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Friday 02 December 2016

BREAKING NEWS

2016-12-01

“People are a problem.” Or so said Douglas Adams in his comic novel The Restaurant at the End of the Universe. As is often the case, the funny is also the insightful, and when it comes to cyber security people really are very much a problem. In their new book, The Weakest Link, Jeremy Swinfen-Green and Paul Dorey explore the issues of employees’ behaviours around cyber risk. The results make for far from reassuring reading.


2016-12-01

Weak political institutions, widespread drug trafficking and ineffective police and security forces see conflict stricken Afghanistan topping Verisk Maplecroft’s latest Criminality Index. However, as home to six of the 13 countries rated ‘extreme risk,’ Latin America ranks as the world’s highest risk region, ahead of South Asia and West Africa. Guatemala, Mexico, Honduras, Venezuela, El Salvador and Colombia all feature in the ‘extreme risk’ category of the index. A further five, including Brazil and Argentina, are categorised as ‘high risk.’


2016-12-01

In recent years, the risk community has been calling for risk managers to have greater access to key decision making in their businesses – in other words having a voice at the top table. We are therefore delighted to see a growing band of evidence showing that the message is getting through. In a survey conducted by the Federation of European Risk Management Associations (FERMA) this summer, two thirds of the 634 respondents said they now report to board or top management level.


2016-11-30

After a period of growth and stability, the financial crisis seemed a spectacular and unique mistake... With this book, author Michael Grimwade suggests that not only were the operational risk losses unexceptional, but that they could easily be repeated.


2016-11-29

New risks including rising regulator and shareholder activism and the influence of third party litigation funders are putting corporate leaders under more pressure than ever of falling foul of investigations, fines or prosecution over alleged wrongdoing.


2016-11-29

The last decade has been rich in financial scandals in both banks and multinationals alike; the rigging of LIBOR, the missale of financial products, the facilitation of tax evasion, to name but a few. Despite their range, these scandals oft en have three common features; they have persisted for many years; the scandals often, but not always, span a number of firms across an industry; and they typically involve the active participation of more than the odd rogue employee.


2016-11-28

While headlines are dominated by major data breaches and, more recently, by DDoS attacks, it is encryption ransomware and cyber extortion that accounting for the largest portion of the cyber claims received by AIG Europe across the EMEA region. According to data just released by the insurer, these accounted for 16% of cyber claims received during the period, with a further 4% of claims relating to other cyber extortions.


2016-11-25

The 19th Annual Business Continuity Awards - Celebrating achievements in business continuity, security and resilience, are open for entries. The annual Business Continuity Awards is the most anticipated event in the business continuity calendar and provides unrivalled networking, alongside a night of entertainment and celebration.


2016-11-25

Despite the apparent importance of online security, many consumers continue to make basic cyber security mistakes. Password hygiene is a continuing problem when shopping online, according to the 2016 Online Shopping survey from Centrify. Nearly 14% of respondents admitted that they share passwords with friends and family so they can login to their accounts, whilst over half said they save them to the retailer’s websites so as not to forget them. Over half also said that they only sometimes use different passwords for different retailers’ websites.


2016-11-25

Lloyd’s has published a new study that supports the case that extreme weather events can be modelled as “independent” by global reinsurers when assessing many of their key aggregate risks around the world. The report, 'The Risk of Global Weather Teleconnections', carried out with the Met Office, analyses the links between extreme weather events occurring in separate regions of the world that can take place over a range of timescales from days to years.


2016-11-24

Airmic has expressed its disappointment following the announcement of yet another rise in Insurance Premium Tax (IPT) announced by the chancellor in his Autumn Statement. IPT will increase from 10% to 12% from next June.


2016-11-24

The UK regional marine market today sees the arrival of a new MGA. Leeds-based Fiducia has been officially launched and is backed by capacity from Hiscox and other Lloyd’s syndicates, with its initial focus on the regional cargo market via UK brokers.


2016-11-23

The global economy is expected to grow moderately over the next two years, supporting continued growth in insurance premium volumes, according to analysis from Swiss Re. Its 'Global Insurance Review and Outlook for 2017/18' forecasts growth in global non-life premiums to fall slightly from 2.4% in 2016 in real terms to 2.2% in 2017, and accelerate to 3.0% in 2018. Meanwhile in the life sector, global premiums are expected to grow by 4.8% in 2017 and 4.2% in 2018. The emerging markets, in particular emerging Asia, will be the main driver of premium growth in both sectors.


2016-11-23

Delivering his first Autumn Statement today, Chancellor Philip Hammond announced a 2pc rise in insurance premium tax to 12pc. Although the insurance industry has not welcomed today's announcement, it was not entirely out of the blue. Insurers have been predicting a trend of IPT ultimately aligning with the UK’s 20% VAT rate.


2016-11-22

Specialist lines underwriting agency, CFC has announced the launch of its new K&R product. CFC policyholders will have the choice of expert risk management companies including S-RM and red24 through which they can also access training and support to help prevent a kidnap or ransom incident.


2016-11-22

If you thought the last few years for local government and public services were tough, you’re in for some bad news. The really tough times may be yet to come. With the increasing devolution of funding from central government to local government; continuing cuts to government grants and the increasing reliance on local government income coming from business and council rates raised locally, you’d be forgiven for wondering just how the public sector is going to cope.


2016-11-21

As the UK develops its economic role in the world outside of the EU, companies are planning to bolster spending on innovation to drive business growth, gain a competitive edge and ultimately, raise productivity. Last year business invested almost £21bn on innovation. The challenge for businesses is that while the UK innovation system has world-class attributes, it does not currently match their ambitions. Businesses rate the UK as 10th in the world for innovation.


2016-11-17

For the second straight year, companies are reporting major challenges with incident response following a cyber incident. Seventy-five per cent of respondents to a study carried out by IBM and the Ponemon Institute admit they do not have a formal cyber security incident response plan that is applied consistently across the organisation. Of those with a plan in place, 52% have either not reviewed or updated the plan since it was put in place, or have no set plan for doing so. Additionally, 41% say the time to resolve a cyber incident has increased in the past 12 months, compared to only 31% who say it has decreased.


2016-11-16

A disconnect exists between business continuity professionals and end users when it comes to workplace recovery, according to a report carried out by the Business Continuity Institute. The global study showed that, while only 12% of business continuity experts confirm their organisation lacks a workplace recovery arrangement, 31% of end users claimed their employers don’t have any arrangements in place, or they are unaware of what they are.


2016-11-15

A global Ipsos MORI survey of more than one thousand business leaders found that 72% believed that travelling became more dangerous last year and more than half (57%) believe it will become even more perilous over the next twelve months. Hundreds of companies said that they had changed their employees’ travel itineraries over the last year due to new safety threats in countries, with Europe the region most associated with an increased risk for travel – even more so than in the Middle East.


2016-11-15

Sword Active Risk has published the results of its annual survey of Risk Managers from 80 international organisations. The survey, which was completed during Sword Active Risk’s Global Risk Management Conference series (held in Chicago, London, Dubai and Sydney), shows a dramatic increase in political risk, emanating from the outcomes of the UK's Brexit vote and the US Presidential election.


2016-11-14

Marsh has reached agreement with AXA to acquire Bluefin Insurance. Founded in 2008, Bluefin has approximately 1,500 staff in 45 locations around the UK, providing guidance on creating insurance solutions to over 150,000 businesses and individuals. In addition to insurance broking, it also operates a broker network and a managing general agent business.


2016-11-14

A powerful M7.8 earthquake and several large aftershocks struck New Zealand’s South Island in the early morning hours of Monday local time, killing at least two people and injuring several others. The tremor caused widespread damage in the North Canterbury region of the South Island. However, shaking and varying levels of damage was additionally noted throughout the North Island, including the cities of Wellington and Auckland.


2016-11-11

The winners of this year’s Risk Management Awards were announced last night at a Gala Dinner hosted by comedian Mark Watson at the Millennium Hotel in London's Mayfair. With two awards each, the big winners were Scottish Water, Transport for London and the Post Office. More...


2016-11-10

Today’s risk managers have a unique chance to raise the status of their profession, according to Julia Graham, deputy CEO of Airmic. Speaking at Airmic’s inaugural ERM Forum, a one-day conference dedicated to risk management, Graham said that business trends and regulatory trends are aligning to offer the perfect conditions for risk professionals to add value.


2016-11-09

Uncertainty will dominate the first months following the election of Republican candidate Donald Trump as the next US president. Unlike his rival Hillary Clinton, Trump did not comprehensively outline his domestic and foreign policies. As a result, analysts are warning of uncertain times ahead.


2016-11-08

The UK’s regulatory model must adapt to provide a smarter, more fit for purpose regulatory infrastructure to ensure the future competitiveness of the UK’s financial services industry in a post-Brexit landscape, according to a new CBI report. The business group recommends a series of changes for regulators to provide certainty and stability. New forms of regulatory dialogue are paramount to safeguarding competition, ensuring SMEs in the sector can compete with larger players.


2016-11-08

One in three organisations has experienced cumulative losses of over €1 million during the last year as a result of supply chain disruption. This is according to a report published today by the Business Continuity Institute. Despite a decrease in the percentage of organisations that experienced at least one disruption (70% from 74%), those organisations suffered more of them, with the percentage of organisations that experienced at least eleven disruptions during the year increasing from 7% to 22%.


2016-11-08

The majority of IT decision makers believe their employees regularly circumvent company security policies. Despite the fact that over half of those surveyed have invested in safeguards to protect their businesses against cyber threats in the past 12 months, careless employee behaviour could be leaving many organisations exposed to risks.


2016-11-07

Tesco Bank today took the extreme measure of freezing all customer transactions after it was hacked and money taken from some 20,000 customers, with another 20,000 affected, though not currently found to be out of pocket. The activity is thought to have occurred over the weekend. Temporarily stopping online transactions from current accounts, Tesco Bank's chief executive, Benny Higgins said current account customers will still be able to use their cards for cash withdrawals, chip and pin payments, and all existing bill payments and direct debits will continue as normal.


2016-11-04

Datto has announced the availability of a new ransomware protection and recovery offering designed to automatically detect attacks, notifying administrators to immediately rollback to healthy data. Designed to minimise downtime and reduce the impact to businesses, Datto says the new offering will provide small and medium sized businesses with an effective and reliable alternative to paying hackers’ ransoms.


2016-11-04

Schneider Electric has expanded its cloud platform offering with the launch of Wonderware Online InStudio, an Infrastructure-as-a-Service offering designed to change the way end users provision, develop, test and maintain their HMI and SCADA applications.


2016-11-04

The Institute of Risk Management has published a ten step template as part of its analysis of a sample of Longer-Term Viability Statements, which includes recommendations on how listed companies should structure their longer-term viability statements.


2016-11-02

With less than a week to go until the US presidential election on 8 November, compliance professionals have had their say on its potential impact on the industry, with four in five compliance professionals seeing Donald Trump as the presidential candidate who poses the greater threat to the compliance profession. A third, meanwhile, cite the US election as one of the biggest risks to their business in the year ahead.


2016-11-01

The UK government is to plough another £1.9bn into the country’s cyber defence strategy -- almost doubling the funding commitment it made in the first strategy was launched five years ago. The plans, announced by Chancellor Philip Hammond today, form a part of the government’s new National Cyber Security Strategy, which will set out a series of actions designed to protect the UK economy and privacy online.


2016-10-31

The British Insurance Brokers Association (BIBA) has welcomed a property and flood resilience action plan, launched by DERFA. With the aim to promote and facilitate better uptake of resilience measures for properties at high risk of flood, the report was produced with input from five task groups. BIBA was part of Task Group 2, responsible for ‘embedding resilience in small businesses’. Chaired by Graham Brogden, Aviva head of technical property claims, the task group identified a number of key points to highlight to small businesses.


2016-10-30

An M6.6 earthquake has occurred 125km north east of Italy's capital, Rome. The tremor was reported at 06:40 GMT and was followed by at least 200 aftershocks since then. Damage to infrastructure, power outages and some injuries were reported.


2016-10-28

Twice as many CEOs and other senior executives have become actively involved in addressing modern slavery in global supply chains since the Modern Slavery Act came into force on 29 October 2015. According to a new piece of research, some 67% of CEOs and senior executives have received training on modern slavery in the past year. Investor interest has also increased as a driver for companies – from zero in 2015 to 25% in 2016.


2016-10-26

The deadline for entries for the 4th annual Commercial Insurance Awards is fast approaching. The showcase for excellence within business insurance, the Commercial Insurance Awards, hosted by CIR Magazine, represents the pinnacle of best practice, a chance to learn from the best, a fantastic gala dinner, entertainment and the chance to network.


2016-10-25

As a risk manager, one of my jobs is to minimise – though not always remove – the risk of surprise. But when the EU referendum result was announced, I began to wonder to what degree risk managers everywhere managed to achieve this. Generally, as risk managers, we have a good handle on the values, behaviours and culture that influence how decisions are made within our firms – we think we understand the ‘mood’ of the company. But this is just one of the areas where the UK’s vote to leave the EU resonated with me as a risk manager.


2016-10-25

As communities across the Southeast US and the Caribbean count the cost of flood damage during Hurricane Matthew, a study, ‘Coastal Wetlands and Flood Damage Reduction’ has quantified how much protection natural coastal habitats provide during hurricanes. Using the latest modelling techniques scientists from the conservation, engineering and insurance sectors studied the impact of Hurricane Sandy in the Northeast US in 2012, when New York and New Jersey were badly hit by storm surges. The study found more than US$625m in property damages were prevented during this natural catastrophe by coastal wetlands along the Northeast coast. Without them the damage bill would be much higher for Sandy and other predicted hurricanes. Where wetlands remain, the average damage reduction from Sandy was greater than 10%. Experts within the study team expect that the analyses of the effects of Hurricane Matthew earlier this month will demonstrate similar protections.


2016-10-25

After decades of debate, the Prime Minister has given the green light to expand the UK’s aviation capacity, which will come as an enormous relief to firms in every corner of the country, according to CBI president, Paul Drechsler. “A new runway at Heathrow is really fantastic news, especially as the country has waited nearly 50 years for this decision. It will create the air links that will do so much to drive jobs and unlock growth across the UK, allowing even more of our innovative, ambitious and internationally focused firms, from Bristol to Belfast, to take off and break into new markets," he said.


2016-10-24

Hewlett Packard Enterprise is to collaborate with PTC to facilitate the availability of the Converged IoT Solutions, based on PTC ThingWorx software and HPE Edgeline Systems. The collaboration will focus on industrial use cases, incorporating PTC’s ThingWorx IoT platform technologies and HPE’s hardware and data services specifically designed for IoT edge computing and smart, connected solutions. This includes sensors, edge compute, real-time edge analytics, machine learning and augmented reality.


2016-10-24

Research carried out by the Competition and Markets Authority suggests that a majority of UK businesses don’t fully understand the rules on unfair terms. Research for the CMA also revealed that some businesses think a signed contract is final, not realising that they can’t enforce a term against a consumer if it’s unfair. Others may copy terms from larger businesses or competitors, assuming incorrectly that these will be automatically fair and legally binding.


2016-10-21

Improvements in the efficiency of reinsurance regulation are at risk of being undone if a covered agreement between Europe and the US is not reached, the International Underwriting Association (IUA) has warned. In recent years collateral requirements for international firms reinsuring US risks have been substantially reduced allowing capital to be deployed more effectively and reducing cost unnecessary pressures, but with the introduction of Solvency II difficulties have arisen with new rules affecting US firms that are not deemed to be subject to an equivalent regulatory regime. And it is possible that this could bring to a halt any further progress in further reducing US collateral barriers.


2016-10-20

Augmented and virtual reality technologies are creating a new dimension of risk and insurers should do more to keep up with these developments and seize opportunities, according to a new report out today. AR and VR technologies are anticipated to generate potential losses to the value of US$20bn by 2020. Consumers will increasingly suffer accidents whilst playing AR games and companies will increasingly become responsible for securely storing ever more sensitive information, such as location data.


2016-10-20

More than 550,000 small businesses in the UK have been forced to halt trading due to a disruption in the last two years, according to new research by small business insurer Direct Line for Business. The average small business reports that it would last around eight months and three weeks if it were forced to halt trading, with sole traders (nine months, one week) faring better than micro-businesses – businesses employing fewer than 10 people - (nine months) and small businesses (six months, two weeks).


2016-10-19

Healthcare data management provider, BridgeHead Software has been accepted as a supplier on the latest version of the UK government’s public sector cloud procurement framework, G-Cloud 8. The company’s HealthStore Independent Clinical Archive (ICA) is listed under Software as a Service, while its Professional Services for Healthcare Data Management is categorised as Specialist Cloud Services on the Digital Marketplace.


2016-10-19

Aon Benfield’s catastrophe model development team, has developed a new catastrophe model for Iceland to estimate the financial impact of earthquakes. Iceland is the most earthquake prone region in Northwest Europe, with the peril accounting for 83% of catastrophe losses in the country over the last 20 years. Recent major loss history, estimated at present day values, includes M6.5 earthquakes in 2000 causing ISK7.8bn (EUR53.2m) of insured loss and a M6.3 earthquake in 2008 resulting in with ISK13.8 billion (EUR92.4m) of insured damage.


2016-10-18

Zurich Insurance has launched a supply chain insurance product targeted at customers based in Hong Kong and Singapore. Supply chain disruption is regularly cited as one of the top concerns among senior management and risk managers, and with Asia a major global manufacturing hub and home to some of the world’s largest producers and exporters, Zurich is the first insurer to offer a solution to this challenge in the APAC region, having provided similar cover in Europe and North America over the last six years.


