Latest Ebola risk update
The World Health Organization (WHO) has issued a statement saying that Kenya is at ‘high risk’ for the spread of the deadly Ebola virus. Its risk status is largely due its position as a major airport hub with many flights from West Africa. The number of deaths is now at 1,069 with 128 new cases reported early this week. This new warning raises the threat of the diseases spreading to East Africa. Despite the warning, WHO still assesses the risk to tourists and business travellers as being low; the virus is spread by direct contact with someone with symptoms. WHO says it is unlikely anyone who had reached the stage of having symptoms would feel well enough to travel; it is not a risk in its incubation period. However, businesses should make their own risk assessments if any employees are due to travel to the region and ensure that they are kept up to date with the latest developments.
Demand for risk managers increases
The financial and insurance sectors are among those where there is increased demand for risk management professionals. With stricter regulations and greater risks, the stakes have been raised. Specialist recruiter MERJE reports a 22 per cent rise in the demand for risk professionals with strong regulatory and analytical skills; an area that is already highly competitive. The downside to those with the right skillset is that wages do not seem to have kept up with some other roles in the finance sector. Read the full story.
The wait goes on for AIG
American Insurance Group (AIG) has to wait longer than hoped to get a firmer footing in the growing Indian insurance market. The company has been involved in a partnership in the country for 13 years but has been restricted to a 26 per cent stake. Recently the country’s Prime Minister announced plans to allow a 49 per cent stake for foreign investors, but this has been blocked by legislators. There is a massive opportunity for insurers in India; it’s the second most populous country in the world and insurance penetration is low. Read the full story.
App-based transport services should have commercial insurance
The American Insurance Association will state at the National Association of Insurance Commissioners’ Summer Meeting that in order for consumers to be protected, Transportation Network Companies such as Lyft and Uber must provide commercial automobile insurance coverage for their drivers. The NAIC will be meeting in Lexington, Kentucky from August 16-19. Eric Goldberg from AIA says: “As the popularity of TNCs continues to grow, any regulation or legislation must not shift business risks onto a vehicle’s personal auto insurance policy and preserve the ability of insurers to use the livery exclusion in personal automobile policies. Personal automobile policies were not designed to cover commercial activities, such as driving people for money.”
