Climate change tops travel risk list for 2020

Climate change tops travel risk list for 2020

Climate change tops travel risk list for 2020

Climate change has topped a list of travel risks for 2020, according to poll of top ten threats by Riskline. The travel risk intelligence firm said the potential final year of the Trump administration in the US polled as the second-most dangerous security threat to travel for the coming year. Adam Schrader, director of operations at Riskline, said predictions for…

Travelex ransomware attack hints at future systemic failure

Travelex ransomware attack hints at future systemic failure

Travelex ransomware attack hints at future systemic failure

The recent cyberattack on Travelex that has taken down currency services is a sign of things to come as ransomware steps up a pace and threatens systemic failure, according to cyber risk analytics firm CyberCube. As Travelex works to recover its systems following the cyberattack that was detected on 31 December, CyberCube said ransomware attacks are increasing each year and…

WHS claims set to add to Australian class action wave

WHS claims set to add to Australian class action wave

WHS claims set to add to Australian class action wave

Workplace health and safety (WHS) could be the next big thing in the fast-growing Australian class action ‘market’ and could lead to payouts in the tens of millions of dollars, massive legal bills and the imprisonment of directors and officers for industrial manslaughter offences, according to a new note from law firm Norton Rose Fulbright. Australian directors and officers are…

Modi denies crackdown on corporates despite persistent governance failings

Modi denies crackdown on corporates despite persistent governance failings

Modi denies crackdown on corporates despite persistent governance failings

Indian Prime Minister Narendra Modi said on Monday that recent action taken against a few corrupt entities should not be viewed as a targeted government crackdown on the corporate sector, the Economic Times of India reported. The news emerged as it was also reported that almost half the top 500 listed companies in India have still not complied with the Securities…

Indian data bill includes potential imprisonment of directors and officers for five years

Indian data bill includes potential imprisonment of directors and officers for five years

Indian data bill includes potential imprisonment of directors and officers for five years

India’s planned new data protection bill, which is based on the EU’s General Data Protection Regulation (GDPR), is likely to be set before parliament in February or March. The updated bill that was originally proposed in 2018 has recently been updated and contains a number of controversial additions. These include criminal liability for directors and officers who are found responsible…

Risk managers must act to tackle climate change as premiums soar in Australia

Risk managers must act to tackle climate change as premiums soar in Australia

Risk managers must act to tackle climate change as premiums soar in Australia

Australian risk managers, particularly those in the tourism industry, must brace themselves for tough renewals during 2020 as the bushfires that have devastated the country during the last two months continue to rage. A leading tourism association executive warned only last month that any “responsible” risk manager would accept that the mounting evidence of the dramatic impact of climate change…

Gulf employers urged to act fast on cross-border benefits as Dubai introduces new scheme

Gulf employers urged to act fast on cross-border benefits as Dubai introduces new scheme

Gulf employers urged to act fast on cross-border benefits as Dubai introduces new scheme

The Dubai International Finance Centre (DIFC) has announced a one-month delay until 1 February for the introduction of its new defined benefit system, which offers employers the opportunity to opt out and develop flexible cross-border schemes that are compliant for employees in multiple jurisdictions and ideal for global insurance programmes. Experts in Dubai say this is just the start. It…

Australian insurers advise government to focus on risk prevention as bushfires rage

Australian insurers advise government to focus on risk prevention as bushfires rage

Australian insurers advise government to focus on risk prevention as bushfires rage

The Insurance Council of Australia (ICA) has advised the Australian Government to significantly shift the focus of disaster relief towards mitigation and protection, and also to carry out a major reform of insurance-based taxes to ensure that homes and businesses are adequately protected, as it prepares its 2020-2021 budget. The ICA’s call came at the end of 2019, as the…

Tesco Christmas card shock increases pressure for tighter supply chain rules

Tesco Christmas card shock increases pressure for tighter supply chain rules

Tesco Christmas card shock increases pressure for tighter supply chain rules

Calls for stronger EU rules covering human rights in global supply chains will have got louder this week as UK supermarket group Tesco was forced to suspend production of charity Christmas cards at a factory in China, after a six-year-old girl found a plea for help from workers inside a card. Risk and insurance managers have become increasingly involved in…

Cat risks pose $584bn threat to global GDP in 2020

Cat risks pose $584bn threat to global GDP in 2020

Cat risks pose $584bn threat to global GDP in 2020

Catastrophic events could wipe $584bn from the global economy in 2020, 3% higher than the value at risk this year, according to analysis from the Centre for Risk Studies (CRS) at the University of Cambridge. Releasing its Global Risk Index, CRS said natural catastrophes are the top risk and could cost global GDP $179bn, followed by economic and trade risk…