Advanced analytics key to growth in P/C market
Commercial insurers can catch up with personal lines providers by exploiting the rapid explosion in the number and breadth of structured and unstructured data sources and use analytics to an improvement in loss ratios of up to 5%. This is the view of analysts at the Swiss Re Institute, whose latest report "Advanced analytics: unlocking new frontiers in P&C insurance", suggests that technology advances will enable P/C insurers to explore new frontiers in risk assessment and mitigation.
Ports resilience bolstered by £9m Brexit boost
The government has today said that an extra £9m will be made available to help ready major ports and surrounding areas for Brexit. Local government secretary, Robert Jenrick said £5m will be given to local councils which either have or are near to a major air, land or sea port and £4m will be provided to local resilience forums.
Costliest engineering and construction risks revealed
Analysis of over 13,000 engineering insurance claims over the last five years highlights seven major trends in engineering and construction projects, driving some of the largest losses ever. This is according to a new report from Allianz Global Corporate & Specialty, which shows that fire and explosions are behind the costliest losses. Meanwhile, defective product and business interruption claims are rising, as are concerns around trade disputes.
Brexit Secretary signs order to end EU law in UK
The government has signed into law legislation to repeal the Act of Parliament which concreted Britain’s EU membership in 1972. The repeal of the Act confirms the pending return of lawmaking powers from Brussels to the UK, and will take effect when Britain formally leaves the bloc on 31st October 2019.
Yubico launches multi-OS security key
Hardware authentication security key provider, Yubico has released a security key designed with both USB-C and Apple Lightning connectors on a single device. The YubiKey 5Ci provides authentication across iOS, Android, MacOS and Windows devices and can be used to secure the 1Password, Bitwarden, Dashlane, Idaptive, LastPass and Okta iOS mobile applications along with additional services accessed through the Brave iOS browser app.
Spike in warranty and indemnity claims
Warranty and indemnity claims have increased significantly across EMEA since 2016, according to data from Marsh JLT Specialty. Claims notifications shot up 293% from 2016 to 2018 – correlating with increasing demand for W&I insurance by buyers and sellers to protect deals.
Calls for fresh approach to third-party risk management
Most third-party risks are discovered after the initial due diligence period according to a survey by Gartner. The survey of more than 250 legal and compliance leaders found that the standard point-in-time approach to risk management is no longer effective in today’s landscape of fast-paced, rapidly changing business relationships. Among organisations that engage third parties to provide business services, 83% identified third-party risks after conducting due diligence and before recertification.
NTT Security partners with Europol
NTT Security has signed an MoU with Europol’s European Cybercrime Centre (EC3) whereby the two parties exchange strategic threat intelligence as well as information relating to cyber security trends and industry best practice.