Companies need to take a wider view of risk and look beyond threats traditionally on their risk register, according to Professor Daniel Ralph, academic director for the Cambridge Centre for Risk Studies. He highlighted risks such as reputation/brand, macroeconomic and trade factors, and geopolitical risks, as areas to work on. Professor Ralph was speaking at the Institute of Risk Management’s…
Businesses in Britain are having to face up to political risk and need to learn to engage with politics and politicians to mitigate growing threats, according to Sir Mark Boleat, former policy chairman at the City of London Corporation. But he warned many companies are failing to step up to the mark. Speaking at the Institute of Risk Management’s (IRMs)…
RMS estimates that insured losses for the Camp and Woolsey wildfires in California will total between $9bn and $13bn. The cat modelling firm places losses for the Camp fires between $7.5bn and $10bn, with Woolsey costing between $1.5bn and $3bn. The estimates include property and auto damage, business interruption, additional living expenses and contents loss. RMS said this season sees…
Some 80% of Belgian corporates believe the world is becoming increasingly unstable, according to a new poll by business magazine Trends for the Credendo Trade Forum, and 85% said the European Union should take measures to protect its businesses, up from 75% last year. At the same time, the poll by trade credit insurer Credendo found 79% believe protectionist measures…
The Californian utility Pacific Gas & Electric Co (PG&E) has warned investors that it could be held liable for starting the Camp wildfire that is still burning in northern California, and conceded that if its equipment is determined to be the cause it could be subject to significant liability in excess of its insurance coverage. PG&E renewed its liability insurance…
Economic risk is causing businesses executives around the world most concern, also ranking as the top threat in the UK and second in continental Europe, according to new research from CNA Hardy. Meanwhile, executives in Europe are most confident of all regions about growth prospects, with those in the UK the least upbeat as Brexit takes its toll. CNA Hardy’s…
Marsh has launched a digital broker platform for the affinity market that it said will change the way new and more tech-savvy clients want to manage insurance programmes. Bluestream is a cloud-based platform that will allow its affinity clients to streamline the way they offer insurance and services to their customers, contractors or employees. Marsh said the digital platform is…
Recent growth in the global economy is expected to “lose steam” next year, warns credit insurer Atradius in its latest Economic Outlook. The “momentary bright sky” seen in 2017 and 2018 is to darken in 2019 as “clouds are quickly gathering on the horizon”, it says. Atradius explains that risks to the global economy, in particular the US-China trade war,…
Chubb has backed a $1m project to reduce the risk of flooding along the Miami coast. In partnership with conservation group The Nature Conservancy (TNC), Chubb Charitable Foundation has issued a $1m grant to improve the resilience of Miami’s flood defences using nature-based solutions. These include the restoration of mangroves, planting native vegetation, removing invasive species and installation of artificial…
Willis Towers Watson has appointed Graham Knight as head of natural resources for its GB corporate risk and broking business. Mr Knight was previously head of the group’s downstream natural resources division, serving clients in the oil and gas sector, power and utilities, renewable energy, and metals and mining. He takes up the new role with immediate effect. Mr Knight…