DOCSLIB.ORG

SONAR 2020 New Emerging Risk Insights

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
SONAR 2020 New Emerging Risk Insights SONAR 2020 New emerging risk insights Sustainability, Political and Emerging Risk Management Table of Contents SONAR 2020 overview 03 SONAR 2020 special features 05 0 – 3 years emerging risks themes 16 > 3 years emerging risk themes 24 Emerging trend spotlights 27 Leveraging SONAR 34 Appendix 35 SONAR 2020 2 SONAR 2020 overview SONAR 2020 3 SONAR 2020 overview SONAR 2020 4 SONAR 2020 special features • Vaping and e-cigarettes – a new wave of addicts? • Trend spotlight – moving to a low carbon future • Locking it up – carbon removal and insurance SONAR 2020 5 Vaping and e-cigarettes – a new wave of addicts? Special feature SONAR 2020 6 Vaping and e-cigarettes • The range of materials/ingredients consumed Risky is increasing. Some of the ingredients used ingredients (like nicotine) are highly addictive, and some (vitamin E acetate) can be harmful. • Data regarding the long-term health risks from many of the chemicals vaped is lacking. Health and liability risks • Regulation varies across jurisdictions for nicotine. Many flavorings are not regulated at all in certain markets. Regulating market practices Read more online, p.18 SONAR 2020 7 Vaping device diversity SONAR 2020 8 Smoked/vaped products and potential issues SONAR 2020 9 Trend spotlight – moving to a low carbon future Special feature SONAR 2020 10 Opportunities and risks in transitioning to a low-carbon economy Net-zero emission strategies Reaching net-zero emissions requires 1. reducing and limiting emissions in all Risk sectors knowledge and risk 2. removing remaining emissions from the transfer atmosphere Long-term investments Read more online, p.28 SONAR 2020 11 How to tackle the transition Electricity and Heat Production ~25% of global GHG emissions Industry ~ 21% global GHG emissions Transport ~ 15% global GHG emissions Forestry & Agriculture ~ 24% global GHG emissions Buildings ~ 6% global GHG emissions Carbon Removal Insurance Industry SONAR 2020 12 Locking it up – carbon removal & insurance Special feature ON Helicinid geothermal power plant (ON Power); Photo by Arni Saeberg SONAR 2020 13 Carbon removal solutions Nature-based processes that use Technological processes that use Hybrid approaches plants to capture CO2 from the air engineering tools SONAR 2020 14 Opportunities and risks in carbon removal Engineering and property covers By 2050, billions of tons of CO2 will need to be stored. Related Frontrunners will profit from experience services gathered over the next decade. Reputational risks Read more online, p.34 SONAR 2020 15 0 – 3 years emerging risks themes SONAR 2020 16 Global pharmaceutical supplies – breaks in the chain? Pre-COVID- 19 drug shortages • A very large percentage of the active ingredients in everyday pharmaceutical products are manufactured in China and India. Offshore drug • Healthcare systems in Europe have similar production dependency on foreign suppliers. • The offshoring of drug production to emerging markets is one part of the risk story. The other is that foreign producers have Increased themselves become increasingly concentrated healthcare to achieve economies of scale. costs and liability claims Read more online, p.16 SONAR 2020 17 Out of sight, out of mind – mental health issues among the young Declining Links to mental • Stigma around mental health means many physical health sufferers are not open about their condition, health and do not seek help. • The stigma can be more prevalent in different cultures, and the number of people across the world living with mental health issues is very likely to be much higher than known. • Poor mental health among the young does not Chronic stem only from the changes that happen illness and during puberty. disability claims Read more online, p.20 SONAR 2020 18 Tipping the scale? – Millennials intergenerational imbalances on under financial the rise pressure • The pandemic shock and its economic consequences (recession) has accentuated longer-term structural problems in many markets. Younger generations, in particular Millennials, will be impacted negatively for years to come. Prospect of • This will increase pressures on lower premium intergenerational social contracts. income Increasing • Frustrated expectations regarding income, job protection security and wealth building may translate gaps into political tensions and social unrest. Read more online, p. 23 SONAR 2020 19 Standards – into