivity of risks, as firms shift focus to impact-based risk assessments
Japan experiences an average of three typhoon landfalls and several flood events annually
Nearly half of respondents have turned down an investment opportunity over the past 12 months due to ESG concerns - BlackRock
GRII will help sectors across the global economy quantify the value of building climate resilience, and the costs of doing nothing
Get on top of your sanctions risk compliance or suffer reputational consequences
The global supply chain crisis has exposed the limits of business interruption insurance - DBRS Morningstar
Insurance industry has a “unique contribution” in advancing understanding and sharing of climate-related risks - report
Move represents a “major step forward in establishing consistent, comparable global reporting standards” - TCFD
D&O, environmental and business travel risks are underinsured - Willis Towers Watson survey
Despite pricing levelling out in certain lines of business, the ‘pressure on rates in cyber insurance’ continues
Marsh initiaitive will initially recognise US-based corporates but will be rolled out internationally in the coming months
CO2 crisis and other supply chain disruptions will drive “inevitable” interest in innovative supply chain insurance products
The consortium will provide capacity of up to $300m to companies working on China’s Belt and Road Initiative
Syndicate 4321 will support those businesses that invest in ESG by offering additional capacity on a multi-line basis
Transparency is needed as re/insurers navigate the systemic risk potential of pandemics, cyber and climate change
A judge has ruled in favour of insurers in the Federal Court of Australia in a second COVID-19 business interruption test case
Collaboration at all levels is necessary to ensure future financial resilience against systemic shocks, such as pandemics and state-sponsored cyber attacks.
“We can’t leave insureds under-protected on cyber” as industry works through systemic risk potential
Corporate risk managers throw down the sustainability gauntlet to insurers in day 2 discussions
Extreme floods in Henan province in July caused claims of $1.9 billion, the largest cat event loss ever for Chinese insurers
Marsh saw double the usual formation rate in 2020, with D&O premiums written via captives increasing by 50%
The IPCC report tells us tomorrow is not the same as yesterday, hence past data solely can’t always predict future outcomes
Supply chain congestion and widespread delays in the international container trade is set to continue - TT Club
The insurance industry’s D&I festival kicks off today with mental health, gender equality and racial inclusion high on the agenda
Corporates are taking on more risk as a result of the hard insurance market, but what does this mean for claims?
Insurers should view the transition to net zero as an opportunity to be proactive - IUMI
Attention to intellectual property is a potential blind spot that may require more forceful remediation - Beazley
Across Australasia, carbon-intensive sectors face being left without access to insurance capacity, warns Willis Towers Watson
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
New report calls for innovation around insurance for geopolitical risks to address the “significant protection gap”
Higher premiums and falling coverage is prompting insurance buyers to explore captive and virtual captive structures
Battery energy storage systems (BESS) are essential for low carbon economies… but fires are hampering growth potential
The sharp drop in M&A activity in Asia Pacific can be attributed in part to the high regulatory bar in some jurisdictions
For property and D&O insurance, premiums continued to increase throughout the first half of 2021, but at a lower rate
Substantial protection gap underpins “huge potential demand for catastrophe insurance protection” in China
Kyushu was worst hit, with some weather stations recording over 1,000mm of rain in less than a week
The group has since hired an external specialist to verify the impact of the attack
The total economic cost of flooding in China in July has been estimated at nearly $25 billion - Impact Forecasting
Severe flooding in Henan province in July resulted in estimated insured claims of CNY 11 billion ($1.7 billion)
A large majority of recalls emanate from packaging mistakes, which are costly, reputationally damaging and avoidable
In Australia, a softening of the pricing curve is being observed with more cause for optimism - Gallagher
Insurance buyers stand to benefit from greater choice as regulators lose appetite for monopolistic tie-ups - Brokerslink
It is the 15th consecutive quarter of rate increases in the global commercial insurance market, finds Marsh
Brokers terminate $30 billion merger agreement following “an impasse” with the US Department of Justice
Fatalities due to temperature extremes were the deadliest type of disaster during the first six months of 2021
The record rainfall has caused widespread disruption across Henan, home to the world’s biggest production base for iPhones
Seismographs are installed directly at a client’s premises to provide a faster claims pay-out process
While wind turbine fires are relatively rare, when one does occur, it often results in the total destruction of the asset
Only 54% of insurance buyers say their cover is addressing their business challenges very well, finds Beazley
At mid-year, pricing for most classes of business was back to technical levels - but cyber remains an outlier
Sector attitudes to risk vary, finds Beazley, with those hardest hit by lockdown restrictions feeling less resilient
As insurance capacity shrinks, power companies across Asia need to adopt cleaner fossil fuels, warns WTW
Can you show insurers that you’re up-to-speed with how your operations are responding to new market pressures?
