Analysis – Page 47
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AnalysisUK Pandemic Re group appoints Amber Rudd
Jon Dye, chairman of ABI and CEO of Allianz Insurance, has also agreed to join the UK Pandemic Re Steering Group
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AnalysisIdle vessels face new risks, Allianz warns
Increasing disruption and economic pressures caused by the pandemic has serious risk management implications for the maritime community
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AnalysisPandemic risk act enters US Congress
Like the Terrorism Risk Insurance Act (TRIA), federal government would serve as a backstop to maintain marketplace stability
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AnalysisCOVID-19: The global risk response - IRM
“Professional risk management will deliver the resilience that organisations will need to emerge and recover from the pandemic crisis” - Iain Wright
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AnalysisFERMA calls for EU-wide NDBI resilience framework
The framework would respond to a range of catastrophic events, such as pandemic and cyber-attacks, that create severe non-damage business interruption losses
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AnalysisRefinitiv survey exposes lack of supply chain transparency
COVID-19 is set to have a substantial impact on the risk landscape, particularly in terms of supply chain and third-party risk
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Analysis
Richter to lead Allianz Cyber Center of Competence
Catharina Richter joins from Allianz SE where is currently head of Digital Regulation
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AnalysisFM Global launches 2020 update to Resilience Index
“When recovering after a crisis like COVID-19, resilience should be a key consideration for people, countries and businesses”
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AnalysisWEF launches COVID-19 Risks Outlook
Economic distress and social discontent will rise unless world leaders, businesses and policymakers work together to manage pandemic fallout, warns WEF
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AnalysisMost insurers can withstand COVID stress test - AM Best
Insurers are likely to see a significant hit to earnings in 2020, rather than a material decline in risk-adjusted capitalisation
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AnalysisLloyd’s pegs COVID losses at $4.3 billion
Estimates total industry losses of $203 billion; claims on a par with 9/11 and the combined impact of hurricanes in 2005 and 2017
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AnalysisDon’t damage trust, Airmic warns insurers
Insurers can “either interpret ambiguous contract wordings with their balance sheet in mind, or they can act as partners to long-standing customers”
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AnalysisEnergy sector loss severity is growing
Global energy firms need to address the changing risks of older refineries and petrochemical plants - Marsh
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AnalysisFERMA launches non-damage BI taskforce
Aim is to find a solution that provides cover for non-damage BI for all types of catastrophe risks, not just pandemic
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AnalysisGVNW calls for pandemic risk pool
Pandemic shows that existing insurance solutions do not offer sufficient protection for the economy, says German risk management association
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AnalysisInsurers on the hook for up to $80 billion in COVID claims
Total claims could exceed those of 9/11, underscoring the need for a government backstop - Willis Towers Watson
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AnalysisFCA seeks “clarity” on business interruption claims
Insurers given up to six months to reassess whether their products are still offering value to customers
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AnalysisCOVID-19 biggest shock to the global energy system since WWII
”Energy industry that emerges from this crisis will be significantly different from the one that came before” - IEA
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AnalysisDigitisation can mitigate supply chain disruption - study
Companies and solution providers will need to integrate previously siloed areas of supply chain management
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AnalysisHow to avoid restart risks
Pre-start up safety reviews can help reduce losses when idle facilities are put back into operation - Swiss Re Corporate Solutions
