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Jan 2024

Global Risk Review


Climate on track to warm by nearly 2.9 ºC

The current emissions pledges to limit climate change would still put the world on track to warm by nearly 3 ºC during this century according to a new report by the United Nations Environment Programme (UNEP).
 


Climate change threats to smaller economies

Small island developing states and other vulnerable countries are facing overwhelming threats from extreme climate events such as droughts, tropical cyclones and floods, according to a new study.
 


ESG risks are a major concern

ESG is increasingly being regarded as an important area of risk for business executives globally, according to a new survey by specialty insurer Beazley.
 


Australia: A quarter of a million properties are exposed to acute flood risk

Nearly 229,500 properties in Australia are exposed to a 1-in-20-year flood risk, according to new data analysis released by the Insurance Council of Australia (ICA).
 


Risk of drought looms ahead as an unprecedented emergency

Recent drought related data based on new research in the last few years and compiled by UN Convention to Combat Desertification (UNCCD) points to “an unprecedented emergency on a planetary scale, where the massive impacts of human-induced droughts are only starting to unfold.”
 


Will insurers safeguard the planet or greenwash business as usual?

Members of Insure Our Future campaign have asked the global insurance industry to take immediate action to slow the climate crisis and support the urgent transition from fossil fuels to renewables.
 


Extreme weather events disrupt global supply chains

A new whitepaper published by Gallagher Re reveals that over 50% of businesses have experienced disruptions in their production networks due to extreme weather events, highlighting the fragility of global supply chains.
 


US: Cyber attacks on average cost each small business over $8,000 annually

The median cost of cyber attacks has decreased for US small businesses from $10,000 in 2022 to $8,300 in 2023, according to Hiscox Cyber Readiness Report 2023.
 


Risks and regulations in focus as AI boom accelerates

A rush of new generative AI products in 2023 brought new attention and fresh concerns about the emerging technology according to a new insight article by S&P Global Market Intelligence.
 


Climate change can jeopardise working of hospitals

One in 12 hospitals around the world could face partial or total shutdown from climate change extreme weather events if countries fail to curb fossil fuel emissions, according to a new report.
 


Economic uncertainty is a major business risk

An unrelenting series of political, social and economic shocks have buffeted international markets and the global economy has been on the brink of recession since the pandemic, according to a new article by specialty insurer Beazley.
 


Australia: Climate change litigation will continue to expand and diversify

In 2024, more stakeholders will seek to use the courts as a method to seek climate justice and the outcomes of these cases will have significant implications for the legal, political, and social responses to the climate crisis in Australia and beyond, according to a new prediction insight by legal advisory firm Clyde & Co.