Asia contributes to 42% increase in insured global disaster losses in 2016

Asia contributes to 42% increase in insured global disaster losses in 2016

Asia contributes to 42% increase in insured global disaster losses in 2016

Insured losses from global disasters increased by 42% in 2016 to $54bn from $38bn, according to Swiss Re Institute’s sigma report. Although in line with the ten-year average, the bill was the highest annual total since 2012. The increase was driven largely by natural catastrophe losses from earthquakes, storms, floods and wildfires, many of which took place in Asia. Total…

Australia’s Insurance Council declares catastrophe in wake of Cyclone Debbie

Australia’s Insurance Council declares catastrophe in wake of Cyclone Debbie

Australia’s Insurance Council declares catastrophe in wake of Cyclone Debbie

A category four cyclone that hit the northeastern coast of Australia on Tuesday 28 March has led to mass evacuations and the closing of goldmines and coalmines, reported Bloomberg. It has also caused insurers to declare a catastrophe in the expectation of thousands of claims. Cyclone Debbie made landfall near Airlie Beach in Queensland, a tourist resort also known as…

Munich Re eyes growth – and threats – in cyber space

Munich Re eyes growth – and threats – in cyber space

Munich Re eyes growth – and threats – in cyber space

Munich Re backpedalled a little on its corporate specialty business last year, but still wants to grow its portfolio in the longer term, especially in cyber space, according to comments made in the global reinsurer’s earnings call with analysts. Board member Torsten Jeworrek told analysts that the €4.8bn premium share from its risk solutions segment was down from €5bn. The…

Human rights risks mount with supply chain due diligence not fit for purpose: Maplecroft

Human rights risks mount with supply chain due diligence not fit for purpose: Maplecroft

Human rights risks mount with supply chain due diligence not fit for purpose: Maplecroft

Human rights risks are surfacing closer to home for western companies at the very time that legislation to clamp down on abuses strengthens and increases scrutiny on business practices, warns a new report from Verisk Maplecroft. The report also says that supply chain due diligence to track and prevent human right violations is not fit for purpose. Verisk Maplecroft’s Human…

Business votes digital risks as top three disruption threats

Business votes digital risks as top three disruption threats

Business votes digital risks as top three disruption threats

Digital risks rank as the top three interruption threats in a recent survey of global businesses, undertaken by the Business Continuity Institute (BCI). Cyber attacks emerged as the greatest perceived threat, with 88% of businesses concerned. This was followed by data breach in second place and IT/telecom outages in third. The results are from the BCI’s Horizon Scan Report, published…

Asia faces $26trn infrastructure hole: ADB

Asia faces $26trn infrastructure hole: ADB

Asia faces $26trn infrastructure hole: ADB

Risk managers’ interest in mitigating the exposures in large infrastructure projects could be set to rise after the Asia Development Bank (ADB) warned that the emerging economies of Asia must double their spending on services ranging from transport to clean water and sanitation. The ADB’s report states that the 45 emerging economies of Asia must spend more than $26trn by…

APAC remains weakest point in global supply chain amid rising risks

APAC remains weakest point in global supply chain amid rising risks

APAC remains weakest point in global supply chain amid rising risks

Asia-Pacific remained the biggest contributor to supply chain risk in 2016 because of the region’s importance to global supply chains, according to latest analysis from Dun & Bradstreet, the US-based data and credit analysis firm. The firm notes that Asia-Pacific’s contribution to global risk fluctuated between 33.566 in the first quarter of last year and 33.168 in the final quarter. This compares…

Coface upbeat despite political uncertainties weighing on trade

Coface upbeat despite political uncertainties weighing on trade

Coface upbeat despite political uncertainties weighing on trade

The rise of populism in Europe, uncertainties around Brexit and US President Donald Trump’s protectionist policies are some of the main threats to the global economy in 2017, according to credit insurer Coface. However, the firm predicts improved global growth in 2017 and, for the first time since mid-2015, has awarded more country risk upgrades than downgrades. In a global…

Is insuring loss of power in Africa viable?

Is insuring loss of power in Africa viable?

Is insuring loss of power in Africa viable?

Estimates suggest that of the 1.2 billion people in the world who do not have access to electricity, half live in Africa. One way forward to solve Africa’s power supply problem is to give people access to electricity through the development of off-grid and ‘mini-grid’ solutions. However, this technology remains nascent and there are a number of barriers to widespread uptake.

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