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International Insurance Risk Management News

  • Developing Cover For New Risks
    Munich Re combines its in-depth knowledge of risk with innovative technologies and insurance solutions to shape the transformation of the insurance industry. The current natural catastrophes in the USA and India demonstrate all too painfully the significant gap in cover for natural hazard losses. While the demands placed on insurers are changing rapidly, their fundamental role remains the same – namely to secure value in order to promote prosperity and preserve livelihoods. New technologies are giving rise to novel opportunities to do just that. Alongside loss indemnification itself, the importance of loss mitigation and avoidance is increasing.Torsten Jeworrek, the member…
    Written on Tuesday, 12 September 2017 10:20 in iPMI Magazine Risk News
  • Captive Insurance: A Viable Risk Management Tool For Asian Corporations
    Labuan International Business and Financial Centre (Labuan IBFC) and Labuan International Insurance Association (LIIA) are jointly organising The Asian Captive Conference (ACC 2017) in Sasana Kijang, Kuala Lumpur on 16 and 17 August 2017. Themed ‘De-Risking Asia: The Growing Role of Self-Insurance’, ACC 2017 is aimed at enhancing the awareness of the role of self-insurance, specifically captives, in Asia. The Governor of Bank Negara Malaysia, Datuk Seri Muhammad Ibrahim is expected to deliver a keynote address during the event. Other highlights of the event will be the unveiling of the findings of a research conducted by Captive Review entitled “Attitudes…
    Written on Thursday, 18 May 2017 06:45 in iPMI Magazine Risk News
  • Populism And Terrorism Converge To Compound Global Risks
    A 14 percent worldwide increase in terrorist attacks in 2016 and populist nationalism are creating an increasingly volatile operating environment for international business. Aon's (NYSE:AON) 2017 Risk Maps covering Political Risk and Terrorism and Political Violence, produced in conjunction with Roubini Global Economics and The Risk Advisory Group, also confirmed that while Western countries saw a marked increase in terrorist incidents, attacks on these countries still account for less than three percent of terrorist violence globally. In 2016, the United States sustained the highest number of terrorist incidents in a decade, although, according to the Report, the threat is likely…
    Written on Tuesday, 18 April 2017 12:21 in iPMI Magazine Risk News
  • Companies Face Rising Liability Losses Around Environmental, Cyber, Product Defect And Recall Risks
    iPMI Magazine Business Risk Management News: A defective product is recalled around the world. Human error results in a major shipping incident. Credit card data is stolen in a cyber attack. A dam collapses causing significant damage to the environment: Modern corporate liability exposures can arise from a growing number of sources and have the potential to result in larger and more complex losses for businesses than ever before, warns Allianz Global Corporate & Specialty (AGCS) in a new report Global Claims Review: Liability in Focus. The report identifies defective product or work, crash and human error incidents as the…
    Written on Tuesday, 11 April 2017 07:06 in iPMI Magazine Risk News
  • Asia Pacific Risk Center Supported by the Singapore Economic Development Board
    Marsh & McLennan Companies and the Singapore Economic Development Board (EDB) today announced the launch of the Asia Pacific Risk Center (APRC) in Singapore. The center is MMC’s inaugural risk research institute in Asia Pacific, providing insight and analysis to government leaders and corporate executives. Drawing on expertise from MMC’s four operating companies, Marsh, Guy Carpenter, Mercer, and Oliver Wyman, the APRC will further strengthen Singapore’s position as a hub of intellectual-capital generation by creating a dozen new research positions in the city and bringing leading experts from academia and industry together at conferences and workshops. Oliver Wyman partner Wolfram…
    Written on Wednesday, 24 August 2016 08:21 in iPMI Magazine Risk News
  • BSI and International SOS Develop Duty of Care And Risk Mitigation Standard
    BSI (British Standards Institution) announced the intent to create PAS 3001:2016; a code of practice to provide global organisations with a standardisation document that describes best practices to manage risks and provide duty of care to their employees who are working abroad. Commissioned by International SOS the PAS will provide best practices on assessing risks to employees abroad and developing policies to mitigate those risks. Howard Kerr, Chief Executive of BSI said, “For businesses to reach their full potential they must be able to diversify into new markets. Often this means international movement of products, people and services. When it…
    Written on Wednesday, 20 January 2016 11:44 in iPMI Magazine Risk News
  • VIDEO: RiskMap 2016: Iran
    In this RiskMap 2016 video, Henry Smith explains how 2016 will unfold with the lifting of the sanctions prescribed by the Joint Comprehensive Plan of Action for Iran’s nuclear programme.
