Magazine article Global Finance

Averting the Fallout from Disasters

Magazine article Global Finance

Averting the Fallout from Disasters

Article excerpt

Global Finance presents global and regional winners from the 2015 World's Best Insurers Awards.

With many businesses, governments and organizations still recovering from major disasters of past years, several catastrophic events and emerging exposures in 2014 brought new challenges for executives at businesses around the world. In this context, businesses have a critical need for insurers and risk providers that can deliver sound risk management to protect earnings, help facilitate growth and ensure sustainability.

This past year alone saw, among other disasters and misfortunes, a continuation of large-scale cyber-related crimes and incidents; an Ebola epidemic in West Africa that required a coordinated international response; the expansion of terror threats throughout the Middle East, Africa and worldwide; the widening of trade sanctions against Russia and North Korea; extensive flooding in Western Europe; cyclones affecting parts of Asia; and a severe hurricane that struck Los Cabos, Mexico.

As businesses and other entities try to anticipate and manage an array of increasingly complex exposures, having the right risk providers continues to be a critical element of effective governance. "Selecting the right risk and insurance providers is a key aspect of most risk managers' role," says Franck Baron, group general manager, risk management and insurance at medical and travel security services company International SOS, and founding chairman, Pan Asia Risk & Insurance Management Association. …

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