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…

Takata fights liability claims in US bankruptcy court

Takata fights liability claims in US bankruptcy court

Takata fights liability claims in US bankruptcy court

Beleaguered airbag manufacturer Takata is facing more legal troubles just weeks after filing for bankruptcy in a US court, and a number of the world’s biggest carmakers as well as some insurers could be dragged into the case. The US unit of the Japan-based company was responsible for the world’s largest ever auto recall due to faulty airbags and is…

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…

Chubb launches packaged policy for technology companies in the UK and Ireland

Chubb launches packaged policy for technology companies in the UK and Ireland

Chubb launches packaged policy for technology companies in the UK and Ireland

A first- and third-party policy designed specifically to cater for the insurance needs of technology developers, producers and distributors operating in the middle market either domestically or on a multinational basis, has been launched by Chubb. The new MasterPackage policy, which is for technology companies domiciled in the UK and Ireland, includes improved cyber cover and services. Chubb said the…

Supply chain issues high on agenda of Chinese risk managers: Parima conference

Supply chain issues high on agenda of Chinese risk managers: Parima conference

Supply chain issues high on agenda of Chinese risk managers: Parima conference

Risk managers in China have become increasingly aware of the growing risks in their supply chains, thanks to a number of high profile incidents in the region in recent years – from the Tianjin explosion in 2015 to the Melamine-tainted milk scandal in 2008. The subject was raised at the recent Shanghai conference of the Pan-Asia Risk and Insurance Management…

One Belt One Road key to raising risk management standards in Asia: Parima

One Belt One Road key to raising risk management standards in Asia: Parima

One Belt One Road key to raising risk management standards in Asia: Parima

The One Belt One Road (OBOR) initiative, China’s ambitious development project designed to coordinate large infrastructure projects in China and place itself at the centre of global trade and construction, could also play a critical role in raising risk management standards across Asia. This was one of the central points made at the Pan-Asian Risk and Insurance Management Association (Parima)…

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)…

Digitalisation could lead to higher risk appetite for BI supply chain covers

Digitalisation could lead to higher risk appetite for BI supply chain covers

Digitalisation could lead to higher risk appetite for BI supply chain covers

Digitalisation could help companies better manage business interruption (BI) risk and thus lead to increased appetite for BI supply chain covers at risk transfer partners, according to Heike Trilovszky, Munich Re’s German operation head. Lack of historic data, complex interdependencies and the potential for big accumulation of risk mean that BI caused by supply chain disruption remains a challenging area…

Credit risk spikes at eastern European businesses

Credit risk spikes at eastern European businesses

Credit risk spikes at eastern European businesses

Businesses trading with eastern European suppliers and customers are at an increased risk of payment default, according to Atradius. New research by the the trade credit insurer found that 86% of eastern European customers have received late payments on invoices during the past year, with 58% citing liquidity issues as the main reason. The report, which analyses data from businesses…

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