The European Commission has today set out which countries it has asked EIOPA to assess for transitional equivalence during 2012. This process will ultimately determine which countries are deemed to have a regulatory system which provides enough policyholder protection that companies will not have to comply with both Solvency II and local regulations.

It is likely that these countries will have five years to embed any identified changes to their regulatory system from the point Solvency II becomes effective.

Commercial underwriting specialist Evolution Underwriting has announced the extension of its capacity arrangements with Allianz for a further five years. The deal covers property, casualty, excess of loss and motor lines and ensures continued support for Evolution until at least 2016.

With the start of events just less than six months away, businesses that have not already done so are being urged to prepare now to avoid any potential disruption caused by the UK-hosted Olympic Games.

Global business processor Xchanging has appointed John Niblett as insurance change director for Xchanging’s insurance business.

Businesses in the City are concerned about the impact of regulatory uncertainty on their business operations, according to a new report by international law firm Eversheds.

The total amount of fraud in 2011 topped £3.5 billion – a record year – according to KPMG’s Fraud Barometer, as Britons across the country continue to struggle with tough economic conditions.

Vocal is to launch managed services for its iModus product.

Analysis of fraud trends during 2011 reveals a 9% increase in the overall level of fraud when compared with the previous year.

Fitch Ratings says in its latest bi-annual global credit outlook report that the intensification of the eurozone crisis in H211 triggered an overall rise in the proportion of negative rating outlooks assigned by the agency.

The European Commission published its proposed reforms to the EU 1995 data protection rules today. Under the changes, organisations would be operating under a tougher regime where they would face increased accountability and heavier fines.

UK product recalls have jumped by 27% from 229 in 2010 to a record 291 in 2011, the second year in a row to see record breaking increases, according to law firm Reynolds Porter Chamberlain.

Cyber Security Challenge UK has appointed its first CEO less than two years after its launch. Duncan Hine was previously head of security, resilience and information assurance for NATS.

John Cavanagh has been appointed as CEO of Willis Re.Cavanagh succeeds Steve Hearn, who was appointed chairman and CEO, Willis Global in December.

XL has announced the appointment of Alvaro Salamanca as CEO of its operation in Mexico, effective immediately. He will report to Bruno Laval, XL’s insurance segment’s regional manager for Iberia & Latin America.

BIBA has launched its 2012 Manifesto outlining its priority lobbying issues for the year ahead. Its main focus will be on achieving appropriate, proportionate and cost effective regulation and working with government, businesses, regulators and consumers to help ensure a sustainable recovery and support growth.

Europe’s highest volcano, Mount Etna, in Sicily, began erupting over the weekend, sending lava and ash up to five kilometres high.

The volume of business in UK financial services grew for the seventh quarter running and at the fastest pace since June 2007, in the three months to December, according to the latest CBI/PwC Financial Services Survey published today, Monday. The level of business was also seen as being normal, after being regarded as below normal since September 2007

Windstorm Andrea brought strong winds to the UK late Wednesday and early Thursday causing transportation disruption, power outages and tree fall across central and southern UK.

KPMG’s UK Risk Consulting practice has posted an increase in revenues from £158m to £226m for the financial year ending 30 September 2011. KPMG announced its ELLP network annual results today, Monday.

BIBA has launched a sanctions checking facility to help members comply with their obligations under the Terrorism Act and the FSA financial crime requirements.

With the majority of this year’s catastrophe losses arising from unmodelled or inadequately modeled perils or territories, reinsurers are being more forceful in their demand for greater transparency of data, or looking to sub limit their exposures to manageable levels.

Ushering in the new year on a well-earned downer, British Bankers’ Association (BBA) chief Angela Knight's message examined the unsettling developments of the past 12 months, and looked ahead at yet more uncertainty – particularly in the eurozone.

Amlin has acquired coverage for US hurricane, US earthquake and European windstorm perils of up to US$150m from Bermudian insurer Tramline Re, which in turn is placing a catastrophe bond for this amount into the capital markets.

Insurance in emerging markets has experienced strong growth over the past decade and the outlook for the next decade remains promising. Nonetheless, achieving profitable growth will become increasingly challenging in emerging markets.

Next year will see a return to underwriting disciplines for general insurers as their financial performance comes under greater scrutiny and they face increased regulatory interest, according to KPMG.

The Law Commissions says its time to change the law on late claims payments, and the resulting losses. The Commissions seek responses by 20 March 2012.

Moody’s has acquired Barrie & Hibbert, a provider of risk management modelling tools, as it shores up its data management, capital calculation and regulatory reporting platform.

Fitch Ratings says in a new report that it expects Solvency II and low valuations will result in further merger and acquisition activity in the UK non-life insurance sector in 2012.

Swiss Re estimates that total insured losses for the global insurance industry from both natural catastrophes and man-made disasters reached US$108bn in 2011. This is more than double the figure they calculated in 2010 of US$48bn.

Chubb has launched a new cyber security insurance product for companies in the UK, Ireland and Europe that own or control confidential, personal, sensitive financial information or private health data or that transact business via the internet.

The Business Continuity Awards 2012 are now open for entries. The deadline for entries is 17 February 2012. The Business Continuity Awards recognise business continuity, security, resilience and risk professionals whose innovative strategies and industry savvy make them stand out above the rest.

Stefan Lippe is to step down as Swiss Re chief executive next year. A successor is planned to be appointed soon.

