Scenario planning for climate risks

Scenario planning for climate risks

Scenario planning for climate risks

People are becoming more aware of the increasing frequency and intensity of climate events, and corporations are slowly responding to this increased awareness among customers. However, it may not have reached the point where such risks start to significantly influence how organisations do business. Hence, the question is: when will action on climate change reach a tipping point, ie when…

Get ready for a bloody renewal…

Get ready for a bloody renewal…

Get ready for a bloody renewal…

Recent half-year results published by leading international insurers and brokers all point to a hardening commercial insurance market that appears to be rapidly gaining pace, which means risk managers across Europe need to start preparing their colleagues and bosses for higher insurance costs next year. Potentially more significant and difficult to explain to the CFO is the fact that, as…

Claims, global programmes and hard market top agenda as San Millán returns as Igrea president

Claims, global programmes and hard market top agenda as San Millán returns as Igrea president

Claims, global programmes and hard market top agenda as San Millán returns as Igrea president

When Daniel San Millán took over as president of Spanish risk management association Igrea for a second time in May, he was probably entitled to a sense of déjà vu. The association still needs to tackle some of the same challenges that risk managers have been dealing with since its creation back in 2009. Issues such as claims handling and…

Leveraging AI to improve the customer experience

Leveraging AI to improve the customer experience

Leveraging AI to improve the customer experience

Technology is continually improving the customer experience in the insurance industry. One area that has been a problem, not just for the insurance industry but for the broader financial sector, is unstructured data, and in particular, text documents and emails with attachments. Automation has struggled with unstructured data, but now artificial intelligence (AI) is being used in pilot projects in…

Cyber: A threat without borders

Cyber: A threat without borders

Cyber: A threat without borders

Most cyber attacks are multinational and show little regard for borders. As a result, cyber risk transfer is ideally suited to a multinational programme, explains Mark Camillo, head of cyber, AIG. The WannaCry ransomware attack was unprecedented in its scale when it spread around the world in 2017. It is estimated that around 200,000 computers were infected across 150 countries,…

Capturing the abstract: How captives can be used to manage intangible risks

Capturing the abstract: How captives can be used to manage intangible risks

Capturing the abstract: How captives can be used to manage intangible risks

The most valuable assets a company owns often are no longer physical. Indeed, several studies indicate that the intangible assets of the world’s 500 largest companies make up roughly 85% of their value. Intangible assets can include a company’s brand, intellectual property and datasets. Risks to those assets can be hard to quantify, manage and transfer. Marine Charbonnier, global programmes…

Learning risk management lessons from pharma recalls

Learning risk management lessons from pharma recalls

Learning risk management lessons from pharma recalls

The pharmaceutical industry is a very highly regulated industry, where quality control is extremely important and high profile. But as a recent series of recalls has shown, even in this industry, quality control can fail and after impurities are discovered, contaminated products can hit the market with expensive and damaging consequences. Last year, we at Zurich started to see massive…

Brazil: a market of both challenge and opportunity for risk managers with global programmes

Brazil: a market of both challenge and opportunity for risk managers with global programmes

Brazil: a market of both challenge and opportunity for risk managers with global programmes

In the early 2000s, Brazil was heralded alongside Russia, India and China as one of the ‘big four’ developing economies poised for major growth. A huge land mass, large population and a strategic location in Latin America positioned the country well for economic and social progress. With a peak GDP growth of 4.5% from 2006 to 2010, more than 29…

Leveraging new technology to efficiently manage a global partner network

Leveraging new technology to efficiently manage a global partner network

Leveraging new technology to efficiently manage a global partner network

Globalisation has reduced the distances and barriers between countries, allowing corporations to perform business in multiple markets, which has driven the need for international insurance. Insurance companies should have capabilities around the globe to be able to offer a comprehensive insurance solution for global customers and to deal with the complexities of different regulations and market practices. Global insurers such…

The curious contradiction of M&A risk transfer

The curious contradiction of M&A risk transfer

The curious contradiction of M&A risk transfer

Mary Duffy, global head of M&A insurance at AIG, explains why it pays for risk managers to be front and centre during an acquisition or divestiture. Risk and insurance managers are central to placing international programmes, managing relationships with insurance and broking partners and coordinating the claims process. But it is a curious contradiction that the same is often not…

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