Suez Canal blockage presents major lessons for Italian risk community

Suez Canal blockage presents major lessons for Italian risk community

Suez Canal blockage presents major lessons for Italian risk community

The beaching of the Ever Given, the cargo ship that ran aground in the Suez Canal, blocking the critical passageway for six days, ended once the freighter was unwedged and the flow of vessels resumed. Working off the queue of hundreds of boats that opted to wait instead of turning south towards the Cape of Good Hope and circumnavigating Africa…

Life sciences face ‘complex’ and ‘changed’ risk landscape, says WTW

Life sciences face ‘complex’ and ‘changed’ risk landscape, says WTW

Life sciences face ‘complex’ and ‘changed’ risk landscape, says WTW

Life science firms must address new risks driven by changes to their business during the response to Covid-19, with insurers “playing catchup”, according to a sector report from Willis Towers Watson (WTW). WTW says the life science sector is still running with elevated supply chain risks as a result of the pandemic, adding that sudden progress in technical innovations and…

Suez Canal blockage triggers liability uncertainty, says Moody’s

Suez Canal blockage triggers liability uncertainty, says Moody’s

Suez Canal blockage triggers liability uncertainty, says Moody’s

The full reopening of the Suez Canal on Monday after the containership Ever Given was dislodged has limited the risk of losses for insurers spreading much further, Moody’s said. Moody’s said the accident, which blocked the canal for almost a week, is credit negative for (re)insurers, with “considerable uncertainty” about loss exposure, particularly for the vessel’s protection and indemnity (P&I)…

Covid-19 disruption triggers rise in risk trend analysis, finds BCI

Covid-19 disruption triggers rise in risk trend analysis, finds BCI

Covid-19 disruption triggers rise in risk trend analysis, finds BCI

Non-occupational disease has topped a poll of business risks by the Business Continuity Institute (BCI) after jumping from bottom position in the same survey 12 months ago, with 67% of respondents citing lack of preparedness as the main cause of business disruption last year. The survey of 365 global business continuity and risk management professionals also found that Covid-19 has…

Suez Canal blockage could cost over $100m as supply chains face disruption

Suez Canal blockage could cost over $100m as supply chains face disruption

Suez Canal blockage could cost over $100m as supply chains face disruption

A mega containership wedged in the Suez Canal could cost the owner and insurers millions, with about 150 ships backed up since Tuesday evening and supply chain issues building every day. David Smith, head of hull and marine liabilities at McGill and Partners, said the broker has heard figures as high as $100m in insured losses mentioned. But he said…

Tokio Marine says ‘no material impact’ from Greensill insolvency

Tokio Marine says ‘no material impact’ from Greensill insolvency

Tokio Marine says ‘no material impact’ from Greensill insolvency

Tokio Marine’s liabilities from the collapse of supply chain finance firm Greensill are limited to trade credit insurance cover provided by Australian agent Bond & Credit Company (BCC), the company said, correcting reports that suggested it could be on the hook for exposures of about A$10bn. Addressing media speculation, Tokio Marine said it does not expect any material impact from…

AGCS calls for partnership to tackle D&O and cyber challenges in Germany

AGCS calls for partnership to tackle D&O and cyber challenges in Germany

AGCS calls for partnership to tackle D&O and cyber challenges in Germany

German insurance managers should not expect a significant improvement in the directors and officers (D&O) insurance market this year, as carriers face up to a highly uncertain legal and economic landscape driven by the ongoing impact of Covid-19, an expected rise in insolvencies, rising litigation and claims, and recent regulatory initiatives in Germany and across Europe, according to Stephan Geis,…

Australian regulators probe insurers in Greensill collapse as Marsh named broker

Australian regulators probe insurers in Greensill collapse as Marsh named broker

Australian regulators probe insurers in Greensill collapse as Marsh named broker

QBE has denied any exposure to supply chain financing firm Greensill, which filed for insolvency earlier this month, amid regulatory probes and legal challenges concerning the company’s collapse. Meanwhile, the Financial Times (FT) newspaper has named Marsh & McLennan as Greensill’s commercial insurance broker. Australian regulators APRA and ASIC said they are working together to untangle Greensill’s liabilities and the…

Growing number of companies fear supply chain cover won’t meet their needs

Growing number of companies fear supply chain cover won’t meet their needs

Growing number of companies fear supply chain cover won’t meet their needs

Although more organisations reported partial or full insurance cover for supply chain disruption last year, a growing number fear that the insurance market won’t meet their needs going forward, according to a poll by the Business Continuity Institute (BCI). The BCI’s Supply Chain Resilience Report 2021 is based on a survey of individuals, including risk managers, at organisations across the…

Covid-19 drives record supply chain disruption and renewed focus on risk, finds BCI survey

Covid-19 drives record supply chain disruption and renewed focus on risk, finds BCI survey

Covid-19 drives record supply chain disruption and renewed focus on risk, finds BCI survey

Organisations from across the world reported more supply chain disruption in 2020 than any time in the last 12 years, with Covid-19 the main cause and having a big impact on Tier 2 and beyond, finds the BCI Supply Chain Resilience Report 2021. The survey of more than 173 individuals – including risk managers and business continuity professionals – from…

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