New risks such as cyber incidents or data privacy, rising regulatory and shareholder activism, and the influence of third-party litigation funders are putting corporate leaders under more pressure than ever of falling foul of investigations, fines or prosecution over alleged wrongdoing, warns Allianz Global Corporate & Specialty (AGCS).
We face a new reality: disasters and shocks are occurring more frequently and chronic stresses are lasting longer. The most vulnerable are hit hardest. We can no longer afford business as usual. Liz Booth reports from an event organised by KPMG in Nairobi recently.
A Turkish textile factory and mine owned by Aliko Dangote are reported to have been attacked in the past month, as violence and civil unrest hit Ethiopia.
This year has marked another challenging period for South Africa’s mining industry, in the wake of subdued commodity prices, an increase in short-term volatility, increased pressure on operating models and regulatory uncertainty, according to PwC.
Allied World Europe appoints new head of European casualty, Chubb develops technology and cyber offering in UK and Ireland, XL Catlin creates new reinsurance unit to focus on African risk, London market’s electronic placing platform bounds first risk and AIR launches new global resilience practice.
The total number of kidnaps for ransom during 2016 in the Gulf of Guinea has already surpassed the total number of incidents recorded by the International Maritime Bureau for 2015. The UK P&I Club has issued a warning to all those involved in the shipping sector to have access to experienced and professional advice regarding kidnap response management.
Competition and demand for PI cover in Australia and Canada strong but South Africa remains niche market
While there is high penetration of professional indemnity insurance in Australia and Canada and strong competition among insurers for the business, South Africa remains a niche market with penetration low, according to new research by Finaccord.