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May 2022

Global Risk Review


Insurers also seek disclosure of environmental data from companies

More than 680 financial institutions with more than $130tn in assets have sought disclosure of environmental data from nearly 10,400 companies.
 


Real-time data is a crucial asset in fraud fighting

In a recent study FRISS has highlighted the challenges and opportunities facing insurers in their efforts to combat fraud throughout the policy lifecycle.
 


Over a half of insurers experience increased pressure on ESG

Insurance businesses are rethinking their strategies and the way that they undertake business, as 55% of senior executives working in the sector said that over the last two years, they have experienced increased pressure on ESG matters from stakeholders such as regulators, customers and employees, in comparison to 46% across all sectors.
 


Workers in UK consider a greener role even at a lower salary

A new study by Aviva Insurance has revealed that more than a fifth of workers (22%) would think about taking a lower salary if they had the option to do hybrid working, while almost a third (31%) would do the same if they were able to choose flexible working hours.
 


Australia: Overhaul of cyber policy recommended

The Insurance Council of Australia (ICA) has called upon businesses, insurers and government to work together to establish the settings for a vibrant and sustainable cyber insurance market to underpin economic growth into the future.
 


US: New rules proposed to enhance and standardise climate-related disclosures

The Securities and Exchange Commission of the US (SEC) has proposed new rule changes that would require registrants to include certain climate-related disclosures in their registration statements and periodic reports.
 


Companies finance fossil fuel production

The world’s 30 biggest listed financial institutions are undermining their net zero goals by continuing to fund fossil fuel expansion and lobbying to weaken emerging sustainable finance policy, according to a new analysis by climate think tank InfluenceMap.
 


Major financial organisations align over sustainability reporting

The International Financial Reporting Standards (IFRS) Foundation and Global Reporting Initiative (GRI) have signed a deal to align their work programmes and reporting on sustainability.
 


G20 nations lose $1tn a year due to preventable health conditions

Preventable health conditions cost G20 economies more than $1tn in lost productivity in 2019, according to a new research by the International Longevity Centre UK (ILC).
 


Asia Pacific leads the first quarter of 2022 in natural hazard losses

The Asia-Pacific region accounted for the largest portion of economic losses due to natural hazards in the first quarter of 2022. Asia Pacific led the tally with losses more than $15bn, followed by Europe with $7bn and the US at $6bn, according to Aon report Global Catastrophe Recap – 1Q 2022.
 



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