Catastrophic acts of violence, mining strike contagion, unexpected “perfect storms” and a nation paralysed by cyber terrorism are among the scariest risks facing the insurance industry this Halloween, according to WillisWire, the broker's blog.
In the blog, sixteen practitioners from as many practices explain what risks keep them up at night. Low recordings of sea ice in the Arctic, highlighted by David Reynolds in Willis' Global Markets International practice, is a well-known worry for the power industry, while the insurance industry focused on “Frankenstorm” Hurricane Sandy, where Alice Underwood of Willis Re warns that the most fearsome storms can be those you don’t anticipate and prepare for.
The threat of cyber terrorism directed at US targets is an existing priority given the potential for damage outlined by Justin Conway in Willis’ Securenet division. Other risks may have crept under the radar, or just emerged, including:
•The escalating number of verdicts and settlements in paediatric litigation,
•The re-opening of hundreds of pollution cases involving vapour intrusion
•The high number of road cargo transport accidents in Brazil
•The recent jail sentencing of six Italian scientists accused of information failings following the 2009 L’Aquila earthquake; and
•The Beijing traffic jam that lasted one month, described by Tim Mathieson, chief operating officer of Willis China, which is enough to strike fear into even the bravest of souls.
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