2016-10-18

Overall premium income for the London company market in 2015 was £21.645bn, a new report by the International Underwriting Association has revealed. Gross premium written in London totalled £15.150bn, while a further £6.495bn was identified as written in other locations, but overseen by London operations.


2016-10-17

A £10 million resilience engineering programme has been announced by the Lloyd’s Register Foundation in partnership with global engineering and consultancy firm, Arup. Designed to help make infrastructure more resilient to shocks and stresses, the programme with see the team working with businesses, engineers and researchers to develop standards and build networks of learning and best practice across such sectors as energy, transport, food and water.


2016-10-12

Arthur J. Gallagher has won a tender to provide exclusive risk management and insurance broking services to the University of Glasgow. Managing director of Gallagher’s UK Public Sector & Education Practice, Tim Devine, commented: “We are looking forward to working closely and collaboratively with the University team, to ensure they benefit from our extensive experience in the higher education sector, as well as gain quick access to Gallagher’s broader range of risk sector specialists, such as our clinical trials and crisis management teams, as challenges and solutions demand.”


2016-10-12

The healthcare industry is steadily realising the value offered by big data solutions, particularly in research and medical record mining. This is according to a new report from Frost & Sullivan, which warns that current investments are focused on serving immediate needs of the investing stakeholders, which often makes them siloed and incrementally beneficial, as opposed to a strategic organisational redesign of the data strategy that provides exponential returns on investment.


2016-10-11

Aon Risk Solutions has entered into an agreement to acquire New York-based risk management firm, Stroz Friedberg, a global risk consultancy with offices across the US, in London, Zurich, Dubai and Hong Kong. Financial terms were not disclosed and the acquisition is subject to customary closing conditions.


2016-10-11

Awareness, increased availability and contractual mandates are just some of the reasons that have contributed to the significant increase in organisations purchasing standalone cyber insurance – up 29% in 2016 – as noted by the 2016 RIMS Cyber Survey.


2016-10-10

Research shows that despite recent changes introduced to improve the way civil claims are handled, insurance claims within the construction industry have risen sharply compared to a similar research conducted in 2014.


2016-10-10

Pool Re has announced the launch of the International Forum of Terrorism Risk Re/Insurance Pools (IFTRIP). The formation of IFTRIP is the culmination of a Pool Re led initiative, which began at last year’s inaugural Congress for National Terrorism Re/insurance Pools Congress, aimed at fostering closer ties and allowing for greater collaboration between the world’s terrorism re/insurance entities.


2016-10-07

Utility companies, football clubs, train companies, television subscription providers and banks are deemed to be making an excessive or unfair profit from British. This is according to a YouGov poll released by Social Enterprise UK, showing that that two-thirds (67 per cent) of the British public think football clubs are profiteering at the expenses of consumers. They are followed closely by electricity, gas and water companies (61 per cent), and television subscription providers such as Sky, Virgin, BT and Talk Talk (61 per cent). Train companies are believed to be profiteering by 58 per cent of people, followed by banks (53 per cent).


2016-10-06

The LMA and IUA have published updated editions of their main Guide to the Insurance Act 2015 and Quick Reference Guide for Underwriters, to include the late payment of insurance claims provisions now enacted as part of the Enterprise Act 2016.


2016-10-06

Telecoms company TalkTalk has been issued with a record £400,000 fine by the ICO for security failings that allowed a cyber attacker to access customer data “with ease”. Investigators found that the cyber attack of October 2015 took advantage of technical weaknesses in TalkTalk’s systems. Some industry commentators say the fine is still relatively small, and is nothing compared to what can be expected under the forthcoming General Data Protection Regulation (GDPR).


2016-10-06

Having impacted Haiti and Cuba, Hurricane Matthew is now progressing through the Bahamas. According to AIR Worldwide, Matthew is currently a Category 4 hurricane on the Saffir-Simpson Scale, and is expected to remain Category 4 as it nears the east coast of Florida. Schools and airports across the region have already closed, and some hospitals have been evacuated. Hundreds of flights in and out of Miami, Fort Lauderdale, and Orlando have been cancelled.


2016-10-05

Organisations are concerned that they lack the relevant skills or talent to drive corporate resilience, despite the fact that they actively recruit dedicated resources to support the resilience agenda, with a good proportion investing in training and awareness. These are the suggestions of a Control Risks-commissioned study that set out to assess the degree to which resilience has become embedded organisationally.


2016-10-04

FM Global has launched Cyber Optimal Recovery, an endorsement to its all-risk FM Global Advantage policy designed to maximise recovery from a cyber-related loss. Designed for clients that have, or intend to purchase a stand-alone cyber policy, the new Cyber Optimal Recovery endorsement gives the insured the option to choose whether the FM Global Advantage policy is primary, contributing or is in excess to a cyber policy.


2016-10-04

The Internet of Things (IoT) and cloud computing have a direct influence on the engineering insurance risk landscape but are being underestimated by underwriters according to The International Association of Engineering Insurers (IMIA).


2016-10-03

The increased security threat from cyber and data privacy breaches is the number one risk on the minds of executives in the transportation industry, according to a new report released today by Willis Towers Watson. Carried out to measure the industry’s current risk environment as perceived by 350 senior executives from the air, land and sea sectors, the report reveals a fluid risk landscape that is increasingly complex and interconnected.


2016-10-03

Theresa May outlined on Sunday the timetable for starting Brexit negotiations. Article 50, she said, is to be triggered by the end of March 2017. Since the prime minister's announcement, sterling fell sharply to a three-year low against the euro, before recovering some ground -- bouyed by September's positive manufacturing sector results.


2016-10-03

Tropical Storm Matthew, currently a category 4 hurricane and located over the central Caribbean Sea, is forecast to make landfall in Cuba in the next 48 hours. Hurricane warnings have been issued for Haiti, Jamaica, and eastern Cuba, which are expected to be significantly affected by the storm.


2016-09-30

Moore Stephens Consulting and NTT Data UK have concluded an agreement to provide an international service set to underwriters and brokers in the London and global insurance markets.


2016-09-29

The French regulator has announced measures to make it easier for UK companies looking to set up operations there in the wake of the Brexit vote. A number of UK companies are working on contingency plans in preparation for Article 50 being triggered, with Lloyd’s of London among the latest to make such an announcement.


2016-09-29

The Financial Conduct Authority has published its third consultation paper on the implementation of the revised Markets in Financial Instruments Directive. MiFID II, which comes into effect on 3rd January 2018, updates and improves rules governing the way capital markets function, contributes to the reform of derivatives markets and strengthens transparency of trading.


2016-09-28

While the role of the insurance chief risk officer has become more prominent, so far it has largely been shaped by regulation, but, according to a risk industry forum, there is a danger that if the role is too narrowly focused in this area then firms will miss out on the wider, more strategic risk leadership that a great CRO can provide.


2016-09-28

AGCS has appointed FireEye to its panel of service providers, which has been set up to help businesses minimise data loss, business interruptions and reputational damage from a cyber event. AGCS clients now have access to FireEye technology, intelligence and expertise to eliminate the complexity and burden of cyber security for organisations.


2016-09-28

UK businesses are thought to be lagging behind the rest of Europe when it comes to its preparedness for the European Court of Justice’s latest ruling on the Working Time Directive. Some, it would seem, are not even aware of the ruling.


2016-09-28

After crossing Taiwan, the 17th typhoon of the year, and the third storm to impact Taiwan in two weeks has been downgraded to a tropical storm, currently moving west-southwestward and expected to bring further rain before gradually dissipating later this week.


2016-09-27

The risks posed by cyber attacks and reputational damage are increasingly worrying small and medium-sized enterprises, according to Zurich Insurance Group’s third annual global SME survey. It found a greatly improved awareness of risk amongst organisations in this category, with over 90% of SMEs surveyed now saying they are aware of the risks facing their business.


2016-09-26

Despite largely voting to remain in the EU, the Brexit vote has not dampened the short or long term confidence of UK CEOs. It has however raised a question mark over the UK’s ability to do business and, as a result, many as part of responsible contingency planning are considering relocating operations or headquarters, according to a survey conducted by KPMG of 100 UK CEOs.


2016-09-23

Beazley has partnered with Mexico's GNP Seguros to manage data breaches for GNP’s new Cyber Safe product launched this week. Paul Bantick, technology, media and business services UK focus group leader at Beazley, said: “We’re excited to partner with GNP and offer companies in Mexico access to Beazley’s data breach response services through their new Cyber Safe product. GNP’s clients will benefit from Beazley’s extensive expertise managing and mitigating the impacts of data breaches for clients globally.”


2016-09-23

Yahoo has revealed that information associated with at least 500 million user accounts was stolen in 2014 by, what is believed, a state-sponsored actor. The stolen data may include names, email addresses, telephone numbers, dates of birth and hashed passwords.


2016-09-22

Industry body the Lloyd’s Market Association is calling for a renewed focus on improving risk engineering surveys to help reduce the risk of major losses across onshore oil, gas and petrochemical industries.


2016-09-22

Business interruption is the leading cause of losses for companies, multinational organisations and NGOs that operate outside the US, according to a new survey by insurance broker Clements Worldwide. The Clements Worldwide Risk Index, released today, shows property damage and general liability as close second and third largest sources of financial losses.


2016-09-22

FM Global has announced the formation of integrated engineering and underwriting units. “Cyber risk is a top tier business threat in almost every sector, and our focused, integrated engineering and underwriting cyber approach is designed to create a long-term competitive advantage for our policyholders,” said FM Global executive vice-president, Bret Ahnell. “Threats can come from malware, disgruntled employees, corporate espionage and yet unknown attack vectors. To ensure our clients remain resilient in the face of evolving cyber hazards, both technology and human threats must be understood and addressed, and these teams will help ensure our clients are protected.”


2016-09-21

Drones or unmanned aircraft systems (UAS) have the potential to deliver a wide range of problem-solving technologies, with uses ranging from industrial inspections, aerial photography and border patrol to emergency deliveries and crop surveys. But drones also raise a number of new safety concerns, ranging from collisions and crashes to cyber attacks and terrorism. According to a new report from aviation insurer Allianz Global Corporate & Specialty (AGCS), systematic registration of unmanned aircraft and robust education and training of operators is necessary to ensure the safe operation of drones.


2016-09-19

ISIL has claimed responsibility for a multiple-casualty stabbing attack that occurred in Minnesota, US at the weekend, when a man, reportedly entered a mall and started targeting individuals in the facility. At least nine people were wounded before the assailant was shot and killed by an off-duty police officer. The mall remained closed for the weekend and has reportedly opened as of 19 September. Despite the claim of responsibility, authorities still believe that the attack was carried out by a self-radicalised individual. Heightened security is expected to persist in the affected area as authorities remain on high alert.


2016-09-16

The role of senior management in ensuring companies manage their risk successfully is of critical importance. Encouragingly, the Financial Reporting Council’s 2014 risk guidance stated that the board should take “ultimate responsibility for risk”. Its more recent document, ‘Corporate Culture and the Role of Boards’ published in July, states that senior executives should “get out of the boardroom” to understand how their firms are behaving


2016-09-16

By looking forwards to potential risks, the insurance profession can not only bolster its, dare we say, poor reputation for innovation but also ensure it is acting in the public interest by not only providing protection but encouraging prevention. It is with this in mind that the CII Claims Faculty New Generation Group looked at the issue of fracking. The group reviewed the risks and associated perils that may arise from fracking activities and how any unforeseen incident could affect a variety of insurances; whether the insurance industry does provide appropriate cover; and if this could change in the future. They have focused their attention on risks related to explosion, earthquake, pollution, subsidence, riots and injury.


2016-09-15

Despite increasing levels of boardroom ownership, many UK firms are still failing to estimate the financial impact of a cyber attack or assess their suppliers and customers for cyber risk, according to research from Marsh. Marsh’s 'UK Cyber Risk Survey Report 2016' found that board-level ownership of cyber risk among the UK businesses surveyed has increased from 19% in 2015 to 30% this year. Levels of understanding have also increased compared to 2015, with 83% of respondents saying they have a basic or complete understanding of their company’s cyber exposure, compared to 61% last year. IT departments remain responsible for the review and management of cyber risks in the majority (55%) of firms.


2016-09-15

The strongest storm of this year and the most intense typhoon since Super Typhoon Haiyan struck the Philippines in 2013, Super Typhoon Meranti has led to the evacuation of 1,500 people, according to catastrophe modelling firm, AIR Worldwide, with rough seas and storm surge disabling a large number of boats, including a Kaohsiung freighter, which lost containers as it was swept away. Many vehicles, have been washed away in flooded streets. Upwards of 4,000 members of the military and police have been assigned to provide support for possible additional evacuations.


2016-09-15

US airline Delta has admitted that the total cost of its recent five-hour IT outage, which saw over 2,000 flights either cancelled or delayed over a three-day period in August, came to some US$150m. This figure shows how much of an impact even a small amount of IT downtime can have on an organisation.


2016-09-13

Reinsurance demand has increased over the past 18 months, with the cession ratio across the global property and casualty insurance industry registering a small rise for the first time in several years. This is according to an Aon Benfield report, which also suggests the trend will continue for the remainder of 2016.



2016-09-12

RMS has released a new exposure analytics solution. Exposure Manager, the first solution to be released on the firm's RMS(one) platform. Developed to give re/insurers and brokers a clearer view of their risk accumulations to better manage volatility, the tool helps provide a consistent view of risk across the organisation.



2016-09-09

An insurer panel including Hiscox, Beazley, Lockton, Talbot and XL Catlin, has launched new modular cover to address terrorism risks. Terrorism Crisis Solutions (TCS) allows insureds to choose from a range of covers, including sabotage and terrorism for both property damage and liability; financial protection when impacted by an insured event; threat of a malicious act, nuclear, chemical, biological, and radiological malicious acts; active assailant, active shooter, workplace violence and stalking threat as well as riots, strikes and civil commotion.


2016-09-08

The Federation of European Risk Management Associations (FERMA) has launched a campaign to change misperceptions of captive insurance by tax authorities and other public bodies, starting with a position paper, published today. FERMA is to submit the paper to the OECD so that the views of European risk managers are considered when the OECD discusses the implementation of its Base Erosion and Profit Shifting (BEPS) measures with member governments.


2016-09-07

Research into information management and security practices in the mid-market suggests that business leaders are the worst offenders when it comes to mismanaging sensitive business information. The findings also suggest facilities and office managers come a close second to CxOs in their data handling bad habits.


2016-09-06

BAE Systems’ cyber division has teamed up with Allianz Global Corporate and Speciality (AGCS) to help its customers better defend and protect against the threats they face from cyber breach. The partnership sees BAE Systems join Allianz’s Incident Response panel, set up to help businesses minimise data loss and reputational damage from a cyber attack.


2016-09-05

The global construction industry is at greatest risk of modern slavery, according to a new report by LexisNexis BIS, which analysed articles from more than 6,000 licensed news sources in more than 100 countries in Europe, the Middle East, North and South America, Africa and Asia between January 2015 and May 2016. It shows that throughout the global construction industry and its material supply chains, forced labour and other exploitation that constitutes modern slavery are common, concealed and subject to inadequate prevention, policing and prosecution.


2016-09-02

This year’s Risk Management Awards host is celebrated comedian, Mark Watson. The Risk Management Awards winners will be announced at the highly anticipated gala dinner and ceremony on Thursday 10 November 2016 at the Millennium Hotel London Mayfair. The event was attended by over 250 guests in 2015 and this year is set to be bigger and better than ever. VIP packages are also available.


2016-09-02

Florida’s near 11-year hurricane drought ended Friday morning when Hurricane Hermine made landfall near St. Marks, Florida, 23 miles south of Tallahassee. According to AIR Worldwide, the storm arrived as a Category 1 hurricane delivering maximum sustained winds of almost 80mph, a significant storm surge, and flooding rains.


2016-09-01

Connectivity and the ethics around data processing, cyber-related business interruption, Brexit and regulatory developments – including the practical implications of the Insurance Act – are just some of the key risk areas highlighted by a report as concerns for the sector over the coming year.


2016-09-01

Swiss Re Corporate Solutions has expanded its cyber offering with the launch of CyberSolutions Germany, a new, market-specific primary insurance product. The new solution provides tailored coverage to mid-sized and large companies, combining insurance protection with risk mitigation and remediation services.


2016-08-31

Fitch Ratings completed its peer review of the four major European reinsurers in July, comparing and contrasting its views on the key credit factors of the four reinsurers, Hannover Re; Munich Re; SCOR and Swiss Re.


2016-08-25

Several aftershocks of between M4.1 and M4.9 have been reported in central Italy since a major M6.2 earthquake struck near the town of Norcia on 24 August. Emergency operations in the worst-affected areas (Rieti province in Lazio region and Ascoli Piceno province in Marche region) are ongoing.


2016-08-25

Underwriting profits for the global reinsurance sector declined in the first half of this year, while recent profitability for several companies fell to levels that could diminish their financial strength. While the industry still reported an overall profit, profit levels were lower than in the first half of 2015. This is according to a new global reinsurance mid-year 2016 report from Fitch Ratings.


2016-08-23

Asian regulators are in the process of implementing a range of measures that would alter the operating and business climate in the region, which could increase the region’s appetite for reinsurance. Fitch Ratings believes that these recent initiatives could lead indirectly to greater demand for reinsurance, as direct insurers rethink risk management strategies and appetite.


2016-08-22

Barely a third of employers in the UK fully understand the impact of their employee health issues. This is the conclusion of Aon's annual study of employee health across the EMEA region, which also claims that UK companies are less likely than their neighbours to have a defined health strategy.


2016-08-22

Data captured by the Cargo Incident Notification System (CINS) indicates that some 27% of incidents in terms of detected causation were attributable to cargo being mis-declared, second only to poor packaging. UK P&I Club risk assessor David Nichol says it is imperative for the safety of the ship and crew that all necessary steps are taken to handle and stow dangerous goods in such a way that reduces the risk of an emergency incident.


