Cyber voted top business risk for first time in Allianz Risk Barometer

Cyber voted top business risk for first time in Allianz Risk Barometer

Cyber voted top business risk for first time in Allianz Risk Barometer

Cyber has been voted the biggest risk facing business globally and in Europe for the first time ever in the Allianz Risk Barometer, replacing business interruption (BI), which has held the top spot for seven years. The 2020 barometer also shows that climate change is the biggest climber globally, placing in its highest-ever position of seventh, while changes to legislation and…

IAG secures an extra $1bn cat reinsurance cover as bushfire claims soar

IAG secures an extra $1bn cat reinsurance cover as bushfire claims soar

IAG secures an extra $1bn cat reinsurance cover as bushfire claims soar

Insurance Australia Group (IAG), the biggest non-life insurer in Australia and New Zealand, has announced that it has finalised its catastrophe reinsurance programme for the 2020 calendar year, not surprisingly increasing its gross reinsurance protection to up to $10bn compared with $9bn for 2019, but at surprisingly stable costs. Rival insurer Suncorp Group has also revealed that it increased its…

Fitch says reinsurance cover should help Australian insurers manage bushfire claims

Fitch says reinsurance cover should help Australian insurers manage bushfire claims

Fitch says reinsurance cover should help Australian insurers manage bushfire claims

Credit ratings agency Fitch Ratings has said that reinsurance protection and increased natural hazard allowances should help major non-life insurers contain their earnings volatility that may stem from the devastating bushfires in Australia. The agency added, however, that reinsurance protection for the fires will be subject to the inception dates and duration of the events. “Prolonged fires could exhaust insurers’…

London insurers to focus on climate change and cyber in 2020

London insurers to focus on climate change and cyber in 2020

London insurers to focus on climate change and cyber in 2020

Climate change and cyber warfare risks will be the two key London market topics that the International Underwriting Association (IUA), the body that represents the growing insurance company market in London outside of Lloyd’s, will focus upon in 2020, as stated in its latest business plan. The association announced this week that it has established a new market group to…

Risk managers must act to tackle climate change as premiums soar in Australia

Risk managers must act to tackle climate change as premiums soar in Australia

Risk managers must act to tackle climate change as premiums soar in Australia

Australian risk managers, particularly those in the tourism industry, must brace themselves for tough renewals during 2020 as the bushfires that have devastated the country during the last two months continue to rage. A leading tourism association executive warned only last month that any “responsible” risk manager would accept that the mounting evidence of the dramatic impact of climate change…

Australian insurers advise government to focus on risk prevention as bushfires rage

Australian insurers advise government to focus on risk prevention as bushfires rage

Australian insurers advise government to focus on risk prevention as bushfires rage

The Insurance Council of Australia (ICA) has advised the Australian Government to significantly shift the focus of disaster relief towards mitigation and protection, and also to carry out a major reform of insurance-based taxes to ensure that homes and businesses are adequately protected, as it prepares its 2020-2021 budget. The ICA’s call came at the end of 2019, as the…

Insurers look to put a price on climate change risk

Insurers look to put a price on climate change risk

Insurers look to put a price on climate change risk

Insurers and risk managers need to model and price for climate change risk and build resilience, as a warmer world looks ever more likely, according to Zurich Insurance Group. Two studies published last week indicate the risks of a warmer world are increasing, as governments fail to adequately tackle climate change. The latest annual UN emissions gap report reveals that…

Five megatrends mean company directors face heightened D&O risk according to Allianz

Five megatrends mean company directors face heightened D&O risk according to Allianz

Five megatrends mean company directors face heightened D&O risk according to Allianz

Company executives are facing five “megatrends” that are set to create a heightened risk environment for D&O liability in 2020 and further challenge the profit margins of D&O insurers, according to Allianz Global Corporate & Specialty (AGCS), which said it has seen double-digit growth in D&O claims in the past five years. ‘Bad news’ or event-based claims have driven a…

Corporates urged to step up climate disclosure as liability and regulatory risk gather pace

Corporates urged to step up climate disclosure as liability and regulatory risk gather pace

Corporates urged to step up climate disclosure as liability and regulatory risk gather pace

A failure by corporates to improve climate risk disclosure would invite further regulation, according to experts taking part in a webinar hosted by Commercial Risk. Panellists agreed that while it is “early days” for companies adopting the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), some corporates are not taking the measures seriously enough. Neil Beresford, a partner…

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