Kyle Roper, GB lead, risk and analytics at WTW, says businesses need a more holistic view of risk as pressure grows on insurance spend and resilience planning.
Organisations are investing in new tools and exploring AI, but Airmic has warned that poor data, fragmented systems and weak business cases are still stopping technology from delivering value.
Risk professionals need to show how their work protects cash flow, capital and resilience, rather than rely on technical insurance language, Airmic has warned.
‘The more you mitigate claims, the more risk you can take on your balance sheet – and then insurance becomes a stopgap insurance, as opposed to just something I need for day-to-day activity,’ says division managing director
Alongside tailored risk transfer, captive creation is booming in preparation for the next hard insurance market cycle, says insurer’s global and specialty director
Suki Basi says insurers, risk managers and corporates need to work together to develop data-led risk transfer solutions for complex balance sheet exposures.
Trade associations publish joint report with short, medium and long-term action points on how to mitigate protection gaps, including a product design pivot to focus on outcomes rather than strict lines of business
A conditional agreement to reopen the Strait of Hormuz may ease pressure on energy markets, but companies with Gulf exposure should not assume regional stability has returned.
Trade body says employee benefits inclusion in UK captive regime is a ‘big ask’ because it demonstrates that the domicile is ‘really serious about understanding what captives are [and] understanding the value that captives bring to organisations’
As artificial intelligence accelerates, organisations need to identify the human judgement, choices and trade-offs that machines cannot replace, Dr Keith Dear told Airmic delegates.
The healthcare sector – incorporating both public and private healthcare – is increasingly tapping into data to improve patient-centric risk management approaches, adds managing director
Risk managers must look past heatmaps and risk registers to understand where interconnected threats could expose the business, Airmic delegates warned.
The UK’s proposed captive regime is moving from concept towards consultation, with the PRA signalling a focus on simplicity, proportionality and commercial viability.
Risk managers relying on spreadsheets and email may struggle to spot how incidents, claims and controls are linked, Airmic delegates were warned
Successful risk managers of the future will ‘understand connections, navigate uncertainty that doesn’t fit neatly into a risk register, see around corners and imagine futures that haven’t ever happened before’, says insurer chief underwriting officer
Risk managers must work with peers, brokers and insurers to address gaps in political violence cover as global instability accelerates, Gallagher’s Jonathan Rae told StrategicRISK.
New terrorism legislation will require businesses to strengthen preparedness, assess venue exposure and protect staff and visitors, Markel International’s Tim Woodhouse told Airmic delegates.
New Airmic CEO Diane Maxwell brings to the role a behavioural economist’s brain, a systems thinker’s instincts, and an outsider’s perspective. Her message to risk managers navigating complexity: go back to basics and ask ‘what do we really want to achieve?’
The MGA’s head of Europe, UK, Middle East and Africa explains that parametric insurance covers are encouraging risk transfer strategies to swap a material damage focus for an operational disruption response, giving organisations an ‘extra edge’
As broker prepares to launch new captives tool in Birmingham this week at Airmic’s annual conference, its industries managing director tells Strategic Risk that these arrangements ‘can be a very helpful risk management tool’ because they put a price on risk