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Sep 2022

Global Risk Review

Top causes of insurance claims

Over the past five years, fire and explosion, natural catastrophes and faulty workmanship or maintenance have been the major causes of loss by value of insurance claims, according to the Global Claims Review 2022 published by Allianz Global Corporate & Specialty (AGCS).

South Korea: Largest general insurers stick with coal

South Korea’s two general insurers Samsung Fire & Marine Insurance (Samsung FMI) and Hyundai Marine & Fire Insurance (Hyundai MFI) have no plans to phase out existing insurance underwriting for coal, according to their latest ESG reports released in July 2022.

Landfills could soon be inundated with wind turbine blades

Tens of thousands of wind turbine blades will end up in landfills by the end of the decade unless end-of-life programmes are established soon, according to a new study End-of-life policy considerations for wind turbine blades led by the University of South Australia.

Cyber security and data privacy top people-related risk in Asia

Semiconductor industry supply chain risks

A recent survey has found that the ramifications of the semiconductor industry supply chain crisis have been exacerbated by the conflict in Ukraine. The semiconductor industry serves as a major driver in the global economy.

Disconnect between finance and operations teams exposes new risks

A lack of alignment between finance and operations teams is damaging growth and competitive advantage at organisations worldwide, according to a new document released by KPMG.

Climate change risk blindspots

Most companies and governments are ‘woefully unprepared’ for the knock-on effects of climate change and are creating ‘risk blindspots’, according to a new report.

Climate catastrophes are being ignored

The worst possible climate change catastrophic scenarios, including collapse of society or the potential extinction of humans are being ignored, according to a group of global scientists.

Risks that worry mid-sized companies

Financial, digital, business interruption and pandemic concerns top the list of macro risks for mid-sized company leaders. Concerns about risks related to climate change have increased significantly in 2022 as compared to 2020 but it still ranks as the least concerning risk, according to a new report.