Cyber insurance has failed to live up to expectations that it may act as a tool for improving organisations’ cyber security practices, finds RUSI
PERILS has updated its loss estimate for the New South Wales and Queensland floods of 18 to 24 March 2021
SRCC insurance provides cover for loss or damages caused by riots, protests, strikes or other work-related unrest
Australian insurers have received more than 6,500 claims after storms and flooding affected large parts of the state of Victoria
Aon’s vaccine insurance solution demonstrates the technology’s potential in the insurance market, says GlobalData
Social engineering attacks are on the rise, but losses can pose a grey area where insurance is concerned
Product recall events are on the rise despite ongoing operational challenges experienced by global car and OEMs
Early warning tool can help strengthen response to climate-related weather risk in Australia - Aon
Economic losses due to natural catastrophes in the region reached $67 billion last year, indicating a huge gap and growth opportunity for re/insurers
It comes a week after AXA said it would be dropping extortion payments when underwriting cyber-insurance policies in France
Paying a ransom does not guarantee a successful outcome and will not protect networks from future attacks, says Priti Patel
Cyclone Seroja triggered flash flooding and massive landslides in southeastern Indonesia and Timor-Leste
In China, a hazard model jointly developed by FM Global and the China Earthquake Administration is used
During the last six months, Amazon, Google and Microsoft Azure have all experienced significant service outages affecting businesses worldwide - CyberCube
The New South Wales coast experienced the highest recorded rainfall since records began in March 2021
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
The $10 billion reinsurance pool will subsidise the cost of insurance coverage for cyclones and related flood damage
Hail of up to 14 cm in diameter caused widespread damage during the 2020 South East Queensland Halloween Hailstorms
Insurers’ have a rising exposure to climate-related disasters and decarbonisation policies warns Moody’s
Just a quarter are reporting portfolio emissions, which are on average 700 times higher than direct emissions
China could lose nearly 24% of its GDP in a severe scenario; Malaysia, Thailand, India, the Philippines and Indonesia lack resilience - Swiss Re Institute
How a surge in demand for warehouse storage may leave firms exposed to facilities which rely on sub-standard levels of risk protection
Only 40% of organisations report having adequate remote work strategies to manage the risks associated with WFH, finds Aon cyber report
Australia and New Zealand’s agreement on quarantine-free travel marks a new chapter for the two antipodean nations, but risks for travellers remain
Insurance industry initiative, led by Aon, offers supply chain protection for COVID-19 vaccine shipments
Corporations are holding more risk on their balance sheets as the value of intangible assets grows
Captive formation set to increase further in 2021 fuelled by the hardening commercial insurance market and renewed economic growth
Further COVID-19-related travel disruption, such as government-enforced lockdowns, may not be covered by insurance
Lloyd’s and Kiwi start-up Bounce launches New Zealand parametric earthquake insurance which pays claims within five days
Parametric insurance solutions are a valuable form of transfer to manage climate and other natural disaster risks, explain Marc Paasch and Richard Zhang
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
More than two thirds lack insurance coverage for bodily injury claims arising from system failure or cyber breach
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
The High Court will hear appeal arguments over the NSW Court of Appeal’s judgment in the first BI test case
The cyber attacks, believed to have come from Chinese state-sponsored hackers, exploit vulnerabilities in Microsoft Exchange servers
The insurer, which underwrites cyber insurance via subsidiary CNA Hardy, said the “sophisticated” attack on 21 March caused network disruption
Civil unrest is now the main political risk exposure for companies, with COVID-19 likely to fuel further disturbances
Product includes cover for property damage and fines and defence costs arising from regulatory actions, including GDPR
Insurance sector needs to play more active role in future pandemic solutions, says OECD secretary-general Angel Gurría
SE Queensland floods also declared a catastrophe as large parts of the Hawkesbury-Nepean Valley remain inaccessible
Large parts of New South Wales, including Mid-North Coast and Hawkesbury-Nepean, are inaccessible after widespread floods
The ability to channel investment into sustainable projects is viewed as a sizeable growth opportunity for the insurance sector
