Risk financing

David Howden

Private sector shift needed to protect vulnerable countries from uninsured losses

By Isobel Rafferty

Corporates have a critical role to play in protecting countries in the global South from uninsured losses, says Howden boss


Taken by storm - how medium-sized enterprises can use parametrics to tackle nat cat risks

Medium-sized enterprises (MSEs) play a vital role in our economy. However, these companies face unique challenges when it comes to risk management, particularly in dealing with natural catastrophes such as storms, flooding, or earthquakes.

climate change (2)

How risk-sharing systems can help climate vulnerable countries

By Isobel Rafferty and Sara Benwell

New research shows world’s most climate vulnerable countries could lose over 100% of GDP in 2024 from disasters that are insurable

claims, legal

How emerging technology could improve the claims process for businesses

By Chantal Kapani

Our sister publication Insurance Times asked industry experts how emerging technologies will impact the future of insurance claims management. Here’s what risk managers and insurance buyers need to know.


Case study: Enhancing urban resilience in Medellín through insurance protection for climate risks

Following the conclusion of the two-year Medellín Tripartite Project in Colombia, the risk industry team involved reflects on the project’s outcome, the challenges they overcame, and how the knowledge they gained on the way can help future resilience programmes

Insurtech stories

Can insurtechs help risk managers tackle tricky and underinsured risks?

By Chantal Kapani

Two industry experts give their views on whether the insurtech sector can help solve the problem of underinsurance.

directors and officers insurance

D&O insurance pricing is favourable - what it means for APAC risk managers

A new report from Gallagher finds that D&O insurance conditions remain favourable, here’s what it means for risk managers and their organisations

court room

Risk managers must avoid “off the shelf” insurance as court disputes reach new highs

The latest data shows companies are being forced to court to get insurance claims paid. Here’s how risk managers can avoid getting burnt.

HD_JPG-Francois Beaume 476

Unveiling the future of risk management: the 2023 RMIS Panorama

By François Beaume, VP digital transformation at Amrae

François Beaume, VP digital transformation at Amrae, explores how this year’s Panorma survey can help risk managers leverage technology, to better mitigate threats

New Zealand

Cyclone Gabrielle costs insurers $1.5 billion

The catastrophes have disrupted supply chains and tested New Zealand’s resilience

agriculture, farming

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

flood australia

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 risk

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

Silicon Valley

SVB crisis shows need for diversified funding options

By Helen Yates

Corporates must not put all their eggs in one basket where funding options are concerned

Kidnap and ransom is a growing risk

Asia-Pacific sees fall in crisis incidents in 2022

But greater volatility is expected in 2023, driving threats including kidnap incidents and political repatriations

SR_web_Sharon Xu

What can risk managers do better in 2023?

In the post-pandemic world, risk managers must reevaluate what constitutes an ‘acceptable’ risk

agriculture, farming

Interest in parametrics grows as traditional capacity retrenches

Offers an “affordable solution” for large-scale insurance of catastrophic and agriculture exposures - New Dawn Risk

compliance, regulation

Top three regulatory developments to watch in APAC

By Trevor Treharne

From supply chain and natural hazards to ransomware and risk management processes, APAC risk managers face multi-faceted compliance requirements

Pakistan floods

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”

umbrella protecting umbrellas 2

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

Russia, Moscow

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

Bruce Hepburn

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

New Zealand

Damage from New Zealand catastrophes to exceed $10 billion

Cyclone Gabrielle and Auckland floods to erode profitability of property insurers in New Zealand

NZ floods

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

data breach

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

cracked ice, vulnerable

Global freeze map will help with business continuity

Freeze risk regularly impacts equipment and infrastructure which is often hidden and enclosed within a building

Secret whisper

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

Turkey earthquake largest in 84 years

Tragedy is a reminder that resilience is the main defence against such powerful seismic events

increasing prices

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

By Trevor Treharne

From a family of insurance experts, Soni Srivastava was perhaps destined for a career in the industry

hospitality sector, receptionist

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

Pakistan floods

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

Cloud risk

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 

technology innovation

Cyber war endorsements could invite innovation

Credentials stolen via phishing remains the most common cyber attack vector for businesses

Renewable Energy

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

By Jon Guy

Insurance sector must ‘stay curious and think ahead’ to cope with emerging risks, rather than simply passing the buck to other industries

