Analysis – Page 5
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Analysis
Firms stuck in ‘response’ mode - Deloitte
Over half of organisations have faced a risk incident due to third-party failure during COVID-19 pandemic
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AXA’s Asian operations hit by ransomware attack
It comes a week after the insurer said it would be dropping extortion payments when underwriting cyber-insurance policies in France
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Cyber tops risk concerns for financial firms
Analysis of $1 billion of insurance industry claims show cyber incidents, including crime, is the top cause of loss - AGCS
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Q1 commercial insurance prices rose 18%
Quarter is the first to show a fall in the average rate of increase since Q4 2017; UK continues to lead with rate hikes of 35% - Marsh
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Geneva Association urges action on pandemic backstop
Governments must take on role of insurer-of-last-resort in future pandemic risk solutions, finds thinktank
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Financial sector grossly underreporting climate exposure
Just a quarter are reporting portfolio emissions, which are on average 700 times higher than direct emissions
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Brexit: Over 440 financial firms have relocated
Study finds over £900 billion in bank assets and £100 billion in insurance funds have been moved from the UK to the EU
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GVNW urges action on pandemic risk solution
German insurance buyers’ association calls for immediate discussion at an EU and national level
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IoT used in vaccine insurance solution
Insurance industry initiative offers supply chain protection, using temperature sensors, for COVID-19 vaccine shipments
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Digital disruption tops banks' emerging risks
Untimely adoption may drive sudden changes to information security, change management, business continuity and third-party risk exposures
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GVNW renewal survey shows “loss of trust”
Two thirds of German insurance buyers are actively seeking alternative risk transfer solutions, such as captive insurance and parametric covers
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Insurer CNA hit by cyber attack
The insurer, which underwrites cyber insurance via subsidiary CNA Hardy, said the “sophisticated” attack on 21 March caused network disruption
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OECD: Insurers need “skin in the game” on pandemics
Insurance sector needs to play more active role in future pandemic solutions, says OECD secretary-general Angel Gurría
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Zurich launches resilience unit for emerging risks
It will include services in the areas of climate change, supply chain and cyber risk management
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COVID-19: Financial services firms seek resilience
The concept of operational resilience has grown as a result of the pandemic - global study
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WTW and Liberty partner to provide reputation cover
The solution is available globally and initially to clients in the leisure & hospitality, manufacturing, retail and transportation sectors
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Captive formation picks up in Guernsey
The jurisdication expects to see a “significant rise” in 2021 against the backdrop of a hardening commercial insurance market
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Lack of strategic vision on cyber fraud
Poor protection of vulnerable people and inefficient information sharing are hampering efforts to tackle cyber fraud
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Airmic contributes to UK resilience debate
Country is vulnerable due to “the absence of risk assessment across sectors and organisations” and “diminishing influence on the global stage”
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EIOPA moots multi-peril risk pools
Capital markets could be an additional layer of risk transfer to improve society’s capacity for bearing business interruption risk