2016-08-18

Total economic losses from natural catastrophes and man-made disasters reached US$71bn in the first half of 2016. The global insurance industry covered a total of US$31bn, or 44%, of the total losses. Thunderstorms in the US and Europe were the costliest events for the insurance sector in the first half. Around 6 000 people lost their lives in natural catastrophes and man-made events in the first six months of the year, compared to12 000 in the first half of 2015.


2016-08-18

The first two quarters of 2016 have seen over US$1bn in venture capital investment according to report carried out by KPMG and CB Insights.
VC investment into wider FinTech firms fell by almost 50% in Q2’16 but InsurTech stands out as it continued to attract significant attention.


2016-08-18

Nearly one in three SMEs see developing an online presence as a key opportunity for their business in the year ahead, but only one in 10 perceive cyber attacks as a threat to that growth. These are the findings of a survey of over 1,000 UK SMEs, carried out by Aon Risk Solutions, in which 24% of respondents saw online presence as key to their business, but just 3% have cyber insurance.


2016-08-17

NTT Security has announced the launch of its Cyber Security Innovation Programme, through which they will explore and test the evolving technology landscape, and examine how a range of the latest solutions can help organisations create sustainable and resilient cyber architectures.


2016-08-17

The number of Periodic Payment Orders (PPOs) granted by UK courts in 2015 was similar to that of 2014, but substantially lower than the 2011 peak, according to Aon Benfield’s latest study of large losses in the UK motor insurance industry.


2016-08-16

Extensive precipitation-induced flooding in southern Louisiana, from west of Baton Rouge to Mississippi, has resulted in six deaths, tens of thousands of rescues, and significant property damage. Reportedly thousands of homes, as well as farmland, highways, and commercial and industrial property, have suffered flood damage. Water continues to rise in some locales, and additional rain could initiate flash floods. States of emergency have been declared for Louisiana and impacted counties in Mississippi, and the president has designated parts of Louisiana as federal disaster areas.


2016-08-15

ArgoGlobal has acquired the renewal rights for Allied World’s marine hull business in Asia. Chief operating officer of ArgoGlobal, David Lang, said: “I am very pleased that we have reached an agreement with Allied World to acquire the renewal rights for its marine hull business in Asia. Our Asian business has grown from strength to strength and is a central pillar in our long-term strategy. We have identified clear scope to continue to develop our offering in Singapore, both in marine and across our suite of specialist products, and this transaction is an important step in maintaining our growth trajectory.


2016-08-15

Business standards company BSI has acquired Virginia-based Atrium Environmental Health and Safety Services, expanding its environmental health and safety services footprint in the US. Atrium provides a range of on-site and project based occupational safety, industrial hygiene and environmental compliance services to clients in the pharmaceutical, facilities management, government and shipbuilding sectors in the National Capital region (Virginia, Maryland and Washington DC).


2016-08-12

The new regime for commercial insurance law comes into force today. Designed to increase professionalism in the placing of commercial insurance, the new Act aims to provide fairer outcomes for customers, and will also bring new considerations for brokers and businesses when arranging insurance


2016-08-12

Policyholders, brokers and insurers are well prepared for the Insurance Act as the new law comes into force today, according to Airmic. A survey of its membership, conducted in the two weeks prior to the implementation date, revealed that over 90% of respondents feel fully prepared or relatively prepared for the law change.


2016-08-11

Modern slavery constitutes a ‘high’ or ‘extreme risk’ in 115 countries, according to a new global ranking released by risk analytics company Verisk Maplecroft. The research concludes that Asian and African commodity producers and manufacturing countries pose the greatest challenge to companies navigating new legislation on supply chain disclosure. The EU as a whole is rated ‘medium risk’. The fact the region does not perform better is largely explained by the refugee crisis and the exploitation of foreign migrants and refugees.


2016-08-09

Arthur J. Gallagher has won a tender to secure a three-year exclusive partnership with the London Universities Purchasing Consortium as its insurance broker. The deal sees the reappointment of Gallagher’s specialist UK Public Sector & Education practice, following a recent public procurement exercise, having worked with LUPC since 2012.


2016-08-09

Beazley has launched new cover offering UK event organisers revenue protection for reduced ticket sales and concessions when a specified amount of rainfall occurs at their event. Sold in conjunction with an event cancellation policy, Beazley’s Cancellation Plus cover enables event organisers to recoup lost income for events in the United Kingdom that are not cancelled, but may suffer from reduced attendance or early attendee departures due to wet weather conditions


2016-08-09

Crises Control has been listed on the latest government G-Cloud 8 framework. The G-Cloud 8 Service is operated from two distinct environments to provide government and public sector customers with choice and price flexibility, dependent upon their information assurance requirements.


2016-08-08

Chubb has enhanced its insurance policy wording for companies producing television and other advertising commercials, as the creative industry sector continues to grow and its risks evolve. The enhanced wording is designed to meet the needs of commercial producers working to industry-standard Advertising Producer Association contracts in the UK and Ireland.


2016-08-08

The global political risk and crisis management insurance market is expected to exceed US$10bn by 2018, according to a report from analysts at KPMG. The anticipated growth of US$2bn is a result, the consultancy says, of the challenging macroeconomic environment, recent terrorist attacks, growing cyber threats and global political uncertainties.


2016-08-05

According to catastrophe modelling firm AIR Worldwide, a cat 1 hurricane made landfall southwest of Belize City, Belize, just after midnight local time on 4th August. The fifth named storm of the season, Hurricane Earl downed power lines, toppled trees, and caused coastal flooding as it moved through the Caribbean en route to the Yucatan Peninsula, prompting hurricane and tropical storm warnings throughout the region, before weakening across Belize, Guatemala, and into southern Mexico.


2016-08-05

As the Olympic Games in Rio get underway today, the World Health Organisation reiterates the risks facing athletes and visitors to Brazil with regard to the current outbreak of Zika. Athletes and visitors will face risks similar to residents of Brazil. They are at risk of being infected with Zika if bitten by an infected mosquito...


2016-08-04

A stabbing attack in central London last night left one person dead and six others wounded. The teenage suspect was apprehended shortly after the attack, the motivation for which is unclear, but not thought to be terror related. The incident follows yesterday's announcement of increased police presence on London's streets, as an additional 600 armed police were deployed in the capital.

The threat level remains unchanged.


2016-08-03

The first parametric insurance programme against risks of natural disaster has been launched for farmers in China. The programme covers 28 counties across Heilongjiang province against flood, excessive rain, drought and low temperatures. With parametric insurance, satellite and weather data allow faster payouts than with traditional cover.


2016-08-03

Commissioner Sir Bernard Hogan-Howe and the Mayor of London, Sadiq Khan have today announced the deployment of 600 additional firearms officers across the capital. The public will see more armed officers on proactive operations and targeted patrols, both on foot and in vehicles, across London, as part of counter-terrorism measures under Operation Hercules.


2016-08-03

Civil unrest is significantly more disruptive to business in France than in any other western economy. These are the findings of Verisk Maplecroft’s latest index, which rates the country ‘high risk’ alongside emerging markets including Brazil and South Africa.


2016-08-02

Aon Employee Benefits says employers insuring employee benefits need to be ready for the Insurance Act 2015, which comes into effect on 12th August 2016. The Act replaces law that has been in place since 1906 and applies to all non-consumer insurance policies that incept, vary or renew on or after 12th August 2016.


2016-08-02

The ability of cyber criminals to sneak past even the most fortified defence systems has intensified the pressure on organisations to develop better threat detection capabilities. In response, Accenture and Endgame have launched a threat hunting as-a-service offering, to identify and remove adversaries that have evaded traditional security methods.


2016-08-01

A report published by JLT Re shows how the falling cost of reinsurance has now typically made it a more efficient form of contingent capital when compared to equity, debt and carriers’ own capital. Falling demand has coincided with record levels of dedicated reinsurance capital. The result has been four years of falling reinsurance rates across most lines of business. Given the current market environment, JLT says now is the time for insurance carriers to compare weighted average costs of capital to the cost of reinsurance capital.


2016-08-01

UK Prime Minister Theresa May has reiterated her commitment to fighting modern slavery, and in doing so has highlighted a continuing business risk for organisations of all kinds, and particularly those with complex supply chains. Under the terms of the Modern Slavery Act, UK businesses with a turnover of £36m or more, are now required to make an annual statement, setting out the steps they have taken to stamp out slave and child labour from their supply chains.


2016-07-29

AIG UK has announced an addition to its D&O policies that will cover costs not paid for by the company for legal challenges in the event of permanent residency applications being rejected pre Brexit. The insurer says its new policy will also cover the subsequent challenges to repatriation orders post Brexit


2016-07-29

Culture is about the values and behaviours adopted when a group of people come together in a common purpose. Risk is a threat to objectives or, to put it another way, a threat to that purpose. And one way of making sure that those risks are mitigated is to provide the information and knowledge that will support good risk-based decisions.


2016-07-28

Communication issues have for the first time been named as the top cause of UK invocations in the UK in Sungard Availability Services’ annual Availability Trends report. Overall, the number of downtime incidents – in which staff were unable to work from their usual office or access business critical systems – remained largely the same, with only a five per cent decrease compared to 2014’s figures.


2016-07-28

Enterprise cloud infrastructure provider, Iland, has won a contract to provide Bluestone Group with DRaaS as it transitions to a cloud first strategy. The multi-national financial services company says it relies on iland’s DR with advanced security to safeguard essential IT systems, achieve compliance and reduce costs by 40 per cent


2016-07-28

Risk management solutions provider, Riskonnect has won a contract to provide Vodafone with a fully mobile application to provide a complete view of risk across the enterprise. “Riskonnect met all of our requirements of a GRC tool, including flexible design, intuitive interface and the ability to work anywhere, on any device. Their understanding of our needs and ability to quickly implement these on their system gives us great confidence for...


2016-07-28

Before the referendum the CBI indicated that only 50% of FTSE companies had made contingency plans for an exit vote. There was a significant variance in levels of preparedness between sectors, with financial services well advanced and others with a long way still to go. Well, things are different now. The risks associated with ‘Brexit’ must now surely feature on the list of principal risks.


2016-07-27

Like AI, nanotech has huge potential, with significant benefits and risks in its applications in electronics, energy and biomedicine – such that it could underpin almost all future technology. The ability of nanotech to improve healthcare and lengthen our lives is promising, but the benefits don’t come without risks, the most striking of which of course is the potential use of nanotech in war.


2016-07-26

Following the vote to leave the EU, the UK economy is expected to face challenges in the short term, but will narrowly avoid falling into recession. This is according to fresh analysis from PwC. Recent high levels of uncertainty, it says, will lead to a slowdown in business investment and lower GDP growth, leading the firm to revise down its main scenario real GDP growth projection for the UK to 1.6% and 0.6% a year in 2016 and 2017 respectively, down from 1.9% and 2.3%. Quarter-on-quarter growth could fall to around zero in the last quarter of this year and the first quarter of 2017, but the UK would narrowly avoid a recession. Growth would then gradually pick up later in 2017 and beyond.


2016-07-26

This is a pivotal time for risk managers in the public service arena. Public service organisations have had to reassess their risk appetite in light of the pressures on resources that 10 years of austerity have brought about. Difficult decisions are being made about the future shape and sustainability of a whole range of public services. These decisions all bring higher levels of risk.


2016-07-25

UK risk management association Airmic has welcomed a study by the Financial Reporting Council urging bosses to get out beyond the boardroom to understand their firms' corporate cultures -- a move they say could help firms avoid scandals and failures that can result in damaged reputations


2016-07-25

An activist group named 'Move for Europe' has held anti-Brexit demonstrations in multiple cities throughout the UK. Protests were held in London, Manchester, Bristol, Sheffield, Nottingham, Bath and Watford. The incidents were not very well attended and concluded without incident, but security experts Red24 warn they’re indicative of a section of British society who opposed the referendum and have warned further related rallies are expected. The threat of violence at related protest activities is assessed to be low; however, the possibility of isolated skirmishes cannot be discounted.


2016-07-25

Amazon has announced a partnership with the government to explore the steps needed to roll out the delivery of parcels by small drones. A cross-government team supported by the UK Civil Aviation Authority (CAA) has provided Amazon with permissions to explore three key programmes including beyond line of sight operations in rural and suburban areas; the testing of sensor performance to ensure the drones can identify and avoid obstacles; and flights where one person operates multiple highly-automated drones.


2016-07-22

The earnings of Australia's non-life insurers is expected to strengthen through 2016 if losses from natural hazards moderate, even though investment earnings are unlikely to recover anytime soon from 2015 levels, given the high allocation to fixed-income securities


2016-07-22

The deadline for entries for the CIR Risk Management Awards has been extended to midnight on 27th July 2016. As always, the awards are free to enter and organisations, individuals and teams are encouraged to submit their nominations now.


2016-07-21

Natural disasters in the second half of this year could have a serious impact on the returns generated by the insurance linked securities (ILS) and reinsurance linked investment markets in 2016, a panel of industry figures has claimed.


2016-07-20

Chubb has announced the launch of its new insurance proposition for biogas and solar plants, projects and facilities. Biogas and solar are playing an increasing role in the UK’s energy mix. As of June 2016, 200 biogas plants were in operation across the UK. On 3 July, for the first time ever, solar plants produced almost 24% of the UK’s electricity demand-more than coal-fired plants. Both sectors are attracting significant amounts of investment and are expected to develop significantly over the coming years, as the UK seeks to decarbonise its economy.


2016-07-20

A new report from data breach response insurers, Beazley, has noted a sharp increase in hacking and malware attacks on financial institutions in the first six months of 2016, particularly among small banks and credit unions. The Beazley Breach Response (BBR) Services unit also noted a consistent level of hacks in the healthcare, higher education and retail sectors compared to 2015.


2016-07-20

Today’s Supreme Court decision to allow “collateral lies” in the course of an insurance claim flies in the face of the work that the insurance industry and government have been doing to crack down on the cheats could be a real blow for honest customers.


2016-07-18

Losses to cyber fraud among UK law firms have jumped by 40% in the last year, according to a study by Hazlewoods. The business advisory says the value of funds lost to cyber frauds at law firms in the six months from November 2015 to April 2016 totalled £2.53m, up 40% from £1.81m in the same period a year earlier.


2016-07-15

Authorities in France extended a countrywide state of emergency in light of the most recent, horrifying terrorist attack in Nice, in which at least 84 people were killed.
The extension of the state of emergency, which was due to expire on 26 July, was prompted by an incident in which an armed assailant drove a truck at high speed into a crowd of people congregated in Nice amid Bastille Day celebrations.


2016-07-15

The Natural Capital Protocol was launched this week in London. The Protocol aims to enable business to assess and better manage their direct and indirect interactions with natural capital and provides guidance to help them measure their dependence and impact on natural assets such as freshwater, raw materials such as timber, and natural infrastructure such as floodplains.


2016-07-13

Complexity, lack of time, and a skills shortage mean that UK IT departments are failing to meet business expectations for digital technology. This is according to research from Sungard Availability Services that suggests IT decision makers in the UK are struggling to keep up with the increased digital demands placed upon them by employees and business leaders.


2016-07-13

After a spate of announcements of large mergers and acquisitions (M&A) in the early part of last year, the number of completed M&A transactions in the insurance industry worldwide has fallen from its three-year high point in the first half of 2015. According to Clyde & Co’s Search for Growth Report released today, there were 173 deals in the period from October 2015 to March 2016, down from 250 in the previous six months. While M&A remains one route to growth, insurers are also considering alternatives such as establishing businesses in new markets, widening their portfolios and deploying technology solutions.


2016-07-13

The Financial Conduct Authority has today fined Towergate Underwriting Group £2,632,000 for failings in relation to its protection of client and insurer money. Towergate accumulated a shortfall of £12.6m in its client and insurer money bank accounts which, due to systems and controls weaknesses, went undetected for a number of years.


2016-07-12

The deadline for entries for the CIR Risk Management Awards is this Wednesday 13 July 2016. As always, the awards are free to enter and organisations, individuals and teams are encouraged to submit their nominations now.

Judged by an independent panel of experts for exceptional performance, the awards provide an opportunity for organisations and individuals to showcase their best products, projects and people.


2016-07-12

The British Insurance Brokers’ Association (BIBA) has announced the appointment of Bollington Insurance to provide a new care sector insurance scheme for BIBA members.
This new offering is underwritten by a number of insurers specialising in this market and will enable members to place cover for a sector that is notoriously difficult to place without the need to commit to minimum volumes of business.


2016-07-11

Sophisticated attacks on industrial control systems systems are not new. In 2014, an organised group of hackers called BlackEnergy APT attacked a power company in Ukraine. In the same year two more incidents, supposedly connected with cyber attacks, occurred in Europe: on a steel mill in Germany and on the Frederic Chopin Airport in Warsaw. In its latest report on the ICS threats landscape, Kaspersky Lab revealed 13,698 ICS hosts exposed to the Internet that more than likely belong to large organisations – including energy, transportation, aerospace, oil and gas, chemicals, automotive and manufacturing, food and drink, governmental, financial and medical institutions – of which 92% have vulnerabilities that can be exploited remotely. Worse, Kasperksy said over 3% of ICS hosts located in these organisations contain critical and remotely executable vulnerabilities. Those hosts, located in 104 countries are only a small part of the total number of hosts with ICS components available through the internet.


2016-07-11

US$1bn of non-life catastrophe bond capacity was issued across six transactions in the second quarter of 2016, taking total market issuance for the first half of 2016 to US$2.8bn, according to the latest ILS market update from Willis Capital Markets & Advisory.