Internet of things

IoT explosion presents massive (and growing) cyber exposure

Just 4% of experts worldwide are “confident” that connected devices are properly secure, warns WEF

umbrella, protection, trust

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

flood australia

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

SR_web_Jose Seara

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

SR_web_Chris Hickin

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

No planet B protestors

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

directors and officers insurance

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

recession ahead

Demand for contract frustration grows as economy deteriorates

Cost of insurance against defaults on sovereign debt jumps by 179% in Asia & Pacific

Beijing Financial District

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

flood australia

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’

Kei Masuyama

The torchbearer

By Trevor Treharne

In a country with a scarceness of risk managers, Kei Masuyama is leading the way for the profession in Japan

William Miller-WTW

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?

By Helen Yates

As we approach year-end, it is clear 2022 has offered no reprieve from shocks and cascading risks

umbrella protecting umbrellas

Captives: Plugging holes in protection

By Sara Benwell

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

transport and logistics

Rethinking food and drink supply chains

With growing vulnerability to extreme weather and geopolitical threats, the industry needs new risk transfer solutions

cost increase

How inflation is compounding business interruption

By Trevor Treharne

As rising costs fuel higher insured losses, risk managers will get preferential treatment for their organisational resilience, says FM Global

FM Global Centre Singapore_FM Global

FM Global debuts $80m Singapore risk facility

By Trevor Treharne

Insurer opens experiential risk management facility for APAC clients featuring interactive simulation labs and an immersive theatre

Cyber resilience

Three ways of increasing cyber insurability - sigma

There is currently a protection gap of around 90% due to the uncertain nature of systemic risk

flood australia

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

recession ahead

Sovereign debt downgrades grow as inflation bites

Ukraine crisis and inflation lead to 34% increase in sovereign debt downgrades, including Sri Lanka

Cyber Risk

Ransomware: Business is booming

Ransomware is forecast to cause $30 billion in damages by 2023, warns AGCS

rising rates (2)

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

Construction Insurance JG April 2021

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

Bruce Hepburn

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

flood risk corporate resilience

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

cyber crime, world

Ferma panel tackles $10 trillion cyber accumulation

Risk managers faced up to insurance bosses as they discussed the ‘industrialisation of crime’ in Copenhagen

Cyber Risk

Beazley warns of cyber risk complacency

An uncertain geopolitical risk landscape could be one source of distraction as cyber resilience deteriorates

inflation (2)

Pinning down inflation effects

By Sara Benwell

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


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

complexity, confused businessman

Predictive analytics in an era of cascading risks

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

health insurance partnership

Pandemic drives claims in digital health and wellness

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

SR_web_Anton Koch

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

empty football stadium

Study exposes ‘blind spots’ in risk preparations at sports stadiums

By Trevor Treharne

Research paper from China finds “stampede accident” and “fire or explosion” are dominant causes of severity loss

Queensland floods

Significant loss creep on East Australia floods

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

power station, fossil fuels

Power sector faces rising rates amid volatile risk landscape

Power insurance market will harden further due to constrained capacity and a ‘disappointing’ loss record - WTW

Geobear Subsidence Repairs

Risk managers should ‘pick recovery over replacement’ to aid sustainability

By Trevor Treharne

As sustainable approaches burgeon in importance, risk managers have been urged to focus on recovery measures when disaster hits

renewable energy

Insuring the transition

By Helen Yates

The insurance industry has a ‘once in a lifetime’ chance to support the transition to Net Zero, so what’s holding it back

Alex Sidorenko

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

Vietnam flood

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

Sean Deehan-HK

WTW names head of Hong Kong and Macau

Sean Deehan will also continue in his current position as Hong Kong market leader for WTW’s ICT business

green, net zero, climate change

Insurance facility launches to cover green and blue hydrogen project risks

Investment in green and blue hydrogen initiatives is estimated to exceed $150 billion by 2025


The risk of underinsurance posed by inflation

By Katie Scott

Brokers have a ‘real opportunity’ to showcase their value in the face of cost and supply chain pressures

