Insurance industry must get on top of connected risks to better deliver for clients

Insurance industry must get on top of connected risks to better deliver for clients

Insurance industry must get on top of connected risks to better deliver for clients

The insurance market is facing an existential threat from changing and connected risks and must rapidly change its approach in order to deliver relevant cover for risk managers before losing relevance, according to a high level meeting of industry executives. Speaking at the Lloyd’s of London Old Library, experts from the world of risk transfer warned that its inability to…

Supply chain a strategic risk

Supply chain a strategic risk

Supply chain a strategic risk

 With business interruption cited as the number one risk by risk professionals the world over in the annual Allianz Risk Barometer for four consecutive years, it is no wonder supply chain risk remains high on the risk agenda. Commercial Risk Africa recently held a one-day forum in Johannesburg, together with the Global Transport Asset Intelligence Bureau, as Liz Booth reports…

Insured risks escalating  as supply chains grow  in complexity

Insured risks escalating as supply chains grow in complexity

Insured risks escalating  as supply chains grow  in complexity

  Increased incidence of natural disasters and accumulation of risk have pushed up global insured losses Supply chain is a global issue. More than 80% of the world’s goods are transported by sea, whether that is the raw commodity or the finished article. While Sub Saharan Africa may not be the biggest region in terms of imports, it is often…

Risk managers and supply chain must work together

Risk managers and supply chain must work together

Risk managers and supply chain must work together

Better communication within organisations can mitigate the issues of supply chain risk, delegates at Commercial Risk Africa’s recent supply chain event in South Africa heard   The breakdown of any supply chain causes a major threat to every business along the route but, too often, separate parts of the organisation are not communicating fully, ultimately increasing that risk significantly. As…

Swiss Re launches parametric typhoon policies for Hong Kong and China

Swiss Re launches parametric typhoon policies for Hong Kong and China

Swiss Re launches parametric typhoon policies for Hong Kong and China

Swiss Re Corporate Solutions (SRCS) has launched what it claims is the first ever typhoon warning insurance product for Hong Kong-based businesses. Dubbed Insure8, the parametric product pays out to policyholders when a typhoon signal number eight (T8) is issued by the Hong Kong Observatory. The policy is designed to indemnify local businesses from business interruption (BI) or loss of…

Construction safety a top concern for China to address: Parima conference

Construction safety a top concern for China to address: Parima conference

Construction safety a top concern for China to address: Parima conference

Basic safety measures are lacking on many Chinese construction sites despite the rising public anger over the Tianjin explosion of 2015, where the full extent of damage has yet to be quantified. With the One Belt One Road initiative likely to signal a boom in construction, there is an urgent need for enhanced safety standards and it has become a…

Terror and cyber attacks boost demand for crisis cover

Terror and cyber attacks boost demand for crisis cover

Terror and cyber attacks boost demand for crisis cover

Insurance buyers are increasingly turning to crisis management solutions from insurers as they seek to manage fast-evolving security and cyber threats, according to Arthur J Gallagher (AJG). The past two years have seen a number of attacks in Europe and elsewhere in which terrorists used vehicles, knives, guns and explosives, often acting as lone wolves or in marauding attacks, to…

Supply chain market evolving, but needs kick start

Supply chain market evolving, but needs kick start

Supply chain market evolving, but needs kick start

The supply chain insurance market has made significant strides in recent times and risk managers are being offered broader coverage than ever before. But it needs more companies to take out cover to boost momentum. The shock 2011 Thai floods and Japanese tsunami focused the minds of the risk transfer and management community on supply chain and business interruption (BI)…

Chubb increases terrorism, political violence and war insurance capacity

Chubb increases terrorism, political violence and war insurance capacity

Chubb increases terrorism, political violence and war insurance capacity

Chubb has increased its insurance capacity for terrorism, political violence and war risks to $150m/€150m from $100m/€100m. Chubb said the move is in response to evolving threats and increased demand from multinational clients. Chubb has increased its terrorism and political violence capacity per account by 300% in the past two years and now provides brokers and clients with comprehensive cover…

ABI tells BA fliers to claim from the airline, not insurers

ABI tells BA fliers to claim from the airline, not insurers

ABI tells BA fliers to claim from the airline, not insurers

The Association of British Insurers (ABI) is advising consumers to seek redress from British Airways (BA), amid concerns that BA staff have been directing passengers delayed by the recent computer systems failure to their travel insurers. “If you have been affected by the recent British Airways computer systems failure you may be entitled to compensation for disruption and additional expenses,”…

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