And what a year it has been… commercial risk asia

This month, we publish our first Risk Frontiers Asia survey, in partnership with Generali and Parima. Business brokers in florida The research is a comprehensive study of the latest developments in risk and insurance management. Transworld business brokers The release of our report also marks the one-year anniversary of our publication.

Sunbelt business brokers reviews It was 12 months ago that we launched at the Parima annual conference in Singapore, so it is fitting that the report is published at this year’s Parima gathering in Hong Kong.

So what have we learned in a year? Back at the beginning of our journey, we were told that the Asian risk management market lacks the sophistication of more established markets. Kr business brokers Dedicated risk and insurance managers were few and far between. Alpha business brokers Instead, insurance was entrusted to heads of procurement who were buying stationery one day and directors’ and officers’ coverage the next. Arkansas business brokers Or else, it was the job of the chief finance officer. Business brokers association In both cases, the purchasing was primarily based on price.

However, while there is undoubtedly some truth to this, especially for domestic-based companies, the research we have carried out reveals a growing expertise among Asian risk managers and an approach to the use of insurance in line with their counterparts in other regions.

For example, roughly half of the risk managers employ captives and global programmes or are planning to in the near future. Brooklyn business brokers Those that do not are either too small or too domestically focused to gain any benefit in their advantage.

But there is still a need for risk management to develop further in the region and for managers to work more closely with the insurance sector to effectively manage their existing coverage, and develop new solutions for new and emerging risks.

We asked risk managers to identify one new insurance solution they would like to see. Sunbelt business for sale The majority selected cyber risk, despite the fact most insurers have a cyber risk product – the inference being that these existing products are not currently good enough.

The typical criticism of insurers is that they move too slowly and are unable to adapt their commoditised products to match the changing risk landscape. Vested business brokers review Yes, progress has been made in several areas, such as the use of parametrics to create personalised nat cat insurance, but weather – even with the effects of climate change – is relatively predictable and easy to measure.

One risk manager selected ‘Trump factor liability’ on his wishlist for new insurance products – a policy that could somehow provide protection for unexpected geopolitical risks, from Brexit to Trump.

As impractical as this product might be, it is crucial that risk managers and insurers continue to explore new ways to manage an ever-changing risk landscape, because who knows what events may be unfolding this time next year.