Germany, Australia and the US likely hotbeds for future climate-related litigation, says lawyer

Germany, Australia and the US likely hotbeds for future climate-related litigation, says lawyer

Germany, Australia and the US likely hotbeds for future climate-related litigation, says lawyer

A leading lawyer has named Germany, the US and Australia as the three jurisdictions where companies are most likely to face future climate-related litigation. Neil Beresford, a Clyde & Co partner in London, also warned that while such litigation around the world is mostly focused on energy companies and their use of petroleum, other sectors will likely be in the…

Parima hosts disaster preparedness event as region steps up risk reduction efforts

Parima hosts disaster preparedness event as region steps up risk reduction efforts

Parima hosts disaster preparedness event as region steps up risk reduction efforts

Parima will hold its annual conference on disaster preparedness and response on 29 July at the HKAM Jockey Club Building in Hong Kong. The risk and insurance management association said the event will bring together experts and practitioners, government officials, scientific and academic institutions, the NGO sector and the private sector, to share experiences and discuss strategies for disaster preparedness…

New Zealand creates National Emergency Management Agency

New Zealand creates National Emergency Management Agency

New Zealand creates National Emergency Management Agency

The New Zealand government has announced funding from its recently announced 2019 budget for the creation of a new national agency to strengthen the country’s emergency management system. Minister of civil defence Kris Faafoi explained: “The new National Emergency Management Agency (NEMA) has been created because as a government, we saw the need to improve our emergency management capability and…

APRA expected to ‘walk the talk’ on risk management failings in banks

APRA expected to ‘walk the talk’ on risk management failings in banks

APRA expected to ‘walk the talk’ on risk management failings in banks

The Australian Prudential Regulation Authority (APRA) is expected to follow through its critical assessment of risk management practices and culture within the nation’s banking sector with real action and not just words, according to a leading law firm. The APRA published its Final Report of the Prudential Inquiry into the Commonwealth Bank of Australia (CBA) following a series of significant operational…

China, India, US and Algeria account for 80% of barriers damaging EU exports, says EC

China, India, US and Algeria account for 80% of barriers damaging EU exports, says EC

China, India, US and Algeria account for 80% of barriers damaging EU exports, says EC

A staggering 80% of trade barriers damaging EU exports emanate from only four countries: China, the US, India and Algeria, according to the latest analysis by the European Commission (EC) published this week. New barriers introduced in 2018 were worth up to €51.4bn in hindered exports from the EU-28. This is more than double the €23.1bn lost in 2017, estimates the…

Cargo theft loss prevention must focus on insider threat: report

Cargo theft loss prevention must focus on insider threat: report

Cargo theft loss prevention must focus on insider threat: report

Theft from trucks continues to account for the highest proportion of cargo thefts worldwide and the threat from insiders – employees, contractors and even business partners – continues to rise, according to analysis carried out by transport insurer TT Club and supply chain intelligence firm BSI. The Global Cargo Theft Intelligence Report for 2018 found that thefts from trucks accounted for 84%…

Insurance costs to rise as two more tankers hit in Gulf of Oman

Insurance costs to rise as two more tankers hit in Gulf of Oman

Insurance costs to rise as two more tankers hit in Gulf of Oman

Two further torpedo attacks on oil tankers in the Gulf of Oman that left one vessel ablaze and both adrift are likely to drive insurance rates up and persuade marine and energy insurers to tighten conditions, according to international law firm DWF. The likely total value of goods involved in the latest attacks is about $65m, according to risk management…

Hard lessons from Australia’s financial services scandal and liability crisis

Hard lessons from Australia’s financial services scandal and liability crisis

Hard lessons from Australia’s financial services scandal and liability crisis

Widespread misconduct in the financial services market has dominated the news in Australia, but the scandal has important lessons for corporate risk managers and insurers worldwide. In particular, the misselling of products by banks and insurers highlights the growing problem of cultural and conduct risk in the age of consumer power. This is giving rise to increased levels of liability…

Baron calls for better support from brokers on employee benefit risk

Baron calls for better support from brokers on employee benefit risk

Baron calls for better support from brokers on employee benefit risk

Brokers, and as a result insurers, are failing to properly support risk managers as they move into the employee benefit space and increasingly want to place such risks in their multinational insurance programmes, Franck Baron, chairman of Parima, told those gathered for a Commercial Risk conference. While being careful to note that risk managers also have much room for improvement…

Test the strength of the fintech bridge before you cross: Lagarde

Test the strength of the fintech bridge before you cross: Lagarde

Test the strength of the fintech bridge before you cross: Lagarde

Fintech theoretically offers huge opportunities for the insurance and wider financial services sector to open up its products and services to a far broader spectrum of society, at a lower price than currently available. But the rise of fintech, including insurtech, also carries significant risks – not least concentration risk as the big tech giants move into the financial sector.…

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