insurance sector – РИСК-АКАДЕМИЯ – АНО ДПО ИСАР https://risk-academy.ru Управление рисками, риск менеджмент, обучение по управлению рисками, тренинг риск менеджмент Tue, 17 Nov 2020 09:26:24 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 https://raruswebsite.s3.amazonaws.com/wp-content/uploads/2018/02/10213225/cropped-favicon-32x32.png insurance sector – РИСК-АКАДЕМИЯ – АНО ДПО ИСАР https://risk-academy.ru 32 32 Experts share insights on the future of pandemic cover https://risk-academy.ru/experts-share-insights-on-the-future-of-pandemic-cover/ Tue, 17 Nov 2020 09:26:22 +0000 https://risk-academy.ru/experts-share-insights-on-the-future-of-pandemic-cover/

Hear the latest updates on pandemic insurance risk pools in France, Germany and Switzerland by registering for InsuranceERM’s Insurance Risk & Capital EMEA virtual conference, which is being held early next month.

The Insurance Risk & Capital EMEA virtual conference takes place online on 2-3 December.

It combines a mixture of live-streamed and pre-recorded content, as well as offering networking via a virtual event platform.

The future of pandemic cover – and the role of the insurance sector in it – will be one of the current topics discussed at the conference by Axa’s group chief risk officer, Renaud Guidée; Ivo Menzinger, Swiss Re’s head of EMEA public sector solutions; and Tobias Buecheler, head of regulatory affairs at Allianz.

Guidée, Menzinger and Buecheler will explain how to strengthen the industry’s ability to respond to pandemic crises and the importance of public-private partnerships in creating pandemic risk pools that are affordable for all participants.

Other crucial elements covered by these experts include:

• how to fund pandemic insurance risk pools

• what can be learnt from other, similar risk pools

• whether to make the insurance schemes…

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]]> Why 2020 Has Made the Ever-Evolving Cyber Landscape Even More Dynamic: Part III https://risk-academy.ru/why-2020-has-made-the-ever-evolving-cyber-landscape-even-more-dynamic-part-iii/ Mon, 16 Nov 2020 08:22:24 +0000 https://risk-academy.ru/why-2020-has-made-the-ever-evolving-cyber-landscape-even-more-dynamic-part-iii/ Articles

leaderCyberThe business community is evaluating risk through a transformed lens, in light of COVID-19. The (re)insurance sector is also identifying the lessons learned about unforeseen aggregated exposure. The systemic nature of both affirmative and silent cyber risk has long been one of its most defining, and challenging, characteristics, according to Guy Carpenter colleagues Will Garland, President, Centers of Excellence, and Erica Davis, North America Cyber Center of Excellence Leader, Guy Carpenter.

When the impacts of COVID-19 were evidenced in 2020, we identified parallels to cyber exposure unfold through this other newly emerging industry risk:

  • Potential for an aggregated global event with no regional boundaries
  • Cascading effects on direct and indirect supply chains
  • Multi-prong industry impact manifesting across property, casualty and specialty lines of business
  • Policy language that may not explicitly address underwriting intent, or may be triggered inadvertently
  • Sweeping financial consequences that could ultimately be an existential threat.

The far-reaching impacts of this event have yielded valuable insights on the criticality of business continuity planning, supply chain…

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]]> APCIA Annual Meeting: Guy Carpenter Insights https://risk-academy.ru/apcia-annual-meeting-guy-carpenter-insights/ Mon, 26 Oct 2020 05:19:22 +0000 https://risk-academy.ru/apcia-annual-meeting-guy-carpenter-insights/ ceo

Guy Carpenter recently published insights on the critical issues shaping the reinsurance industry to coincide with the 2020 APCIA Annual Meeting. Topics covered in the articles center around the changing nature of risk, specifically the evolving landscape for cyber, wildfire and broader casualty risks.

The Changing Nature of Risk: There is an old adage that “adversity builds character.” However, before adversity builds character, it reveals character, and the numerous catastrophes that have occurred over the last several years combined with the ongoing pandemic have clearly revealed the character of the insurance industry, according to John Trace, CEO, North America, Guy Carpenter, and Jay Dhru, Global Head of Business Intelligence, Guy Carpenter.