2016-07-11

AXA UK has today released the first annual report on its partnership with the Venturer project, the first of three reports on autonomous vehicles. Having featured in the Queen’s Speech earlier this year, the UK has introduced new legislation that will make it compulsory for insurance companies to cover product liability for driverless vehicles.


2016-07-11

The London market’s electronic placing platform began trading today, with brokers and underwriters exchanging information on standalone terrorism risks – the first class of business to go live on the PPL system.


2016-07-08

Seasonal monsoon rains across central and southern China throughout June killed more than 130 people, damaged more than 200,000 homes and caused a total aggregated economic loss of over CNY29bn (US$4.4bn) according to China’s Ministry of Civil Affairs.


2016-07-07

Schneider Electric has launched its new standardised, fully industrial uninterruptible power supply for industrial environments. Gutor PXC has been designed for rugged and outdoor settings such as oil and gas exploration and production sites, marine and offshore environments and climates with extreme temperatures.


2016-07-07

The British Insurance Brokers’ Association (BIBA) has joined the Expert Advisory Panel for the sharing economy’s TrustSeal, launched today by Sharing Economy UK (SEUK). The TrustSeal stamp of approval is the world’s first kitemark for the sharing economy and will be awarded to sharing economy companies who successfully meet a list of Good Practice Principles.


2016-07-07

BT and Daisy Group has agreed a new six year, £70 million cloud communications partnership, giving Daisy and its customers’ access to BT’s Wholesale Hosted Centrex (WHC) platform, which provides unified communications services, hosted in the cloud rather than over the traditional private branch exchange (PBX) service.


2016-07-06

Arthur J. Gallagher has extended its investment in Scandinavia by acquiring an 85% stake in Swedish specialist insurance and reinsurance broker Brim AB. With revenues of US$11.4m and employing 29 people, Brim is a specialty broker with a client base of around 2,000 diverse clients served by two core practices. The company’s Credit and Political Risk practice provides financing support for major infrastructure projects around the world, whilst Brim’s Construction practice supports residential and commercial building development, together with infrastructure and civil engineering across Sweden, Finland and Norway.


2016-07-06

The Managing General Agents’ Association (MGAA) has today published a dedicated guide for MGAs providing practical guidance and information on the implementation of the Insurance Act.


2016-07-04

The CII has launched a new microsite dedicated to helping ex-forces transition and explore a career in risk and insurance. The site offers first hand experiences of ex-military personnel who have found second careers in insurance – this gives visitors their unique stories and helps others explore career paths in risk.


2016-07-01

Renewal season has seen a continuation in market softening, though a slowing in the magnitude of rate reductions is apparent. This is according to the latest 1st View Renewals report from Willis Re, which shows capacity withdrawals where some reinsurers deem pricing to be inadequate.

-Considerable pricing variation by class and territory persists
-No indication of widespread pricing stabilisation
-UK’s decision to leave EU further impactful dynamic


2016-06-30

Research carried out into the causes of, and responses to, the persistent threat of cyber attack has found some worrying trends in how companies respond to such incidents, including how quickly -- or more to the point slowly -- they take action after an incident has occurred. The Business Continuity Institute’s research is based on a survey of 369 business continuity professionals from across the globe.


2016-06-29

At least 36 people were killed and dozens more wounded following a terrorist attack at the Ataturk Airport in Istanbul in Turkey last night. Three assailants arrived at the airport terminal in taxis and initiated a gunfight with the security personnel before detonating explosive suicide belts.


2016-06-28

Ascent Underwriting has launched an enhanced cyber risk protection product, combining insurance, risk management and breach response solutions for UK brokers’ commercial clients across a broad range of industry sectors, with large risks on either a stand-alone or subscription basis and SMEs offered a proprietary technology platform.


2016-06-27

Business group, the CBI has called for strong, calm and decisive leadership as priorities post-EU referendum. While the majority of businesses did not want to leave the European Union, director-general of the CBI, Carolyn Fairbairn said business leaders are determined to work with government to create the right conditions and face upcoming challenges.


2016-06-27

New UK disclosure rules did not curb CEO pay or improve pay-performance link, but instead led to "opportunistic reporting" for reputation management, according to a new academic study.


2016-06-27

Chubb has enhanced its casualty policy wording for businesses in the UK and Ireland. The enhanced wording is for businesses of all size - from small and medium-size businesses, through to middle market and larger companies, including multinationals. It includes a number of significant new extensions, including for data breach and cyber attacks as well as for crisis response, with annual aggregate indemnity limits of £100,000 for both.


2016-06-24

The London insurance market is resilient and well-positioned to respond to the result of the referendum on the UK’s membership of the EU, the International Underwriting Association (IUA) has stated.

-Industry is “experienced in responding to change”
-Companies will now be considering their own individual responses
-Insurance is almost by definition an international business


2016-06-24

Lloyd’s of London has mirrored the forward-looking reaction of the International Underwriting Association following the UK’s decision to leave the EU. In a statement, Lloyd’s chairman John Nelson, assured of the buoyancy of the London Market. “I am confident that Lloyd’s will stay at the centre of the global specialist insurance and reinsurance sector, and I look forward to continuing our valuable relationship with our European partners.”


2016-06-24

British voters have overthrown not just Britain’s relationship with its European neighbours but the established political order in the UK, and, potentially, Europe, says director at UK-based think-tank, Chatham House, Dr Robin Niblett. “The politicians who will lead the UK out of the EU must guard against allowing a yawning gap to emerge between their political rhetoric and the realities facing Britain outside,” he said, adding that those who promised to the British people that leaving the EU would let them ‘take back control’ are now expected to deliver on that promise.


2016-06-24

The British people’s vote to leave the EU is a “momentous turning point in our history”, according to CBI, director-general, Carolyn Fairbairn. “The country has spoken and it’s for us all to listen. Many businesses will be concerned and need time to assess the implications. But they are used to dealing with challenge and change and we should be confident they will adapt.”


2016-06-24

The Financial Conduct Authority said in a statement that it is in very close contact with the firms it supervises as well as the Treasury, the Bank of England and other UK authorities, and was monitoring developments in the financial markets.


2016-06-23

Global catastrophe risk management firm, RMS has released an updated version of its cat modelling platform, which includes updates to both the RMS Europe Windstorm Clustering Model as well as the RMS Probabilistic Terrorism Model, RMS Terrorism Scenario Model, the terrorism target database, and the Industry Loss Curves. The new RMS Marine Cargo & Specie Model and new RMS US Flood Hazard Data are also included in the version 16.0 release.


2016-06-23

Crypto-ransomware, which encrypts data on users’ systems has become a huge problem for cybersecurity over the last few years, and the number of users attacked with encryption ransomware is soaring, with 718,536 users hit between April 2015 and March 2016: an increase of over five times compared to the same period in 2014-2015.


2016-06-22

Rory McIlroy is reported to have pulled out of the Rio Games over Zika concerns, following Vijay Singh and Australia's Marc Leishman. Meanwhile, the World Health Organisation has issued an extensive health advice note for travellers to the 2016 Summer Olympic and Paralympic Games, which will take place from 5 to 21 August 2016 and from 7 to 18 September 2016 respectively.


2016-06-22

The Chartered Insurance Institute (CII) is calling for future leaders in claims, underwriting, insurance broking and the London Market to put themselves forward for the 2016/17 New Generation Groups programme.


2016-06-21

There is a growing demand for risks to be written on a Freedom of Services basis across the European Union, according to a new research paper published by the International Underwriting Association (IUA), which says such contracts provide a flexible option for clients and have become a significant option for some multinational corporations looking to develop their more traditional global liability programme arrangements.


2016-06-20

The use of wearable technology in the workplace is being stalled by a lack of trust as people worry that their employer may use the data against them or not for their benefit, according to new PwC research. Data privacy continues to be the main barrier for those workers unwilling to share their information. Four in 10 say they don’t fully trust their employer...


2016-06-20

Catastrophe risk modelling firm AIR Worldwide has expanded and enhanced its earthquake and typhoon models for Southeast Asia. The new earthquake model features the ability to account for the tsunami and liquefaction sub-perils for Indonesia, the Philippines, and Taiwan. The updated typhoon model features a new precipitation-induced flooding module built using high-resolution data and also a probabilistic storm surge module for Hong Kong, the Philippines, and Taiwan.


2016-06-20

The number of young people entering the workforce is not predicted to match the number of roles businesses need to fill. This is according to the government’s 2016 Working Futures report, which reveals that while the total number of jobs in the UK is expected to rise by 1.8 million between 2014 and 2024, the working age population (16-64) is expected to increase by half this amount, as fewer young people enter the workforce.


2016-06-17

The latest piece of regulation affecting the industry has come into force today, and is set to have a significant impact on how insurers engage with their providers of external audit and non-audit services. Affecting companies of all size, the latest piece of regulation comes at a time when insurers have already declared their concern around regulatory pressure.


2016-06-17

Acer has suffered a data breach through its online store. The company says that users that have accessed its e-commerce site between 12th May 2015, and 28th April 2016 may have had their information compromised due to the unauthorised access of a third-party.


2016-06-17

Allianz Group is to acquire Zurich Insurance's Moroccan subsidiary.
Zurich Assurances Maroc is one of the largest insurance companies in Morocco, currently ranking 7 in the P/C market and serving more than 600,000 customers. In 2015, Zurich Assurances Maroc generated E114m in GWP. The company also has a licence for life and health insurance products.


2016-06-16

Insurers in both the life and general insurance sectors are planning on expanding their workforces, with digital and systems and software development skills listed as the area in which shortages are most expected. These are the conclusions of the CBI/PwC financial services survey, published today, which shows total operating costs continuing to increase, and investment in technology a persistent theme across the sector.


2016-06-15

A survey of 250 UK insurance broking firms has found that attitudes towards a UK exit from the European Union are softening, with the number of brokers in favour of Brexit increasing from 22% to 26%. The survey, carried out by research and communications consultancy FWD, found over the same period between March and May 2016, the number of brokers backing the UK to remaining in the EU fell from 43% to 39%; those undecided remained unchanged at 35%.


2016-06-15

Incidents relating to the installation and operation of high voltage subsea cables are the most costly cause of financial losses in the global offshore wind industry and led to insurance claims totalling more than €60m in 2015. As the European offshore wind sector prepares to enter an extended phase of deep-water construction and new markets open up in North America and Asia, Gcube is urging the industry to address a problematic bottleneck that can cause 100 days or more of unscheduled project delays and create substantial cost overruns.


2016-06-15

A poll conducted among 900 manufacturing companies by UK-based recruiter Manufacturing Futures, part of the recruitment company Futures.co.uk, suggests the sector is pro-Brexit. Of the 900 manufacturers quizzed, 55% said they think the UK should go it alone. However 14% of respondents admitted that they could still be persuaded to change their mind about how to vote in the upcoming referendum on 23rd June.


2016-06-14

The European Union Commission is to put forward a BIBA-proposed solution to the problem for motor insurance resulting from the ruling on the Vnuk case. The association has been working with the insurance industry and motor sports sector since the judgement which had the potential for far reaching implications.


2016-06-13

Almost two thirds of insurance professionals have admitted to a crisis of confidence over Britain’s membership of the EU, with 61% of industry employees testifying a ‘loss of faith’ in the European Union. Despite this, 62% of the same industry professionals believe that total divorce from the European Union would be too drastic a solution.


2016-06-13

A mass casualty shooting and hostage incident killed 50 people and wounded a further 53 at a nightclub in Orlando, Florida. The alleged perpetrator, Omar Mateen, was killed by security forces amid a security operation launched by SWAT officers shortly after the incident was reported.


2016-06-13

The growth of the commercial drone market is increasing demand for specialist drone insurance, according to law firm, RPC. The drone industry sprang into life in 2015 with 1,971 new Civil Aviation Authority (CAA)-approved commercial operators (up from a single one in 2014) – creating a new growth market for insurers. Which sectors require specific insurance?


2016-06-10

Congratulations to all of this year's Business Continuity Awards winners. If you didn't make it to the Marriott on Grosvenor Square to join the celebrations, found out who won here... Hosted by comedian Ed Byrne, the 18th annual Business Continuity Awards...


2016-06-09

As organisations face an unprecedented level of change and complexity, risk takers and risk managers will need to come together to address both upside and downside risks, according to a RIMS Executive Report, 'Risk Taker vs. Risk Manager'.


2016-06-08

UK professional and management liability insurance claim notifications have risen steadily over the last decade and remain four times higher than pre-financial crisis levels, according to research by Marsh. Between 2005 and 2007 the firm recorded an average of 200-300 D&O liability insurance claim notifications. With the onset of the financial crisis, claim notifications rose by 75% to nearly 500 in 2008, before peaking at 1,685 claim notifications in 2012. Since 2013, Marsh has received, on average, approximately 1,300 D&O claim notifications in the UK annually, a four-fold increase on pre-financial crisis levels.


2016-06-07

Commercial insurance underwriters urgently need to adapt their products to reflect the impact that digitalisation and technological advances are having on risk profiles, according to experts from Willis Towers Watson.


2016-06-07

Arthur J. Gallagher has unveiled its new ‘security concierge service’. For £500 a year, regardless of company size, its crisis resilience solution has been designed to minimise disruption, financial loss or adverse publicity while enabling businesses to meet their legal duty of care to employees and members of the public exposed by such incidents.


2016-06-07

Insurance claims linked to the recent flooding in Germany could reach E1bn, according to figures from Fitch Ratings, which, it warns, could weaken underwriting profitability for the sector.


2016-06-06

Pool Re has partnered with Cranfield University and Guy Carpenter to develop a UK terrorism risk model that includes the potential impact of a chemical, biological, radiological or nuclear (CBRN) attack. Pool Re said major strands of its modernisation programme have been concerned with the introduction of more risk reflective pricing and an improved understanding of the exposures faced by both the insurance community and the broader UK business community in the face of a changing terrorism threat.


2016-06-06

Three times as many countries are affected by high or extreme levels of regulatory risk as they are by severe political violence, making it the most widespread political risk impacting global business today, according to Verisk Maplecroft's latest index release. Study identifies countries with most -- and least -- burdensome regulatory risk


2016-06-03

Swiss Re Corporate Solutions has expanded its cyber risk insurance offering with the launch of CyberSolutions UK, providing tailored coverage to mid-sized and large companies. CyberSolutions UK combines comprehensive insurance with risk mitigation and remediation services, with cyber security training and optional annual IT security testing provided by IBM.


2016-06-03

Ericsson is to develop a mobile financial services solution for deployment in the immediate aftermath of disaster or crises. Designed to support humanitarian organisations and affected populations, the Ericsson Emergency Wallet will enable the distribution and use of digital funds by relief workers and impacted populations where financial infrastructure is lacking.


2016-06-03

Disruptions and evacuations are ongoing in several departments of France's Ile-de-France region, with the Essonne, Paris, Loiret and Seine-et-Marne departments the worst affected. Flash floods have inundated both residential and commercial properties, and have resulted in disruptions to road and public transport services. At least one flood-related fatality has been reported in Souppes-sur-Loing, in the Seine-et-Marne department.


2016-06-02

Two additional insurers have joined the Lloyd’s Construction Consortium, bolstering underwriting capacity for large construction risks across the major onshore construction and engineering risk categories. Launched in 2013 by syndicates managed by Beazley, Sompo Canopius, Hardy and Talbot, the addition of Travelers and Novae means the consortium can now provide additional capacity up to a maximum of US$320m per risk, (equivalent to in excess of US$1bn sum insured capacity).


2016-06-02

US-based risk management organisation, RIMS, is advising the risk management community to review and prepare for new rules regarding electronic recordkeeping of workplace injuries. The new rules, released by the Occupational Health and Safety Administration (OSHA), will take effect September 2017.


2016-06-01

One Sunday in April, a British Airways flight approaching Heathrow was struck by something at about 1,700ft. The pilot reported that it may have been a drone. Despite the speculation behind what hit that aircraft on its descent into one of the world’s busiest airports, there are still a number of certainties.


2016-06-01

This year Alarm celebrates 25 years supporting risk and insurance professionals in the public service arena. A lot has changed in that time; risk management was often driven from an insurance and operational perspective, rather than at a strategic level. Now insurance is regarded by many as one of a number of ‘tools’ of risk management, and risk management itself regarded as a tool to help achieve goals and objectives within an organisation.


2016-06-01

Europe continues to face an increase in terrorist plotting. Nesser’s history of more than two decades of Islamist terrorism is a unique account of the rise of jihadi militancy in Europe, offering a background for understanding the emerging and future threat. Beginning with a chapter that looks at the emergence of jihadism in Europe, Nesser traces the origin of the phenomenon to the ‘Afghan-Arab’ foreign fighter movement. The chapter also sheds light on how jihadis in Europe exploited the freedoms of democracies while creating a subculture around radical mosques and
social media activism.


2016-05-31

The concept of ‘scenario analysis’ is often referred to as an essential tool in the risk manager’s tool kit, but is rarely fully explained. Put simply, scenario analysis is an exercise conducted to consider the questions ‘what might happen and what would we do?’ It can help to highlight risks and opportunities in the short and long term and used to test the effectiveness and efficiency of the relevant controls in place. However, scenario analysis is not a stand-alone activity and it should form part of the organisation’s overall risk management system, which in turn should be aligned to the organisation’s business model.


2016-05-31

Early in March, the Basel Committee issued a consultation about a major revision to the way banks calculate capital for operational risk. The Advanced Measurement Approach, in which banks can use their own internal models, similar to Solvency II for European insurers, is being changed to a Standardised Measurement Approach so that they will have to use a formula devised by the regulators. In a broad sense it uses income as the basis for the charge, scaled by the size of the bank’s operational risk losses over the previous 10 years.