the unknown Fragmentation • Standards – established norms – have been a Sustainability fundamental driver of globalisation. metrics/ • They unify the handling or design of products standards and services, and allow exchangeability of parts and tasks across production entities and countries. • For insurers, fragmentation in standards and regulation means less scalable market conduct given variance in governance requirements, and increased uncertainty and Operational downside risk. uncertainty and cost Read more online, p.24 SONAR 2020 20 Burning question – risky lithium-ion batteries Fire risks • Since 2010, the price of lithium-ion batteries (LIBs) has fallen by more than 80%. • LIBs have become the most widely used type Environ- of rechargeable batteries – their application mental risks ranges from mobile devices to vehicles and energy storage systems. • There are risks along the entire value chain. Casualty and property losses Read more online, p.37 SONAR 2020 21 Computing at the edge – Computing cybersecurity overstretched? power at devices • Edge computing can supercharge data exchange, but also lead to more cybersecurity breaches. More • Rapid transfer and process of massive attack amounts of information on the data highway surfaces is available to us now. • With the Internet of Things (IoT), data needs to be transferred and processed not just more quickly, but instantaneously. Increased cyber vulnerability Read more online, p.40 SONAR 2020 22 Grey accountability – product liability in the era of smart everything Products to services • More and more, products are becoming services that are dependent on a relationship Rights to with a provider (eg, software updates). repair and modify • It is more challenging to assign liability in these cases than with a stand-alone physical product. More challenges for • Traditional insurance covers for product assigning liability will need to be revisited and likely re- liability designed. Read more online, p.42 SONAR 2020 23 > 3 years emerging risk themes SONAR 2020 24 Green buildings – will they pass the test of time? Increased • Building requirements are continually focus on amended to minimise the impact of the built “green environment on the planet. buildings” Serial loss • World-wide market of green construction and / or materials is expected to grow from USD accumulation 171bn in 2015 to more than USD 377bn by potential 2022. Lack of experience • There is a flood of labels which make it at with new times difficult to determine the relevant materials and standard. technologies Read more online, p.36 SONAR 2020 25 Hydrogen fuel cells – propelling the future? Promising emission-free • Hydrogen fuel cell technology is developing Casualty & fuel rapidly, and enables energy storage and property risks emission-free mobility. (e.g. explosion risks) • It is promising for use as fuel for larger vehicles, and for the transition to a low- carbon economy. • However, scaling up the technology for sustainable, wider adoption brings significant risks, potentially triggering property and product liability claims. Technology related scalability? Read more online, p.38 SONAR 2020 26 Emerging trend spotlights • The fragility of healthcare systems • A sea change in app usage? • Sustainable supply chain management in financial services SONAR 2020 27 Most experts agree The fragility of on some “positives” for preparedness from the COVID-19 healthcare experience. The insurance industry can provide systems risk expertise and financial risk transfer solutions. Preparedness to cope with the pandemic appears to have been insufficient in most places locally, nationally and internationally. Insurers can also However, some public health engage in systems responded faster to the prevention and COVID-19 outbreak than others. collaborative approaches. Read more online, p.25 SONAR 2020 28 Is the increased A sea change in usage of online services here to app usage? stay? Are traditional insurers able to meet The lockdowns in response to the demand for online offerings? the COVID-19 crisis have triggered an unprecedented upsurge in remote service consumption. We have changed not only how much, but also what we What will relaxed consume online. data provisions and laws mean for insurers? Read more online, p.46 SONAR 2020 29 Knowing the entire Sustainable supply chain – not just a direct supplier – is key to managing supply chain sustainability risks. How can the environmental management in footprint of the entire supply chain be financial reduced? services There is an increased focus on At the same time, corporate responsibility and ESG supply chains need to be resilient to criteria in the financial services shocks. sector. Read more online, p.47 SONAR 2020 30 Leveraging SONAR SONAR 2020 31 With Swiss Re Institute’s SONAR report, we share emerging risk information with our clients and partners • Swiss Re Institute flagship publication • Published annually since 2013 (Swiss Re internal format since 2007) • High-level review of emerging risk themes as collected through the SONAR system over the course of a year • Widely shared within Swiss Re and beyond (clients, regulators, media, public) •