Parima chairman Franck Baron says most APAC corporates are retaining more risk as the insurance market hardens
PERILS will provide market-wide property sums insured exposed to earthquake, tropical cyclone (typhoon) and flood
Google Cloud partners with Munich Re and Allianz Global Corporate & Specialty to provide cloud specific cyber insurance
Insureds are exploring alternatives and trade-offs - such as increasing deductibles - to offset proposed premium increases, finds Aon
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
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
Review comes amid concern about the availability and affordability of some categories of insurance cover
The COVID-19 pandemic has highlighted gaps in the knowledge, understanding, and mitigation of systemic and black swan risks
Bushfires in the north-east Perth Hills region have so far destroyed 81 homes, with insurers receiving over 270 claims worth $40m
Hurricane Laura caused an insured loss of $8 billion to 9 billion, the largest weather-related loss event - Willis Re
Nearly all regions reported double-digit price increases, led by the UK (44%), Pacific (35%), and the US (17%)
Future climate and systemic risks remain a key challenge - Insurance Development Forum
Just 36% of the losses were covered by insurance, creating a protection gap of 64%, according to Aon
Study assesses the likely impact of climate change on hurricane severity and storm surge over the next 30 years
The FBI warns of violence ahead of Joe Biden’s Presidential inauguration, but heightened security may defer the risk
The Workforce Cyber Culture Assessment assesses people risk and the impact of business culture in a cyber context
Insurance losses during the New Year peak period were most severe in New South Wales, which accounted for 71% of the industry loss
COVID-19 has brought the growing ‘intangibility’ of risk into focus, a trend that will accelerate
Airmic welcomes broker’s partnership with analytics firm Polecat, which ”signals a new generation of innovative risk management solutions”
Losses from secondary peril events are forecast to increase, driven by climate change - Swiss Re sigma
COVID-19-related insolvencies and ’event-driven’ litigation linked to diversity, climate change and/or ESG concerns are exposing D&Os
Mactavish expects rates to continue to rise in 2021 and says that some companies will be unable to pay for their cover
Companies prioritise operational resilience and staff wellbeing as they adapt to the crisis and look ahead to the future
When fire strikes in buildings using foam plastic materials, the results can be catastrophic and tragic
Pandemics were not contemplated for coverage under most business interruption policies, insists ICA
Amid growing product recall risks, a 5-in-1 insurance solution has been developed for Asian automotive manufacturers
The question of pandemic business interruption coverage will remain a significant source of uncertainty for Australian insurers - AM Best
The Insurance Council of Australia is considering whether to appeal the pandemic business interruption test case decision
New scheme will offer financial incentives to the owners of high-rise properties to replace dangerous cladding
Business interruption is the main cost driver behind cyber losses, accounting for around 60% of the value of all claims - AGCS
FTSE 100 companies ignored or downplayed the impact of pandemics, finds Mactavish in damning report
Total combined economic losses from heavy seasonal rainfall across India are estimated at $4 billion
Risk managers should start their renewal process early and manage their expectations, advises FM Global
Energy companies need partners and advisors that can help them make the move to a renewable future
All regions, except Latin America (9%), reported double-digit pricing increases, led by the UK (34%), Pacific (33%), and the US (18%) - Marsh
The hailstorms struck south-east Queensland late on the 31st October causing significant damage to vehicles and property
The Royal Commission into National Natural Disaster Arrangements has called for urgent action on natural disaster risk mitigation
Why temperature-controlled incidents are such a common cause of marine cargo claims and how to avoid them
Multi-year programme will design and deliver advanced risk management training for the Hong Kong market
Globally, mangroves reduce flood damages by $65 billion every year; insurance solutions are critical to post-storm restoration
Executive board member Geoff Summerhayes warns of the “high, rising and volatile costs” of natural disasters
PCS has launched a new data set to help the cyber insurance sector manage risk and capital more effectively
“Movinx” will offer solutions for a sector being disrupted by technology and changing mobility service models
