Business interruption (BI) has reclaimed its position as the top risk facing global firms, followed by a pandemic outbreak in second place and cyber incidents a close third, after taking the number one spot last year, according to Allianz Global Corporate & Specialty’s (AGCS) Risk Barometer 2021. BI held the top spot for four consecutive years in the Allianz Risk…
Cyber incidents have retained their position as the number one risk facing businesses in Europe during 2021, with business interruption (BI) in second place and pandemic outbreak third, finds a poll of risk experts and business leaders by Allianz Global Corporate & Specialty (AGCS). BI’s position is unchanged from last year, while pandemics are a new entry in the top…
Risk and insurance managers have been urged to get out of their comfort zones and become more involved in tackling environmental, social and governance (ESG) risks, as research by Ferma earlier this year shows just a third currently play a role. Bart Smets, head of insurance and risk at global materials technology and recycling group Umicore, pointed to a survey…
Chubb has appointed Alexandra Waldman to the newly created role of climate sustainability manager. In her global position, Ms Waldman will identify opportunities for climate-related products, encourage employee engagement in climate sustainability and establish a framework to measure the insurer’s sustainability initiatives. Ms Waldman was formerly Chubb’s senior environmental programme manager, having first joined Ace in 2011 as an environmental…
Generali Global Corporate & Commercial (GC&C) UK has partnered with specialist Power Energy Risk (PERse) to deliver global renewable energy solutions, with a focus on wind and solar plants. PERse is the largest US-based renewable energy underwriter and part of Ryan Specialty Group. GC&C UK said the partnership bolsters its expertise in the renewables energy sector by leading a consortium…
Willis Towers Watson (WTW) has partnered with data analytics and social business intelligence firm Polecat Intelligence to help clients manage reputational, product recall, life science and D&O risks. WTW will use Polecat’s AI and machine learning to provide real-time risk insight into public opinion by analysing social media. The broker said this will enable it to better support clients to…
Italy’s risk and insurance management association Anra is ready to work with its national insurance association Ania to call on the Italian government to create a state-backed insurance facility, to help business cope with future health crises and other risks that the commercial insurance market is struggling to cope with. Anra believes that to help ensure greater resilience within the…
This issue of Commercial Risk Asia is wholly based on a series of in-depth interviews carried out with leading members of the Pan-Asia Risk & Insurance Management Association (Parima) for our annual Risk Frontiers survey. The point of this survey is to provide risk and insurance managers across the world with a unique platform to express their views on key…
Risk and insurance managers in the Asia-Pacific region are by no means immune from the rapidly hardening global corporate insurance market, as insurers seek to push up prices and limit cover and capacity on the back of the Covid-19 crisis. The hardening was actually already underway in the region before the crisis hit but, as in Europe, members of the…
Financial sustainability, health and safety of customers and staff members, job security of staff, and business plans and projections, are the main exposures brought about by the Covid-19 pandemic; and risk managers need to play a central role in their management, according to a board member of the Hong Kong chapter of Parima. The risk manager, who chose to remain…