Risk financing

travel covid19

Trans-Tasman travel risks remain

Australia and New Zealand’s agreement on quarantine-free travel marks a new chapter for the two antipodean nations, but risks for travellers remain

vaccine Covid-19

IoT used in vaccine insurance solution

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

digital, market

Asset-light economy presents new, disruptive risks

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

Labuan

Labuan anticipates strong captive growth

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

coronavirus risk plane travel

Trans-Tasman travel bubble to open

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

earthquake

NZ gains parametric ‘bounce-back’ cover

Lloyd’s and Kiwi start-up Bounce launches New Zealand parametric earthquake insurance which pays claims within five days

Vietnam flood

Protecting revenue volatility from extreme weather

Parametric insurance solutions are a valuable form of transfer to manage climate and other natural disaster risks, explain Marc Paasch and Richard Zhang

hurricane

Nat cats cost global economy $190 billion in 2020

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

digital race

Digital health sector overexposed - survey

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

PPE sanitizer

Liability risk: Adapting to survive

By Helen Yates

The past year has forced businesses to become more agile and pivot quickly in order to survive. But when business models change, so do risk profiles

legal court

High Court to hear insurance appeal

The High Court will hear appeal arguments over the NSW Court of Appeal’s judgment in the first BI test case

cyber

MS Exchange attacks to hit larger firms

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

Cyber attack

Insurer CNA hit by cyber attack

By Helen Yates

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

HK protests

BCPs must explicitly address civil unrest

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

energy--1

Power and utilities gain dedicated cyber cover

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

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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

flood

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

NSW floods declared a catastrophe

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

Renewable Energy

Fitch: Insurers are “green economy enablers”

The ability to channel investment into sustainable projects is viewed as a sizeable growth opportunity for the insurance sector

Franck 2

Baron: Time to challenge insurers

By Helen Yates

Parima chairman Franck Baron says most APAC corporates are retaining more risk as the insurance market hardens

Indonesia floods

Indonesia, Philippines and Thailand gain exposure database

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

cloud

Google offers cloud cyber risk protection

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

singapore

Asian insurance buyers adapt to hard market

Insureds are exploring alternatives and trade-offs - such as increasing deductibles - to offset proposed premium increases, finds Aon

court room

Australian court to hear second BI case

It follows an initial test case heard in the NSW Court of Appeal last year regarding the application of the Quarantine Act exclusion to business interruption policies

pandemic solution

NDBI: Exposed and unprotected

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

John Trowbridge

Australian insurers to examine coverage gaps

By Helen Yates

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

John Neal Future at Lloyds

Lloyd’s launches systemic risk initiative

The COVID-19 pandemic has highlighted gaps in the knowledge, understanding, and mitigation of systemic and black swan risks

Wildfire bushfire

Perth Hills bushfires declared a catastrophe

Bushfires in the north-east Perth Hills region have so far destroyed 81 homes, with insurers receiving over 270 claims worth $40m

Storm

2020 nat cat tally hits $78 billion

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

price increases

Commercial insurance rates rise 22% in Q4 2020

Nearly all regions reported double-digit price increases, led by the UK (44%), Pacific (35%), and the US (17%)

pandemic insurance (2)

PPPs needed to insure systemic risk

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

natural-catastrophes

Nat cat losses cost $268 billion in 2020

Just 36% of the losses were covered by insurance, creating a protection gap of 64%, according to Aon

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

Tropical cyclone risk in 2050

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

Capitol Hill Riot3

US braces for Inauguration Day violence

By Helen Yates

The FBI warns of violence ahead of Joe Biden’s Presidential inauguration, but heightened security may defer the risk

computer transaction

Service to measure cyber ‘human error’ risk

The Workforce Cyber Culture Assessment assesses people risk and the impact of business culture in a cyber context

Australian bushfires

‘Black summer’ bushfires cost insurers $2 billion

Insurance losses during the New Year peak period were most severe in New South Wales, which accounted for 71% of the industry loss

Lloyd's view from below

Howden: Better risk transfer solutions needed

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

artificial intelligence (2)

Willis Towers Watson to leverage AI for emerging risk solutions

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

wildfires

Catastrophe losses cost insurers $83 billion in 2020

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

legal action

AGCS: Directors face volatile risk landscape

COVID-19-related insolvencies and ’event-driven’ litigation linked to diversity, climate change and/or ESG concerns are exposing D&Os

rising rates

Insurance hikes could be “nail in the coffin”

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

Greg-Case-AON

COVID-19: Aon study charts the great reset

Companies prioritise operational resilience and staff wellbeing as they adapt to the crisis and look ahead to the future

SR_web_Anton Koch

Is cladding ever safe to use?

