Rising supply chain risk as pandemic ‘upends’ resilience

Rising supply chain risk as pandemic ‘upends’ resilience

Rising supply chain risk as pandemic ‘upends’ resilience

Analysis by the British Standards Institution (BSI) shows that while Covid-19 clearly remains the biggest supply chain risk, threats from cargo theft, migration and human trafficking are also big issues, partly fuelled by the pandemic. The BSI has released the latest findings from its quarterly review of the top global supply chain security, business continuity, food safety and fraud, and…

Lloyd’s approves syndicate to insure transportation of Covid-19 vaccine to emerging economies

Lloyd’s approves syndicate to insure transportation of Covid-19 vaccine to emerging economies

Lloyd’s approves syndicate to insure transportation of Covid-19 vaccine to emerging economies

Lloyd’s has approved in principal a new ‘syndicate in a box’ to insure the storage and transportation of a Covid-19 vaccine to emerging economies, when it is developed. Syndicate 1796 has been developed by Parsyl, an insurance technology company and Lloyd’s Lab alumni, in close partnership with managing agent Ascot and in cooperation with AXA XL, McGill and Partners, and…

Companies move to diversify supply chain post-pandemic and reduce reliance on Far East, finds BCI survey

Companies move to diversify supply chain post-pandemic and reduce reliance on Far East, finds BCI survey

Companies move to diversify supply chain post-pandemic and reduce reliance on Far East, finds BCI survey

More than half of organisations around the world surveyed by the Business Continuity Institute (BCI) intend to diversify their supplier base post-pandemic, with the Far East set to be the biggest casualty. The research also shows that although most organisation did not have a plan in place to deal with Covid-19, the crisis has sparked due diligence further into supply…

Supply chain risk falls in May but more Covid-19-related pain to come: riskmethods

Supply chain risk falls in May but more Covid-19-related pain to come: riskmethods

Supply chain risk falls in May but more Covid-19-related pain to come: riskmethods

A report from riskmethods finds a decline in every type of supply chain risk it monitored during May, as Covid-19-related lockdowns and restrictions began to lift, but warns that the overall threat remains elevated and there are further tough times ahead. The firm’s 2020 Risk Report: The Year That Changed Everything looks at the top supply chain risks that affected organisations…

German insurers insulated from Covid-19 investment shocks, says AM Best

German insurers insulated from Covid-19 investment shocks, says AM Best

German insurers insulated from Covid-19 investment shocks, says AM Best

AM Best has maintained its stable outlook for the German non-life insurance market, after the sector’s conservative investments held it steady as Covid-19 shook financial markets globally. AM Best said insurers’ exposure to financial market instability is limited, although Germany’s insurers will record lower premium income in the wake of the pandemic. Growth in Germany’s non-life insurance market in 2020…

Global insurance recovery from Covid-19 will outrun economies, says Swiss Re

Global insurance recovery from Covid-19 will outrun economies, says Swiss Re

Global insurance recovery from Covid-19 will outrun economies, says Swiss Re

Global insurance premiums will stage a full recovery next year after the impact of Covid-19, says Swiss Re in a new Sigma report, with the pandemic raising risk awareness levels and demand for protection. Rates are expected to harden in commercial lines and take non-life insurance premiums above pre-crisis levels, Swiss Re says, adding that emerging economies led by China…

Australian risk managers advised to check credit policies

Australian risk managers advised to check credit policies

Australian risk managers advised to check credit policies

Risk and insurance managers with business in Australia need to take a proactive approach with their trade credit risk as the local market rapidly contracts in the face of Covid-19-related losses. As the standard cover dries up, particularly for the badly hit retail sector, risk managers also need to look out for exclusions being introduced for natural disasters and government…

Atradius warns of rise in supply chain fraud during pandemic

Atradius warns of rise in supply chain fraud during pandemic

Atradius warns of rise in supply chain fraud during pandemic

Trade credit insurer Atradius has detected a rise in fraudsters posing as companies during the Covid-19 pandemic. It said opportunistic fraudsters have exploited disruption to normal trade during lockdowns. Fraudsters are presenting themselves as credit-worthy businesses and looking for new suppliers from legitimate businesses, explained the insurer. Atradius said suppliers caught out in the scams hand over the goods but…

Contract frustration claims from virus likely to lead trade credit losses: Kennedys

Contract frustration claims from virus likely to lead trade credit losses: Kennedys

Contract frustration claims from virus likely to lead trade credit losses: Kennedys

The Covid-19 pandemic will deliver insured losses in the trade credit market, mainly from falling commodity prices, increased governmental intervention and rising insolvencies of businesses that do not have enough capital to withstand enforced closedowns or supply chain disruptions, according to the insurance team at law firm Kennedys in Singapore. The team, led by Julian Wallace, warns insurance company claims…

Helvetia to pay 50% of restaurant BI losses despite exclusions

Helvetia to pay 50% of restaurant BI losses despite exclusions

Helvetia to pay 50% of restaurant BI losses despite exclusions

Swiss multi-line insurance and reinsurance group Helvetia has taken the radical step of offering to pay 50% of the virus-related business interruption (BI) losses of its Swiss restaurant policyholders, despite continuing to insist that the risk is legally excluded from its policies. This follows a compromise reached in Bavaria led by the German state’s economics ministry, under which a group…

1 2 3 28