Covid-19 may drive market corrections and insolvencies that could impact financial institutions’ balance sheets, increase exposures for directors and result in litigation. However, financial institutions are also facing many other risks in the areas of cyber, climate, compliance and corporate culture, according to a report, Financial Services Risk Trends: An Insurer’s Perspective, from Allianz Global
Tag: Risk
New AGCS report identifies key risks and loss trends for the financial services sector. Covid-19 may drive market corrections and insolvencies – which could impact financial institutions’ balance sheets, increase exposures for directors and result in litigation. AGCS analysis of $1bn of insurance industry claims show cyber incidents, including crime, is the top cause of
A photo taken on July 18, 2022 shows a puddle of water amid the nearly dried-up river bed of the Rhine in Cologne, western Germany, as many parts of Europe experience a heatwave. Ina Fassbender | AFP | Getty Images The water levels in a crucial waterway in Europe’s economic heartland are running dangerously low
The outlook for the global economy has “darkened significantly” in recent months, the head of the IMF has warned, and the world faces an increasing risk of recession in the next 12 months. The commodity price shock from the war in Ukraine had exacerbated the cost-of-living crisis for hundreds of millions of people, Kristalina Georgieva
NEWYou can now listen to Fox News articles! Former Secretary of State Mike Pompeo says the threat from the Chinese Communist Party is “inside the gates” of the United States, as he backed strong language from FBI Director Christopher Wray about the Beijing threat and warned of the risks to privacy from Chinese control of
Israel’s Capital Market, Insurance and Savings Authority (CMISA) recently published two new risk management circulars for financial service providers. The first circular pertains to risk management in its broadest sense, while the second circular specifically addresses cyber risk management. Both circulars apply to a long list of financial service licensees, including small entities: 1. Licensees