Commercial Risk

Insured losses from last week’s Hurricane Beryl in Texas and the US will reach between $2.5bn and $4.5bn, according to Moody’s RMS. Following estimates from other modellers, RMS’s top end of the range is the highest so far, although it said this includes damage from storm surge and flooding caused by precipitation, as well as property and business interruption losses. More here... https://ow.ly/L7VG50SCvsh #HurricaneBeryl #HurricaneDamage #HurricaneDamages Moody's

The internal audit function risks becoming “irrelevant” unless it can reform, in part by embracing technology, according to international professional body the Institute of Internal Auditors (IIA). Publishing research from more than 7,000 internal auditors and c-suite executives, the IIA said it is “critical” that the industry uses new technology to add value to their organisations and secure the profession’s future. More... https://ow.ly/6G9p50SCvh3 #RiskManagement #Risk #InternalAuditRisks IIA-The Institute of Internal Auditors

🌟REGISTRATION OPEN🌟 Construction Risk Management Asia conference | 17 October 2024 | Singapore The second edition of the Construction Risk Management Asia conference will bring together senior risk leaders from contractors and project owners, insurers, brokers and other service industry firms for a full day of debate and analysis. They will explore how firms are adapting their approach to risk, changes to risk strategies, the evolving role of risk leaders in the effort to manage and mitigate existing and new threats and the collaborative approach required between insurers and the industry in order to develop solutions that enable the transfer of risk. BOOK YOUR PLACE... https://ow.ly/amOm50S8HLi #ComRiskEvents #ConstructionRisk Aon #RiskManagement

The non-life hard insurance market is expected to continue through 2024 and 2025 as inflation and rising claims costs push rating higher, but commercial lines rate increases have decelerated with some markets starting to soften, according to the Swiss Re Institute. Swiss Re Institute’s annual World Insurance sigma report says the global economy has remained remarkably resilient despite geopolitical tensions and higher inflation, and this sets the scene for growth and improved profitability across the insurance industry. More here...https://ow.ly/EIXv50SCuTy #Insurance #GlobalRiskManagers #RiskManagement Swiss RE

A recent paper on the European Union Corporate Sustainability Due Diligence Directive (CSDDD) published by the European Business Organisation Worldwide Network (EBO) advises European firms active in China to tread carefully when the directive becomes effective. More here... https://ow.ly/kG1l50SBGmp #RiskManagement #RiskChina

Insurance market conditions are improving for Swiss buyers but there remain areas of concern such as cyber, international property, transition risks and a lack of credit for ESG credentials. And although leading Swiss insurance managers welcome the end of the hard market, they are wary of an acute swing to softening and yet more price volatility that would, ultimately, lead to further corrections and never-ending market cycles. What they want above all else, it seems, is stability. More here... https://ow.ly/XZaC50SBGcr #RiskManagement #SwissInsuranceManagers Forbo Group

👀LOOK - NEW WEBINAR! The spectre of US-style litigation coming to Europe has long been a concern for corporates, especially when it comes to class actions. The sums involved can be huge, both in terms of damages and defence costs, not to mention the time and effort it takes to defend against such claims, and the impact not only on the company but also its directors and officers. BOOK HERE for your FREE space: https://lnkd.in/dZgPRwXB This webinar will look at the US problem, how it may be expanding to Europe, will examine how its impact can be mitigated and managed, and will ask the following questions: 👉What is social inflation? What are the main drivers? What are the tactics used by US plaintiff attorneys and how can they be defended against? 👉What does all this mean for risk managers in Europe? 👉What lessons can be learned from the US market experience? 👉What measures and plans can be implemented to lessen the impact, in terms of safety management and processes. 👉Which areas are likely to see growth in litigation cases? Will ESG become a battleground, with issues such as equal pay, human rights abuses within supply chains, greenwashing and diversity and inclusion? ⭐️Join our experts⭐️ 👉Anthony Jefferys, Global Head of Liability Underwriting, Zurich Insurance Company 👉Allen Kirsh, Sr. Vice President – Head of Claims Judicial and Legislative Affairs, Zurich North America 👉John Shane, Global Head of Casualty Claims, Zurich Insurance Company BOOK HERE for your FREE space: https://lnkd.in/dZgPRwXB Zurich InsuranceZurich North America#ComRiskEvents24 #RiskManagement

Aon has launched an aviation division in Ireland with a dedicated team in the country offering risk management and insurance services. The new division will be led by Jimmy Klebovitch and Graham Caffrey. Aon Ireland said it is aiming to grow its presence in the aviation sector significantly over the next three years. “The launch of our new aviation division marks an exciting milestone for Aon Ireland as we service the needs of this strategically important sector. Ireland is the leading centre for aircraft leasing globally, with more than $100bn of assets managed from this island,” said Aon Ireland chief executive Rachael Ingle. 👉More here... https://ow.ly/1a4950SBz0M Aon #IrishAviation #Aviation

US workers compensation midyear renewals were stable, with employers continuing to benefit from a competitive market, experts say. The coverage line remains profitable for insurers as costs remain in check, and there is little sign of the market changing in the medium term, they add. “The workers comp line remains very stable,” said Benjamin Powers, Atlanta-based head of primary casualty North America for WTW. More here... https://ow.ly/VSPp50SAFpv #riskspeciality #renewals #riskmanagement WTW

Severe convective storms in Europe in the past week could record insured losses into the hundreds of millions of euros, warned Aon. Publishing its latest weekly cat report, Aon’s Impact Forecasting team said hailstorms, episodes of strong winds and intense rainfall, which caused flash flooding in some areas, affected multiple countries in western and central Europe on 6-8 July and 9-11 July. More... https://ow.ly/vpPq50SAFf7 #Aon #CREInsurance #JulyStorms Aon