2016-05-30

The annual cost of fraud in the UK could be as high as £193bn per year, dwarfing previous estimates produced by the UK Government which put the figure at around £50bn in 2013.


2016-05-27

UK mid-market businesses lost approximately £48bn last year due to a failure to adequately mitigate risks directly within their control, according to new analysis by KPMG Enterprise.


2016-05-27

Almost 90% of UK organisations feel vulnerable to both internal and external data threats to sensitive data, with 23 percent feeling ‘very or extremely’ vulnerable, according to a report by data protection company Vormetric.


2016-05-27

The average cost of a domestic claim for the floods caused by Storms Desmond, Eva and Frank which hit the UK in December and early January was higher than usual, with the Association of British Insurers (ABI) reporting that it expects the final repair bill to reach £1.3bn.


2016-05-25

Allianz Insurance has launched a new, online marine cargo proposition designed for SMEs and mid-sized corporate businesses. Allianz’s Complete Cargo product provides cover for loss or damage to goods whilst in transit within the UK and to or from countries worldwide, as well as the option to include UK storage cover.


2016-05-25

Turmoil in emerging markets, increased localisation of internet networks within country borders and financial repression are some of the key risks identified in this year’s SONAR report published by Swiss Re. The publication is based on the SONAR process, a crowdsourcing tool drawing on Swiss Re’s internal risk management expertise to pick up early signals of what lies beyond the horizon.


2016-05-19

Impact Forecasting, Aon Benfield’s catastrophe model development team, has incorporated its latest earthquake data into the new tool, ThinkHazard!. Produced by the Global Facility for Disaster Reduction and Recovery (GFDRR), housed under the World Bank, the tool supports disaster risk reduction and preparedness.


2016-05-18

This year we are introducing five new categories: the Operational Risk Achievement Award, Operational Risk Initiative of the Year, Quantitative Analysis of the Year, Environmental Risk Initiative of the Year and Cloud Risk Strategy. It's freeto enter the awards and you can put your organisation forward in as many categories as you wish.


2016-05-18

The World Health Organisation is calling on European countries to prepare as the Zika virus expected to spread to the region by late spring or summer. A new WHO report assesses the risk of a Zika virus disease outbreak occurring during this period, and concludes that while the overall risk is low to moderate, countries where Aedes mosquitoes are present are more likely to experience an outbreak.


2016-05-17

Automotive recalls reached their highest quarter on record during Q1 2016, increasing by a significant 76% from Q4 2015. By comparison, recalls of consumer products, including toys, clothing and electrical appliances, declined from the previous quarter. Although this industry is experiencing a downward trend, the vast majority of recalls in Q1 were considered a serious risk.


2016-05-17

Catastrophe modelling firm AIR Worldwide has released a hosted cloud solution for its catastrophe risk management platforms Touchstone and CATRADER. More than a dozen companies are already using AIR Cloud, including the recent addition of American Family Insurance.


2016-05-17

Munich Re's specialist engineering and construction division, HSB, has announced the launch of HSB Machinery and Technology Insurance, its combined equipment breakdown, deterioration of stock and loss of income policy. Aimed predominantly at manufacturing, food, pharmaceutical and specialist engineering industries, the new policy provides cover for damage and breakdown to fixed manufacturing, processing and services equipment, deterioration of stock cover for stock being stored in cold chambers, and financial loss cover following an event.


2016-05-16

International Lloyd’s insurance and reinsurance broker, RFIB Group, has launched an American division – the first major new initiative since it recapitalised with its new partner, Calera Capital, last year.


2016-05-16

Equifax and BAE Systems are launching the Equifax Watchlist Check, aimed at helping companies fight money laundering and terrorist financing. The real-time solution screens worldwide data to support compliance with the Fourth EU Money Laundering Directive. EU member states are required to implement the directive by mid-2017 and the associated regulation applies to any company providing financial services.


2016-05-13

Telecoms company TalkTalk published its annual results this week, which have been halved partly as a result of a series of cyber attacks last year. Commenting on the results, Mark Skilton, professor of practice at Warwick Business School and cyber security researcher, said the results were not surprising.


2016-05-13

KPMG has launched a Solvency II data aggregation service that for the first time enables insurers to benchmark themselves against other insurers. The new service, Solvency II Vantage Analytics, will aggregate Solvency II reporting data in the XBRL format, so that insurers falling under the regulation can get meaningful insights about where they sit in the market.


2016-05-12

Lower oil prices and the threat of terrorism is impacting global supply chain resilience, as Norway loses the top spot of most resilient country to Switzerland.


2016-05-12

The strength of the claims reserves being set for business written during 2015 is weaker than prior years of underwriting, according to PwC's London re/insurance market review of reserve adequacy.


2016-05-12

The World Health Organisation (WHO) issued a statement today concerning the Zika virus and the forthcoming Olympic and Paralympic Games, Rio 2016 (5 August to 18 September 2016). Its latest situation report, released 12th May, indicates that 58 countries, including Brazil, continue to report mosquito-borne transmissions. A number of countries have also reported person-to-person transmission, including Argentina, Canada, Chile, Peru, US, France, Italy, Portugal and New Zealand. The WHO states that the person-to-person transmission cases were likely sexually transmitted.


2016-05-11

British Insurance Brokers’ Association (BIBA) chief executive, Steve White, has called for improvements in the recognition of the value, awareness and take up of cyber insurance protection. Addressing delegates at the association's annual conference in Manchester today, White said the latest government figures on cyber security breaches are a cause for concern.


2016-05-11

The Insurance Act 2015, the most important change in insurance law in over a century, comes into force on 12 August 2016 and will require insurance brokers, their customers and insurers to adopt different operational processes for managing commercial insurance. Its aim is to encourage professionalism in all parties involved in commercial insurance.


2016-05-11

Following a regular scheme review the British Insurance Brokers’ Association (BIBA) has appointed Lorega as the provider of their members’ loss recovery insurance scheme.


2016-05-10

The jury’s out for brokers when it comes to assessing the impact of a Brexit. This is according to a quarterly poll of brokers from insurance and risk law firm, BLM. It says 42% believe a Brexit would have no impact on insurance buying habits, while 40% think it would. A further 18% are unsure.


2016-05-10

The 2015/16 Cyber Governance Health Check has been released, showing that British companies are still not adequately addressing the severity of the threat. Just over half of respondents stated that they only hear about cyber security twice a year or when there is a security incident, showing little improvement since the previous year. The research also revealed that two-thirds of FTSE companies had been hit by a cyber attack in the past year alone, yet only 17% of UK firms have trained staff in this area over the past year.


2016-05-09

Chubb has announced the launch of a suite of three transactional risk liability insurance products for the UK and London markets. Targeted at buyers and sellers with medium to large size transactions and offering policy limits of up to US$50m/ £32.5m/ €47.5m, products include warranties and indemnities insurance, contingent tax indemnity insurance and contingent liability insurance.


2016-05-09

The global economy suffered the worst April for natural disaster losses for five years, according to Aon’s latest catastrophe report. Earthquakes, convective storms and flooding were all contributory factors.


2016-05-06

An FCA thematic review of commercial claims recently revealed what they called “an alarming degree of under-insurance”, and the effects of this can have devastating consequences for both the insured and for the broker. To tackle the issue of under-insurance, the British Insurance Brokers’ Association has launched the sixth guide as part of its Professional Indemnity (PI) Initiative.


2016-05-05

Policyholders will soon be able to claim damages for late payment of insurance claims, following the passing into law yesterday of the Enterprise Bill. Brokers and insurers are being urged to prepare for the new rules now. The question of what is a reasonable time to investigate a claim and how insurers can demonstrate that they have not unreasonably delayed payment is likely to be a contentious area, and law firm CMS is advising that insurers review their claims procedures and have systems in place to show that they acted reasonably if required.


2016-05-04

A syndicate of banks and academics has launched a joint project to pilot scenario modelling to stress-test corporate lending portfolios for environmental risk. Citi, UBS, ICBC, Banamex, Banorte, Caixa Econômica Federal, Itaú Santander and FIRA have teamed up with the Natural Capital Declaration and the German Government’s Emerging Markets Dialogue on Green Finance to include the economic impact of drought in bank stress testing scenarios. In a first step, the pilot project will develop an analytical framework to enable bank stress testing models to include scenarios of the economic resilience of major industries to the risk of extreme droughts.


2016-05-04

Willis Towers Watson has launched a new insurance and risk management solution for companies serving the global oil and gas industry. Underwritten exclusively by Chubb, Risk Protect features industry specific insurance policy wording addressing current and emerging risks in the oil and gas sector, from cyber security to supply chain interruption and terrorism.


2016-05-03

A failing NHS, coupled with an ageing population are set to bring about spike in health insurance costs. In fact, UK health insurance costs are anticipated to grow by 6.5% in 2016, the largest increase in five years, according to analysis carried out by Willis Towers Watson. Its latest 'Global Medical Trends' report shows how high claim volumes are causing health insurance costs to increase year-on-year at one of the highest rates in Europe.


2016-05-03

Supply chain risk rose for the second consecutive quarter in Q1 2016, with several natural disasters revealing stark regional differences in the resilience of global supply chains according to the latest CIPS Risk Index. The Index, produced for the Chartered Institute of Procurement & Supply (CIPS) by Dun & Bradstreet economists, tracks the impact of economic and political developments on the stability of global supply chains. International supply chain risk grew from 79.3 in Q4 2015 to 79.8 in Q1 2016, the joint highest recorded level of supply chain risk in a first quarter since records began in 1995 with North Africa, Western Europe, Asia and Latin America all seeing levels of supply chain risk grow.


2016-04-29

The Institute and Faculty of Actuaries (IFoA) has today released a report on the widening gap in infrastructure investment that states the UK is falling behind other G7 countries and risks becoming globally uncompetitive.
In its report, the IFoA analyses some of the issues that underlie the investment gap in three sectors: renewable energy, transport and housing.


2016-04-28

Marches and rallies by trade unions and other groups are expected to take place in various countries across the globe on 1 May, to mark International Workers' Day, more commonly known as May Day or Labour Day, or to mark labour-related issues.
The majority of May Day events are expected to pass peacefully, but risk advisors at Red24 are warning that violence has occurred at May Day events in the past, and that this risk increases in countries experiencing heightened labour-related tensions or increased levels of anti-government sentiment.


2016-04-27

The London insurance linked securities (ILS) market is perfectly positioned to become the global centre for cyber risk insurance, according to a new report from BNY Mellon. The UK government started a consultation process last year designed to attract ILS business to the UK and maintain London’s position as a leading global hub for specialist reinsurance. The consultation process closes at the end of this week, 29th April 2016.


2016-04-27

Professional services firm Charles Taylor has launched a technology arm, tapping into the £90 billion global insurance technology market, and bringing together 200 specialist insurance technology staff to deliver business transformation, solutions, analysis, systems development and implementation.


2016-04-27

While the next wave of digital technologies will transform the very nature of insurance organisations – including what they do and how they do it – those that succeed will do so by dramatically transforming their workforces and cultures to operate in a digital world, according to a new report from Accenture.


2016-04-26

A number of doctors' unions, including the British Medical Association (BMA), have called for a countrywide strike and associated demonstrations across the UK. Called with regard to inadequate wages and work schedules, unionised junior doctors are scheduled to observe nine-hour work stoppages today and tomorrow, the 26th and 27th April, with associated demonstrations also anticipated.


2016-04-26

A new qualification for professional indemnity practitioners in the UK market has been developed by the International Underwriting Association. The first candidates have already taken the examination and new courses are now being made available.


2016-04-25

The public consultation process for the international standard ISO 22316 Guidelines for organisational resilience is now open with UK comments requested by 13th June 2016. National standards organisation, BSI, is leading the consultation process in the UK. Organisations that are resilient understand their behaviour can create long term success," commented Scott Steedman, director of standards at BSI. "They take a proactive approach to governing themselves and have noted the importance of being prepared. This strategy applies across a wide range of disciplines such as asset management, business continuity, cyber security, environmental management and facilities management, to name a few. We are very pleased that ISO 22316 will continue the work started by BS 65000, and help deliver benefits to businesses of all sizes and sectors around the world.”


2016-04-25

Everbridge has announced the launch of its enterprise level secured person to person communications platform, SecureBridge, designed to facilitate company-wide recovery when an organisation has lost or had its communication infrastructure compromised, featuring end-to-end encrypted communications to ensure the privacy of sensitive data.


2016-04-25

This weekend, BT and the Cyber Security Challenge UK staged a mock investigation into a cyber attack at London’s iconic BT Tower in a bid to find the country’s best hidden cyber security talent. Twenty-four of the brightest candidates from a series of online qualifying rounds were invited to compete against each other to investigate how a fictitious retail company came under vicious cyber attack, show off their abilities in front of prospective employers and qualify for the Challenge’s 'Masterclass' competition.


2016-04-25

Each year, up to 30,000 travellers contract malaria, and last year alone there were 214 million new cases of malaria were reported and 400,000 people died of the disease. Countries are reporting a rise in imported malaria cases and companies sending staff overseas are being warned about the importance of taking appropriate precautions and implementing prevention tactics when travelling to malaria endemic areas.


2016-04-22

The series of earthquakes this month in Japan are not expected to undermine the financial soundness of Japanese non-life insurers, based on preliminary analysis carried out by Fitch Ratings.


2016-04-22

A misunderstanding in how Solvency II liabilities are calculated is raising concern in the industry, According to European insurance and reinsurance federation, Insurance Europe, some observers appear to believe that the Ultimate Forward Rate (UFR) is the discount rate, where in fact the UFR is an input needed to generate interest rate curves which go out to 130 years. The actual discount rates used to value liabilities for Solvency II are actually far lower than the UFR of 4.2%.


2016-04-21

The Federation of European Risk Management Associations (FERMA) has told the European Commission that enterprise risk management (ERM) is the best method for companies to approach the new EU requirements for large companies to report on their non-financial or corporate social responsibility risks.


2016-04-21

A digital divide is opening up across the British economy, with just over half of pioneer firms adopting digital technologies and processes, while the other half are falling behind. This is according to new research by the CBI and IBM.


2016-04-21

Cat risk management firm, RMS, estimates that economic property damage for both the April M7.0 and M6.4 earthquakes in Japan to be between US$2.5bn and US$3.5bn.


2016-04-20

A state of emergency has been declared in nine counties across Texas, after heavy rains caused flash floods and damage across the region. A series of thunderstorms brought in one night the same amount of rainfall expected for this area in the five-month span of January 1 to May 30.


2016-04-20

Nearly half of insurance companies recognise the critical importance of cultural integration and of hiring and retaining employees to the overall success of a deal, according to a survey of senior insurance executives conducted by Willis Towers Watson and Mergermarket.


2016-04-19

Research from cyber security firm, RiskIQ, has found that six in 10 Brits that use personal devices for work also use the same device for streaming or downloading pirated content. Whilst almost all these individuals consider the personal security risks of doing so, the research suggests they do not consider the security implications of doing so for their organisation.


2016-04-19

The death toll from the M7.8 earthquake that struck along the coast between Pedernales and Muisne in Ecuador on 16 April, has risen to 413, as of 19 April. A further 2,600 people have been injured, although the casualty toll is expected to increase further. The majority of deaths occurred in the province of Manabi and the provincial capital of Portoviejo. Foreign nationals killed by the quake included seven Colombians, two Canadians and at least one US national, according to reports from Red24.


2016-04-18

Markel has extended its biomedical and life sciences products to include food supplements and cosmetics. The product will now cover businesses that manufacture, distribute and supply products including vitamins, minerals, food supplements, medical foods, weight management formulas and herbal products. It will also cover a variety of cosmetic products ranging from hygiene and beauty products and make-up.


2016-04-18

A drone is believed to have collided with a British Airways aircraft on the passenger plane's approach to London Heathrow yesterday. While no-one was hurt, and the outcome of an investigation pending, the Chartered Insurance Institute has said the incident serves to highlight the growing risk of drone-related accidents.


2016-04-15

A strong and shallow earthquake occurred last night on Kyushu, the most southwesterly of Japan’s four main islands, and about 800 miles southwest of Tokyo. The Japanese government issued a high-level alert in the southern province and alerted disaster management teams. Damage to buildings and some casualties are being reported.


2016-04-15

Kaspersky Lab has launched a specialised solution for securing critical infrastructure and industrial facilities, addressing the need to manage industrial cyber risks and protect the continuity and integrity of technological processes in these environments. Kaspersky Industrial CyberSecurity has been designed for use in power plants, refineries and assembly lines to railways, airports and smart buildings, which demand faultless continuity and consistency of the technological process.


2016-04-14

Plans to increase transparency in the renewal process of general insurance policies have been supported by the International Underwriting Association. The organisation backed a Financial Conduct Authority proposal to ensure renewal notices include the previous year’s premium. But it warned that overemphasising the price of a policy could cause clients to overlook other aspects of the cover and lead to inaccurate comparisons being made.


2016-04-14

European Parliament today, Thursday, passed the final vote for the new General Data Protection Regulation (GDPR). Intended to help strengthen online privacy, streamline legislation between the 28 member states and boost police and security cooperation, the regulation includes tougher penalties for companies in breach of EU data protection law, with fines of up to 4% of global turnover, and a requirement for companies to disclose personal data breaches within 72 hours. The reform also sets minimum standards on use of data for policing and judicial purposes.


2016-04-13

The CII Insurance Broking Faculty New Generation group is calling for industry wide action to address the gap in reputational risk protection for small and medium-sized enterprises. In a new report, the industry group details the growing threat of reputational risks associated with recent advancements in social media and attendant global connectivity. The report goes on to address the lack of response from the insurance sector to mitigate this developing risk; and analyses the difficulties in offering reputation damage cover and puts forward practical solutions it feels the sector can and should adopt.