    Written on Wednesday, 16 December 2015 11:08 in iPMI Magazine Risk News
  • Russell Group And Munich Re Urge New Standards For Casualty Exposure Management
    Insurance industry leaders are poised to instigate a far-reaching initiative to overhaul risk accumulation and exposure reporting in the fast-expanding casualty sector. Munich Re and Russell Group, a U.K.- based pioneering data analytics firm, are urging the creation of a new framework among insurers and reinsurers in the specialty casualty class. The ambition of the casualty initiative is to agree an industry standard for identifying and naming casualty risks, while streamlining and automating the reporting process. Casualty encompasses a variety of product lines, often written by various underwriting units in different parts of the world, then reinsured and passed onto…
    Written on Monday, 02 November 2015 13:42 in iPMI Magazine Risk News
  • Mitigating The Risks of Injuries, Lawsuits And Theft When Employing Domestic Staff
    Financially successful families often employ domestic staff to make their busy lives easier to manage, but they can inadvertently achieve the opposite if they do not follow proper employment methods. To help these families avoid mistakes and potential loss when employing domestic staff, ACE Private Risk Services, the high net worth personal insurance business of ACE Group, today released a white paper titled, “Managing the Risks of Employing Domestic Staff.” “As a specialty personal insurer, ACE has deep expertise in mitigating risks for individuals and families with substantial assets. We’ve seen that while these families have been very successful managing…
    Written on Thursday, 29 October 2015 13:22 in iPMI Magazine Risk News
  • Political Risk And Instability Top Managers' Concerns
    Political unrest is the number one concern among top global managers at multinational organizations and NGO’s, according to a new survey by Clements Worldwide. The "Clements Worldwide Risk Index" also shows that property damage and employee medical expenses represented the largest sources of financial losses among respondents. Twenty-eight percent of top managers surveyed stated political unrest was their top concern, while 25 percent cited kidnapping, and nearly 10 percent cited terrorism. Twenty-one percent of respondents had delayed plans to expand into new countries due to rising international risks. “Such concern about political risks abroad confirms the need for companies to…
    Written on Thursday, 30 July 2015 05:29 in iPMI Magazine Risk News
  • How K&R Risks Relate To Everyday Business
    Since 2001, the threats associated with international organizations have changed, growing each year. Some dangerous hotspots are exhaustively covered in the news, such as the Middle East or Somalia, but others might be unexpected. Kidnappings can and do occur everywhere—no country is completely safe. The Americas accounted for 21% of foreigner kidnappings in 2014, predominately in Mexico. Some criminal organizations use kidnappings as a source of revenue. While foreigner kidnappings typically get all the press, both foreigners and your national staff are at risk in these types of attacks. Although some companies believe that this is only a risk for…
    Written on Thursday, 04 June 2015 11:13 in iPMI Magazine Risk News
  • Underwriting Boost For Canadian Flood Risks
    Impact Forecasting, Aon Benfield’s catastrophe model development team, has developed a fully probabilistic flood model for Canada to help insurers and reinsurers better underwrite and manage their riverine and off-flood plain exposures. The model is licensable and can be rolled out onto insurers’ desktops for easy access. Aon Benfield is the global reinsurance intermediary and capital advisor of Aon plc (NYSE:AON). The summer of 2013 was a defining moment in Canada’s natural catastrophe history based on the magnitude and devastation caused by flooding in both Calgary and Toronto, becoming the costliest year in the Canadian insurance industry’s history. In the…
    Written on Thursday, 21 May 2015 05:32 in iPMI Magazine Risk News
  • ACE Announces Enhanced Excess Casualty Coverage for Middle Market Companies with Complex Risk Exposures
    ACE Group announced a strategic initiative to expand its range of excess casualty corporate risk coverages, specifically designed to provide more extensive protection to middle market clients as a result of this segment’s growth and need to manage emerging risks. The U.S. middle market segment, which makes up one-third of all U.S. jobs, is a driving force that continues to outpace the national economy in both revenue and employment growth.i The enhanced offerings, available for businesses with revenues up to $1 billion, include ACE’s comprehensive, new AB Umbrella Form, a coverage combination that blends both an excess and umbrella liability…
    Written on Tuesday, 05 May 2015 08:33 in iPMI Magazine Risk News
