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2018: Red alert over growing economic risks worldwide

2018: Red alert over growing economic risks worldwide

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In 2018, just like previous years, most businesses around the world have a lot to contend with risk-wise. This is the verdict of experts from Clements Worldwide Limited, leading global insurance solutions provider.

According to the fifth edition of the Clements Worldwide Risk Index launched mid April, 2018, there is an increase in risks associated with management liability losses and a shifting political environment.

The latest survey was conducted from January to February 2018 with 533 executives responsible for global risk management at international organisations. 87 percent of respondents have more than 100 employees with 30 percent having more than 1,000. Fifteen percent have more than 75 percent of their staff abroad.  The top five represented industries within international schools, NGOs, transportation, construction, and banking.

At a ceremony to unveil the result of the survey in Lagos, recently, three senior management team members of Clements Worldwide  namely: Vice President for Global Operations Kevin Pedone, Vice President for Global Organisations Abdallah Ahmed, and Senior Marketing Communications Manager Patricia Loria, who facilitated various sessions on innovative insurance solutions for high risk emerging markets, focused on global best practices in risk management spanning human capital, business operations, and company assets.

At separate sessions, the team from Clements, which insures risks in 170 countries, noted that natural disasters moved to fourth highest loss and global disasters cost the world $306 billion in 2017, nearly double the cost of 2016

Specifically, they said from 1995 through 2014, 89% of storm-related fatalities were in lower-income countries just as they informed that an estimated 24.2 million people became climate change refugees or IDPs in 2016; compare this to 6.9 million refugees from conflict.

Besides, they said the Global Terrorism Index 2016 shared both positive and negative facts, with countries that are part of the organisations of Economic Cooperation and Development (OECD) recording deaths from terrorism dramatically increased by 650% just as 23 countries recorded their highest number of deaths from terrorism in 2015.

Speaking earlier, in his keynote address at the seminar, Commercial Counselor, U.S. Diplomatic Mission to Nigeria, Mr. Brent Omdahl, impressed on multinational organisations the need to embrace cutting-edge insurance solutions that offer protection to their staff and assets deployed in risk prone areas

“Losses in revenue, lives and property resulting from risks in the business environment can be enormous. By utilising best practices in risk management, more global companies can continue to expand in Africa and beyond and contribute to a robust global economy,” Commercial Counselor Omdahl explained.

Founded in 1947, Clements Worldwide, a leading provider of international insurance solutions, produces the Clements Worldwide Risk Index once a year in an effort to gather top concerns from both our clients and like-minded international organisations on the topic of global risk. This information provides a barometer for risk managers to validate current thinking on institutional risk, including top concerns, categories of loss, and levels of preparation for different risk types.

 

The post 2018: Red alert over growing economic risks worldwide appeared first on The Nation Nigeria.

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