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Jun 2022

Global Risk Review


New strategy to overcome work-related stress for insurers

The Chartered Insurance Institute UK (CII) is offering insurance professionals help to address their stress after 65% of its members identified heavy workloads as the greatest cause of work-related pressure.
 


Cyber risks biggest threat to directors

Cyber risks dominate the top five risks facing directors and officers, according to the latest annual survey by WTW and Clyde & Co.
 


World could face 1.5 disasters a day by 2030

The greatest share of economic losses due to natural disasters is borne by the Asia-Pacific region and the countries in this region lose on an average 1.3% of GDP to disasters each year, according to a new report published by the United Nations.
 


Google poses threat for home insurers

UK home insurers face imminent and huge competition from big technology companies after a recent poll found that more than a quarter of consumers would purchase an insurance policy from Google.
 


Climate change increases cross-species viral transmission risk

By 2070 climate change will cause thousands of new viruses to spread among animal species and this is likely to increase the risk of emerging infectious diseases jumping from animals to humans.
 


Fraud attempts decreased by 22% from 1Q2021 to 1Q2022

The global digital fraud rate decreased in the first quarter of 2022 with suspected online fraud attempts declining by 22.6% from the first quarter of 2021, according to TransUnion’s quarterly digital fraud analysis.
 


Australia: One in 25 homes could be uninsurable by 2030

One in 25 Australian properties will be effectively uninsurable by 2030 due to rising risks of extreme weather and climate change, according to a new analysis by the Climate Council of Australia.
 


Impact of climate change on offshore energy and shipping industry

The global offshore energy and shipping sectors are under greater than expected threat from climate change as extreme weather becomes more commonplace, according to a new report by the speciality (re)insurance group Chaucer.
 


Competition for sea, space and soil will exacerbate future geopolitical risk

Rising competition for supremacy over soil, sea and space will fuel future global geopolitical tensions as nations seek to stake their claims on sea-based borders, previously untapped mineral resources and the all-but-unregulated cosmos, according to a new report from insurance broker Marsh.