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Without us even realising it, Google has occupied every nook and cranny of our existence
Google’s prevalence has brought the company to a critical point. On Tuesday, the Justice Department sued it for anticompetitive practices, in the most significant antitrust action by the U.S. government against a technology company in decades. The government’s case focused on Google’s search and how it appeared to create a monopoly through exclusive business contracts and agreements that locked out rivals.
Risk Management: COVID-19 spurs collaboration and innovation
Risk management and transfer has always been about collaboration between client, broker and insurance carrier to find the most suitable solutions for risk problems. Without a doubt, the COVID-19 pandemic has forced us all to find different ways to do that – with the opportunity for face-to-face brainstorming put on hold, we need to find other ways to continue to innovate.
Plastic pandemic: COVID-19 trashed the recycling dream
Plastic, most of which does not decompose, is a significant driver of climate change.
The manufacture of four plastic bottles alone releases the equivalent greenhouse gas emissions of driving one mile in a car, according to the World Economic Forum, based on a study by the drinks industry. The United States burns six times more plastic than it recycles, according to research in April 2019 by Jan Dell, a chemical engineer and former vice chair of the U.S. Federal climate committee.
New Reality: Securing “Intangible Assets”
Advancements in cyber-attacks and corporate espionage, along with increasing uncertainty in the business environment have pushed many organisations towards introducing stricter processes to protect confidential and proprietary intangible assets from threats such as intellectual property trademark and copyright infringements, data piracy and appropriation of trade secrets.
Many organizations’ approach their reputation challenges in a reactive way after an adverse event occurs. However, it’s important to understand that risk management depends on proactive reputation management. Negative publicity stemming from mismanagement or inadequate preparation can cause significant reputational damage.
Indian Insurance Market – Is the Hubris Over
A reality check on the market developments during the last two decades since the sector was liberalised for the participation of private sector and foreign players, clearly indicates an imminent shake- out is inevitable in the Indian insurance industry
Learned from COVID-19 Pandemic to mitigate the risks of Climate Change?
The work to promote resiliency in the face of climate change must be collective in nature, with the insurance industry having an important role to play. Better risk transfer solutions and a higher take-up rate of insurance across communities means a faster recovery. The insurance industry has an advanced understanding of climate risk and extreme events, and its modelling, analyzing and forecasting capabilities offer vital insights to other participants in the resilience ecosystem, helping them better comprehend the risks, identify potential weaknesses and plot a course toward prevention.
COVID-19 accelerates global supply chain restructuring:Swiss Re
The sigma report estimates the overall income effect from the higher growth created by supply chain restructuring will generate additional global premium volumes of around USD 63 billion cumulatively during the five-year transition period. This includes a one-time boost of USD 1.2 billion arising out of new demand for engineering covers during the construction phase of manufacturing facilities and associated infrastructure, and USD 9 billion for commercial insurance in the operational phase of the new facilities.
Companies face five liability risk trends during Covid-19 pandemic:Allianz
“Pricing in the liability insurance market may have turned in recent months, however social inflation trends and large court verdicts continue in the United States. This combined with expanded exposures for non-US companies doing business in the US and an increase in automotive part recalls are putting pressure on liability insurers,” said Ciara Brady, Global Head of Liability at AGCS.
“Overlay this with the uncertain economic outlook, political instability and unknown impacts from coronavirus and this is creating a challenging market for clients, brokers and insurers alike. While we have to react to new loss trends in underwriting, AGCS remains committed to supporting our clients with solid risk transfer solutions and capacity to address today’s liability exposures,” said Ciara.
“Pandemics,climate change,cyber top the current risk chart”:Munich Re
The coronavirus pandemic needs to be a lesson to us all: We must take action more rapidly and vigorously to ensure that we are not as unprepared as we were with COVID-19 for risks such as cyber attacks or climate change. It is possible to better safeguard against the financial consequences of such risks for the benefit of humanity. It needs to be clear that systemic risks like pandemics also require systemic countermeasures – for instance, the creation of state-backed risk pools to make uninsurable risks bearable,said Torsten Jeworrek,Member of the Board of Munich Re.
Climate change to drive large future Cat losses
It’s a mess at least partially of our own making, said Susan Cutter, director of the Hazards and Vulnerability Institute at the University of South Carolina.
“We are seeing an increase of intensity of these phenomena because we as a society are fundamentally changing the Earth and at the same time we are moving to locations that are more hazardous,” Cutter said Wednesday.