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)…

APAC companies top the charts for risk preparedness: Aon survey

APAC companies top the charts for risk preparedness: Aon survey

APAC companies top the charts for risk preparedness: Aon survey

Global companies’ preparedness for the top 10 risks they face has deteriorated and risk readiness of global firms is at an all-time low, according to Aon’s 2017 Global Risk Management Survey. Global preparedness for the top 10 risks fell from 58% in 2015 to 53% in 2017. Aon said the findings are “worrisome”, particularly given that this year’s report surveyed…

Insured losses from Cyclone Debbie to top $1.3bn: Swiss Re

Insured losses from Cyclone Debbie to top $1.3bn: Swiss Re

Insured losses from Cyclone Debbie to top $1.3bn: Swiss Re

Total insured losses resulting from cyclone Debbie are estimated to cost at least $1.3bn due to a significant number of commercial and corporate claims, according to reinsurer Swiss Re. The tropical cyclone hit the Queensland coast in late March, causing five fatalities and widespread flooding and property damage, including the loss of electricity for 68,000 people. Classified as a Category…

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…

FM Global launches global flood map for risk managers

FM Global launches global flood map for risk managers

FM Global launches global flood map for risk managers

Property insurer FM Global has made its Global Flood Map publicly available to make it easier for risk managers to identify exposures in their supply chains, plant and properties. The model was launched late in 2016 and has been available to FM Global clients since November. The insurer is now making the flood tool available to everyone free-of-charge via its…

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…

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…

1 2 3