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Jun 2023

Global Risk Review


Insurance brokers ignoring climate crisis

Insurance brokers have been found to be lacking urgency and interest in the transition to net zero according to a recent survey conducted by specialist insurer Ecclesiastical.
 


Asia asset managers lag behind on ESG risks

A new report Transforming Ambitions into Actions published by WWF Singapore revealed that Chinese fund houses have shown the least progress and improvement in their efforts in addressing ESG risks.
 


Are managers not capable of dealing with staff mental stress?

While layoffs, increasing cost of living, inflationary pressures and many more issues have elevated employee stress levels, very few managers know how to deal appropriately with workers’ mental health concerns.
 


Cyber insurance amidst growing demand requires supervisory response

Global cyber insurance premiums have continued to grow despite tighter terms and conditions and stricter risk selection according to the International Association of Insurance Supervisors (IAIS). This highlights a growing demand and regulatory response.
 


Concerns about energy transition are deflecting focus from climate change

Current and short-term concerns about energy transition are deflecting focus away from climate change.
 


Almost half of the young in Japan have suicidal thoughts

Amidst a super-ageing population, rapidly reducing birth-rate and increasing life expectancy, Japan also has to grapple with increasing numbers of its young people harbouring suicidal thoughts.
 


Australia: SMEs at risk of insurance gaps due to inflation

Small and medium businesses in Australia may be at risk of gaps in their insurance coverages due to inflation, leading to a potential ‘serious financial crisis’ according to insurance service provider InsurTech BizCover.
 


Benchmarking cyber resilience through stronger controls

Most organisations deploy at least five basic account monitoring and protection controls according to a new cyber resilience report.
 


Quarter of Nat CAT losses in EU are insured

The European Central Bank (ECB) and European Union insurance regulator (EIOPA) are working to better close the insurance gap and provide improved coverage from climate change by setting up public-private partnerships and issuing catastrophe bonds.
 


International Court of Justice to advise on climate change

The International Court of Justice (ICJ) at the Hague has begun the process to deliver an advisory opinion on states’ obligations concerning climate change. The UN General Assembly had adopted a resolution in this regard in March 2023.
 


APAC unprepared to face climate-induced catastrophes

Most countries in Asia and the Pacific are insufficiently prepared to face extreme weather events and natural disasters according to a new study by the UN Economic and Social Commission for Asia and the Pacific (ESCAP).