2016-04-12

Risk is something that dominates our lives but is sometimes hard to define and quantify – not least because it can mean anything from an injury resulting from a fall, going bankrupt the possibility of mass flooding caused by global warming, child sexual exploitation or a terrorist attack.


2016-04-12

It has been reported that two additional individuals have been charged with terrorism-related offenses related to Brussels bombings, after additional security forces were deployed in Brussels yesterday. A further 300 military personnel were deployed across Belgium's capital in addition to the 1,500 troops already in place.


2016-04-12

2015 was the most lethal year for terrorist violence in Europe in nearly a decade, according to Aon’s latest Terrorism and Political Violence Map, which highlighted the first net increase in global terrorism risk ratings since 2013, as the risk ratings of 18 countries saw an increase.


2016-04-11

Road safety continues to challenge policymakers and regulators across the globe. Changes in regulation and public attitudes over time have undoubtedly made roads safer. The advent of driverless cars now presents an opportunity where some politicians whisper about a potential target of zero road deaths.


2016-04-11

PwC has entered into a partnership with maritime fleet monitoring and risk management solution provider, Pole Star, to provide organisations involved in international trade with legal and regulatory services.The new strategic alliance will help assist global financial institutions in managing risk in maritime supply chains. Pole Star’s PurpleTRAC solution screens ships and their associates for sanctions compliance and monitors historical and real-time movements.


2016-04-11

AIR Worldwide has released the industry’s first open source deterministic cyber risk scenario, with plans to release a series of deterministic cyber scenarios over the next 12 months. The catastrophe modelling firm has also expanded its cyber risk consulting practice to help clients augment the cyber exposure information in their existing books of business and to produce custom reports on aggregation risk and the probability of breach.


2016-04-08

Multinational companies are failing to treat anti-bribery and corruption as a priority, with the majority reporting a culture of ‘profits over prevention’ and almost half not even raising the issue at board level – leaving many of these firms open to significant fines, criminal prosecution and in some cases personal liability.


2016-04-08

The recent rise in the number of mergers and acquisitions is driving take-up of warranty and indemnity (W&I) and tax insurance. In recent months, a number of household names in the food industry have been at the centre of significant deals. In October, Diary Crest announced it was to sell off part of its dairies operation to Muller. More recently, Premier Foods has been the subject of an offer by US company McCormick having also recently sold a significant shareholding to Nissin.


2016-04-08

Aon Benfield estimates that total global reinsurer capital, which comprises capital both from the traditional and alternative markets, stood at US$565bn at 31st December 2015 – a reduction of 2% relative to the end of 2014. The Aon Benfield Aggregate (ABA) report analyses the 2015 financial results of 27 major reinsurers. Within this figure, traditional reinsurance capital decreased by 4% to US$493bn, driven by the strengthening of the US dollar and the impact of rising interest rates on bond valuations, while the influence of alternative capital continued to grow – increasing by 12% to US$72bn.


2016-04-07

A spate of storms and flooding has resulted in a US$3.5bn loss to the US economy, US$2bn of which will be borne by insurers. These are the findings of an Aon Benfield report which reveals that seven severe US convective storm events impacted nearly every part of the country during the month, as more than 1,000 individual reports of tornadoes, damaging straight-line winds and hail were recorded by the Storm Prediction Centre.


2016-04-07

The Federation of European Risk Management Associations (FERMA) is scheduled to launch its 2016 European Risk and Insurance Survey tomorrow. FERMA president Jo Willaert, said: "The world is changing rapidly and is certainly different since the last survey in 2014. Gathering up-to-date data and evidence will provide valuable information for risk and insurance managers in their companies and will contribute to the visibility of the profession. The FERMA European Risk and Insurance Report is also a source of strategic information for FERMA to position risk management in debates at EU and international levels."


2016-04-06

The profitability of UK non-life insurers was affected by a series of weather events in 4Q15, although benign weather during the rest of the year meant that flood losses were within the annual budget for weather-related losses for most insurers. This is according to a special report from Fitch, which says that winter flood losses are large enough to significantly increase household insurance premiums but the introduction of Flood Re in April 2016 and an increase in insurance premium tax may slow the recent fall or create a modest temporary rise.


2016-04-06

Business standards group, BSI has acquired Dublin-headquartered infosec consultancy Espion. The acquisition of Espion expands BSI’s professional services business which has grown its consultancy capability globally following recent acquisitions in the US.


2016-04-05

Zurich Gruppe Deutschland has selected Guidewire InsuranceSuite as its new platform for underwriting, policy administration, claims management and billing. Part of an enterprise-wide business transformation programme, the consolidated infrastructure will replace all existing policy and claims systems, as well as a number of billing systems, and will be deployed simultaneously. It will be applied across all lines of business, starting with non-motor personal lines.


2016-04-05

Aon Benfield is launching its global reinsurer trading platform next week, ready to go live for 1st July treaty placements. ABConnect Placements has been designed to provide a more integrated, streamlined and documented process for global treaty reinsurance transactions, providing real-time data and metrics.


2016-04-05

For the tenth year in a row capacity has increased in both the upstream and downstream insurance markets. With no meaningful withdrawals during the last 12 months, competitive pressures have intensified to the extent that some insurers may consider whether to continue participating in the market if the available premium income pool depletes further, according to Willis’ annual Energy Market Review


2016-04-05

Specialist insurance and reinsurance broker, THB, has secured an exclusive wholesale broking arrangement with Unicorn Underwriting for UK motor fleet business. Unicorn Underwriting recently received backing from Berkshire Hathaway International Insurance and that new capacity will now be available to UK regional brokers for a broad range of motor fleet risks.


2016-04-04

CFC Underwriting has announced the launch of a new suite of products for the product recall market. Available globally, CFC’s suite of products is aimed at a wide variety of industries, from food and beverage, through to automotive component parts and consumer product industries.


2016-04-04

Leaving the European Union would be bad for Lloyd’s of London, according to the majority of market professionals. This is according to the latest research commissioned by Haggie Partners, City-based financial public relations consultancy, which found that two thirds of practitioners believe Brexit would ‘hurt’ or ‘severely damage’ London’s £60 billion international insurance market. About a quarter believe it will have no impact, while only 7% believe a Brexit would benefit Lloyd’s.


2016-04-04

Flood Re, which will enable insurers to offer competitive premiums and lower excesses to high flood risk homes across the UK, has launched. Owned and funded by the insurance industry, the unique scheme has secured £2.1bn in reinsurance cover. It is hoped that Flood Re will help an estimated 350,000 households in the UK at risk of flooding. A temporary solution until the industry can develop more reflective pricing, Flood Re is not designed for businesses and has a finite life of 25 years.


2016-04-01

From today, the Modern Slavery Act requires that UK businesses with a turnover of £36m or more make an annual statement setting out the steps they have taken to stamp out slave and child labour from their supply chains. The UK Modern Slavery Act aims to prevent the use of forced and child labour at home and abroad by putting greater onus on larger businesses to be accountable for the practices of their suppliers...


2016-04-01

Having begun his career in disaster recovery at IBM in the 1970s, Jim Burtles has some 40 years’ experience in the business continuity sector. In 1994 he helped to found the original Business Continuity Institute. His practical experience includes hands-on recovery work with victims of traumatic events such as explosions, earthquakes, storms, and fires.


2016-04-01

Key risk indicators (KRIs) are the metrics identified to support proactive risk management, and are vital signs of potentially damaging events – set against an organisation’s risk profile and appetite, Risk Books’ latest publication examines the creation and implementation of an integrated KRI framework. Aimed at both practitioners and the board, Key Risk Indicators can be used on both a day-to-day basis, as well as in a more strategic capacity.


2016-04-01

Ventiv Technology has entered into SaaS agreement to deliver a global RMIS Portal to Brokerslink. The Brokerslink network covers over 90 countries, and the RMIS Portal will support global access to claim, exposure and policy data, along with analytics, to the local broking operations and clients globally.


2016-03-31

Overall profitability of general insurers is expected to decrease in the coming three months, while profits growth will slow for life assurers according to the latest CBI/PwC financial services survey. This pressure on general insurers’ profitability is driven mainly by rising costs and low returns on investment, rather than premium levels or business volume – both of which are set to rise.


2016-03-31

Sompo Canopius and catastrophe modelling firm Risk Management Solutions (RMS) have built the world’s first marine cat model, addressing limitations to the industry’s ability to effectively quantify man-made and natural catastrophe risk to marine classes.


2016-03-31

Control Risks has announced the appointment of Fields Wicker-Miurin to its board of directors. Fields will provide strategic input and advice to the board, drawing on her expertise in international business particularly in emerging markets and finance.


2016-03-30

Fitch Ratings says in a new report that Flood Re will be effective in making home insurance temporarily affordable for policyholders but will not reduce flood risk in the long-term. Flood Re is expected to have a limited impact on the ratings of UK non-life insurance companies due to their size and business/geographic diversification. Companies will benefit from an increase in the number of potential customers and from access to a nationally aggregated flood risk database.


2016-03-30

Global insured losses from natural catastrophes and man-made disasters in 2015 were US$37bn – well below the US$62bn average of the previous 10 year, according to Swiss Re’s latest sigma study. It says there were 353 disaster events last year. Of those, 198 were natural catastrophes, which is the highest number in one year, according to sigma records.


2016-03-29

Significant disruptions were reported in several regions of the UK, as a result of Storm Katie, on 28 March. The worst affected areas included those in the southern regions, including London, the East of England, South West England, South East England, and southern parts of Wales. Over 100 flights were cancelled, delayed or diverted at major airports in the capital, including Heathrow and Gatwick airports. Flight services have reportedly resumed on normal schedules. While further inclement weather is not forecast; residual disruptions to transportation and utility services are anticipated until 29 March at least


2016-03-29

Following a series of devastating bombings and shootings around the world in recent months, including the attacks in Brussels last week, the likelihood of a major terrorist attack is set to remain high, and, JLT is warning that traditional terrorism policies are not keeping pace with the evolving threat.


2016-03-24

The most significant threats to the global business supply chain have been identified in a new industry report, with extreme weather and cargo theft topping the list. BSI's latest global supply chain intelligence report reveals the supply chain risks that caused the most damage to businesses in the last year, as well as predictions of the biggest threats in 2016.


2016-03-23

The majority of Lloyd’s businesses are considering legacy portfolio disposals, with more than half of firms based in Western Europe expecting to make at least one sale in the next three years, according to Willis Towers Watson’s most recent annual insurance M&A survey. This represents a 42% rise in respondents interested in divesting operations compared to two years ago.


2016-03-22

Despite falling revenues, energy firms should maintain their investment in risk management to reduce the potential for future major incidents and insurance claims, according to Marsh. In a research report, ‘Can Energy Firms Break the Historical Nexus Between Oil Price Falls and Large Losses?”, launched today at the firm’s bi-annual National Oil Companies (NOC) conference in Dubai, Marsh analyses the historical sequential correlation between oil price falls, which led to energy firms cutting costs, including safety training and education, which in turn, led to an occurrence of significantly larger insured losses in the following period.


2016-03-22

At least 34 people were killed and a further 250 wounded following a series of bomb blasts at Brussels airport and a metro train in Belgium's capital, during the morning of 22nd March. The first of two incidents took place shortly after 08:00 local time at Brussels Airport, where two explosions were reported. The second attack was reported at the Maalbeek Metro Station in Central Brussels at 09:10.


2016-03-21

Shipping losses continued their long-term downward trend in 2015, according to an industry report, while cyber exposure, driven by IoT, e-navigation and piracy; mega ship salvage issues; superstorms; and increasing Arctic casualties heighten risk environment. Economic and market conditions are pressurising costs, raising safety concerns.


2016-03-17

The extra funding for UK flood defences announced by Chancellor George Osborne on Wednesday is positive for the insurance sector as it reduces the risk of a shortfall in the country's flood reinsurance scheme, according to Fitch Ratings. The extra spending announced in the UK budget (£700m over the next five years) will be funded by a 0.5 percentage point increase in the insurance premium tax (IPT). This represents a roughly 30% increase to the current £2.3bn capital programme over the same period.


2016-03-16

BIBA has said it is "astonished" that the Chancellor decided that a further increase in IPT is required to strengthen the nations flood defences. Today’s announced increase in IPT means that, year on year, insurance buyers face an increase in tax of 66.6% since March 2015.


2016-03-16

Congratulations to all our finalists in this year's Business Continuity Awards, celebrating the very best in your sector. Winners will be announced at a gala dinner and awards presentation, during an evening of networking with hundreds of the business continuity and resilience professionals. Hosted by comedian Ed Byrne, the 2016 Awards will be a night to remember. This year’s finalists are…


2016-03-15

Lloyd’s insurer ArgoGlobal has launched an online portal offering insurance products for the UK commercial drone market. Insure4Drones offers physical damage and/or liability cover with limits of £1m, £2m or £5m for single or multiple drones and operators.


2016-03-15

Insurers are urging the Chancellor to avoid a further increase in Insurance Premium Tax (IPT). George Osborne is believed to be considering hiking up the rate of IPT. This is after increasing the standard rate from 6% to 9% just four months ago.


2016-03-14

The number of product recalls in the UK jumped by 26% to a new high of 310 in 2014/15 from 245 in 2013/14 according to City law firm, RPC, which says the number of vehicle recalls rose dramatically in the last year after several high profile incidents within the motor industry. In the last year the UK has seen 39 different motor vehicle recalls, a 30% increase from the 30 recalled in 2013/14.


2016-03-14

Aon Benfield has launched a new insurance product aimed at helping the charter aircraft industry avoid the financial losses associated with the cancellation of flights. Structured in partnership with Mountfitchet Risk Solutions, the Aircraft On Ground (AOG) Protect product indemnifies aircraft operators for the financial loss incurred when their aircraft cannot be used by flight operators for a contracted charter flight, leaving the operator to sub-charter or reposition a replacement aircraft.


2016-03-14

Cyber security requires an enterprise-wide approach, and the risk manager's role is to help the company achieve effective, data-based enterprise risk management, the Federation of European Risk Management Associations (FERMA) has told the European Commission. In its response to the Commission's consultation on public-private partnerships in cyber security, which concluded last week, FERMA stated: "Businesses have difficulties with reaching a basic level of protection often due to a lack of risk insights and data driven risk mitigation."


2016-03-14

New figures from the CII show a 50% increase in technical insurance apprenticeship starts since 2013. With National Apprenticeship Week bringing the issue into the spotlight, this result illustrates the insurance profession’s growing commitment to the programme and follows significant effort from employers in designing new standards, via the trailblazer initiative.


2016-03-11

Sungard Availability Services has announced its latest £4million investment across the organisation’s Workplace Recovery service locations, aimed at updating hardware. The upcoming refresh is Sungard AS’ most advanced so far, with each machine featuring Intel’s Quad core Itanium i7-6700 processor and the Q170 Skylake chipset.


2016-03-11

Almost nine in 10 (87%) organisations have faced a disruptive incident involving third parties in the last three years, according to a new survey from Deloitte. Such incidents can include loss of data by a third party, or failure to deliver a service or product on time. The Deloitte survey also highlights the increasing frequency and impact of these disruptions, illustrating the significant need for organisations to invest in better governance and risk management related to third parties.


2016-03-10

UK non-life insurance results highlight the significant impact that different investment and underwriting risk strategies have on Solvency II capital ratios, according to Fitch Ratings. The varying impact of SII on Esure, Admiral and Direct Line reflects differences in business diversification, investment and risk transfer strategies.


2016-03-09

New research shows that over 70% of consumers have used some form of digital research before buying an insurance policy. Around 26% of consumers currently purchase their plans online, with this number set to continue rising, particularly among millennials.


2016-03-09

An inability to keep up with the pace of technological change is the number one risk for airlines, according to a new survey of senior executives carried out by Willis Towers Watson. Social unrest, involuntary migration and terrorist threats also ranked highly as a risk in the minds of airline business leaders.


2016-03-09

After a three-day consultation on Zika research and development, international experts, convened by The World Health Organisation (WHO), have agreed on top priorities to advance R&D for Zika medical products.


2016-03-08

Anti-corruption reforms and the lifting of sanctions eased political risk in China and Iran, while other states struggle to counteract the economic risks being driven by weak commodity prices. These are the findings of Aon Risk Solutions' 2016 Political Risk Map for emerging markets, published today.


2016-03-07

The contents of this book are wholly good – highlighting the need for companies to embed their values and create value led organisations for the twenty-first century. John (Lord) Browne uses his insight from running BP backed up with new McKinsey research to explain the reasons and actions needed, occasionally using interesting historical examples. From discourses on salt and iron in 81 BCE to modern high technology, via the Homestead Strike of 1892, the book explores the uneasy relationship between public trust and commerce across time and geography. Furthermore it proposes four stages of action that can help redeem companies – making them trusted, relevant and robust to occasional issues.


2016-03-07

In the aftermath of the global financial crisis, the focus for investment professionals was re-identifying their own risk appetite. What was clear after the collapse of Lehmann Brothers, Bear Stearns and Merrill Lynch in the US was that the then understanding of behavioural risk for was not fit for purpose. Behavioural risk continues to be badly understood, particularly as it pertains to finance and investment.


2016-03-07

Business managers are suffering from a ‘rationality façade’ by using strategy tools and are missing a key ingredient in decision-making, according to research from a UK business school. Gerard Hodgkinson, of Warwick Business School, says there is a pressing need for management to acknowledge the role of emotions and to build a new wave of tools that incorporate it into their strategic thinking if businesses' performances are to be improved.


2016-03-07

Term limits for directors and gender diversity rules in corporate governance codes help improve female representation in top executive roles, but quotas make no real difference, according to a new global study from Cambridge Judge Business School and the 30% Club.


