A recently passed US food safety law will increase the frequency and severity of recalls of food products in the country as well as place more onerous obligations on industry, according to Marsh.
The Institute of Risk Management has launched a new international qualification in risk management aimed at the world of financial services and in particular the banking and insurance sectors. It has been developed by a team of practicing enterprise risk experts and has been warmly welcomed by firms across the sector. Ben Norris reports.
The European Union has imposed import controls on food and animal feed from areas of Japan potentially affected by the troubles at the Fukushima nuclear plant, to further limit any potential risk to its food chain.
Fitch Ratings has placed four of the five Japanese non-life insurers rated by the agency on Rating Watch Negative, following its initial stress test of the impact of the recent earthquake and stock market volatility in its aftermath.
Insured losses from natural catastrophes stood at $43bn in 2010, an increase of more than 60% on 2009, according to latest figures from Swiss Re’s sigma study. Worldwide economic losses reached $218bn, over three times the $68bn figure for the preceding year.
Experts on the Institute of Risk Management’s Forum Question Time Panel ‘Leading the Risk Profession’ have said that the risk management profession is suffering from an identity crisis, a view shared by the vast majority of attendees at the session.
Experts at the Institute of Risk Management’s (IRM) 2011 Global Risk Management Professional Development Forum have warned that the latest generation of cyber security threats are more sophisticated and potentially more harmful than ever before.
The credit crunch has brought the role of corporate risk manager to the fore and those working in the industry must continue to capitalise on this attention and to champion the importance of the risk management function to corporate success, Alex Hindson, the recently appointed Institute of Risk Management’s chairman told Commercial Risk Europe.
Due to NASA’s attempts to deal with the risks that go hand in hand with landing on far flung asteroids and Mars, shooting up space debris and the commercialisation of the space programme, its risk management processes represent a shining beacon for the risk industry.
The CEA is currently working to collect claims data on Environmental Liability Directive (ELD) related losses in order to educate both industry and insurance buyers on the potential costs of the new regime.