Risk Management

Loss control teams at insurance brokers and carriers desperately need new ways to de-risk day-to-day operations of high-value shippers that have had troubling losses.

Looking at the root causes of the spate of fires -- and the root causes of the root causes -- suggests a lapse in discipline in enterprise risk management. 

Despite improvements in risk management and prevention, fire/explosion (excluding wildfires) is the largest single cause of corporate insurance losses (21% of total losses).

Fraudsters know "knowledge-based authenticators" 92% of the time, while genuine customers only pass KBAs 46% of the time.

Social unrest won't abate any time soon, given the after-shocks of COVID, the looming cost-of-living crisis and the ideological rifts that divide societies around the world.

Insurers must prepare for disruptions in the availability of cash, the functionality of global supply chains, global GDP growth and various other factors.

Emerging threats are precursors to business crises, so all organizations should have an updated risk management plan to implement when these risks become a reality.

The invasion poses a complex threat to the operations of financial services companies and has enormous consequences for the financial markets in the short term.