2016-03-04

Awards fever continued at last night's annual Gala Dinner of the Commercial Insurance Awards. The coveted award for Overall Winner went to CFC Underwriting, with Lorega Solutions taking away the gong for Innovation and LV= winning Commercial Insurer of the Year.


2016-03-04

Perils today disclosed its second loss estimate for the December floods in the UK following Storm Desmond. The revised estimate of the property insurance market loss is £662m. This compares to the initial loss estimate of £717m which was issued by Perils on 15 January 2016.


2016-03-04

Risk and regulatory work is the fastest growing consulting service in the UK, breaking the £500m mark for the first time. Helping organisations comply with regulations, address cyber threats, and manage the fall-out from corporate scandals has led to double-digit growth in risk and regulatory consulting – up 11.8% to £507million in 2015, according to figures from Source Global Research. Cyber security in particular is having a considerable impact on the figures, with some consulting firms telling Source they hit 40% growth in this type of work last year.


2016-03-03

Almost three quarters of business travellers bolt on additional leisure days to their trips, and new research reveals that many may be doing so without the protection of their employer. A new study highlights that despite 89% of companies allowing staff to do so, almost a third do not extend the protection offered by their corporate travel risk policy to cover these additional days.


2016-03-03

The growth of telematics and the development of driverless cars are set to shake up the motor insurance industry, according to Fitch Ratings.
Of the two, Fitch says telematics will have the bigger impact for at least the next five years -- particularly in the UK, where take-up is expected to grow rapidly. In the longer term, however, self-driving vehicles, such as those developed by Google and Tesla, could "completely reshape" the sector.


2016-03-03

Pool Re announced today that it has renewed the reinsurance cover purchased in 2015, for a further three years. The renewed cover, which now includes an additional layer, provides £1.95bn of commercial reinsurance compared with £1.8bn previously.


2016-03-02

The Chartered Insurance Institute has published a new guide to coincide with the introduction of the Financial Conduct Authority’s new Senior Insurance Managers Regime (SIMR) that aims to assist members better understand the behaviours expected of them.


2016-03-02

XL Catlin has bolstered its crisis management offering with the introduction of Active Assailant coverage to its crisis management product suite to respond to the threat of physical attack faced by businesses and public service providers. Active Assailant coverage will initially be underwritten in the UK, US, Germany and Asia-Pacific, and will cover clients globally; and is designed to help organisations with the financial impacts of Active Assailant events.


2016-03-02

Companies are being warned they could face costs running into the millions of pounds if they fail to properly insure themselves against the risk of a product recall after chocolate manufacturer Mars was forced to recall both Mars and Snickers bars, reportedly across more than 50 countries, after pieces of plastic were found in products


2016-03-01

Sword Active Risk has announced that Doosan Babcock has selected Active Risk Manager (ARM) to manage risk across customer sites and projects. Doosan Babcock provides technologies to major organisations operating plants for nuclear, thermal power and for the oil and gas industries.


2016-03-01

Chubb has announced the launch of a new cyber risk solution for the European market. Cyber Enterprise Risk Management is an end-to-end risk management solution, designed to meet the needs of middle-market and larger companies as well as multinationals in Continental Europe and the UK. It includes a wide range of cyber risk assessment, post-event crisis management and risk transfer solutions to address growing enterprise-wide cyber and data privacy risks.


2016-02-29

Big data analytics and the Internet of Things (IoT) are expected to add £322bn to the UK economy from 2015 to 2020. This is twice the size of the combined education, NHS and defence budgets for 2014-15, and more than a fift of the UK’s net public debt (roughly £1.5 trillion in 2014-15). This equates to an average of £54bn a year, or 2.7% of the annual GDP over the next five years. The industry expected to accrue the greatest economic benefit from big data is


2016-02-29

Two of the oldest P&I clubs in the world are in merger discussions. The boards of the Britannia Club and the UK P&I Clubs are about to begin a process to determine whether the merger is possible and delivers appropriate benefit to their respective memberships. Ultimately, the decision on whether to proceed with a merger will be decided by the Members at Special General Meetings to be convened later in the year.


2016-02-29

The use of encryption continues to grow in response to cyber attacks, privacy compliance regulations and consumer concerns, according to the latest independent industry research from Ponemon. The 2016 'Global Encryption Trends Study' also suggests that the majority of organisations plan to transfer sensitive data to the cloud within the next two years.


2016-02-29

The London Fire Brigade today began hosting the biggest multi-agency training exercise ever to take place in Europe. All of London's emergency response organisations, including local and national authorities are involved, along with specialist teams from the UK and from Hungary, Italy and Cyprus.


2016-02-26

Century Underwriting has launched a professional indemnity and D&O service to accompany its existing property owners and motor fleet business units.
Partnering with Arch, the products are targeted at companies and partnerships with annual turnover of up to £100m.


2016-02-26

NIIT Technologies has announced the successful implementation of its new generation policy and claims administration platform, Navigator at Sompo Japan Canopius Reinsurance. Navigator offers product management capabilities that allow new products to be configured without the need for significant IT involvement and supports the full lifecycle processing of a policy from submission, quote and underwriting to policy administration, message processing, claims handling and reinsurance.


2016-02-26

xMatters has announced the release of its integration platform offering enhanced connectivity technology to help enterprises with DevOps adoption. The software provider's cloud platform is designed to accelerate business processes through intelligent communication. The technology pinpoints and proactively alerts the individuals, teams and external service providers required to work together to quickly manage any business scenario along with resolving incidents, such as service disruptions and technical issues that interrupt the flow of day-to-day operations.


2016-02-25

A multi-dimensional approach is needed to tackle cyber security risk, according to Dominic Casserley, president and deputy chief executive officer of Willis Towers Watson. In a speech at the Commonwealth Club of California in San Francisco, Casserley set out an integrated plan for building cyber security, urging organisations in the public, private and social sectors to adopt this proposal as a package, rather than relying on a sub-set of actions in response to growing cyber threats.


2016-02-25

Lorega has completed the management buyout from a number of minority shareholders. The Lorega executive team of Neill Johnstone, managing director, Andy Mintern, finance and commercial director and Terry Wheatley, who will be appointed chairman, have been backed by Alcuin Capital Partners, investing through the Fourth Alcuin Fund.


2016-02-24

Pioneer has announced the launch of a new operational power underwriting capability. The team consists of Tom Wilson and Stuart Brazier and will report to Eamon Brown, group director of underwriting. Writing globally on Lloyd’s paper, the new division will offer flexible insurance solutions to independent power station owners, operators and utilities. Initially providing up to US$40m in insurance capacity, the new division will focus on risk informed underwriting, delivering an enhanced service and feedback to brokers and clients. They will also offer bespoke products for the biomass and waste to energy industry.


2016-02-24

New research from the Cloud Industry Forum (CIF) suggests a lack of confidence in disaster recovery and backup capabilities. The CIF’s survey asked participants to identify which applications represented the biggest risk to their business in the event of failure. Disaster recovery and data backup services were ranked the highest priority amongst those surveyed.


2016-02-24

ZTEWelink has signed a cooperation agreement with Octo Telematics for architecture providing OBU fundamental functionalities including wireless comms, GNSS positioning, CAN-BUS, 6-Axis Gyro, Bluetooth and high precision ADC. Octo Telematics has 36% market share in insurance telematics market globally, and in January 2016 has reached four million connected users globally.


2016-02-23

CGI has been awarded a two year contract by the European Centre for Medium-Range Weather Forecasts (ECMWF) for the EU Copernicus programme to develop a proof-of-concept for an insurance information service. Funded by the European Commission, Copernicus uses information collected from satellite, land, sea and air to help industry and business sectors as well as policy-makers and scientists to understand and mitigate climate threat, adapt to change and capitalise on business opportunities. CGI’s project aims to work with the Copernicus Climate Change Service (C3S) to make the Copernicus climate change data more accessible to the different industrial and public sector user communities


2016-02-18

Commercial insurance market conditions for insureds across EMEA are forecast to be generally favourable throughout 2016, according to a report from Marsh. Its annual Europe, Middle East and Africa (EMEA) Insurance Market Report 2016, expects plentiful capacity in many markets across the EMEA region amid intense competition among insurers, in particular for those organisations with attractive portfolios and good loss histories. The report does warn, however, that some recent earnings announcements, senior management changes and re-underwriting at several companies bear watching. Macro dynamics, including global economic, political, regulatory, technological, and environmental developments, are also likely to affect the industry throughout the year.


2016-02-17

European business leaders are backing the Prime Minister’s drive to make the EU more competitive ahead of the European Council this week. The CBI and its counterparts in Germany, France, Italy and 16 other EU Member States, which together speak on behalf of over 2.5 million businesses, employing more than 50 million people, have published a joint letter backing reforms that will make the EU more competitive and outward-looking to deliver jobs, security and prosperity across Europe. In the letter they also recognise that not all Member States wish to be part of a drive for further integration, agreeing that non-Eurozone countries should have their position in the wider single market safeguarded.


2016-02-16

A new report analysing the 10 most significant human rights issues impacting business has identified the recruitment of migrants and refugees into forced labour; a lack of information on labour practices deep within the supply chain; and inadequate oversight of suppliers among the biggest threats to the brand reputation of global companies over the next year.


2016-02-15

According to public health officials in Ireland and Northern Ireland, an outbreak of Influenza A (H1N1), or swine flu, has caused a number of fatalities since early December 2015. In Ireland, at least 11 people died of the infection amid 344 confirmed cases. In Northern Ireland, up to seven people died, while at least 150 others contracted the virus.


2016-02-15

Compre has completed its acquisition of the Gjensidige marine and energy legacy portfolio of Norwegian insurer Gjensidige. The acquisition represents Compre’s 18th portfolio deal and to date Compre has acquired 10 companies in run-off.


2016-02-12

Insurance is one of the top three most disrupted sectors according to a PwC survey of CEOs. Only the entertainment and media sector is facing potentially greater disruption, according to the report. PwC's study shows that insurance CEOs are significantly more concerned about the threat posed by new market entrants than their banking and asset management counterparts. Sixty nine per cent of insurance CEOs are concerned about the speed of technological change in their industry and 64% are concerned about the shift in consumer spending and behaviour.


2016-02-10

Winter weather throughout January will cost the global economy US$4bn, according to the latest figures from Aon Benfield’s catastrophe team. It’s monthly Global Catastrophe Recap report counts the cost of the powerful winter storms that brought extraordinary snowfall, high winds, coastal flooding, freezing rain, ice, sleet, and severe thunderstorms to the Eastern United States during the second half of January, killing 58 people and injuring dozens of others.


2016-02-10

Sompo Canopius has entered into a licence agreement with SSBN, which will see the flood risk analysts provide Sompo with models and hazard maps for the US. SSBN was founded by members of the University of Bristol’s Hydrology Research Group. It provides global flood risk analytics to provide more robust estimates of risk.


2016-02-09

Despite the majority of small firms in the FS sector saying they think about their company’s reputation frequently, or in some cases “all the time”, they are not considering how a cyber breach could affect it. Only a small portion of the firms surveyed by a KPMG/Cyber Streetwise study say the potential damage following a cyber breach is an “important” consideration.


2016-02-09

Aon Risk Solutions is seeking to expand its SME broker distribution channel through an expanded partner network in its Affinity division. Aon’s proposition includes broad-based coverage as well as specialist sector coverage such as education, care, HNW, pensions and health and benefits.


2016-02-09

A significant proportion of re/insurance classes are expected to experience further price falls in 2016, according to analysis by Fitch. The recent low level of major claims activity in the London Market has intensified competitive pressures, particularly in short-tail lines, and the weakening trading environment is expected to continue.


2016-02-09

The Prudential Regulation Authority has published the findings of a review of firms in the Internal Model Approval Process (IMAP) to assess the quality of data used in the model. According to the review, whilst firms have made strides to comply with Solvency II requirements, a number of insurers are still struggling to articulate, design and implement effective controls over material data.


2016-02-08

Cunningham Lindsey has launched a range of services for managing general agencies that provide a support structure to ensure regulatory compliance, in particular with the new conduct risk and Lloyd’s reporting requirements. MGA Guardian, supported by Ambant Underwriting Services, provides a range of back office functions, including underwriting and claims reporting systems that today’s professionally run and compliant MGAs require.


2016-02-08

The BCI released its fifth Horizon Scan report today – the association’s annual analysis of the top threats as perceived by business continuity managers. Conducted with the British Standards Institution, this year’s findings reveal the business preparedness of about 600 organisations globally, and shows cyber attack as the greatest concern for the majority (85%) of business continuity managers. Shifting up the list from third last year, data breach was next, worrying about 80% of respondents. These are not surprising conclusions, given the amount of damage a cyber attack or data breach can do. Neither is it a shock to see that supply chain disruption remains in the top ten (even if it fell two places from fifth last year to seventh this year).


2016-02-04

Dong Energy is planning to build the world’s largest offshore windfarm, the Hornsea Project One. Capable of powering over 1 million UK homes, the site, off the Yorkshire coast, will have a capacity of 1.2 gigawatt – the first windfarm anywhere to exceed 1 gigawatt.


2016-02-03

There is just one week until the deadline for entries for this year’s Business Continuity Awards. Stand out against the competition and submit an entry in one of our 20 categories – showcasing your best people, products and projects.


2016-02-03

The National Weather Service (NWS) maintains adverse winter weather warnings for states in the vicinity of the Great Lakes region, in the US, on 3 February. Meanwhile, blizzard warning and winter storm warnings are in place for Nebraska, South Dakota, Iowa, Minnesota, Wisconsin and Michigan.


2016-02-02

Business interruption is one of the most sought after yet elusive types of insurance for UK corporates, with buyers reporting uncertainty over what is covered and difficulties in getting claims paid, according to a report from Airmic. The paper, written jointly with Marsh, identifies data as the key area where the expectations of underwriters and risk managers too often diverge.


2016-02-01

Eight new projects have been awarded £20m in funding to research and develop enhanced communication between vehicles and roadside infrastructure or urban information systems, including new talking car technologies. It is hoped that today’s funding will help strengthen the UK as a global centre for the fast-growing intelligent mobility market, estimated to be worth £900bn a year globally by 2025.


2016-02-01

Willis Re has announced a partnership with drone services company Measure. Drone data can be used to better understand the factors leading to property damage and make recommendations for mitigating losses. Drones also provide access to real time data, allowing insurers to collect more timely and accurate data to support the claims process.


2016-02-01

The World Health Organisation has declared an international public health warning in response to the ongoing Zika virus outbreak in Latin America and the Caribbean. The WHO warning focuses on increased coordination on detecting and eliminating the disease and increased funding and research, but does not impose any travel or trade restriction.


2016-01-29

Chubb has announced the launch of a new partnership with Crawford & Company that will see the latter provide a single point of contact and a 24/7 incident response platform to report cyber incidents. The platform will be available to current and future policyholders that purchase cyber cover through Chubb in Europe and is designed for international and domestic organisations across Europe, including both larger and middle-market companies in Continental Europe and the UK and Ireland.


2016-01-29

ENISA has highlighted in a new report the need for greater security in the smart grid
A fundamental component of the European critical infrastructure, smart are increasingly at risk of cyber attack. 'Communication network interdependencies in smart grids' focuses on the evaluation of interdependencies to determine their importance, risks, mitigation factors and possible security measures to implement.


2016-01-29

Cybersecurity, bribery, oil price and financial market fluctuations are among the chief risks facing businesses, according to a UK study carried out by risk management association, the IRM. Further areas of risk concern identified were the effects of continued austerity measures in the UK and the impact of technology enabled disruptive business models.


2016-01-28

Looking after your employees is good for business with new research finding that it brings in 35% more investment from socially responsible funds. The study looked at 1,585 US corporations and 47 socially responsible investment (SRI) funds and found that those companies who treated their employees best had the most money poured into them by SRI funds.


2016-01-27

The CII has released a new research report setting out the post-COP21 challenges for the insurance sector. The report has been released in the wake of the WEF's annual ‘Global Risk Report’, in which the failure of climate change mitigation and adaptation was found at the top of its main risks.


2016-01-27

Zurich has appointed Mario Greco to the role of CEO. Effective 1st May 2016, Greco will succeed Tom de Swaan, who has held the role on an ad interim basis since Martin Senn stepped down in December 2015.


2016-01-27

Marsh has launched a new global excess cyber risk facility, designed to provide the excess market with up to US$50 million in follow form coverage. While overall capacity in the cyber market remains abundant, the excess market is highly volatile.


2016-01-27

Sungard Availability Services has announced the signing of a ten year IT services deal with John Menzies. With daily deliveries to 45 per cent of the UK’s retailers, customers at 144 airports worldwide, and a business that serves over 300 airlines, John Menzies deals with millions of transactions on a daily basis. The business operates out of 31 countries and over 150 locations.


2016-01-26

A new website, aimed specifically at women who are looking to return to work after a career break, has been launched by CII to highlight the merits of a career in insurance. Information on the website will include details of potential opportunities, salary expectations, advice and tips.


2016-01-26

Back in 2009 Alarm launched its National Performance Model to help answer that question. Based on earlier work devised by HM Treasury, it breaks down risk management activities into seven distinct strands and provides examples to illustrate different levels of maturity. Since 2010 Alarm has used the model as the basis for an annual benchmarking exercise across public service organisations. This has provided Alarm with a unique set of data that depicts how risk management has developed during the last five years and we have recently published the results of our analysis of this data.


2016-01-26

Storm Jonas, the snow storm that shut down New York and Washington last Saturday, and caused 11 states to enter a state of emergency, is said to be heading for the UK. Severe weather warnings have now been issued by the Met Office for much of Wales, north-west England and the west of Scotland. According to research from FM Global, flooding is the most common form of disruption for UK businesses, accounting for 33% of all losses to business property.