  • Willis Launches Suite of Risk Analytics to Help Organizations Proactively Manage Risks
    Willis Group Holdings plc (NYSE:WSH) have unveiled a new suite of analytical tools to help firms proactively manage risks. These proprietary models will deliver innovative analytical capabilities for diagnosing Natural Catastrophe risk, Cyber risk, Directors & Officers Liability risk and Casualty-related losses. These solutions are part of the first wave of what Willis is calling its Core Analytics tool suite. These interactive tools offer best-in-class risk quantification to help firms increase their understanding of risk and support risk management decisions grounded in company-specific data and industry-leading analytical principles. The Core Analytics tools are integrated into Willis's standard client deliverables and…
    Written on Wednesday, 22 April 2015 08:04 in iPMI Magazine Risk News
  • Munich Re America: Big U.S. Winter Storms - Comparably Lower Insured Loss Estimates; Record Heat and Drought Continue in the West
    The cold, snowy US winter of 2014/2015 caused preliminary direct economic losses of US$ 3.2bn and industry-wide insured losses of US$ 2.3bn, compared with US$ 4.4bn direct economic losses and US$ 2.5bn insured losses for the 2013/2014 winter season. The 2014/2015 aggregated winter storm loss data is based on preliminary information from the Munich Re NatCatSERVICE and Property Claim Services (PCS), reflecting the 11 major winter storms identified by PCS. Mark Bove, Senior GEO Research Specialist, Munich Re America, said, “The majority of winter storm claims are due to frozen pipes bursting, resulting in water damage to buildings and personal…
    Written on Thursday, 09 April 2015 07:46 in iPMI Magazine Risk News
  • Falling Oil Prices Have Global Implications
    Sanctions, oil prices and war continue to weaken investment environment in Russia and increase corporate default risk in Ukraine. Oil producing states outside the GCC likely to face political & economic uncertainty Oil producers Iran, Iraq, Libya, Nigeria, Sudan and Turkmenistan rated Very High or High for political risk. Aon Risk Solutions today unveiled its 2015 Political Risk Map which portrays political risk in emerging markets. Topping the list of political risks facing emerging market investors is the increasing instability in already-fragile oil producing countries such as Iran, Iraq, Libya, Russia and Venezuela as a consequence of the low oil…
    Written on Wednesday, 04 March 2015 10:23 in iPMI Magazine Risk News
  • Risk Industry Must Develop Mitigation And Financing Strategies In Order To Continue Offering Value To Clients
    According to Aon, “many of the risks that businesses list as their most pressing are uninsurable within current policy structures, which is both disappointing and cause for real concern. To remain sustainable and support clients, the risk industry must find ways of staying relevant as traditional risks get bigger and non-traditional risks pose new threats.” Lambros Lambrou, CEO for Aon Risk Solutions in Australia, made these comments in the wake of this year’s Aon Advanced Risk Finance Conference, while warning that the future of risk financing will look very different from that of the past. “Our industry is very sophisticated…
    Written on Tuesday, 07 October 2014 15:01 in iPMI Magazine Risk News
  • Aon Expands WorldAware Solutions To Deliver New Travel Data Capture System To Clients
    Industry best practice solution will empower clients to better manage travel security risk for employees. Aon Risk Solutions today unveiled the Aon WorldAware Global Gateway, a technology-based enhancement to WorldAware Solutions, Aon’s award-winning travel risk management platform. The Gateway will empower clients with the ability to better manage the travel security risk of their employees. Aon is expanding its WorldAware offering to clients in partnership with Cornerstone Information Systems, a global technology company helping travel management companies, corporate travel departments, travel technology companies, and global distribution systems work more efficiently and more profitably. Aon Worldaware Global Gateway provides a secure,…
    Written on Tuesday, 22 July 2014 16:39 in iPMI Magazine Risk News
  • Hannover Re Transfers US Named Storm Risks To The Capital Markets
    Hannover Re has completed a new transaction as part of its extended insurance-linked securities (ILS) activities. The company has transferred named storm risks for the Texas Windstorm Insurance Association (TWIA) to the capital markets. The assumed risks are limited to the state of Texas. The amount of capital made available by institutional investors is USD 400 million. GC Securities, a division of MMC Securities Corp., was responsible for structuring and placing of this catastrophe bond, which matures in approximately three years. "With this transaction Hannover Re has underscored its long-standing expertise in the field of alternative risk transfer and leveraged…
