Analysis – Page 6
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Analysis
Climate change will drive disruption within food & drink sector - WTW
Three quarters of food & drink firms cite lack of supply chain insurance solutions as among their biggest challenges
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PERILS pegs insurance losses from Turkey quake at $3.5 billion
A study by Koç University has put the economic losses in Turkey in the range of $70 billion to $87 billion
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Summer 2022 heatwave saw surge in subsidence payouts
UK insurers are expected to pay £219m in subsidence claims, caused by last summer’s ’record breaking high temperatures’, says ABI
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2022 global nat cat claims breach $100 billion
In Europe, winterstorms Eunice, Dudley, Franklin triggered losses of over $4 billion, while France saw claims of $5 billion from hailstorms
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Cyber parametric solution will ease risk managers’ headaches
Founder and CEO of Intangic expects the concept will quickly become familiar with insurance buyers
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Cloud providers suffered nearly 500 critical outages in 2022
About a third of events impacted US cloud regions, with a total of 1,190 performance disruptions overall
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Underinsurance risks remain as construction costs soar
Continuing high levels of inflation in construction costs could see claims disputes in the event of a property loss
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$2.2 trillion global electronics industry at threat from semiconductor supply chain
Risks include geopolitical tensions, earthquakes, and extreme weather, but risk transfer solutions remain thin on the ground
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London-based Cyber MGA launches with parametric policy
The policy has two triggers: the level of malicious activity targeting a company, and a subsequent loss in value
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Directors warned ESG litigation set to snowball
One of the most high profile ongoing cases is the ClientEarth case against 13 directors of energy giant Shell
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Crisis incidents in Europe grow at rapid pace
Even greater volatility is expected in 2023, driving threats including kidnap incidents and political repatriations
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HSBC buys UK arm of stricken Silicon Valley Bank
Deal rescues a key lender for tech start-ups in the UK and curbs fallout from the biggest bank collapse since 2008
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Interest in parametrics grows as traditional capacity retrenches
Offers an “affordable solution” for large-scale insurance of catastrophic and agriculture exposures - New Dawn Risk
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Credit Suisse displayed risk management “deficiencies” over Greensill, says regulator
FINMA has opened proceedings against four managers as it orders the bank to improve its controls
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Climate litigation becoming a corporate threat – Kennedys
Climate action group ClientEarth has taken energy giant Shell to the UK’s High Court
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COVID BI disputes are denting insurer reputations, warns GlobalData
Over a third of UK SMEs cancelling BI cover in 2022 cited disputes business interruption claims
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Construction firms take action as inflation and supply chain woes continue to bite
Three in five UK construction businesses have seen once profitable projects become unprofitable
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Supply chain risks remain underinsured despite demand for cover
Companies are redesigning supply chains, but BI insurance protection remains a “wafer-thin patchwork”, finds WTW
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Captives hailed as hard market solution for cyber, D&O
Captives provide much-needed capacity as traditional carriers reduce limits, increase exclusions, and/or increase pricing
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Firms take stock after one year of Russian sanctions
There are many lessons to be learned from the rollout of the sanctions and ensuing compliance efforts