ESG pledges, unmet, will leave stakeholders disappointed and pose the greatest enterprise risks of all, warns Nir Kossovsky and Denise Williamee
COVID-19 has created a new urgency to protect working people, with compulsory unemployment insurance a much-needed safety net - research
Insurance-based solutions will initially focus on manufacturing and transport firms that are adopting AI and other cutting-edge technologies
The pandemic will shape future loss trends with changes to working environments, travelling habits and supply chain networks, predicts AGCS
The Bureau of Meteorology has declared that La Niña has developed in the Pacific, with the potential for increased floods and cyclone activity
Data suite from JBA will help global financial services firms plan for their future and understand possible flood risk under different climate scenarios
Insurance industry argued that the intention of pandemic exclusions in commercial property policies that contain business interruption cover is clear
COVID-19 should not be allowed to derail progress made in driving greater climate resilience
Marsh has seen a 30% increase in the take up of cyber insurance across Asia annually
There is a continued constriction of insurance capacity for thermal coal operations - Willis Towers Watson
Mental health, gender equality, flexible working patterns and culture & ethnicity ranked the top issues to address within risk and insurance - Dive In
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.
Captive formation grew by 200% in the first half of 2020, including captives to cover pandemic-related losses - Marsh
Before you can manage and mitigate risks to you brand and reputation, you first need to be able to measure it
Global supply chains are undergoing fundamental and accelerated restructuring, the latest Swiss Re Institute sigma study
Climate change influences are likely to increase the impact of flooding over the near and medium term
A “harsh” insurance market means risk managers need to adapt fast to conditions most have never seen before
Test case was launched by the Insurance Council of Australia (ICA) to examine the application of certain infectious diseases exclusions in business interruption policies
Supertyphoon Haishen is currently on track to make landfall as a category 4 storm, with windspeeds of up to 156 mph
Protests outside the Lloyd’s market reflect growing pressure on the insurance industry to take action on heavy polluters
Insurance Council of Australia says more than 83 per cent of bushfire claims have already closed
Cat modelling firms peg insurance losses from the Category 4 storm at between $4 billion and $8.7 billion
Laura made landfall as a category 4 hurricane with wind speeds of up to 150mph and an “unsurvivable” storm surge
The COVID-19 pandemic is expected to reduce global macroeconomic resilience by about 20% in 2020 - Swiss Re Institute
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
Outcome will be used to determine complaints arising from COVID-19 related business interruption claims
Lessons learned in the aftermath of the Tianjin port explosion in 2015 will be particularly significant in Beirut, says Crawford’s Benedict Burke
Governmental shortcomings were to blame for the explosion in Lebanon, according to risk experts, who say lessons can be learned from the incident
COVID-19 related losses among the factors driving up insurance pricing - Marsh
The extent and pace of growth in container volumes have put strains on a wide range of operational procedures
Much of the physical damage to property, infrastructure and agriculture is expected to be uninsured - Impact Forecasting
Observers are drawing comparisons with the 2015 explosion in the Chinese port of Tianjin, which highlighted accumulation exposures in ports - AM Best
Firming commercial insurance prices and impacts from COVID-19 could present opportunities for the captive insurance segment - AM Best
The outcomes will be used to determine complaints arising in respect of COVID-19-related business interruption claims
Items like data, content, software code, brands, confidential information, inventions, industrial know-how, and design rights are integral to corporates
Rising premiums are expected for risk managers across the Asia-Pacific region
The Australian Government has pledged $88.1m over the next ten years to the Bushfire and Natural Hazards Cooperative Research Centre
Cyclone Amphan, which killed 133 people in India in May, was the costliest economic event of 1H 2020
The largest impact was experienced in Canberra which suffered from hailstones up to 6cm in size
Total combined economic losses from flooding across the greater Yangtze River Basin in China in June is expected to reach $5.1 billion
Rate hardening is likely to continue amid potentially high losses and contracting insurance supply, particularly in commercial lines
Today’s “wealth of data” can be used to construct risk transfer products for extreme weather - Nephila’s Barney Schauble