NSW floods

NSW government releases independent flood report

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

Flooded car

Flood losses ‘material’ for Korean insurers - Fitch

The heavy rainfall caused unprecedented flooding in various parts of Seoul, Gyeonggi Province and Incheon, with the Gangnam area one of the worst hit

flooding, warehouse

FM Global offers policyholders $300m resilience credit

The credit will be applied as a 5% premium offset against policies with renewals between 1 October 2022 and 30 September 2023

Riot control

Economic stresses drive social unrest in LatAm

As with Sri Lanka, protests are being driven by inflation, adding to economic and social stresses initially caused by COVID

court room

COVID BI test case rumbles on

Australia’s High Court to hear arguments in the country’s second BI test case, which has so far favoured insurers

SR_web_Nigel Collins

Reputation in an era of state-sponsored attacks

Managing the reputational fallout from being the subject of a cyber attack is an aspect that is often overlooked

stressed man

CISOs face burnout as ransomware threat continues

A third of organisations experience a ransomware attack at least once a week, with impacts on security professionals’ wellbeing

money graph profit going up upwards financial

Global commercial insurance rates up 9% in Q2

In Singapore, financial and professional lines prices increased by 24%, the largest pricing increase compared to 16% in the previous quarter


Asia-Pacific MAT market to surpass $16 billion by 2026

Geopolitical tensions, supply-chain issues, volatility in oil prices, and extreme weather repercussions could hamper growth

Flooded area

Floods across Asia drive H1 cat losses

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


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 flood

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

building on fire

Fire/explosion and nat cats remain top drivers of claim severity

Contingent BI claims spike due to broken supply chains, cyber claims remain elevated and inflation will add to claims severity, finds AGCS

connect world

AGCS integrates captive solutions into expanded multinational offering

Henning Haagen will oversee the new team with Guy Money promoted to global head of Multinational Business

Iris Chan photo-WTW

WTW names head of Corporate Risk and Broking, Hong Kong

Iris Chan assumes an expanded role and will be responsible for all aspects of CRB business in Hong Kong and Macau

Zero tolerance

Insurers adapt underwriting to better price climate risks

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

shanghai insurtech china innovation

Claims inflation will extend hard market - sigma

Global insurance premiums are set to surpass $7 trillion, with China now the world’s second largest market

cyber topic

Cyber extortion grows in sophistication, warns Beazley

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

lightbulb, technology change

Insurers must build new, data-led markets

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


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”

iStock-577623462 motorway gap

Has 2022 knocked global resilience off course?

Protection gap for health, mortality and natural catastrophe risks combined reached $1.42 trillion in 2021, finds sigma

ESG Committee

ESG approach helps buyers secure D&O

More D&O insurers are willing to offer better coverage to businesses with robust ESG frameworks, says Marsh

Ed Butler (Preferred)

Pool Re warns of ‘perfect storm’ in geopolitics

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

Queensland floods

East Coast Floods were ‘most costly flood event’ in Australia’s history

Claims costs creep towards $5 billion four months after ICA declared the event a catastrophe


Beazley to prioritise firms with robust ESG scores

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

Lee Garvey

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 floods

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

globe melt climate crisis

Beware new generation climate risks, warns SONAR

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

handshake, people hire

WTW expands Asian construction and power team

Aon’s Nicki Tilney takes on a new role as George Nassaouati is promoted to head of Energy Asia

AXA XL Space

Earth observation data: A new frontier

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

Riot control

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

Queensland floods

Australia flood claim costs hit $5 billion

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


Improved cyber resilience tempers ransomware

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

Queensland floods

2022 Australia flood claims rise to $4.3 billion

Floods that hit South-East Queensland and Northern New South Wales are now the country’s fourth costliest disaster

mental health (2)

Opportunity to build societal resilience post pandemic

Pandemic is a call to action for insurers to help close the protection gap in life and health across APAC markets, finds Swiss Re


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

renewables-solar rsa final

GCube reveals impact of supply chain crisis on renewables

Recurring lockdowns have ”exposed the weaknesses of the solar industry’s total reliance on Southeast Asia”

knowledge gap, inequality

Multiple risks surround cost-of-living crisis - sigma

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

Extinction Rebellion

Insurers face rising ESG concerns

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


“No room for complacency” in shipping industry

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

board room, price increases

US D&O market posts best results since 2014

Rate hikes exceeding 10% per quarter fuelled direct premium growth of 35% to $14.6 billion