Load more

Recommended publications
  • Personal Protective Equipment ______
    Personal Protective Equipment __________________________________________________________________ Page Introduction Purpose ………. 2 Background ………. 2 Who’s Covered? …….... 3 Explanation of Key Terms ………. 3 How It Works Hazard Assessment ………. 4 Hazard Control ………. 5 Training ………. 5 Documentation ………. 6 Appendix A – Hazard Assessment/Training Certification Form ………. 7 B – Personal Protective Equipment (PPE) Guidelines ………. 8 University of Arizona Risk Management & Safety Health and Safety Instruction April 2007 ________________________________ Page 2 Health and Safety Instruction ______________________________________________________________________ INTRODUCTION Purpose The purpose of this Health and Safety Instruction (HSI) is to protect employees from hazards in the workplace by using personal protective equipment to supplement other primary hazard controls. Background Hazards exist in every workplace in many different forms: sharp edges, falling objects, flying sparks, chemicals, noise and a myriad of other potentially dangerous situations. Controlling hazards with engineering and administrative controls is the best way to protect employees When these controls are not feasible or do not provide sufficient protection, personal protective equipment (PPE) must be use. In line with this rational for controlling or eliminating workplace hazards, the Occupational Safety and Health Administration (OSHA) issued the Personal Protective Equipment standard, also know as "The PPE Standard." Under this standard, the University is required to: • Conduct hazard assessments to determine if PPE is necessary to protect employees and certify in writing that assessments have been performed. • Select appropriate PPE, where necessary. • Provide employees training on proper care, use and limitations of the selected PPE. • Ensure the PPE is properly used. This HSI, developed by Risk Management & Safety outlines the minimum requirements to protect employees from hazards in the workplace by using personal protective equipment to supplement other primary hazard controls.
    [Show full text]
  • Risk Management for a Small Business Participant Guide
    Risk Management for a Small Business Participant Guide Table of Contents Welcome ................................................................................................................................................................................. 3 What Do You Know? Risk Management for a Small Business ........................................................................................ 4 Pre-Test .................................................................................................................................................................................. 5 Risk Management ................................................................................................................................................................. 6 Discussion Point #1: Risks from Positive Situations .......................................................................................................... 6 Internal Risks ........................................................................................................................................................................ 6 Discussion Point #2: Internal Risks ..................................................................................................................................... 8 External Risks ....................................................................................................................................................................... 8 Discussion Point #3: External Risks ...................................................................................................................................