AXA XL Re China will provide non-life reinsurance in China after CBIRC grants business license
Above-average numbers are however anticipated for the Philippines in the first part of 2020, as ENSO neutral conditions continue
Risk managers need to learn lessons from the pandemic, adapt to the “new normal” and plan strategically for an uncertain future - panellists
More than half of APAC’s top CEOs and CFOs say their companies are underprepared for climate-related financial risks, finds FM Global
Emerging Asia will invest an estimated $1.7 trillion annually, equal to 4.2% of GDP; China will account for 35% of global investment
“Risk management tools that can help businesses quantify the impact of climate change are high in demand”
The increasing focus on ESG is also having a significant impact on future power sector risk management strategies
Nearly of claims from the four storm, bushfire and hailstorm catastrophes have been closed by insurers - ICA
Economic distress and social discontent will rise unless world leaders, businesses and policymakers work together to manage pandemic fallout
Estimates total industry losses of $203 billion; claims on a par with 9/11 and the combined impact of hurricanes in 2005 and 2017
The answers are likely to lie at government level, with insurance risk pools one option for future pandemics
PARIMA is not in favour of regulators imposing retroactive coverage of claims, but calls for the creation of risk pools for future pandemics
The combined impacts of climate change and rapid urbanisation are aggravating flood risk in the Philippines - Guy Carpenter
An Australian pandemic risk insurance pool is one option being mooted by the Insurance Council
20% to 30% of AGCS fire claims are related to the condition of electrical equipment and installations
Pre-start up safety reviews can help reduce losses when idle facilities are put back into operation - Swiss Re Corporate Solutions
91% of RIMS’ US members are supportive of a TRIA-type program for insurance claims relating to losses resulting from a pandemic
Product includes business interruption cover in the event of a cyber incident that disrupts operations
Estimates the global reinsurance sector will take a $30 billion hit to its capital base from COVID-19
The COVID-19 outbreak has laid bare the limitations of business interruption insurance, with companies across the globe discovering gaps in coverage
Damaged goods already account for more than one in five marine insurance industry claims - Allianz
Delayed claim reporting can cost both carrier and insured hundreds of thousands of dollars in defence costs
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
Failure to take immediate tangible action could lead to climate systems reaching irreversible tipping points, jeopardising insurability
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.
Guy Carpenter has partnered with RiskGenius to improve the detection and qualitative analysis of silent cyber exposure across various lines of business.
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 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 stalwart, Russell Higginbotham is succeeding Jayne Plunkett, who has decided to pursue career opportunities outside Swiss Re.
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
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.
Ex-Novae Re chief Gunther Saacke is set to step down as CEO and executive director in March.
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.
As the Marsh and JLT merger draws to a close, Marsh has announced a number of appointments, effective upon closing of the mega deal.
Following an organisational restructure, Iain Ferguson has been appointed regional director of APAC, combining the existing and Greater China regions under one banner.
In this latest opinion piece, StrategicRISK editor Lauren Gow examines the changing relationship status between corporate risk managers, brokers and insurers.
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.
Zurich’s head of international sales and distribution, Fernando Danes, explains why international programmes are perfect for your business.
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.
StrategicRISK and Swiss Re Corporate Solutions launch the second edition of The Journal examining business interruption risk.
JLT Specialty, financial lines, regional assistant director, Menaka Muthu asks why it is pertinent to really understand your risk before buying a cyber policy
Sean Welsch, head of captive management and business development, Zurich explores what happens to local retentions of local policies.
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….
Suchitra Narayanan, head of risk and insurance for Bumi Armada, offers a complete guide to the process
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.