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…

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…

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…

Insurance buyers with US risks face ‘biggest upward price shift’ in years: WTW

Insurance buyers with US risks face ‘biggest upward price shift’ in years: WTW

Insurance buyers with US risks face ‘biggest upward price shift’ in years: WTW

Insurance buyers with US risks face the “biggest upward price shift” for years during 2020, with increases across more lines than in “recent memory”, according to Willis Towers Watson (WTW). Property, excess liability and D&O cover will be hardest hit, according to the broker. It notes that several other lines of business are looking at increases “topping out at well…

Risk management lags increasing unpredictability, finds QBE

Risk management lags increasing unpredictability, finds QBE

Risk management lags increasing unpredictability, finds QBE

Political risk is making the world a more unpredictable place to do business, yet many companies are failing to plan adequately for unexpected events, according to research from QBE. The insurer’s analysis of factors that have impacted stability during the past 30 years found the world has demonstrably become a less predictable and more volatile place. In particular, 2010 and…

Sompo expands into small business space in US and Mexico

Sompo expands into small business space in US and Mexico

Sompo expands into small business space in US and Mexico

Sompo International Holdings, the Bermuda-based specialty insurance and reinsurance arm of Japanese giant Sompo, has announced that its Sompo Global Risk Solutions (GRS) has formed a new team to offer insurance solutions to smaller businesses in the US and Mexico. It will also serve Sompo’s clients with operations in the two countries. Sompo International was created after the Japanese insurer…

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