    Written on Wednesday, 02 July 2014 00:00 in iPMI Magazine Risk News
  • Insurers Thrown Billion Dollar Curveball Amid Subdued U.S. Tornado Season
    Impact Forecasting have released the latest edition of its monthly Global Catastrophe Recap report, which reviews the natural disaster perils that occurred worldwide during May 2014. The report reveals that four periods of severe weather hit the United States during the month, resulting in aggregate insured losses estimated at more than USD1.0 billion, with economic losses likely to reach several billion dollars. The costliest stretch occurred during a five-day period which damaged parts of the Midwest, Plains, Rockies, Mid-Atlantic and the Northeast, including the major metropolitan areas of Chicago and Denver. Despite the losses, by the end of May U.S.…
    Written on Thursday, 05 June 2014 00:00 in iPMI Magazine Risk News
  • Examining Industry’s Perception Of Underrated Threats
    New research shows that events in many countries around the world have raised concerns about the ranking of key risks on the top 50 list. Most notably, 83 percent of respondents agree that computer crimes, such as hacking, were ranked far too low at 18 in the 2013 survey. Similarly, more than half of the research respondents stated that a ranking of 46 was also too low for terrorism risk, given the pending expiration of the Terrorism Risk Insurance Act. “In response to TRIA's uncertain future, Aon has seen a 30 percent increase in purchasing within the standalone terrorism market,”…
    Written on Tuesday, 29 April 2014 07:54 in iPMI Magazine Risk News
  • Impact Forecasting Launch Combined Earthquake And Tsunami Catastrophe Model For Chile
    Impact Forecasting is the first to launch a Chile earthquake model that incorporates tsunami. On February 27, 2010, a catastrophic earthquake struck near the central coast of Chile - also triggering a tsunami - which at the time made it the second-costliest insured earthquake event in history (second only to the 1994 Northridge, California event). The overall economic damages from the M8.8 Maule event make it the seventh costliest global earthquake since 1950. In response, Impact Forecasting has developed a probabilistic model for Chile that combines both earthquake and tsunami. Latest scientific research on the seismic risk in Chile from…
    Written on Monday, 14 April 2014 11:34 in iPMI Magazine Risk News
  • BRICS Countries Facing Increasing Political Risk
    Aon Risk Solutions, has unveiled its 2014 Political Risk Map which identifies an increased risk rating for all five emerging market BRICS countries. As a result, countries representing a large share of global output experienced a broad-based increase in political risk including political violence, government interference and sovereign non-payment risk. Brazil's rating was downgraded; political risks have been increasing from moderate levels as economic weakness has increased the role of the government in the economy. This is of particular concern given this year's World Cup and the 2016 Olympics. Russia's rating was downgraded largely due to recent developments with the…
    Written on Thursday, 10 April 2014 08:56 in iPMI Magazine Risk News
  • Increasing External Demands Compel Companies to Improve Risk Management Disclosures
    Guy Carpenter & Company, LLC, has released its latest Enterprise Risk Management (ERM) Benchmark Review that provides an in-depth analysis of risk management practices and policies of 67 insurance and reinsurance companies located in Europe, United States, Bermuda, and Asia-Pacific. Based on publicly-available data from financial and risk reports, Guy Carpenter’s ERM Benchmark Review reveals that most (re)insurers are managing capital with metric-based frameworks and are publishing more about their risk management targets than seen in Guy Carpenter’s 2009 analysis. Capital market, legislative, and regulatory influences, such as the approaching implementation of Solvency II, are expected to further compel company…
    Written on Thursday, 20 March 2014 00:00 in iPMI Magazine Risk News
  • Political Risk Market Stalls Due To Ongoing Turmoil In Russia And Ukraine
    Insurer concern over the political unrest and country credit ratings in Ukraine and potential sanctions in Russia have caused some to effectively stop underwriting political risk insurance in those two countries, Marsh said today in a new briefing.However, the turmoil is not expected to cause a large-scale impact to the political risk, structured credit, and trade credit market. “The current situation in Russia and Ukraine is extremely fluid,” said Evan Freely, Global Leader of Marsh’s Credit and Political Risk Practice. “Companies with interests in the region face the potential for damage to assets through political violence and possible broader expropriation…
    Written on Wednesday, 12 March 2014 00:00 in iPMI Magazine Risk News