Cargo theft behind 10% of TT Club’s claims costs as problem persists for insureds

Cargo theft behind 10% of TT Club’s claims costs as problem persists for insureds

Cargo theft behind 10% of TT Club’s claims costs as problem persists for insureds

Cargo theft accounted for 10% of all claims recorded by transport and logistics insurer TT Club during the past 10 years, and continues to cause considerable loss to insureds and their insurers. Mike Yarwood, senior loss prevention executive at TT Club, said cargo theft is widespread. As well as a financial loss, cargo theft damages reputation and disrupts the supply…

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…

Rising protectionism demands review of supply chains and continuity plans

Rising protectionism demands review of supply chains and continuity plans

Rising protectionism demands review of supply chains and continuity plans

Global companies need to review their supply chains and consider disruptions to manufacturing and retail operations within business continuity plans as a direct consequence of rising protectionism, claims a new report by Zurich Insurance and Atlantic Council. The Our World Transformed: Geopolitical Shocks and Risks report notes that the recent increase in protectionism is driven by a backlash against free…

Supply chains targeted in largest global cyber breach

Supply chains targeted in largest global cyber breach

Supply chains targeted in largest global cyber breach

The largest ever global cyber espionage campaign, that specifically targeted supply chains to access thousands of organisations across the world, has been uncovered. Details of the attack, which started to emerge in late 2016, have been confirmed by PwC and BAE Systems. The firms worked together with the UK’s National Cyber Security Centre (NCSC) to uncover details of the attack.…

3TG supply chain risks overlooked by tech firms: Maplecroft

3TG supply chain risks overlooked by tech firms: Maplecroft

3TG supply chain risks overlooked by tech firms: Maplecroft

Technology companies are ignoring human rights issues and associated supply chain risk at key mining sites where 3TG minerals are sourced for the production of smartphones and computers, according to risk consultancy Verisk Maplecroft. Verisk Maplecroft’s Commodity Risk Service reveals that technology companies tend to focus on risks at traditional mining sites in DR Congo and the Great Lakes region…

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…

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.