Issue 02 / April 2013

Image of San Francisco street

Black swan events: the new normal

Uncertainty over the size and frequency of natural catastrophes is challenging risk management and insurance. Stakeholders scramble to find solutions as unexpected events reveal vulnerabilities in today’s business models.

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RIMS's president John Phelps discusses the risk management renaissance

John R Phelps took over in January as the president of the Risk and Insurance Management Society (RIMS). He explains how recent scandals have raised its profile, but warns that executives need to embrace the ERM ethos to unlock its full potential.

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CIVETS' diverging pathways

Following the phenomenal rise of the BRIC markets, the variable economic performance of the CIVETS group raises serious doubts over the practice of banding together disparate emerging markets.

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map of world

Earthquake losses are rising but rarely insured

An infographic world map created with data from the Willis Research Network (WRN) shows that less than 10% of 2012 earthquake losses were insured.

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An unhealthy obsession - why healthcare costs must be reduced

Healthcare costs are rising because of sedentary, unhealthy lifestyles, longevity and the challenge of sustaining ageing populations. As the burden grows, an integrated risk management programme is essential.

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building site

How construction projects were hit by the economic crises

Mothballed sites and slowed construction present risk management challenges. Yet the current unforgiving environment is encouraging the building sector to take more sophisticated approaches to risk management.

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space rocket

No space for error when it comes to satellite launches

Even by the standards of an industry where uncertainty is a fact of life and the risks are huge, pricing the risk for satellite launches presents a unique challenge.

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Are we as resilient as we think?

A thought-provoking new book argues that current risk management techniques are fundamentally mistaken. It offers valuable insights despite obvious flaws, says David Simmons, managing director, Analytics at Willis.

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How risk modelling can help companies understand serious threats to the bottom line

Population density, urbanisation, globalisation and climate change have made the world an increasingly interconnected place where major catastrophes are not the rare risks they once seemed.

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The benefits of predicting meteor strikes

If scientists could forecast the next potential meteor strikes, it may allow governments to prepare for those risks and the insurance industry to encourage mitigation of impact risks.

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Meeting the mining industry's global challenges

Increasing demands will be placed on natural resources as the world’s population grows. Where once expropriatory acts may have been driven by populist policies, today they have political and social drivers in addition to the traditional economic ones.

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Why data models should only advise and never decide

Progress made in modelling can help reinsurers to examine and understand which of their assumptions are most important and how safe they are. But models should only advise – they should not replace human decision-making.

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The uncertain application of environmental laws

Potential buyers of environmental insurance remain unaware of how the Environmental Liability Directive (ELD) could affect their operations and the benefits of such cover.

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What the crackdown on insider trading means for you

Insider trading is at the top of the US Securities and Exchange Commission’s (SEC) enforcement priorities list.

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Willis Group Holdings plc is a leading global risk advisor, insurance and reinsurance broker. With roots dating to 1828, Willis operates today on every continent with more than 18,000 employees in over 400 offices. Willis offers its clients superior expertise, teamwork, innovation and market-leading products and professional services in risk management and transfer. Our experts rank among the world’s leading authorities on analytics, modelling and mitigation strategies at the intersection of global commerce and extreme events.

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About Resilience

Resilience is the risk management magazine from Willis for business leaders around the world. Each issue explores the latest trends and issues facing multinational businesses as they compete in an increasingly dynamic and interconnected threat landscape.

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