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Jul 2022

Global Risk Review

Insurance protection gap could rise to $1.86tn by 2025

The global protection gap may expand to $1.86tn by 2025, according to a new report published by PwC.

Australia: Court ruling will impact cyber security for financial services licensees

Australian Financial Services (AFS) licensees must adequately manage cyber security risks as part of their licence obligations according to a ruling by Australian federal court.

Canada: New guidelines on climate risk management

Canada’s new guidelines on climate risk management propose a prudential framework that is more climate sensitive and recognises the impact of climate change on managing risk. Canada’s Office of the Superintendent of Financial Institutions (OSFI) has issued the draft guidelines that set the stage for OSFI’s expectations of federally regulated financial institutions.

Financial fraud leads the pack in cyber crimes

Financial scams accounted for 57% of all financially motivated cyber crime in 2021, according to new research by cyber security firm Group-IB.

Mental health support to be part of climate action plans

Mental health support must be included in all national responses to climate change according to World Health Organization (WHO).

Businesses need to prepare for rising social unrest

Businesses should prepare for a rise in civil unrest as the cost-of-living crisis follows hard on the heels of the COVID-19 pandemic, according to a new report by Allianz Global Corporate & Specialty (AGCS).

US to modernise its building codes

The US Federal Emergency Management Agency (FEMA) has launched a new initiative to modernise its building codes so that communities can be more resilient to hurricanes, flooding, wildfires and other extreme weather events that are intensifying due to climate change.

Thawing permafrost and construction high on emerging risk radar

Thawing permafrost and quantum computing lead the emerging risks facing companies and their insurers, according to Swiss Re’s latest SONAR report. The global reinsurer said that climate change is creating ‘a new generation of emerging risks’.

Only a quarter of insurers have 'truly digitalised the value chain'

Fewer than a quarter of the 200 largest worldwide insurers have ‘truly digitalised the value chain’, according to a new study by ACORD, the standards-setting body for the global insurance industry.

Utilities struggle to insure new coal power

Utilities are struggling to find insurance to build new coal power outside China, according to a new report by the Insure Our Future (IOF) campaign and Korean non-profit company Solutions for Our Climate.