Read the latest edition of AIR and MEIR as an Interactive e-book

Mar 2024

Global Risk Review

Spike in political risk threat to supply chains

Multinationals are diversifying their supply chains to build greater resilience face growing political risk and civil unrest threat in the majority of emerging market manufacturing hubs according to risk intelligence firm Verisk Maplecroft.

Companies are recognising the dangers of reputational risk

Environmental pollution, discrimination or human rights violations can result in serious reputational damage and companies are becoming increasingly aware of this risk according to the latest edition of WTW’s Reputational Risk Readiness survey.

Workplace deaths up 12% in past two decades

Global work-related deaths have jumped more than 12% since 2000 according to new estimates from the International Labour Organisation (ILO).

Global economic stagnation could cost $5.2tn

A new model released by Lloyd’s research and insights platform Futureset estimates the potential five-year global economic impact of the economy slipping into stagnation as $5.2tn.

Work-life balance is as important as career progression

Ambition is no longer viewed purely as career progression. Work-life balance, flexibility, equity and skilling are now at the heart of career decisions according to a new research by Netherlands-based recruitment group Randstad.

New code of conduct for insurance market using AI

A new code of conduct for the insurance industry for using AI has been put in place. Created by a collaborative group of 127 experts, the new initiative aims to establish and uphold “the highest standards of behaviour and ethical responsibility” when planning, designing, or utilising AI in the management and settlement of insurance claims.

Deepfake fraud and deglobalisation among new insurance risks

AI generated deepfake images offered as evidence in support of a fraudulent claim and deglobalisation are among the new kinds of risks that insurers will face moving ahead according to a new risks forecast study for the insurance industry.

Insurers must adapt to energy transition or will disappear

The insurance industry runs the risk of disappearing if it does not adapt to climate change and the ESG agenda according to risk managers.

Cyber insurance market growing dramatically

Direct written premiums for cyber insurance worldwide could rise to $23bn by 2025, with the US businesses paying about 56% of the total according to Insurance Information Institute (Triple-I).

Global warming exceeded benchmark for the first time

The year 2023 marks the first time on record that every day within a year exceeded 1 degree C above the 1850-1900 pre-industrial level for that time of year according to European Union’s Copernicus Climate Change Service.

Increasing air pollution may spur risk of suicides

Heavy air pollution from traffic, factories, coal-fired power plants and home heating can increase the risk of suicide according to a new study.

Cyber risk predictions for 2024

Fraudulent instruction incidents were down 15% for the year 2023, however, business email compromise (BEC) was up 18% y-o-y across industries, returning to levels seen in 2020 and 2021, according to a new report on cyber trends for 2024 by specialty insurer Beazley.