    [Show full text]
  • Hot Work Permit Program
    Hot Work Permit Program Risk Management 1 Hot Work Permit Program Risk Management July 2019 Table of Contents I. Program Goals and Objectives ...................................................................................................................3 II. Scope and Application ................................................................................................................................3 III. Definitions ..................................................................................................................................................3 IV. Responsibilities ...........................................................................................................................................4 V. Record Keeping ..........................................................................................................................................4 VI. Procedures .................................................................................................................................................5 VII. Hot Work Permit Form ...............................................................................................................................8 VIII. Regulatory Authority and Related Information .........................................................................................9 IX. Contact .......................................................................................................................................................9 2 Hot Work Permit Program Risk Management
    [Show full text]
  • Guide Six Steps to Risk Management
    Guide Six step to risk management www.worksafe.nt.gov.au Disclaimer This publication contains information regarding work health and safety. It includes some of your obligations under the Work Health and Safety (National Uniform Legislation) Act – the WHS Act – that NT WorkSafe administers. The information provided is a guide only and must be read in conjunction with the appropriate legislation to ensure you understand and comply with your legal obligations. Acknowledgement This guide is based on material produced by WorkSafe ACT at www.worksafe.act.gov.au Version: 1.2 Publish date: September 2018 Contents Introduction ..............................................................................................................................4 Good management practice.....................................................................................................4 Defining Hazard and Risk.....................................................................................................5 Systematic approach to the management of Hazards and associated Risks ......................5 Step 1: Hazard identification ....................................................................................................6 Examples of Hazards ...........................................................................................................6 Step 2: Risk identification.........................................................................................................7 Examples of risk identification ..............................................................................................7
    [Show full text]
  • Permit to Work Systems
    Loss prevention standards Permit to Work Systems High risk work can become even more hazardous due to unsafe conditions and human error. Formal controls, such as a permit to work system, must be followed by everyone and enforced properly to be effective. Aviva: Public Permit to Work Systems Introduction The aim of a permit to work system is to remove both unsafe conditions and human error from a high-risk process, by imposing a formal system detailing exactly what work is to be done and when and how to undertake the job safely. Permit to work systems are used where the potential hazards are significant and a formal documented system is required to control the work and minimise the risk of personal injury, loss or damage. Operation of the Permit to Work System Examples of work in which a permit to work system should be used include: • Entry into confined spaces • Work involving the splitting or breaking into of pressurised pipelines • Work on high voltage electrical systems above 3,000 volts • Hot work, e.g. welding, brazing, soldering, etc. • Work in isolated situations or where access is difficult • Work at height • Work near to, or requiring the use of highly flammable/explosive/toxic substances • Fumigation operations using gases • High-risk operations involving contractors, such as excavation works, or demolition works Designing the Permit to Work System Permit to work systems demand robust, formal and effective controls in place to prevent danger, as well as good standards of organisation to ensure compliance. - include fire extinguishers being available for hot work, or harnesses and resuscitation equipment available when entering confined spaces.
    [Show full text]
  • Personal Protective Equipment
    2019 Personal Protective Equipment Program INJURY ILLNESS PREVENTION PROGRAM CAL MARITIME| 200 Maritime Academy Vallejo, CA 94590 Personal Protective Equipment Program (PPE) This sheet should be completed each time the Personal Protective Equipment Program is reviewed and/or modified. The Director of Safety and Risk Management is responsible for the review and update this document annually or more frequently as determined or needed per CSU Chancellor’s Executive Order 1039 Occupational Health and Safety Policy, 1069 Risk Management as well as Cal Maritime A&F Policy 09-004 IIPP. Version Date Approved Author Revision Notes: Marianne Spotorno, CSP 1.0 04/01/2018 New Program Document Dir. Safety & Risk Management Marianne Spotorno, CSP 08/01/2019 • Campus Emergency Response update. 2.0 Dir. Safety & Risk Management • TSGB component update Electronically Controlled. Latest revision is in the Document Management System. A printed copy is uncontrolled and may be outdated unless it bears a red ink “controlled copy” stamp. Cal Maritime Document # 09-04023 Injury Illness Prevention Program Page 1 of 57 Department of Safety & Risk Management Revision: 002 Personal Protective Equipment Program (PPE) Table of Contents 1.0 Purpose & Scope .................................................................................................................................................................................... 4 1.1 Regulatory Standards Reference ...................................................................................................................................................