SR_web_Andre Martin

Targeting Asia’s protection gap

How innovation can build natural catastrophe resilience across the region

NSW floods

Australia’s 2022 flood costs break previous records

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


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

By Helen Yates

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

closed, coronavirus

Hong Kong and NZ buck insolvency trend

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

Cyber attack

Cyber and data loss D&O's top risks

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

Queensland floods

PERILS pegs Australia flood claims at $4 billion

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


Maersk diverts cargo from Shanghai ports

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

Kerala Floods

UNDP partners with Generali to tackle protection gap

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

Vietnam flood

Q1 nat cat losses reach $32 billion

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


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

SR_web_Greg Duncan

Are your property assets underinsured?

How supply chain disruption has driven up the cost of construction, impacting insured property values

Cyber security April 2021 Aviva EV

Clyde & Co launches APAC cyber risk practice

Chris McLaughlin joins from Aon to head up the venture - a response to ’heightened cybersecurity pressure’ on APAC firms

renewable energy

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

Queensland floods

Australia’s devastating floods prompt risk evaluation

By Dan Dunkley

A national emergency has been declared in Australia, prompting risk managers to review their natural catastrophe exposure once more

Queensland floods

Australian insurers resilient to flood losses - Fitch

Net losses will be “much lower” than ICA’s current gross estimate of $2.5 billion due to reinsurance recoveries


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

SR_web_Nick Hankin

Insuring the transition to net zero

Why insurers have a critical role to play in the shift away from fossil fuels

China flood

Asian catastrophe losses hit $72 billion in 2021

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

SR_web_Matt Foote

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

SR_web_Tim Searle

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 crime, world

Cyber terror fears at heart of insurers’ reluctance to broaden cover

By Jon Guy

How the industry’s lack of appetite to cover terrorism or nation state cyber warfare risks is hindering market growth

Flooded area

Australia floods to cost insurers at least $1.45 billion

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

ESG acronym cubes

Boardrooms yet to fully grasp ESG risk - Marsh

Less than one-third of the FTSE100 sample showed evidence of standalone reporting on climate change risk in line with TCFD

Queensland floods

Losses mount from eastern Australia floods

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


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

ransomware (2)

Improve ransomware preparedness, Asian corporates urged

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

Kerala Floods

IDF launches disaster risk reduction initiative

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

cyber insurance (4)

Top 10 cyber incidents last year cost firms $600m

Cyber threats are more common, more dangerous and more destructive than ever before - Tokio Marine HCC International


WTW: Firms failing to adequately protect reputation

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

organic growth

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

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

Australian bushfires

Australian insurance sector set for rapid growth

Demand for natural catastrophe protection is one factor driving insurance penetration

storm, cyclone

Gallagher Re: 2021 third largest cat year for re/insurers

Reinsurance broker urges a rethink of the impact from “secondary perils” as extreme weather events drive loss tally

financial, global

Hard market continues with cyber rates up 130% in Q4

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


Claims reflect supply chain pressures and terminal logjams

Volume increases at terminals, and associated congestion, is behind an increase in impact-related incidents - TT Club

storm umbrella businessman

Descartes in bid to disrupt corporate insurance

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


Global catastrophes cost $343 billion in 2021 - Aon

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

Empty fuel gauge

Corporates facing ‘resilience fatigue’ - Beazley

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

Cyber attack

Lessons from Merck’s NotPetya victory

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

green, net zero, climate change

Marsh expands climate transition offering

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


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

Hong Kong 2

WTW launches crisis management solution

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

outllook ball future

WEF Report: From ‘fight or flight’ to ‘boiling frog’

By Helen Yates

Why it’s time to shift out of crisis management mode as geopolitical tensions obstruct resilience efforts

SR_web_Tze Way Yeong

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

diverse board room

D&O risks in 2022 defined by COVID and diversity

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


CROSS urges attention to risk management

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

SR_web_Paul May

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

China flood

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

closing gap, parametric

Can parametrics close the gap?

