The shift in focus from tangible to non-tangible threats among risk managers that was clearly identified in Commercial Risk Europe’s annual Risk Frontiers survey was confirmed this week as Allianz Global Corporate & Specialty (AGCS) published its Allianz Risk Barometer 2016.
A string of terror attacks, including those in Paris in November, are prompting companies to review their terrorism exposures and insurance, driving demand for non-damage business interruption cover.
Business interruption (BI) losses are increasing, and often outstrip property damage, according to Allianz Global Corporate & Specialty (AGCS).
The European and international insurance market has made progress on business interruption covers following the crisis brought about by the Japanese tsunami and Thai floods in 2011. But, based on comments made during CRE’s annual European Risk Frontiers survey, risk managers in France are clearly still not happy with what the market has to offer and want to see broader cover and a more sophisticated approach to this critical line of business.
Specialist property insurer FM Global has seen an increase in cyber claims. The firm is working with risk managers to raise awareness of cyber cover under its property damage and business interruption policies.
Marsh has called for the ‘golden triangle’ of buyers, insurers and brokers to work together to finally solve problems with business interruption (BI) cover. To kick off this campaign it has published new research suggesting ways to improve existing solutions and reshape buyers’ options.
The Ethisphere Institute, an independent centre for research, best practices and thought leadership in corporate ethics and compliance based in the US, and the Institute for Supply Management (ISM), the US association for procurement and supply chain management practitioners and their organisations worldwide, have partnered to develop a Supplier Risk Index.
Supply chain risk fell in the first quarter of this year but has risen since the global financial crisis, according to the UK’s Charted Institute of Purchasing & Supply’s (CIPS) Risk Index. CIPS also warns that a ‘serious skills gap’ among supply chain management professionals is leading to inadequate assessments of supply chain risk.
A new tool to help risk managers get a better grip on their global property and supply chain risks and reduce catastrophic losses was launched this week.
Munich Re is answering calls from risk managers for innovative transfer solutions with a burgeoning non-damage business interruption (BI) solution for the pharmaceutical industry.