The success of the risk function – or any function, for that matter – does not solely depend on the skillsets and roles of individual risk managers. A function’s success also depends on how the company as a whole operates. A recent survey, for instance, found that innovations by one unit often fail to be adopted across the wider company due to issues with how different parts ... Continue Reading »
Asia Pacific
Asia Region Most affected by Rising Sea Levels
On a global scale, some cities are sinking faster than sea levels are rising, says the Global Risks Report 2019, which was produced by World Economic Forum with the support of Guy Carpenter’s parent company, Marsh & McLennan Companies. Asia will be the worst affected region as a result of a combination of hydrology, population density and asset concentration. Asia is h ... Continue Reading »
Asia’s Health Care Industry Reels From Cyberattacks
Health care is one of the sectors most vulnerable to cyberattacks, with more than one in four (27 percent) health care organizations reporting that they have been a victim of a cyberattack in the past 12 months. This is more than financial institutions (20 percent) and nearly twice the incidence in the communications, media and technology sector (14 percent). Despite this, ... Continue Reading »
From Risk To Strategy: Embracing The Technology Shift
Technological change and digitalization can help risk functions in Asia Pacific increase their efficiency and effectiveness, but this will require new skills at an individual level, a supportive organizational environment and a well-managed transformation program. ... Continue Reading »
Asia Pacific Focus – Insights from Guy Carpenter
Here we present a recap of recent thought leadership from Guy Carpenter focusing on important insurance and reinsurance topics in Asia Pacific. Understanding Flood Risk in Malaysia Through Catastrophe Modeling: According to Malaysia's Department of Irrigation and Drainage, the many rivers running through the country put about 9 percent of the total land area under flood ... Continue Reading »
Flood Risk Challenges in Asia
Flood is one of the most significant natural catastrophe perils, globally accounting for nearly 40 percent of all catastrophe events. In 2017, floods accounted for nearly half of the natural catastrophe events and 65 percent of natural catastrophe deaths in the world - two thirds of the deaths occurring in Asia. According to the Lloyd's City Risk Index, which examines flood ... Continue Reading »
Understanding Flood Risk in Malaysia Through Catastrophe Modeling
Narathip Sutchiewcharn, Senior Vice President and Claudio Saffioti, Catastrophe Model Developer Contact According to Malaysia's Department of Irrigation and Drainage, the many rivers running through the country put about 9 percent of the total land area under flood risk, potentially affecting 2.7 million people. Rapid urbanization is only going to worsen the problem through ... Continue Reading »
Closing The Gap: Insurance Penetration and Public Sector Risk Financing in Asia Pacific
In recent years, the issue of low penetration in catastrophe insurance across the growing economies of Asia Pacific, and the critical protection gap between economic losses caused by natural disaster events and insurance-covered losses are receiving the attention they merit. The insurance industry can play a significant role in narrowing the gap to help ensure sustainable ... Continue Reading »
The Transformation of Australian and New Zealand Life Insurance
The life insurance industry in Australia is facing unprecedented challenges from forces within and from the effects of an increasingly globalized economy. As life industry profitability has declined in Australia in recent years, the underlying manufacturing business model is rapidly changing, according to Matthew Rose, Managing Director, Guy Carpenter. ... Continue Reading »
Asia’s Health Care Industry Reels from Cyberattacks
Health care is one of the sectors most vulnerable to cyberattacks, with more than one in four (27 percent) health care organizations reporting that they have been a victim of a cyberattack in the past 12 months. This is more than financial institutions (20 percent) and nearly twice the incidence in the communications, media and technology sector (14 percent). Despite this, ... Continue Reading »
