Beacon Intl Group

? Four in five business leaders not confident in ability to manage emerging risk ? ?? "We need a smarter way to think about emerging risks. Every single risk in our survey was someone’s top risk, which shows there’s a real need for enhanced understanding of a wide range of interconnected risks." - Lucy Stanbrough, head of emerging risks at WTW Research Network ?? "Only 20% of key business decision makers and their teams think their organisation will be able to respond adequately to emerging #risks over the next ten years, and just half say they are confident in their response to today’s risk environment, finds WTW, which urged firms to develop new approaches to manage these risks as the protection gaps widen. In a new poll crafted by WTW, #artificialintelligence was revealed as today’s leading emerging risk, ranked first by 19% of respondents. But #AI drops out of the top five emerging risks over the next two-year timeframe, led instead by cyber as the number one threat for 18% of respondents. Looking further ahead, #technology was named as the most likely source of emerging risk in ten years’ time, for 23% of respondents. ... Publishing its?Emerging and Interconnected Risks Survey, WTW says: 'We suggest organisations need to rethink their approach to emerging risks, be open-minded, avoid concentrated risks, be sensitive to early warning signs, constantly adapt and always prepare for the worst to ensure they transform their tomorrows.'" ? How can the risk management industry improve collaboration and data-sharing to tackle interconnected risks like climate change and technology threats? Read the full article at Commercial Risk: https://lnkd.in/gDjZhFqC

?? Cyber insurance used widely but not deeply ?? Report shows many companies not taking full advantage of cyber insurance investment ?? Cyber insights Highlights - 80%+ of firms now buy standalone #CyberInsurance. - 60%+ reported a #cyber event - Boards need better awareness - #Risk services = untapped value. Business Insurance | QBE Insurance Read the full article here: https://bit.ly/3UN2Jiv

? Election could bring change to property/casualty insurance sector ? ??? "The challenge for insurers in terms of tort reforms remains, with most reforms needing to occur at the state level." – Robert P. Hartwig, professor of finance and director of the Center for Risk and Uncertainty Management. ?? The property/casualty and #riskmanagement sector will likely see changes following last week’s #elections as new economic, fiscal and legislative policies are introduced at the federal and state levels. While tort reform advocates will continue to target state legislatures, experts say the election of Donald Trump as president and Republican control of at least the U.S. Senate and possibly the U.S. House of Representatives might open the possibility of changes at the federal level. Mr. Trump’s fiscal policy will alleviate concerns about tax increases and likely lead to a stable environment for mergers and acquisitions, they say. However, the prospective economic policy of the incoming #Trump administration, particularly the introduction of additional tariffs, could increase insurers’ repair and rebuilding costs. ? How can the #insurance sector effectively advocate for tort reforms at the state level to address legal system abuses while navigating shifting federal priorities? Read full article: https://lnkd.in/gY6C_n76

?? #India's Vision 2047: A developed nation celebrating 100 years of independence. Asia Insurance Review India's Vision 2047 aims for inclusive growth, technological advancement, and enhanced resilience against economic and environmental challenges. The #insurance industry is at the forefront of this journey, tasked with safeguarding assets, lives, and businesses while fostering #innovation and financial inclusion. Register today to join these important conversations: https://lnkd.in/g2xKN8N7

??Mark your calendars for this Business Insurance event Since 1991, this conference has offered top-tier insights and #networking for the captive #insurance industry. Their unbiased Advisory Board — comprised of representatives from all key areas of the captive space — ensure a well-balanced agenda that addresses the most pressing industry topics. Register today for expert sessions, 1-on-1 meetings, and more ?? https://bit.ly/482DOgg #WorldCaptiveForum

? Insured loss estimates rise for Spanish floods ? ?? “The property/casualty insurance industry in Spain is exposed to low risk because the CCS mitigates the volatility of profitability from natural catastrophe events by absorbing the majority of peak losses,” - S&P Global Ratings. ?? "Estimates for insured losses from the fatal flash floods in #Spain last week have risen sharply, after the country’s prime minster said he expected Spain’s nat cat scheme to pay out €3.5bn for the damage on approving a €10.6bn relief package. State-backed Consorcio de Compensación de Seguros (CCS) disclosed it had received 138,317 claims as at 8 November, with motor claims accounting for 60% and the total number of claims rising by thousands daily. CCS has mobilised about 800 loss adjusters to assess the damage as it promised to pay out compensation as quickly as possible for the event, which it recorded as running from 26 October to 4 November. Homes account for the second-largest number of claims at more than 43,600, followed by about 8,130 shops and warehouses, almost 600 claims for offices and 2,500 for industrial risks..." ? What impact do you think Spain’s #naturalcatastrophe scheme will have on private insurers amid rising climate-related events? Read the full article at Commercial Risk : https://lnkd.in/gmBS4yyt #Valencia

?? Business Insurance was named a Best Places to Work 2024 ?? Best Places to Work in #Insurance?is an annual feature presented by?Business Insurance?and?Best Companies Group?that ranks the agents, brokers, #insurers and other providers with the highest levels of employee engagement and satisfaction. The 2024 report features 100 companies of various sizes, from 25 employees to more than 10,000. What these honorees have in common is a commitment to attracting, developing and retaining great talent through a combination of culture, benefits and other programs that their employees value. ?? Read the full article here: https://lnkd.in/g9K5kn_E

?? Upcoming event hosted by Commercial Risk & FERMA | Federation of European Risk Management Associations. Each guest will enjoy welcome drinks reception, 3-course dinner + wine, full access to the #Awards ceremony. #Risk managers attend FREE. Secure your spot now: https://ow.ly/Uj9B50TXmMQ #euroriskawards24

?? Join the Business Insurance Women to Watch EMEA Awards & Leadership Conference for a session on Artificial Intelligence's Impact on #Insurance Careers, featuring #AI experts Sabine VanderLinden from #AlchemyCrew and Yannick Even of #GenAIExplorerProgram Register today: https://bit.ly/3zbeoQ4 #BI_WomentoWatch

??Nominations Open?? The Business Insurance Break Out Awards program recognizes outstanding professionals positioned to become future leaders in the #riskmanagement and property/casualty #insurance sectors. While there is no age limit, nominees must have worked in the industry for?no more than?15 years. Nominees will have already established themselves in their careers and will be on a leadership trajectory. Nominate someone today at: https://bit.ly/3ZGOBuy #BI_BreakOut