Covid-19 driving new supply chain risks that threaten resilience, warns BSI report

Covid-19 driving new supply chain risks that threaten resilience, warns BSI report

Covid-19 driving new supply chain risks that threaten resilience, warns BSI report

Covid-19 will create fresh supply chain risks for businesses in 2021 after disrupting the global flow of operations when the pandemic broke last year, according to business standards group BSI. Publishing its predictions for the year ahead, the BSI said while most businesses have addressed the immediate gaps in business continuity planning exposed by the pandemic, new threats have emerged…

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…

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…

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 and ESG demand greater supply chain risk transparency

Covid-19 and ESG demand greater supply chain risk transparency

Covid-19 and ESG demand greater supply chain risk transparency

Supply chain risk management must go deeper to cope with more frequent and severe shocks, as the pandemic highlights that many companies do not fully understand the risk. Covid-19 is putting supply chains under immense strain, adding to existing pressures from natural catastrophes and political risks. The pandemic, for example, has caused severe delays in shipping. A shortage of containers…

Pandemic shakes up top risks facing global firms, finds AGCS Barometer

Pandemic shakes up top risks facing global firms, finds AGCS Barometer

Pandemic shakes up top risks facing global firms, finds AGCS Barometer

Business interruption (BI) has reclaimed its position as the top risk facing global firms, followed by a pandemic outbreak in second place and cyber incidents a close third, after taking the number one spot last year, according to Allianz Global Corporate & Specialty’s (AGCS) Risk Barometer 2021. BI held the top spot for four consecutive years in the Allianz Risk…

Verisk Maplecroft releases ‘unique’ subnational human rights index

Verisk Maplecroft releases ‘unique’ subnational human rights index

Verisk Maplecroft releases ‘unique’ subnational human rights index

Verisk Maplecroft has released the world’s first subnational human rights risk index, to help multinationals undertake risk assessments in more granular detail than ever before. The dataset goes beyond country level to encompasses risk scores for 3,600 states and administrative regions in 198 countries. The tool can be used to map exposures in global operations, supply chains and investments to…

This is the time for action

This is the time for action

This is the time for action

This issue of Commercial Risk Asia is wholly based on a series of in-depth interviews carried out with leading members of the Pan-Asia Risk & Insurance Management Association (Parima) for our annual Risk Frontiers survey. The point of this survey is to provide risk and insurance managers across the world with a unique platform to express their views on key…

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