When fire strikes in buildings using foam plastic materials, the results can be catastrophic and tragic

legal court (2)

Insurance Council of Australia to appeal BI ruling

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

general-motors-recalls

Liability solution targets motor manufacturers

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

legal court

Australia BI test case “raises more questions than answers”

The question of pandemic business interruption coverage will remain a significant source of uncertainty for Australian insurers - AM Best

legal court (2)

NSW Court of Appeal rules against insurers

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

iStock-812148912 grenfell

NSW tackles unsafe cladding

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

FMG Cyber

Internal failures drive cyber claims frequency

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

coronavirus (10)

Report finds “major flaws” in risk reporting

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

Kerala Floods

Nat cat loss tally rises in October

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

digital conference

Hard market: “Start renewals early”

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

SR_web_Andrew Slevin

How risk and insurance supports sustainability

Energy companies need partners and advisors that can help them make the move to a renewable future

money graph profit going up upwards financial

Global insurance pricing up 20% in Q3

All regions, except Latin America (9%), reported double-digit pricing increases, led by the UK (34%), Pacific (33%), and the US (18%) - Marsh

Queensland hail

Queensland’s Halloween hailstorms declared a catastrophe

The hailstorms struck south-east Queensland late on the 31st October causing significant damage to vehicles and property

Australian bushfires

Australia must prepare for more severe nat cats - wildfires probe

By Helen Yates

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

ship cargo

Reducing temperature-controlled cargo losses

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

Mary roth rims

RIMS and HKFI collaborate on training initiative

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

mangrovesfranciscoblancosstock

Restoring mangroves to build coastal resilience

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

Queensland floods

APRA calls for urgent disaster risk funding

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

cyber insurance, city

Cyber insurance transparency key to growth

By Helen Yates

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

autonomous vehicle

Swiss Re and Daimler launch e-mobility MGA

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

SR_web_Nir Kossovsky

Reputational crises put directors at risk

ESG pledges, unmet, will leave stakeholders disappointed and pose the greatest enterprise risks of all, warns Nir Kossovsky and Denise Williamee

coronavirus man, mask

Firms must build more resilient workforces

COVID-19 has created a new urgency to protect working people, with compulsory unemployment insurance a much-needed safety net - research

Manufacturing

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

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

world coronavirus protection

How COVID-19 is reshaping the risk landscape

The pandemic will shape future loss trends with changes to working environments, travelling habits and supply chain networks, predicts AGCS

Queensland floods

Australian cyclone risk increases under La Niña

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

Climate change suspended world

Climate change analytics tool launched

Data suite from JBA will help global financial services firms plan for their future and understand possible flood risk under different climate scenarios

legal court (2)

BI test case heard by NSW Court of Appeal

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

climate change covid19

Climate Week: CCRI warns of ‘cascading’ risk

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

cyber insurance, city

Singapore underwriters tackle intangible risks

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

Mining australia

Australian mining sector faces hard market

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

diversity

D&I plays “crucial role” in business resilience - survey

Mental health, gender equality, flexible working patterns and culture & ethnicity ranked the top issues to address within risk and insurance - Dive In

LinkedIn_SRGlobalQ32020_general300x250

StrategicRISK Q3 2020: A more mindful business

As lockdown restrictions lift, organisations must carefully manage the safety, mental health and wellbeing of their staff. It’s the right thing to do, and it’s good for business.

Bermuda-1060x655

COVID crisis sparks captive growth

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

reputation

Fighting cancel culture

By Helen Yates

Before you can manage and mitigate risks to you brand and reputation, you first need to be able to measure it

Marine_Getty

Southeast Asia to benefit from supply chain diversification

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

Kerala Floods

Indonesia flood model launched

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

money graph profit going up upwards financial

Navigating the harsh market

By Matt Ford

A “harsh” insurance market means risk managers need to adapt fast to conditions most have never seen before

legal court

Pandemic BI test case heads to NSW Court of Appeal

Test case was launched by the Insurance Council of Australia (ICA) to examine the application of certain infectious diseases exclusions in business interruption policies

0920_maysak-nasa-9.1_974

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

Lloyds_aaronparsonsphotography_mediumes152611

Lloyd’s targeted by climate campaigners

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

Australian bushfires

Black Summer losses to reach A$5.4 billion

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

Hurricane Laura

Hurricane Laura claims up to $8 billion

Cat modelling firms peg insurance losses from the Category 4 storm at between $4 billion and $8.7 billion

Hurricane Laura

Hurricane Laura makes Louisiana landfall

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

coronavirus, decline

Global insurance protection gap reaches $1.24 trillion

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

Michael Stuckings Headshot

Time to revisit building codes?

