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…

Supply chain risk mitigation top priority for CFOs during crisis, finds PwC

Supply chain risk mitigation top priority for CFOs during crisis, finds PwC

Supply chain risk mitigation top priority for CFOs during crisis, finds PwC

Supply chain security will be the top priority for businesses looking to stabilise their operations post-Covid-19, according to PwC’s latest coronavirus impact report. “Most CFOs are still considering cost containment measures, but they are also planning various actions around work sites, supply chains and investments that will position their company to succeed in the post-crisis world,” PwC says. In a…

New supply chains drive scam risk, warns GWCI

New supply chains drive scam risk, warns GWCI

New supply chains drive scam risk, warns GWCI

New and unfamiliar supply chains created during the current coronavirus pandemic could put businesses at risk of scams, warned global risk and compliance firm GWCI. As established supply chains come under strain, with many brought to a total standstill, GWCI said businesses must still conduct due diligence on new suppliers. “Severe supply shortages that have resulted from the pandemic’s knock-on…

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…

AGCS warns marine transport risk managers to focus on cargo storage and transit risks

AGCS warns marine transport risk managers to focus on cargo storage and transit risks

AGCS warns marine transport risk managers to focus on cargo storage and transit risks

Cargo shippers and transportation companies face a heightened risk environment because of serious disruption to the global supply chain caused by the Covid-19 pandemic, according to Allianz Global Corporate & Specialty (AGCS). The insurer said there is a higher threat to goods in storage and transit, especially those that are high value, perishable or temperature-sensitive. It added that the growing…

Human rights abuse in supply chain exposed as virus leads to cancelled orders

Human rights abuse in supply chain exposed as virus leads to cancelled orders

Human rights abuse in supply chain exposed as virus leads to cancelled orders

European manufacturers in sectors such as fashion and retail that have rapidly cancelled orders from suppliers in Asia – in some cases using force majeure to terminate contracts early because of the Covid-19 crisis – are failing to live up to their responsibility to ensure their use of supply chains does not violate human rights, according to the European Centre…

BSI gives free access to Covid-19 supply chain tool

BSI gives free access to Covid-19 supply chain tool

BSI gives free access to Covid-19 supply chain tool

BSI has opened access to the Covid-19 section of its Supply Chain Risk Exposure Evaluation Network (Screen) tool to help companies manage the risk and boost resilience. Screen is a web-based global supply chain intelligence system that includes information to help companies anticipate, respond to and avoid supply chain disruptions. It is a subscription service, but the Covid-19 section is…

Risk managers advised on dangers of mothballed facilities

Risk managers advised on dangers of mothballed facilities

Risk managers advised on dangers of mothballed facilities

Most corporate insurance managers will be focusing on how, if possible, to call on their liability coverage to help their company through the current pandemic, but they also need to act on the property risks posed to their mothballed production facilities and industrial plants or face some potentially nasty surprises, warns Allianz Global Corporate & Specialty (AGCS). “Many companies are…

1 2 3 27