Risk Management Magazine (10/03/2022)
When it comes to diversity, equity and inclusion (DEI), companies are discovering that it is one thing to build diversity in their organization, but it is another altogether to develop the inclusion and equity needed to truly unlock the power of diversity. According to a report from the Society for Human Resource Management (SHRM), “Roughly 80% of companies are just going through the motions and not holding themselves accountable.”

Insurance Journal (10/12/2022)
The damage from Hurricane Ian will result in the largest-ever insured loss event in nominal dollars. According to advisory and investment banking firm Stonybrook Capital, the all-in insured loss and loss adjustment expenses (LAE) from Hurricane Ian is over $75 billion, and losses represent over 10% of U.S. 2022 P&C industry direct premiums.

Business Insurance (10/11/2022)
A speaker from the European Union Agency for Cybersecurity told delegates at the Ferma Forum that it is developing cybersecurity standards that can be scaled to fit small and midsize enterprises and will help improve cyber risk management across Europe and within supply chains. Ferma Vice President Philippe Cotelle said he wants a “reference” cyber standard for EU SMEs struggling to create their own cybersecurity policy.

PropertyCasualty360 (10/12/2022)
Flood risk is steadily rising with the effects of climate change. According to Swiss Re, insured losses from floods doubled to $83 million during 2011-2020 as compared to the previous decade, and global flood losses reached $20 billion in 2021 alone. Aerial imagery provides one of the best options for insurance companies to stay profitable in high risk markets like flood. 

Reinsurance News (10/12/2022)
According to a new report from PwC, in the last three years 27% of companies have suffered a data breach leading to costs between $1m and $20m. Among the 3,500 senior executives across 65 countries that were surveyed, fewer than 40% said they have fully mitigated cybersecurity risk exposure in a number of critical areas. 

Insurance Journal (10/12/2022)
According to a research report published by the Bank of America, European reinsurers will miss their earnings targets in 2022 for the sixth year in a row, which is pressuring the industry to raise rates and continue improving the quality of their portfolios. The result is that the industry is finally entering a “true ‘hard’ market,” said the report.

PropertyCasualty360 (10/10/2022)
A Delaware Superior Court judge has ruled that the settlement costs of a class action lawsuit against the chocolate company Godiva are not excluded from coverage under the confectioner’s D&O policy. Godiva successfully argued that the class action settlement was not a penalty, which would have been excluded, but rather a form of compensation.

Continuity Central (10/11/2022)
KPMG has published its 2022 CEO Outlook, which asked more than 1,300 CEOs at the world’s largest businesses about their strategies and outlook. Reputational risk, such as a misalignment with customer or public sentiment, is raising more concern among CEOs. In response to geopolitical challenges, 51% of organizations have discontinued working with Russia and 34% plan to do so over the next six months. 

RIMS Professional Report
October is Cybersecurity Awareness Month, a time for small- to medium-sized businesses (SMBs) to identify and prepare for evolving digital threats. Download this report to learn about five areas of consideration for SMBs as they address this evolving threat and prepare to combat new cyber-related risks.

RIMS Virtual Workshop
Attend our new three-part, virtual workshop series to enrich your risk management program with the best practices in data management, analytics and artificial intelligence. Earn the new RIMS Fundamentals of Risk Data, Analytics and AI Certificate when you complete this workshop series.