2016-01-22

The Rockefeller Foundation, Veolia, and Swiss Re Corporate Solutions have joined forces to unveil an innovative infrastructure recovery initiative to speed up economic recovery in the aftermath of catastrophic events for cities across the globe. The partnership, announced today, is designed to support cities worldwide in the areas of climate change adaptation, disaster risk reduction, infrastructure enhancement and recovery.


2016-01-22

The Enterprise Bill, a piece of legislation currently going through the House of Lords, has received relatively little attention. Anyone who buys insurance for their organisation should take note, however, because it will put insurers under an obligation to pay valid claims within a reasonable time otherwise policyholders may sue for damages. This may seem a common sense measure, but it has profound and beneficial implications for business. It is no exaggeration to say that the time taken to receive compensation for a major incident can make or break an enterprise. Yet, under the present law, policyholders have no means of obtaining compensation for the impact of unjustified delays in being paid.


2016-01-21

From 1st April, businesses with a turnover of more than £36m will be required to report annually on the steps they have taken to ensure modern slavery is not taking place in their business or supply chains. With just over two months to go, however, the supply chain managers responsible appear unprepared for compliance with the Act’s requirements.


2016-01-20

As re/insurer interest and investor confidence continues to grow, non-life insurance-linked securities (ILS) capital hit new heights in 2015, broadening their horizons to include new products and perils, according to the latest ILS market update from Willis Capital Markets & Advisory.


2016-01-20

The most used passwords of 2015 have been revealed, with '123456' and 'password' remaining at the top of the charts for the second year running. Sports-related passwords continue to rank highly with both football and baseball ranking in the top 10, whilst new entries to the list include 'starwar's and 'solo' following the release of the latest Star Wars movie.


2016-01-19

Lloyd’s of London today announced that a set of common core data requirements for cyber risks has been agreed through a collaboration with modelling firms AIR Worldwide and RMS and the Cambridge Centre of Risk Studies. Both AIR and the RMS/Cambridge teams have agreed to highlight common elements when they publish their data schemas later this month, with agreed terminology and definitions.


2016-01-18

While a quarter of UK employers have seen their absence rates improve over the last 12 months, new research from Group Risk Development (GRiD), the trade body for the group risk industry, shows that one in 10 have seen their rates worsen over the same time period. On so-called 'Blue Monday' employers will be bracing themselves for the possibility of increased absences as staff struggle with low morale and motivation following the Christmas break.


2016-01-16

With the growing risk of data protection loss, specialist data protection and cyber security lawyers have warned that SMEs are disproportionately vulnerable to compensation claims from customers.


2016-01-15

A report published today warns that a combination of factors has sharply increased political risk for the UK’s financial sector. The analysis, 'Disruptive Influences: Technology, politics and change in the financial sector', carried out by Cicero Group and commissioned by the Chartered Insurance Institute (CII), provides an overview of disruptive technological changes and their effects on politics and the financial sector.


2016-01-15

ACE has completed its acquisition of Chubb, creating the world’s largest publicly traded property casualty insurance company. ACE paid approximately US$29.5bn in the aggregate in cash and stock. The new company begin trading on the NYSE today under the symbol “CB” tomorrow as ACE adopts the Chubb name globally.


2016-01-14

Marsh has launched a new tool designed to model the financial impact of explosions in the energy sector. Marsh Blast, powered by MaxLoss, was developed by Baker Engineering and Risk Consultants, will be the first time in the insurance industry has used the Baker-Stehlow-Tang (BST) explosion model. The technology is targeted at energy companies looking to calculate the maximum damage to property across their global assets.


2016-01-14

For the first time in a decade, an environmental risk has topped the ranking of global risks with the greatest potential impact. This is according to a report from the World Economic Forum, which cites the risk with the greatest potential impact to be a failure of climate change mitigation and adaptation – considered to have greater potential damage than weapons of mass destruction, water crises, large-scale involuntary migration and severe energy price shock. Meanwhile, the biggest risk single risk in terms of likelihood is considered to be the migrant crisis.


2016-01-14

XL Catlin has announced a partnership with Oxbotica, a spin-out from Oxford University’s Mobile Robotics Group, to support the adoption of mobile robotic solutions and explore their impact on risk management and insurance.


2016-01-13

The risk landscape for businesses is changing substantially, according to the annual Allianz Risk Barometer, released today. While businesses are less concerned about the impact of traditional industrial risks such as natural catastrophes or fire, Allianz’s study shows they are increasingly worried about the impact of other disruptive events, fierce competition in their markets and cyber incidents.


2016-01-13

Global economic losses from natural catastrophes in 2015 stood at US$123bn – 30% below the 15-year average of US$175 billion. There were 14 multi-billion dollar economic loss events around the world, with the costliest being forest fires that burned out of control in Indonesia. At US$16.1bn, The World Bank noted that the economic loss from the fires represented 1.9% of the country’s GDP.


2016-01-12

Commercial insurance premiums will generally be lower in 2016 compared to 2015, according to analysts at PwC. Commenting on the 2016 outlook Mohammad Khan, UK general insurance leader at PwC, said: “Commercial insurance premiums will generally be lower in 2016 compared to 2015. Competition for commercial lines insurance has intensified and is likely to continue in 2016."


2016-01-11

Insurers have released new figures today that demonstrate the scale of the sector’s response to the recent devastating floods caused by storms Desmond, Eva and Frank during December and over the New Year.


2016-01-11

Sian Fisher has been appointed as CEO of the Chartered Insurance Institute (CII). She succeeds Dr Sandy Scott, who announced his retirement in March last year. With a breadth of experience in business insurance, Ms Fisher has held senior roles in a Lloyd’s Syndicate, a UK and European insurance company, a start-up intermediary, an MGA, a major international broker and US corporate. She was a founder and original board director of the Managing General Agents’ Association and has held senior positions with both the CII and the Insurance Institute of London. She is a graduate of Oxford University with an Exec MBA from Harvard and is ACII qualified.


2016-01-08

The turbulence experienced across the world during 2015 is set to continue throughout the coming year, according to forecasts from Verisk Maplecroft, which predicts little respite from the political instability, civil unrest, economic volatility, security crises and geopolitical rivalries that defined the last 12 months.


2016-01-07

A guidance document exploring advanced uses for insurer internal models in the context of reinsurance decisions has been released by the Institute of Risk Management (IRM) via its Internal Model Industry Forum (IMIF), as part of a wider programme from the IMIF to help insurance businesses create sustainable value.


2016-01-06

The recent series of storms and floods in the UK will significantly weaken 2015 earnings from household insurance for some firms, but are unlikely to affect insurers' capital levels or ratings, according to Fitch. If there has been significant business interruption, insured losses could rise above these estimates. A long-term increase in the number of properties at significant risk of flooding could result in Flood Re's funds and reinsurance cover being inadequate to meet outgoings.


2016-01-05

The NHS could pay an additional 3.5% in Insurance Premium Tax (IPT) if the NHSLA continues to stall payment of outstanding ATE premiums for cases that were concluded before November 2015. This is according to estimates from ARAG, which says there are thousands of concluded clinical negligence cases in which payment of the ATE premium is still outstanding -- the majority of which will involve the NHSLA.


2016-01-05

A new industry research paper suggests that the vast majority of UK organisations lack the skills needed to manage hybrid IT environments. The research, conducted for Sungard Availability Services, found that matters of IT security were the biggest concern, with 38% of organisations reporting they lack the necessary skills to deal with security issues. Integration and interoperability were also cited as critical concerns: 27% of organisations felt they struggled to integrate private cloud environments into their IT estate, falling to 22% for public clouds. 22% of respondents also admitted to difficulties in managing different IT systems across separate business departments. Most significantly, though, 83% of UK organisations feel that they lack the skills to manage complex IT.


2016-01-05

Octo Telematics has announced its partnership with The Ohio State University’s Center for Automotive Research (CAR) whereby the telematics provider will use the university’s CAR to test its new products and services. CAR's research will also be used to develop new services and intelligence for Octo, including crash detection, analytics, new data collection for fuel consumption and emission regulations for insurance carriers.


2016-01-04

The current flooding in the north of England underlines the need for businesses to buy insurance that is fit for purpose, and to support it with effective crisis planning. Meanwhile, PwC says losses from Storms Eva and Desmond could reach £2.3bn, with insured losses of up to £1.2bn.


2016-01-03

Prime Minister David Cameron has announced a package of more than £40m to rebuild and improve flood defences in the aftermath of Storm Eva. And he pledged the government would support charities helping those caught up in the Boxing Day deluge by matching every pound of the first £2m raised.


2016-01-01

After many years of political and legislative negotiations between the European Parliament, Commission and Council, the new risk-based European supervisory framework for insurance has finally gone live. Solvency II is expected to result in a paradigm shift in companies’ risk cultures, with well capitalised insurers enabling the sector to withstand unforeseen shocks.


2015-12-23

JBA Risk Management has released a multi-peril flood model of the UK to assist the insurance industry in placing risks with Flood Re. Developed in collaboration with Guy Carpenter, the JBA UK Flood Model is unique in that it includes river, rain and surface water and coastal flooding for the whole of Great Britain and Northern Ireland. Guy Carp is the reinsurance broker to Flood Re, which is scheduled to go live in the first half of 2016.


2015-12-22

Despite P&I Clubs announcing that they are trying to achieve on average 2% increases in premium, ship owners with good records can look forward to reductions in premiums for protection and indemnity (P&I) insurance at the 2016 renewals, according to a report from Willis.


2015-12-21

ACE has announced the launch of a directors & officers (D&O) insurance cover for charities and not-for-profit organisations based in the UK & Ireland. With proposed amendments to the Charities Bill aimed at tackling serious abuse of charities and increased scrutiny over charities’ fundraising and management, charity trustees and directors are becoming increasingly vulnerable to claims.


2015-12-21

Pardus has launched an accident and health division, focused predominantly on the UK and Europe. Heading up the MGA's fifth product launch since it began trading last year, the team will be led by Peter Coles, who joins as head of A&H.


2015-12-18

Fierce competition means London Market insurers will continue to face pressure on their underwriting margins, according to a report from Fitch. It says the London Market's fundamental sector outlook for 2016 remains negative, but stable as a result of robust financial fundamentals. The ratings agency believes that a substantial proportion of London Market business will continue to experience significant pricing pressures. The agency does not believe that a price floor has been reached in reinsurance and expects further declines in underwriting margins. It also says other major non-catastrophe lines, such as casualty, may experience further price declines as more re/insurers diversify into this line of business.


2015-12-18

ACE Group has launched a dedicated environmental policy for companies in the renewable energy industry in the UK and Ireland. ACE Renewable Energy Environmental Protection covers the full spectrum of environmental risks faced by renewable energy companies, providing coverage from the start of construction of renewable energy plants through to their operation. It is available to energy producers in every renewable sector, namely solar, onshore...


2015-12-17

DWF is to acquire German international commercial law firm BridgehouseLaw, building the firm’s international offering, and strengthening its capability in insurance, energy, real estate, retail, food and hospitality and tech.


2015-12-17

The widespread and increasing adoption of cloud computing may be the answer to managing costs and supporting scalability, but it raises major concerns over the privacy and security of data. In response to this trend, business standards company BSI has today launched a training and certification scheme for the protection of personal data in the cloud.


2015-12-17

A new document published by the Lloyd’s Market Association (LMA) has set out the new standard terms of engagement for surveyors and loss adjusters who are currently employed by Lloyd’s market aviation insurers.


2015-12-16

Lloyd’s of London has announced plans to launch its own insurance based index in mid-2016. This would be the first index for diversified risk, showing loss ratios and focused on insurance performance. It is intended that the detailed insight into the performance of the market will provide managing agents, brokers and other insurers with new options for managing risk and form the basis of index-related products of interest to the wider capital markets.


2015-12-16

An academic study claims to have identified three common factors that ensure corporate social responsibility adds to a company’s bottom line. CSR is used by companies to advance some social good and also allows them to enhance their organisational performance. A number of organisations are integrating social and environmental issues into their core strategies. But can organisations do well while doing good?


2015-12-14

Equifax and BAE Systems have announced a collaboration that will see the two entities developing solutions to help businesses mitigate financial crime. The new relationship will enable businesses large and small, to access enterprise grade solutions to help combat fraud, money laundering and terrorist financing.


2015-12-14

We are delighted to announce that the Business Continuity Awards 2016 are open for entries. Now in its 18th year, the awards recognise those business continuity, security, resilience and risk professionals whose innovative strategies and industry savvy make them stand out above the rest.


2015-12-14

The security and political risk outlook looks worse than at any point in the past decade, according to analysis from Control Risks. Its annual RiskMap, which highlights the most significant underlying trends in global risk and security and provides a detailed view from the markets that will matter most over the coming year, suggests 2016 will be a challenging year for businesses as they are forced to navigate escalating security and political risks.


2015-12-11

The Institute of Risk Management (IRM) has today published two guidance documents to help insurers implement the rules, get the board engaged and find a sustainable way to build trust in capital models. Produced by its Internal Model Industry Forum (IMIF), the release of these documents comes at the same time as regulators across Europe, including the UK Prudential Regulatory Authority, start to notify insurers of their internal model approval status.


2015-12-10

Arc Legal Assistance has announced a distribution partnership with Lorega, which will offer policyholders access to an independent Chartered Loss Adjuster on SME as well as homeowner claims.


2015-12-08

Business interruption now typically accounts for a much higher proportion of the overall loss than was the case 10 years ago, according to data from Allianz. The average large BI property insurance claim is now in excess of €2m (€2.2m: US $2.4m), which is 36% higher than the corresponding average property damage claim of just over €1.6m.


2015-12-08

Negotiators of the European Parliament, the Council and the Commission have agreed on the first EU-wide legislation on cyber security. The Directive on Network and Information Security will require operators of essential services in the energy, transport, banking and healthcare sectors, and providers of key digital services like search engines and cloud computing, to take appropriate security measures and report incidents to the national authorities.


2015-12-07

UK regulatory approval of insurers' internal models is a major step towards clarity on their capital position under Solvency II (SII), and a precursor to announcements of strong solvency ratios, according to a report Fitch Ratings. On Saturday, the Prudential Regulation Authority announced its approval of 19 UK insurers' models, meaning that they will be able to determine their SII capital position based on their own risk calibration when the regime takes effect in January.


2015-12-07

The London company market has backed plans for a new electronic placement service. The board of the International Underwriting Association (IUA) unanimously supports the concept and ten Board members have signed a statement of support for the project which aims to improve client service through a quicker process with less risk of error.


2015-12-07

Fitch Ratings says in a new report that its rating outlook for the German non-life insurance sector remains stable. The sector outlook, an indicator of fundamental trends, is also stable.


2015-12-06

Deutsche Börse has signed a 5-year agreement with Stockholm-based surveillance technology provider Scila to continue its use of Scila Surveillance. For the last four years, Scila has provided state of the art surveillance technology for Deutsche Börse Group’s two largest exchanges – the Frankfurt Stock Exchange and the derivatives market Eurex – and the bond trading venue Eurex Bonds.


2015-12-06

Localised flooding continues in the north west of England after the Environment Agency issued 46 severe flood warnings in the wake of Storm Desmond.
Prime Minister David Cameron chaired a COBR meeting this morning, and flood minister Rory Stewart has been in Cumbria since Saturday, meeting those affected and assessing the situation on the ground.


2015-12-06

SMEs are leaving themselves open to serious crime risks according to new research from Aon Risk Solutions. The new study suggests the danger of cyber risks are being overlooked by many SMEs. Just 4% said they had insurance cover in place to help protect them from the implications of cyber attacks, very little change from one year ago (3%).


2015-12-03

New analysis by Collinson Group reveals a 52% (842,264) increase in the number of visits by UK business travellers to high-risk destinations overseas in the first half of 2015 compared to the same period a year earlier. In the first half of 2015, business travellers made 2,477,105 visits to destinations that experienced level three security incidents, as identified by Collinson Group, compared to 1,634,840 a year earlier. Category three security incidents include attempted coups and terrorist attacks.


2015-12-02

Despite multiple warnings about the consequences of failing to have a robust disaster recovery plan in place, a new study suggests that only about a third of companies test their disaster recovery plans on a regular basis. Of the sample surveyed by Kroll Ontrack across the UK and Germany, only 9% of companies said they test their plans every one to five months and another 29% every six to 12 months.


2015-12-02

Given the burgeoning number of social media platforms and users on the internet today, it is surprising that more books have not yet been published to tackle the risks.
I suspect there are more marketing books focusing on the opportunities, however. This convergence of professions gives the topic an interesting dynamic – and presents a set of challenges of its own for risk professionals.


2015-12-01

After ten years with Zurich, six of which as CEO, Martin Senn has decided to step down, and is due to leave the company at the end of the year. Tom de Swaan, who has named chairman in 2013, has been appointed interim CEO and the process to appoint Martin Senn’s successor is underway.


2015-12-01

xMatters has received accreditation from the Crown Commercial Service to trade on G-Cloud 7.


2015-12-01

The Institute of Risk Management (IRM) has published a guidance document exploring advanced uses for insurer internal models in the context of insurance and reinsurance of flood risk. The document, created by the Internal Model Industry Forum (IMIF) at the IRM, was produced by a team led by IRM risk consultant Raphael Borrel and NN-Group’s principal insurance risk officer Dr Sebastian Rath.


2015-11-30

A new study released today by The Economist Intelligence Unit and the British Standards Institution (BSI), found that resilience is a clear priority for businesses and is considered “indispensable” for long-term growth. 'Organisational resilience: Building an enduring enterprise', shows that executives are confident about their companies’ ability to embed key specific resilience-promoting practices in their daily operations and understand the benefits of becoming resilient.


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