ORGANIZATIONS AREN’T PREPARED FOR HEIGHTENED CYBER RISK
Rest of world 6%
Western Europe
4%
2%
Many businesses are now extremely reliant on digital technology – but according to Aon’s latest study on cyber risk, fewer than half of the companies surveyed had satisfactory levels of preparedness across four critical areas: digital evolution, third-party risk, ransomware and regulation.
2%
0%
0%
-2%
-2%
Japan
-4%
0%
-6%
-2%
-8%
-4%
40%
-6% -8%
of organizations said they have adequate strategies to address remote work risks
-10%
21%
Asia (excluding Japan)
of firms said they have baseline measures for overseeing critical suppliers and vendors
6% 4%
China
31%
2%
6%
of companies reported having sufficient resilience measures against ransomware
0%
4% 2% 0%
36% of organizations said they have ample levels of data security preparedness Source: Insurance Report 2021, Allianz
Source: 2021 Cyber Security Risk Report, Aon
REINSURANCE CAPITAL CONTINUES TO GROW
EMERGING MARKETS TO FUEL CONSTRUCTION GROWTH
Global dedicated capital for reinsurance has kept up its growth trend – Willis Re reported US$688 billion of total reinsurance capital at the halfway point of 2021, a 4.3% increase from the end of 2020. Since 2015, reinsurance capital has grown by 61%, at an average annual pace of 6%.
Construction is one of the main drivers of the global post-COVID-19 economic recovery, stoking demand for construction insurance. In its latest report on the sector, Marsh projected that emerging markets in Asia-Pacific and Sub-Saharan Africa will experience the most growth in construction over the next decade due to growing populations and rapid urbanization.
DEDICATED REINSURANCE CAPITAL Index
Major regional and local reinsurers
Alternative capital
PROJECTED COMPOUND ANNUAL GROWTH RATE FOR CONSTRUCTION, 2021-2030
2018 $526 billion 2019 $615 billion
6%
2020 $660 billion
2%
5% 4% 3%
1% 0%
H1 2021 $688 billion Source: Reinsurance Market Report, September 2021, Willis Re; all figures in US$
3.6%
2.8%
3.5%
2.1%
Global
North Latin Western America America Europe
2.8%
3.9%
5.7%
1.8%
5.1%
Eastern Middle East/ Sub- Asia-Pacific Asia-Pacific Europe North Africa Saharan (developed) (emerging) Africa Source: The Future of Construction Report, Marsh
www.insurancebusiness.ca
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