    [Show full text]
  • Lockout/Tagout Compliance Guide and Checklist
    Lockout/Tagout Compliance Guide and Checklist Scope: The OSHA Control of Hazardous Energy (Lockout/Tagout) standard (29 CFR 1910.147) covers the servicing and maintenance of machines and equipment in which the unexpected energization or start up of the machines or equipment or release of stored energy could cause injury to employees. Energy sources may include: electrical, mechanical, hydraulic, pneumatic, chemical, nuclear, thermal or other energy. Application: This standard applies to the control of energy during servicing and/or maintenance of machines or equipment. Normal production operations are not covered by this standard. Servicing and/or maintenance which takes place during normal production operations is covered by this standard if: 1. An employee is required to remove or bypass a guard or other safety device; or 2. An employee is required to place any part of his or her body into an area on a machine or piece of equipment where work is actually performed upon the material being processed (point of operation) or where an associated danger zone exists during a machine operating cycle. Applications not covered: Minor tool changes and adjustments which take place during normal production operations are not covered by the standard if they are routine, repetitive and integral to the use of the equipment for production, provided that the work is performed using alternative measure which provide effective protection. D Cord and plug connected electrical equipment when the employee performing the service or maintenance controls energization by unplugging the equipment from the energy source. D Hot tap operations involving transmission systems from substances such as gas, steam, water or petroleum, when they are performed on pressurized pipelines.
    [Show full text]
  • Personal Protective Equipment Program
    Personal Protective Equipment Program Risk Management Services Table of Contents I. Program Goals and Objectives .............................................................................................................. 2 II. Scope and Application........................................................................................................................... 2 III. Responsibilities ..................................................................................................................................... 2 IV. Procedures ............................................................................................................................................ 3 V. Training ................................................................................................................................................. 5 VI. Regulatory Authority and Related Information .................................................................................... 5 VII. Contact .................................................................................................................................................. 5 1 Personal Protective Equipment Program Risk Management January 2016 I. Program Goals and Objectives Northwestern University requires all employees to use appropriate personal protective equipment (including eye, face, foot, hand and head protection) when deemed necessary. Departments shall determine and document required personal protective equipment (PPE) through the completion of a PPE Hazard Assessment.
    [Show full text]
  • Risk Management Checklist
    Risk Management United States Department of Agriculture Risk Management Agency Checklist Print out this checklist. Answer yes or no to the following questions. Review your answers with your family and/or your business team and employees. You may identify some risk exposure. On the other hand, you may find that you are protected against risk enough so that you have the resources to explore some new venture. If you do not know all the dates in the “Deadlines” section, you should contact your crop insurance agent for help. If you need assistance locating an agent, go to the agent locator at tool .html rma.usda.gov/ s/agent . Production ______ 1. Have you recently evaluated your risk in the event of the loss of your crops? ______ 2. Have you recently evaluated your risk in the event of the loss of your animals? ______ 3. Have you investigated other alternative production methods and their consequences? ______ 4. Do you have the necessary knowledge to consider an additional or alternative enterprise? ______ 5. Is your crop insurance protection adequate to cover a severe crop loss? ______ 6. Have you reviewed all of your crop insurance options with your agent? ______ 7. Have you conducted a Strengths, Weaknesses, Opportunities, and Threats (SWOT) analysis for your operation? ______ 8. Are you in an area capable of supporting irrigation? Marketing ______ 1. Do you have a current, written marketing plan? ______ 2. Have you coordinated your marketing plan with your goals and objectives and your financial and production plans? 3. Managing marketing risks: ______ a) Are you comfortable with your knowledge of marketing opportunities? ______ b) Have you reviewed your marketing options within the past 6 months? ______ c) Do you understand how crop insurance revenue guarantees can enhance marketing opportunities? Financial ______ 1.
    [Show full text]
  • SOP 103 – OHS Hazard and Risk Management
    SOP 103 OHS HAZARD & RISK MANAGEMENT 1. Purpose The purpose of this SOP is to provide a process for the management of workplace hazards and risks to minimise the potential for injury, adverse health effects, loss or damage due to workplace incidents. 2. Approval Managing Director 3. Definitions Dangerous Occurrence means an occurrence as defined in SOP 104, Appendix 2, Section 5B. Hazard means something with the potential to cause injury or illness. Hierarchy of Control means an accepted ranking of measures for controlling risk from elimination of the hazard, substitution, engineering and administrative controls, to the wearing of personal protective equipment. Incident means an event leading to an injury or adverse health effect to an individual, a ‘near miss’, or a dangerous occurrence. Near Miss means an incident that may have led to an injury or adverse health effect to an individual, but did not through the intervention of luck. Risk means the likelihood or probability that a hazard may cause harm. Risk Assessment means a process that seeks to identify hazards; then determine the level of risk by taking into account the likelihood that someone will be injured or something damaged by the hazard, the frequency of contact or exposure to the hazard, the level of exposure (eg number of people, amount/degree/extent of exposure to noise, chemicals, etc), pattern of exposure (eg continuous, intermittent etc) and the adequacy of any existing control measures. Risk Control means the use of measures to control the risk to an acceptable level. 4. Procedure The Hazard Management Process is at Appendix 1.