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

10392_robwhelanica_792942

ICA launches BI test case in NSW Supreme Court

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

Benedict Burke_Crawfords

The Herculean task of rebuilding Beirut

By Matt Ford

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

beirut-blast

Long-term governance failures caused Beirut blast

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

arrow  up

APAC commercial insurance pricing up 31% in Q2

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

marine cargo

Insurers shine spotlight on container loss incidents

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

Kerala Floods

Monsoon floods inflict $20 billion of damage in July

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

beirut-blast

Beirut port disaster loss to impact global insurers

Observers are drawing comparisons with the 2015 explosion in the Chinese port of Tianjin, which highlighted accumulation exposures in ports - AM Best

coronavirus (9)

Hard market to prompt captive growth

By Helen Yates

Firming commercial insurance prices and impacts from COVID-19 could present opportunities for the captive insurance segment - AM Best

legal court (2)

ICA prepares pandemic BI test case

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

cyber security

Australian insurers adapt to intangibles

Items like data, content, software code, brands, confidential information, inventions, industrial know-how, and design rights are integral to corporates

coronavirus, exclusion

Covid-19 transforms professional lines market

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

Australian bushfires

ICA welcomes hazard research funding

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

Cyclone pic

Nat cats cost global economy $75 billion in 1H 2020

Cyclone Amphan, which killed 133 people in India in May, was the costliest economic event of 1H 2020

Storm

Australian hailstorms claims reach A$1.8 billion

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

Kerala Floods

Asia counts cost of June floods - Aon

Total combined economic losses from flooding across the greater Yangtze River Basin in China in June is expected to reach $5.1 billion

price rise

COVID to cost insurers up to $100 billion - sigma

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

CLimate

Parametric products can increase climate resilience

By Matt Ford

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

shanghai insurtech china innovation

AXA XL receives green light for Shanghai-domiciled reinsurer

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

storm, cyclone

Study predicts near-normal tropical cyclone activity

Above-average numbers are however anticipated for the Philippines in the first part of 2020, as ENSO neutral conditions continue

financial loss, coronavirus

Marsh webinar highlights “collective failure of imagination”

By Matt Ford

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

CLimate

APAC companies unprepared for climate risks - survey

More than half of APAC’s top CEOs and CFOs say their companies are underprepared for climate-related financial risks, finds FM Global

construction

Infrastructure to drive growth post COVID - sigma

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

Belinda Bates

Zurich expands climate resilience team

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

Renewable Energy

Power sector feels pandemic pressures

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

bushfire 1

Australian nat cat claims surpass $5.19 billion

Nearly of claims from the four storm, bushfire and hailstorm catastrophes have been closed by insurers - ICA

connect world

WEF launches COVID-19 Risks Outlook

Economic distress and social discontent will rise unless world leaders, businesses and policymakers work together to manage pandemic fallout

Lloyds

Lloyd’s pegs COVID losses at $4.3 billion

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

coronavirus man, mask

Covid-19 raises pandemic protection gap questions

The answers are likely to lie at government level, with insurance risk pools one option for future pandemics

Franck 2

PARIMA calls on insurers to treat customers fairly

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

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Philippines flood model launched

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

Pandemic

ICA explores insurance solutions for future pandemics

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

Machinery

Restart facilities with care - AGCS

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

closed sign, coronavirus

How to avoid restart risks

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

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

Shipping_getty

WTW launches cyber marine cover

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

coronavirus, money

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

coronavirus, exclusion

Spotlight on business interruption insurance

The COVID-19 outbreak has laid bare the limitations of business interruption insurance, with companies across the globe discovering gaps in coverage

marine cargo

COVID-19 heightens risks for cargo shippers and transport firms

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

time is up

Late notices are “missed opportunities” - Allied World

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

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

storm, cyclone

Climate change “major threat” to global resilience - sigma

By Helen Yates

Failure to take immediate tangible action could lead to climate systems reaching irreversible tipping points, jeopardising insurability

OFC__StratRisk_250320

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

Fitch Ratings4

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

higginbottom

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

gavel judge

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.

Saacke Gunther Qatar Re

Qatar Re CEO Gunther Saacke quits

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

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.

pexels-photo-862734

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.

iStock-498831609

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.

great storm of 1987

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.

pexels-photo-414916

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.

pexels-photo-270514

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.

Journal-2-Business-Interruption

The Journal, 2nd edition: Business interruption

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

Pexels photo 210585

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

atlas-continent-country-269850

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.

iStock-922750942

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.