Australian government seeks to clamp down on class actions

Australian government seeks to clamp down on class actions

Australian government seeks to clamp down on class actions

The Australian government is tightening regulatory scrutiny of litigation funders, as part of an effort to clamp down on the industry following a surge in expensive class-action lawsuits, according to Reuters. Australian government treasurer Josh Frydenberg said on Friday that litigation funders will now be required to hold an Australian financial services provider licence within three months. This will increase…

Parima opposes retroactively opening up BI policies to pandemic risks

Parima opposes retroactively opening up BI policies to pandemic risks

Parima opposes retroactively opening up BI policies to pandemic risks

The Pan-Asia Risk and Insurance Management Association (Parima) has joined the fast-growing body of opposition to legislative efforts in the US and elsewhere to try and open up business interruption (BI) coverage retroactively to pandemic risks that were excluded when originally underwritten. The association has called on insurers and brokers across the Asia-Pacific region to rise to the huge challenge…

ICC and International SOS launch app to certify Covid-19 antibodies

ICC and International SOS launch app to certify Covid-19 antibodies

ICC and International SOS launch app to certify Covid-19 antibodies

The International Chamber of Commerce (ICC) has partnered with International SOS to launch a mobile app that will allow users to certify they have Covid-19 antibodies and help consumers, workers and businesses resume commercial activity. The ICC AOKpass mobile app uses blockchain technology to enable individuals to store copies of medical certificates, for example evidence of having Covid-19 antibodies. This information can then…

Malaysian policyholders told to check for virus BI cover

Malaysian policyholders told to check for virus BI cover

Malaysian policyholders told to check for virus BI cover

The General Insurance Association of Malaysia (PIAM) has advised personal and commercial policyholders to check their property insurance policies to find out whether they are covered for Covid-19 virus claims. PIAM stated that it is aware of the huge uncertainty surrounding the validity of insurance policies and business interruption (BI) cover in particular for virus-linked losses. The association stated that…

IMF calls for working capital bridge loans to stave off collapse of SME sector across Asia

IMF calls for working capital bridge loans to stave off collapse of SME sector across Asia

IMF calls for working capital bridge loans to stave off collapse of SME sector across Asia

The International Monetary Fund (IMF) has called on nations across Asia to introduce “working capital bridge loans” well beyond what is currently on offer, to help smaller businesses across the region deal with serious cashflow problems caused by the Covid-19 pandemic. The IMF’s Kenneth Chang and Chanyong Rhee estimate that there is a massive need for new working capital for…

Age of vulnerability will place risk management centre stage: Kessler

Age of vulnerability will place risk management centre stage: Kessler

Age of vulnerability will place risk management centre stage: Kessler

Dennis Kessler, chairman and CEO of SCOR, one of the biggest reinsurers in the Asia-Pacific region, believes that the arrival of the Covid-19 pandemic will usher in a new age of vulnerability and risk aversion that should finally shove the risk management community in private and public sectors to centre stage. Mr Kessler is never shy to give his opinion…

ASEAN and Japan to focus on risk management to bolster supply chain resilience

ASEAN and Japan to focus on risk management to bolster supply chain resilience

ASEAN and Japan to focus on risk management to bolster supply chain resilience

Risk management and business continuity plans have been shown by the Covid-19 crisis to be absolutely critical in the effort to maintain supply chains in Asia and on a global basis, and need to be improved to protect Asia’s position as a global trade and investment hub, Japan and the Association of Southeast Asian Nations (ASEAN) have formally agreed. The…

UK data watchdog happy with risks of contact tracing app

UK data watchdog happy with risks of contact tracing app

UK data watchdog happy with risks of contact tracing app

The UK Information Commissioner’s Office (ICO) has published an opinion on the recently announced joint initiative by Apple and Google to help health authorities with contact tracing (the Contact Tracing Framework, known as CTF) in the fight against Covid-19, saying that despite certain risks it is happy that it would meet data safety standards. Law firm Faegre Drinker Biddle &…

Supply chain bottlenecks will hamper recovery from virus says Oxford Economics

Supply chain bottlenecks will hamper recovery from virus says Oxford Economics

Supply chain bottlenecks will hamper recovery from virus says Oxford Economics

Bottlenecks in European and global supply chains caused by the Covid-19 pandemic will significantly deepen the economic crisis faced by EU nations and plunge the bloc into a worse recession than in 2009, according to Oxford Economics, the UK-based global forecasting and quantitative analysis firm. Its latest analysis finds that for the EU, intra-bloc trade is vital and shutdowns will…

BCI survey finds organisations now looking to pandemic recovery phase

BCI survey finds organisations now looking to pandemic recovery phase

BCI survey finds organisations now looking to pandemic recovery phase

A growing number of organisations are moving towards the recovery phase of their initial Covid-19 response and considering what the future shape of their business will look like, according to the latest Coronavirus Organizational Preparedness Report by the Business Continuity Institute (BCI). The fortnightly survey of business continuity, risk and other experts around the world also found that more companies are…