The sharp increase in rolling power outages in South Africa has led to soaring claims for power-related damage, with several insurers announcing that they are withdrawing coverage for electricity grid failures.
The Insurance Federation of Egypt has called on insurance companies to develop appropriate strategic plans to ensure their continued operations in the event of any emergency circumstances.
Business interruption and cyber incidents rank as the biggest risks in Asia Pacific this year, according to the latest Allianz Risk Barometer published yesterday.
The last flow of business interruption claims stemming from COVID-19-related lockdowns in the Gulf Cooperation Council region can be expected between now and the spring, according to Mr Wayne Jones, a partner based in global legal firm Clyde & Co's Dubai office, from where he heads up Clyde & Co's re/insurance team in the region.
One of the biggest supply chain risks of 2023 is the worsening of the global semiconductor shortage according to a new survey.
The Australian Prudential Regulation Authority (APRA) has published the findings of its review into the robustness of the general insurance industry's approach to insurance risk management.
The High Court has refused applications by insurers for special leave to take their COVID-related business interruption cases to the highest legal venue in Australia, thus stopping attempts to raise key test cases about whether insurers have to pay out interruption claims for thousands of businesses devastated during COVID-19 lockdowns. The decision was announced on 14 October.
As part of a broader set of lessons learnt from the COVID-19 pandemic, the International Association of Insurance Supervisors (IAIS) and Access to Insurance Initiative (A2ii) have jointly published a note examining the role insurance supervisors could play in the design, development and implementation of insurance-based programmes for pandemic risk.
The Australian Prudential Regulation Authority (APRA) has sought to ensure that the insurers learn the lessons from Business Interruption (BI) insurance disputes arising from the COVID-19 pandemic, Ms Helen Rowell, the regulatory agency's deputy chair, has said.
Some of the most recent high-profile examples of poor risk management in the financial services sector have been in insurance, according to Ms Helen Rowell, deputy chair of the Australian Prudential Regulation Authority (APRA).