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Apr 2024

Global Risk Review


Extensive evidence of second-hand trauma amongst claims handlers

A new report by New Generation Programme Claims group of Chartered Insurance Institute (CII)  explores the second-hand trauma experienced by professionals in the insurance industry when handling distressing claims.
 


New European AI law to impact insurance

The insurance and banking sectors will be required to carry out an impact assessment to ensure their use and development of AI protects the fundamental rights across Europe.
 


Australia: NSW launches first state disaster mitigation plan

The government of New South Wales (NSW) in Australia will now have its first-ever State Disaster Mitigation Plan (SDMP).
 


Telematics help reduce car crashes

A new study has revealed that vehicle telematics programmes improve driving safety for all concerned.
 


Asia CROs worry most about operational resilience

A new survey has found that Asian risk officers are more concerned about internal disruptions than about the forever threats of cyber and climate risks.
 


Terrorism worsens as global conflicts drive risk of new wave

International think-tank the Institute for Economics & Peace (IEP) has launched the 11th annual  edition of the Global Terrorism Index (GTI) in March 2024.
 


Generative AI could 'supercharge' climate disinformation

A new report has highlighted the enormous amount of water and energy consumption that AI systems require. It said AI has the potential to ‘supercharge’ climate disinformation.
 


Japan: Record high number of serious traffic accidents in 2023 caused by distracted drivers

The number of serious traffic accidents in Japan caused by distracted drivers, such as those using smartphones while driving, rose to a new record high in 2023.
 


Risk of employee burnout surges in 2024

About 82% of employees globally are at risk of burnout this year but only half of the employers design work with well-being in mind according to the 2024 Global Talent Trends report published by Mercer.
 


Millennials most likely to embrace AI in insurance

As compared to any other generation, millennials are more likely to view AI as a positive development in P&C insurance according to Insurity’s 2024 AI in Insurance report. The report presents the contrasting perspectives of different generations toward AI technology and its impact on insurance.
 


Automated safeguards do not ensure complete driving safety

A new ratings programme that encourages automakers to incorporate more robust safeguards into their partial driving automation systems found that out of the first 14 systems tested, only one was able to earn an acceptable rating.
 


Australia at risk of financial losses from climate change

Australia has released its inaugural National Climate Risk Assessment report. According to the report, water resources, critical infrastructure, health and agriculture are among the priority areas that are at significant risk from climate change.
 


Australia: Standardising natural hazard definitions

Australia has begun an exercise to standardise natural hazard definitions and to review the standard covers for insurance.