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…

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…

Brazil dam failure pushes up mining rates in 2019

Brazil dam failure pushes up mining rates in 2019

Brazil dam failure pushes up mining rates in 2019

The Córrego do Feijão dam failure in Brazil, which tragically claimed the lives of more than 300 people in January, has had an immediate impact on capacity for mining sector casualty risks, with rates driven upwards by the loss, according to Marsh in its latest mining sector report. Tailings dams are at particular risk of increased premium rates, Marsh said.…

New business interruption cover offered at no cost to South African firms

New business interruption cover offered at no cost to South African firms

New business interruption cover offered at no cost to South African firms

South African insurer MiWay has added business interruption cover to its commercial insurance bundles, at no extra cost. Christiaan Steyn, head of business insurance at MiWay, said this cover compensates for times when usual activities must be suspended and is seen as an important addition, given South Africa’s unpredictable business environment. “There are a number of eventualities which could cause a business’s operations to be…

Aon, Chubb and Lloyd’s team up for $500m global terrorism policy

Aon, Chubb and Lloyd’s team up for $500m global terrorism policy

Aon, Chubb and Lloyd’s team up for $500m global terrorism policy

Aon, Chubb and Lloyd’s have collaborated to bring a new terrorism and political violence insurance product to multinational buyers. The companies said the new Platinum policy offers buyers “unprecedented” limits of up to $500m per policy on standalone terrorism coverage. Insureds can also add liability, non-damage business interruption and cyber cover. Aon said the policy will provide globally-admitted cover using…

Africa’s hotel sector adding 11% more rooms

Africa’s hotel sector adding 11% more rooms

Africa’s hotel sector adding 11% more rooms

Africa currently has 301 hotel projects in the pipeline, accounting for 57,011 rooms, or 11.0% of the continent’s existing room supply, according to STR. Thomas Emanuel, STR’s director of business development, said: “Across Africa, we’ve seen mixed performance results to date. In local currencies, rates are up in several countries, including Egypt, Morocco and South Africa, but in many instances…

AGCS partners with Cyence to boost cyber expertise and modelling

AGCS partners with Cyence to boost cyber expertise and modelling

AGCS partners with Cyence to boost cyber expertise and modelling

Allianz Global Corporate & Specialty (AGCS) has partnered with Silicon Valley’s Cyence, a cyber risk analytics and modelling firm, with the promise of offering large corporate clients tailored cyber cover while developing an automated, self-service route for medium-sized firms. The partnership also plans to develop a new model for cyber business interruption risk, to better deliver for clients. AGCS said…

Swiss Re Corporate Solutions focused on insurance that is fit for purpose

The development of non-damage business interruption (NDBI) policies and the advent of cyber risk policies have both helped shape the focus of Swiss Re Corporate Solutions’ Africa business. In the 30 months since Swiss Re Corporate Solutions opened its doors in South Africa, the company has been developing its strategic approach. Natasha Wally, country manager South Africa, said the plan…

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…