By Jon Guy

Parametric products have role to play in closing protection gaps and catering to emerging risks like NDBI and cyber

cyber handshake

Cyber captives to take off in 2022

As the cyber market continues to harden, buyers will seek alternative risk transfer solutions, predicts New Dawn Risk

covid future

COVID-19: Fallout continues for Indian firms

The pandemic, a prolonged recession, cyberattacks and data fraud are the primary short-term risks, finds RIMS and Marsh

SR_web_Shruthi Rao

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

pinky promise

Making good on a promise

By Helen Yates

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

Brook Nigel

The next wave of climate litigation

Nigel Brook explains why climate litigation risk needs to be on every corporate risk manager’s radar

iStock-885690024 - cyber

Cyber and reputation are Australia’s top threats

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


Aon and ICEYE launch Japan climate risks solution

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

green, net zero, climate change

Insurers’ sustainability focus a “clarion call”, says BlackRock

Nearly half of respondents have turned down an investment opportunity over the past 12 months due to ESG concerns - BlackRock

kenya, flooding

COP26: Global resilience index launches

GRII will help sectors across the global economy quantify the value of building climate resilience, and the costs of doing nothing

SR_web_Ross Savage

Don’t fall foul of sanctions

Get on top of your sanctions risk compliance or suffer reputational consequences

transport and logistics

Demand for supply chain insurance to rise

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


COP26: Risk management “central” to climate mitigation

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

Mary Shapiro

COP26: International Sustainability Standards Board launches

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

jewellery, one stop shop

Luxury brands face liability protection gap

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

arrows up

Global commercial insurance prices up 15% in Q3 - Marsh

Despite pricing levelling out in certain lines of business, the ‘pressure on rates in cyber insurance’ continues

Aviva ESG

ESG champions to receive preferred D&O terms

Marsh initiaitive will initially recognise US-based corporates but will be rolled out internationally in the coming months

shipping containers

Surge in demand for supply chain covers expected

CO2 crisis and other supply chain disruptions will drive “inevitable” interest in innovative supply chain insurance products

construction equipment

Chaucer adds political risk to BRI consortium

The consortium will provide capacity of up to $300m to companies working on China’s Belt and Road Initiative

Lloyd's of London inside

Beazley launches Lloyd’s first ESG syndicate

Syndicate 4321 will support those businesses that invest in ESG by offering additional capacity on a multi-line basis


Reinsurance bosses face up to systemic risks

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

legal judgement

Australian corporates lose BI test case

A judge has ruled in favour of insurers in the Federal Court of Australia in a second COVID-19 business interruption test case


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

CEOs forum

FERMA Talks: Time to reward ESG?

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

China flood

Global floods events lead 2021 nat cat tally - CRESTA

Extreme floods in Henan province in July caused claims of $1.9 billion, the largest cat event loss ever for Chinese insurers


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%

SR_web_Lou Gritzo

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

Dive In 2021 Logo Horizontal Small

Mental health takes centre stage at Dive In

The insurance industry’s D&I festival kicks off today with mental health, gender equality and racial inclusion high on the agenda

SR_web_Kirsten Early

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?

Renewable Energy

Energy underwriters must embrace decarbonisation

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

cyber crime, world

Technology risks top global survey

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


RIMS Australasia 2021: Insurers to pull coverage due to climate concerns

By Dan Dunkley

Across Australasia, carbon-intensive sectors face being left without access to insurance capacity, warns Willis Towers Watson

climate change opportunity

Climate crisis to fuel rapid insurance growth - sigma

Climate-related risks are expected to result in a 22% increase in global property premiums, or up to $183 billion, over the next 20 years


Lloyd’s: Insurers must addressing emerging geopolitical risks

By Katie Scott

New report calls for innovation around insurance for geopolitical risks to address the “significant protection gap”

bermuda ariel

RIMS Australasia 2021: Hard market sparks captive discussions

By Dan Dunkley

Higher premiums and falling coverage is prompting insurance buyers to explore captive and virtual captive structures

SR_web_Peter Chesterfield

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

team happy

More positive outlook for insurance buyers - Marsh

For property and D&O insurance, premiums continued to increase throughout the first half of 2021, but at a lower rate

Indonesia floods

Push for insurance take-up after Henan floods

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

China flood

Japan cleans up after floods and mudslides

Kyushu was worst hit, with some weather stations recording over 1,000mm of rain in less than a week

Cyber attack

Tokio Marine Insurance Singapore hit by ransomware attack

By Isobel Rafferty

The group has since hired an external specialist to verify the impact of the attack

