AIR and Lloyd’s produce new quantitative model to help manage supply chain risk

AIR and Lloyd’s produce new quantitative model to help manage supply chain risk

AIR and Lloyd’s produce new quantitative model to help manage supply chain risk

AIR Worldwide and Lloyd’s have produced a new quantitative modelling framework to help risk managers and insurers better get to grips with supply chain risk. The new Hidden Vulnerabilities in Supply Chain Risk: A Quantitative Risk Modelling Framework report, produced by the two companies and supported by UK risk management association Airmic, explains that a scarcity of historical claims data and…

Businesses struggling to meet growing supply chain exposures: Airmic report

Businesses struggling to meet growing supply chain exposures: Airmic report

Businesses struggling to meet growing supply chain exposures: Airmic report

A new report by Airmic warns that supply chains are under growing strain, with businesses struggling to manage the new exposures. Published at Airmic’s fourth ERM Forum in London this week, it provides risk managers with practical guidance on how to inject resilience into entire supply networks. The Complex Supply Chains in a Complex World report says that “a potent” combination…

Food recall cover launched in NZ on the back of ‘alarming’ increase in incidents and tighter regulation

Food recall cover launched in NZ on the back of ‘alarming’ increase in incidents and tighter regulation

Food recall cover launched in NZ on the back of ‘alarming’ increase in incidents and tighter regulation

New Zealand’s only locally owned specialty liability insurer – Delta Insurance NZ – has responded to the growing risk of food recalls in New Zealand with a broader offering for food manufacturers. The specialty insurer, which recently welcomed Kent Chaplin, former chief executive officer and regional head for Lloyd’s in Asia-Pacific, to its board in August, has also published a…

Hong Kong Insurance Authority clarifies validity of cover following banning of masks

Hong Kong Insurance Authority clarifies validity of cover following banning of masks

Hong Kong Insurance Authority clarifies validity of cover following banning of masks

The Hong Kong Insurance Authority (HKIA) has published clarification about the impact of the recently introduced Prohibition of Face Covering Regulation under the Emergency Regulations Ordinance (Cap. 241) on the validity of insurance policies, following various media requests. “Insurance policies are private contracts between insurers and policyholders. The Prohibition of Face Covering Regulation made by the chief executive in council…

Typhoon Faxai insured loss estimate creeps up to potential $9bn

Typhoon Faxai insured loss estimate creeps up to potential $9bn

Typhoon Faxai insured loss estimate creeps up to potential $9bn

The forecast insured cost of Typhoon Faxai, which hit Japan on 9 September, continues to rise as catastrophe modelling firm RMS estimates the event will cost insurers between $5bn and $9bn. Rival modelling firm AIR Worldwide previously estimated that insured losses from Typhoon Faxai will be between $3bn and $7bn. The RMS estimate includes property damage and business interruption caused by…

Share price of companies hit by HIM hurricanes fell 5%, research shows

Share price of companies hit by HIM hurricanes fell 5%, research shows

Share price of companies hit by HIM hurricanes fell 5%, research shows

The share prices of companies affected by 2017’s Hurricanes Harvey, Irma and Maria (HIM) were knocked by 5%, according to new analysis commissioned by commercial insurer FM Global. A study conducted by Pentland Analytics on behalf of the company found 52 publicly-listed companies reporting losses as a result of the hurricanes. Collectively, they lost 5% of their shareholder value in…

New flood risk model promises to close coverage gaps

New flood risk model promises to close coverage gaps

New flood risk model promises to close coverage gaps

Flood risk management firm JBA Risk Management has launched a global flood model that it says will fill the gaps of existing cat models by allowing insurers and reinsurers to compare risk across their global portfolios. The model can be fully customised to users’ own book of risks, the company added. “The Global Flood Model opens up a whole world…

RMS adds up to $1.5bn US losses for Hurricane Dorian

RMS adds up to $1.5bn US losses for Hurricane Dorian

RMS adds up to $1.5bn US losses for Hurricane Dorian

Insured losses from Hurricane Dorian in the US will range between $500m and $1.5bn, bringing the total loss estimate for the storm to a potential $8.5bn, according to modelling firm RMS. Its US figures include losses to the National Flood Insurance Program (NFIP), property and vehicle damage, and business interruption. Wind damage in Canada is estimated to accrue insured losses…

Business interruption creating new challenges

Business interruption creating new challenges

Business interruption creating new challenges

The cost of replacing physical assets is being dwarfed by subsequent business interruption costs, as Florence Louppe from Risk Frontiers Europe sponsor HDI Global in France explained to Commercial Risk Europe. Business interruption has revealed new types of risks for corporates and their insurers, throwing up unexpected challenges and demanding innovative insurance solutions. Florence Louppe, managing director at HDI Global…

Hurricane Dorian losses could reach $6.5bn

Hurricane Dorian losses could reach $6.5bn

Hurricane Dorian losses could reach $6.5bn

Total insured losses from Hurricane Dorian in the Caribbean will cost insurers between $3.5bn and $6.5bn says RMS, while Karen Clark & Company (KCC) expects losses of $5.2bn for the whole storm. AIR Worldwide has issued an insured loss estimate of between $1.5bn and $3bn for damage in the Caribbean. KCC expects insured losses of $3.6bn in the Bahamas, $1.5bn…

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