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Why 2020 Has Made the Ever-Evolving Cyber Landscape Even More Dynamic: The insurability of systemic cyber risk will be one of the defining issues of the next decade for the (re)insurance sector. Rapid technological changes and digitalization in particular have already transformed the characteristics of risks assumed by the (re)insurance market, according to Guy Carpenter colleagues Will Garland, President,…

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]]> Why 2020 Has Made the Ever-Evolving Cyber Landscape Even More Dynamic https://risk-academy.ru/why-2020-has-made-the-ever-evolving-cyber-landscape-even-more-dynamic/ Tue, 13 Oct 2020 06:03:13 +0000 https://risk-academy.ru/why-2020-has-made-the-ever-evolving-cyber-landscape-even-more-dynamic/ Articles

The insurability of systemic cyber risk will be one of the defining issues of the next decade for the (re)insurance sector. Rapid technological changes and digitalization in particular have already transformed the characteristics of risks assumed by the (re)insurance market.

Businesses continue to embrace technological innovation despite the fact that doing so may lead to the emergence of new and unforeseen risks, according to Guy Carpenter colleagues Will Garland, President, Centers of Excellence, and Erica Davis, North America Cyber Center of Excellence Leader, Guy Carpenter. As cyber risk is one of the most swiftly evolving perils in the industry, carriers should carefully manage the exposures – and not only for competitive advantage. As regulators formalize capital requirements and qualitative measurements of risk appetite in this rapidly evolving market, companies will be required to enhance cyber underwriting and reinsurance strategies, leverage innovative modeling capabilities and develop technical and underwriting risk talent to continue offering clients the best security possible.

As companies depend more on technology to conduct business, they are also increasingly…

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]]> BMA Releases Insurance Sector Operational Cyber Risk Management Code Of Conduct – Insurance https://risk-academy.ru/bma-releases-insurance-sector-operational-cyber-risk-management-code-of-conduct-insurance/ Mon, 12 Oct 2020 14:57:32 +0000 https://risk-academy.ru/bma-releases-insurance-sector-operational-cyber-risk-management-code-of-conduct-insurance/


Bermuda:

BMA Releases Insurance Sector Operational Cyber Risk Management Code Of Conduct


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The Bermuda Monetary Authority
(“BMA“) has released its Operational
Cyber Risk Management Code of Conduct (“the
Code“) for the insurance sector. The purpose of the
Code is to promote the stable and secure management of information
technology systems of registered insurers, insurance managers and
intermediaries (collectively,
“registrants“), highlighting the
critical nature of a registrant’s confidentiality, integrity
and availability of information to its daily operations.

Registrants must ensure there is adequate board visibility and
governance of cyber risk. The Chief Information Security…

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]]> CyberCube named among fastest-growing fintech start-ups https://risk-academy.ru/cybercube-named-among-fastest-growing-fintech-start-ups/ Wed, 02 Sep 2020 10:56:50 +0000 https://risk-academy.ru/cybercube-named-among-fastest-growing-fintech-start-ups/
CyberCube named among fastest-growing fintech start-ups

Cyber analytics provider CyberCube has been recognised in this year’s CB Insights Fintech 250 List of the fastest-growing fintech start-ups. The list spotlights emerging companies that focus on financial technology.

“We’re proud to have been included in CB Insights’ Fintech 250,” said CyberCube CEO Pascal Millaire. “This is a global listing highlighting some of the most exciting and important work taking place in the financial services sector. This is recognition of the hard work of our teams around the world and our drive to support the insurance industry as it strives to respond to the new frontier of cyber risk. Ultimately, our aim is to transform the insurance sector’s understanding of cyber risk through our people’s expertise and innovative technology.”

“We’re proud to once again recognise the 250 best private fintech companies…

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]]> FERMA suggests EU resilience framework for non-physical cat risks https://risk-academy.ru/ferma-suggests-eu-resilience-framework-for-non-physical-cat-risks/ Wed, 27 May 2020 08:48:15 +0000 https://risk-academy.ru/ferma-suggests-eu-resilience-framework-for-non-physical-cat-risks/

27th May 2020 – Author: Charlie Wood

The Federation of European Risk Management (FERMA) has called on the European Commission to create a resilience framework for catastrophic risks, in an effort to address the shortage of business interruption insurance without physical damage (NDBI).

fermaFERMA says its resilience framework would have the flexibility to respond to a range of catastrophic events, such as pandemic and massive cyber-attacks, that can create severe business losses without physical damage.

“We now aim to deepen discussions with the EU, the Member States and the insurance sector, and to develop solutions for both short-term crisis management and long-term business resilience,” said FERMA President Dirk Wegener said.

“FERMA members have expertise and experience in the field of business interruption that we want to contribute to the future resilience of European business.”

The resilience framework proposed by FERMA would function on four levels:

Enterprise-level risk management: anticipation, prevention, identification and mitigation of risks; transfer of risk to private insurance and reinsurance markets, developing enhanced coverage for NDBI; National Member…

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