Indonesia floods

Chinese insurers endure costliest-ever nat cat

The total economic cost of flooding in China in July has been estimated at nearly $25 billion - Impact Forecasting

Indonesia floods

Nat cats cost $77 billion in 1H 2021

Severe flooding in Henan province in July resulted in estimated insured claims of CNY 11 billion ($1.7 billion)

supermarket shelves

Almost half of food recalls avoidable - RQA

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

boardroom, directors

D&O market ready to “move on” from COVID

In Australia, a softening of the pricing curve is being observed with more cause for optimism - Gallagher


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 property price up

Commercial insurance rates rise 15% in Q2

It is the 15th consecutive quarter of rate increases in the global commercial insurance market, finds Marsh

AON headquarters

Aon and WTW call of mega merger

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

Flooded area

Aon: Nat cat losses reach $93 billion in 1H

Fatalities due to temperature extremes were the deadliest type of disaster during the first six months of 2021

China flood

Catastrophic floods hit Zhengzhou

By Helen Yates

The record rainfall has caused widespread disruption across Henan, home to the world’s biggest production base for iPhones


Parametric quake cover launches for Japan corporates

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

wind farms

Lack of clarity over wind turbine fires

While wind turbine fires are relatively rare, when one does occur, it often results in the total destruction of the asset

handshake meeting

Insurers must meet buyers’ changing needs

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


Is the ‘harsh market’ starting to ease?

By Matt Ford

At mid-year, pricing for most classes of business was back to technical levels - but cyber remains an outlier

closed, coronavirus

Half of businesses ‘feel more resilient’ than a year ago

Sector attitudes to risk vary, finds Beazley, with those hardest hit by lockdown restrictions feeling less resilient

coal power plant

Power sector faces up to transition risks

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

SR_web_Paul McLarnon

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 crime, world

Cyber insurance struggling to counter online threat

Cyber insurance has failed to live up to expectations that it may act as a tool for improving organisations’ cyber security practices, finds RUSI

NSW floods

NSW and Queensland flood claims at $916m

PERILS has updated its loss estimate for the New South Wales and Queensland floods of 18 to 24 March 2021

Riot control

After Hong Kong, SRCC restrictions remain

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

Queensland floods

Victoria floods gain ‘catastrophe’ status

Australian insurers have received more than 6,500 claims after storms and flooding affected large parts of the state of Victoria

vaccine cargo

IoT is a supply chain risk “game-changer”

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

I stock fraud hacker

Social engineering: Sophisticated and underinsured

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


Sedgwick predicts post-pandemic recall surge

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

Queensland hail

Tech to help close climate protection gap

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


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

Cyber attack

AXA’s Asian operations hit by ransomware attack

By Helen Yates

It comes a week after AXA said it would be dropping extortion payments when underwriting cyber-insurance policies in France


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

storm, cyclone

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 magnify

Cloud dependency brings systemic risk potential

During the last six months, Amazon, Google and Microsoft Azure have all experienced significant service outages affecting businesses worldwide - CyberCube

Queensland floods

Claims from NSW floods reach $1 billion

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

money graph profit going up upwards financial

Q1 commercial insurance prices rose 18%

The quarter is the first to show a fall in the average rate of increase since Q4 2017 as rate rises dropped to 8% in Asia - Marsh


Australian government launches cat risk pool

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

Hail storm

SE Queensland hail losses reach $1.17 billion

Hail of up to 14 cm in diameter caused widespread damage during the 2020 South East Queensland Halloween Hailstorms


Environmental risks a growing credit driver for Chinese insurers

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

climate change

Financial sector grossly underreporting climate exposure

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

Climate change suspended world

Global climate stress test launches on Earth Day 2021

China could lose nearly 24% of its GDP in a severe scenario; Malaysia, Thailand, India, the Philippines and Indonesia lack resilience - Swiss Re Institute

SR_web_Russ Kirby

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

Cyber resilience

Ransomware costs to reach $20 billion in 2021

Only 40% of organisations report having adequate remote work strategies to manage the risks associated with WFH, finds Aon cyber report

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 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


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


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


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


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

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


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

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


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


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

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”


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


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


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


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


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


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

By Helen Yates

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

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


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

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


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


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 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


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


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


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

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


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


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

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


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

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


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


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

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.


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


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

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.


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.

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.


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.

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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


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.