Warning issued over slavery abuses in SE Asian supply chains
Job losses in South East Asia resulting from automation are predicted to produce a spike in slavery and labour abuses in global supply chains unless governments take early measures to prevent automation threatening millions of livelihoods, according to a report published this week
Travelers Europe launches standalone cyber cover
Travelers Europe has launched its new standalone cyber insurance product for the United Kingdom and Ireland. Travelers CyberRisk provides liability and first-party cover for losses from cyber attacks. It also provides access to assistance that can help limit client exposures to cyber events, including breach coaches, forensic investigators, public relations support and credit monitoring services.
VIEW: Principles of resilience in a digital world
As reported by CIR, Airmic recently published the main findings of an in-depth report by Cass Business School into the implications of the fourth industrial revolution for business models and risk management. ‘Roads to Revolution’ found that existing principles of resilience need to be extended for opportunities to be realised and resulting risks managed. One important aspect is that of governance. In most large organisations, cyber governance has failed to reflect technology-driven changes in the way that companies are run.
Automation could create US$512bn for FS firms by 2020
A report from Capgemini’s Digital Transformation Institute suggests that the financial services industry could expect to add up to US$512bn to global revenues by 2020 through intelligent automation, the right combination of robotics process automation (RPA), artificial intelligence (AI) and business process optimisation.
Major flooding in Japan
Several days of record-breaking rainfall have led to widespread inland flooding in 11 prefectures across western and central Japan. The precipitation was described by an official at the Japan Meteorological Agency (JMA) as being at a level never before experienced. As well as numerous rivers and streams bursting their banks, many landslides have been reported. In addition to major damage to buildings and infrastructure there has been considerable business interruption. At least 180 lives have been lost, and dozens are unaccounted for, according to data issued on July 12 from the Fire and Disaster Management Agency (FDMA).
DAS launches new online tools
DAS UK has launched a new suite of commercial products, available from today on its new quote and buy web portal, DAS Connect. Designed to suit a range of businesses looking for legal expenses insurance cover for employment disputes, property protection, personal injury, legal defence and tax protection, the products also provide access to a wide range of legal services and helplines that can be used as often as required including legal advice, tax advice, and counselling.
Zurich extends flood resilience programme
Zurich has announced the extension of its Flood Resilience Alliance for another five years to 2023. Since 2013, the multi-sector alliance of NGOs, academics and Zurich’s risk management experts has focused on shifting from the traditional emphasis on post-event recovery to stress pre-event resilience.
VIEW: Making the most of Solvency II
At a recent conference on insurance regulation, the mood about the new world of Solvency II was decidedly downbeat. The feeling was that too many cooks were spoiling the broth. From the more prescriptive elements of the EU legislation to the layers of justification needed for any approach that deviates from convention, regulation was portrayed as a significant brake on innovation and the exercise of common sense.