    [Show full text]
  • Lockout/Tagout
    SOUTH ORANGE COUNTY COMMUNITY COLLEGE DISTRICT OFFICE OF RISK MANAGEMENT FACT SHEET: LOCKOUT/TAGOUT I. What is Lockout/Tagout? Hazardous energy is dangerous and deadly. Failure to lock out equipment is a leading cause of death and injury in the workplace. Cal/OSHA requires Lockout/Tagout (LOTO) procedures for the control of hazardous energy. All machinery and/or equipment capable of movement must be de-energized and locked out during repairs, cleaning, servicing, adjustment, and set-up. A. Applicable Regulation: CA Title 8 General Industry Regulations, Section 3314 Turning off power won’t always keep a machine from starting up. To be sure power stays off to prevent accidental start-up that could cut, crush, hit, or electrocute workers: • LOCK energy controls in the off position • DRAIN stored power • PLACE WARNING TAGS on equipment B. Lockout/Tagout Locks & Tags Locks and tags must be: • Used only for lockout/tagout • Durable enough to stand up to heat, cold, humidity, or other conditions and must be able to withstand 50 lbs. of force • Standardized by color, shape, and size throughout the facility • Sturdy enough to minimize early or accidental removal • Identified with the name of the employee who installs and removes the lock & tag, contact number, date, and reason for locking out C. Who are Authorized and Affected employees? SOCCCD employees should never work on “live” equipment. All equipment must be de- energized before performing maintenance. • Authorized employee = person who has completed a LOTO training course and performs the LOTO procedures on equipment they service or repair. • Affected employee = person whose job requires them to work in the area of the equipment that has been locked and tagged out.
    [Show full text]
  • COSO) Oversight Representative COSO Chair John J
    Enterprise Risk Management — Integrated Framework Executive Summary September 2004 Copyright © 2004 by the Committee of Sponsoring Organizations of the Treadway Commission. All rights reserved. You are hereby authorized to download and distribute unlimited copies of this Executive Summary PDF document, for internal use by you and your firm. You may not remove any copyright or trademark notices, such as the ©, TM, or ® symbols, from the downloaded copy. For any form of commercial exploitation distribution, you must request copyright permission as follows: The current procedure for requesting AICPA permission is to first display our Website homepage on the Internet at www.aicpa.org, then click on the "privacy policies and copyright information" hyperlink at the bottom of the page. Next, click on the resulting copyright menu link to COPYRIGHT PERMISSION REQUEST FORM, fill in all relevant sections of the form online, and click on the SUBMIT button at the bottom of the page. A permission fee will be charged for th e requested reproduction privileges. Committee of Sponsoring Organizations of the Treadway Commission (COSO) Oversight Representative COSO Chair John J. Flaherty American Accounting Association Larry E. Rittenberg American Institute of Certified Public Accountants Alan W. Anderson Financial Executives International John P. Jessup Nicholas S. Cyprus Institute of Management Accountants Frank C. Minter Dennis L. Neider The Institute of Internal Auditors William G. Bishop, III David A. Richards Project Advisory Council to COSO Guidance Tony Maki, Chair James W. DeLoach John P. Jessup Partner Managing Director Vice President and Treasurer Moss Adams LLP Protiviti Inc. E. I. duPont de Nemours and Company Mark S.
    [Show full text]