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…

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…

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…

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…

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…

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…

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…

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…

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,…

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.…

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…

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…