WIN Magazine - Fall 2015 - (Page 13)
of Global food
ShortaGeS & Security
By Nick Beecroft
The following article is part of our regular series of
profiling an emerging risk exposure in the quarterly
issues of Wholesale Insurance News magazine.
The AAMGA's Emerging Issues and Trends Committee is continuing its efforts to identify, research,
evaluate and report on the various emerging exposures impacting the wholesale insurance industry.
As part of that effort, the Committee has developed
a survey which will further aid in identifying and
evaluating those issues having an impact upon our
marketplace, as well as to then rank these exposures
on the Annual Heat Map produced for the industry.
The effort will be to stay ahead of the constantly
evolving exposures by looking for ways in which
they can best be analyzed, rated, underwritten
1,000,000,000 people go huNgry
every year, a fIgure that could
trIple by 2050.
A shock to the global food supply could trigger significant claims
across multiple classes of insurance,
including (but not limited to) terrorism and political violence, political
risk, business interruption, marine
We encourage you to take the survey, which can
be accessed by clicking on the attached link, or
entering the following URL into your Web browser:
https://www.surveymonkey.com/r/PHFTSRB. This will
better enable the Emerging Issues and Trends Committee
in continuing to develop data and undertake the analytical process of making wholesale insurance professionals
better prepared for what lies ahead. We will report on
the outcome of the survey in one of our future issues.
In this issue of WIN magazine, we are privileged
to offer the views of Nick Beecroft and his colleagues
at Lloyd's, on the growing risk exposures - both
domestically and internationally - pertaining to food
shortages and the security of the global food supply.
During the daily course of underwriting property and
casualty risks, the implications of food shortages are
not always top of mind. They should be.
and aviation, agriculture, environmental liability, and product
liability and recall. These losses
could be compounded by the potential for a food system shock to last
for many years; and the ability of
insurers to pay claims quickly is
expected to be an important factor
in post-shock recovery. More broadly,
the insurance industry may also be
affected by impacts on investment
income and the global regulatory
and business environment.
As businesses become increasingly
aware of the threat posed by food
system disruption, they may invest
more heavily in comprehensive risk
transfer structures, and a severe
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Table of Contents for the Digital Edition of WIN Magazine - Fall 2015
Risk Exposures of Global Food Shortages & Security
Predictive Analytics and Surplus Lines: Freedom of Rate but Not Free of Unfair Discrimination
It’s Not Easy Being Green: Assessing the Impact of Green Construction on CGL Exposures
The Case for Trade Disruption Insurance in the E&S Market
Managing Human Resources in an Increasingly Complex Insurance Industry
Developing an Effective Mentoring Program
Workflow Efficiency: What’s in it for You?
Prominent Defenses Undercut in Data Breach Lawsuits and Class Actions
Cyber Crime and Data Breaches
Index of Advertisers
WIN Magazine - Fall 2015
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