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New Editorial : Between growing threats and opportunities
The global economy is confronted to the acceleration of economic cycles and the increase in East-West trade volumes between emerging countries and greater volatility of oil prices and of the world stock markets.
The growing regional geopolitical tensions have greater global impact, with the continuing conflict in the Middle East in Syria, Yemen and Iraq, we observe globally an increase in geopolitical and terrorist risks.
As the UN lifts Iran sanctions bringing prospects of new economical development the same applies for Cuba where the credit insurer Euler Hermes forecasts a 5 to 6% economical growth between 2016 and 2020 provided the sanctions are lifted;
Natural hazards : The absence of very severe catastrophes and a quiet hurricane season in the North Atlantic meant that losses from natural catastrophes in 2014 were much lower. At US$ 7bn, the most expensive event in terms of overall loss was Cyclone Hudhud in India. (Munich Re)
For 2015 the Atlantic hurricane season was a near average season featuring 11 named storms in which 4 reached hurricane status. Late-September, Joaquin developed and strengthened into a Category 4 major hurricane and affected the Bahamas and Bermuda with damages around $60 million and a similar number of deaths as caused by Erika.
Industrial Risks / storage of dangerous goods: The explosions that occurred on August 12, 2015 in Tianjin remind the danger of storage and accumulation of highly dangerous goods, remind the need to isolate highly vulnerable risks, determinate the potential zones of impact & potential blast zones on the basis of the quantity of dangerous goods stored, adapt the means of fire-fighting, spill retention dikes and barriers, protect neighbouring industrial risks, storage facilities, residential areas, protect the environment…
The risks have no borders. The Ebola virus pandemic alert in sub- Saharan Africa in 2014 and 2015 showed the difficulty of containing an outbreak, while trade and inter-regional across border flows have intensified. The same applies to the Zika virus outbreak in Latin America and Caribbean.
The latest WHO alerts concern the resurgence of respiratory syndrome coronavirus in Saudi Arabia, Chikungunya in Spain, poliovirus in Madagascar and human infection with influenza A ( H7N9 ) in China.
The upsurge in cyber attacks on private companies and government agencies also demonstrates that it has become a global risk.
According to the risk barometer made by Allianz in 500 risk managers in 47 countries, the top 10 risks in the risk managers’ concerns were ( for the first time cyber risks come in the top 5):
Associate member of the RIMS (the Risk Management Society)
According to the study conducted by the magazine Usine Nouvelle, in partnership with Orange, over a panel of 210 French firms (steel industry, food processing, research, automotive … ) 43.8% of the firms surveyed have already been confronted with security breaches over the past 12 months, and 13% do not even know if they have been affected by a cyber attack.
At a time when some European countries are slowly recovering from the recession, other European countries are back on a growth path. European based firms are looking for stronger growth opportunities in areas where the economic rates are higher than those of Europe. These new markets are also synonym of new risk exposures.
Entering these new markets should imply a thorough analysis of risks related to the economic, political, cultural situation of the host country and special attention should be given to the study of CAT risks.
Sending an employee overseas on mission must also be considered in terms of risk in case of bodily injury and need for urgent repatriation (not excluding the greater risk factors related to terrorism and kidnap). These recommendations apply regardless of the industry.
C.B.E. Cap de Bonne-Espérance (Cape of Good Hope) was founded by Jean-Georges Nanot.
Further to 25 years of experience in the insurance market, specialized in international, Jean-Georges was previously Network Country Manager of Gras Savoye Willis in France from 2010 to 2013 and member of the Executive Commitee of the Global Network group practice from 2005 to 2013. Senior consultant and P&C insurance broker who held various positions in multi-specialist firms of different sizes, coordinating employee benefits issues for large corporations as well as alternative risk analysis, the C.B.E.’s business model is servicing international clients (of all sizes) and of all nationalities.
Our objective is to assist our clients in better identifying and managing their risks & insurances in France, Europe and internationally. Jean-Georges holds a BBA in International Business Administration.