The Institute of Risk Management (IRM) has added a supply chain risk management certificate to its qualification portfolio. The professional body said the new certificate will equip risk professionals with expertise in how to manage supply chains, identify and mitigate risks. Students will look at global outsourcing and digital disruption, and how risk management tools and techniques can be applied…
AXA XL Insurance has launched a first-of-its-kind risk incubator to give much-needed structure and process to innovation in the risk and insurance space. The so-called ‘Cube’ aims to deliver a bespoke risk management, technology or insurance solution for a client within six weeks. “This is a unique proposition in the insurance market that addresses an underserved need and will help…
Bermuda has introduced legislation that allows for the creation of segregated accounts, or cells, with separate legal status. According to Bermuda-based law firm Conyers, the Incorporated Segregated Accounts Companies Act 2019 (ISAC) is companion legislation to the Segregated Accounts Companies Act 2000 (SAC). “Both the SAC and the new ISAC ringfence the assets of each individual cell from the creditors…
The Ireland-based captive of Eni SpA, a multinational energy company based in Italy, has had its financial strength rating of A (Excellent) and the long-term issuer credit rating of A affirmed by AM Best. The outlook of these credit ratings is stable. The captive, Eni Insurance Designated Activity Company (EID) (Ireland), has a track record of strong operating profits, with…
More than a third of terrorist attacks (36%) in advanced markets were perpetrated by right-wing terrorists last year and have driven up casualty rates, according to data analysed by Pool Re in its latest threat report. The UK government-backed reinsurer says the “more active and lethal” right-wing movement has complicated the terrorist landscape. Such attacks are more likely to cause…
Some 94% of the largest global companies said equipment failure is a major risk, while 84% said a cyberattack on industrial control systems is a major risk concern, according to a survey by FM Global of 200 Fortune 500-sized corporates. The survey found that 43% of respondents believe equipment failure risks have increased during the past five years, with 29%…
Africa is the riskiest continent for corporate bribery with Europe at the other end of the scale, according to the 2019 Trace Bribery Risk Matrix. The latest matrix by the anti-bribery and risk management solutions firm, found that Africa has the highest bribery risk with an average country score of 64. Somalia was ranked the number one most risky country.…
The marine insurance market is undergoing a correction following years of soft conditions, as the maritime industry faces a number of emerging risks, including large containership fires, digitalisation and a slowdown in world trade, according to the International Union of Marine Insurance (IUMI). The marine insurance sector faces a “painful” period of adjustment, following a sustained period of unprofitability, said…
The UK’s government-backed terrorism reinsurer Pool Re has launched a specialist unit to house its risk management and risk modelling expertise to help build terrorism resilience. CEO Julian Enoizi said the launch of Pool Re Solutions marks a “turning point” in the relationship with terrorism risk. Pool Re Solutions will consist of a risk awareness team to provide analysis and…
Risk managers in Kenya are set to launch a cyber risk loss data bank to help insurers understand the local risks. Dorothy Maseke, chair of the Institute of Risk Management (IRM) in east Africa, said the local IRM members have been working on a project to develop a cyber risk management tool. But they are going one step further by…