The Association of British Insurers (ABI) warns that the Eurozone crisis would not hold up Solvency II, but the new rules for how insurers hold capital should recognise the need for investment in long-term projects needed for economic growth.

The strong winds battering Scotland could be cooling the Scottish economy by around £100m, according to estimates by PwC. The risk consultancy says that, even if the aggregate cost of bad weather over the winter does not significantly impact national and regional GDP, daily productivity losses are a direct cost to business.

Scotland and North Britain were battered by gales of up to 165 mph yesterday, leaving a trail of destruction across parts of the country. Scotland suffered the worst conditions when a cyclone brought hurricane-force winds to most areas throughout the day and into the evening.

A ‘privacy paradox’ is emerging around the tension between consumers’ growing willingness to share personal data for commercial use at the same time as their concern about privacy and security is mounting, according to KPMG.

A study commissioned by FM Global shows that a natural catastrophe in China on the scale of the 2011 Japan earthquake and tsunami would have an even more severe impact on supply chains, given China’s critical role in global manufacturing.

Global economic and political uncertainty has had little impact on global insurance programmes, according to the second annual Airmic casualty benchmarking survey.

The outlook for prices in the UK’s energy market will largely depend on the direction the economic situation in the Eurozone takes in the coming weeks, says npower.

The British Insurance Brokers’ Association (BIBA) has said that the continuing language used by the government and regulator about the financial crisis is a challenge facing the sector and that more recognition should be given to the value insurance brokers bring to UK plc.

The increasing dominance of domestic insurers and the war for talent have overtaken China’s regulatory environment as the key challenge for foreign insurance companies operating in China.

On the 8 December 2011, the UK government published a consultation paper on its proposed approach to implementing the ECJ’s EU Gender Directive ruling into law and its views on how insurers can use gender as a risk factor in the light of the judgment.

Government funding of £3m will back seven research and development projects that will demonstrate materials to support the development of innovative energy technologies.

Lloyd's is to announce that research revealing how the human brain makes risk-taking decisions and how quickly it can learn the correlations between risk and reward has won the 2011 Lloyd’s Science of Risk Prize.

The EMC European Disaster Recovery Survey suggests that 74% of organisations across Europe might not recover from a disaster and 54% of European companies have lost data and/or suffered systems downtime in the last year.

On completion of its first full year of operations in Canada, Willis Re has appointed Jim Bradshaw as chairman of the board. Bradshaw, who is also CEO of Willis Re North America, replaces Steve Hearn, CEO, Willis Re.

Proposals to better protect small businesses from energy companies could be undermined because of the lack of a dedicated watchdog, the Forum of Private Business is warning.

Further to the publication of the UN Intergovernmental Panel on Climate Change’s (IPCC) report Managing the Risk of Extreme Weather Events, PwC warns that the insurance industry has much work to do.

The UK lags behind other industrialised countries when it comes to helping sick and injured staff back to work and will continue to do so until it develops a more effective approach to rehabilitation.

A Fitch report suggests that while Japan's residential earthquake insurance scheme proved effective, the extent of insurance payouts has led to the Japanese government expanding its share of insurance protection to JPY4.8trn from JPY4.3trn.

ACE has today published a Claims Reporting Guidance pack, a collection of sector-specific briefing documents aimed at helping brokers and clients to both manage and prepare for claims.

Baroness Pauline Neville-Jones, the government’s special representative to business on cyber security, becomes first ever Challenge patron. This news as CompTIA, Raytheon and Royal Mail join the challenge as new sponsors.

Insurers of Japanese earthquake losses are facing unexpected increases in claims from manufacturers who moved production and/or sourcing of supplies to Thailand, says law firm RPC (Reynolds Porter Chamberlain LLP).

Visa Europe has taken a minority stake in customer insight group, Beyond Analysis, aimed at strengthening the firm's data analytics capabilities, providing insight into consumer spending patterns. Visa Europe’s data analytics are said to be anonymous, and do not include personal or private details.

Excess capacity and continuing competition among insurers have made for favourable buying conditions for many energy firms in the final quarter of 2011.

Economic unrest in the Eurozone has caused volatility in oil prices, according to a report published by npower. Political to-ing and fro-ing of the Greek debt crisis caused upheaval in oil prices last week.

With less than nine months to go to the start of London 2012, over half of small and medium sized businesses expect no disruption to their operations as a result of the Olympic and Paralympic Games, according to a new report from Deloitte.

Benfield has updated its UK terrorism catastrophe model. The model simulates attacks on more than 2,000 potential UK targets, including places of worship, financial centres, infrastructure, government and military locations.

Risk experts are warning that non-compliance in the British haulage industry could have far-reaching consequences. The impact on the UK economy could be devastating with a downturn in productivity coupled with loss of sales for many millions of businesses that depend on road haulage.

The Financial Services Authority (FSA) has fined Coutts & Co £6.3m for AIG bond mis-selling. The fine will serve to reiterate to firms in the financial services industry that the FSA will not hesitate to penalise firms who fail to assess ‘suitability’ during the sales process.

Eighteen further new building developments are to undergo intensive assessments of their energy performance in the latest part of the Technology Strategy Board’s Building Performance Evaluation programme

Aon Risk Solutions reports steady premium volumes ahead of the frenetic renewal season in the aviation insurance market, despite significant increases in forecast risk exposures.

Current market complexities within the operating environment calls for an imperative need for businesses to establish outward looking processes, confirms the Institute of Operational Risk (IOR).

The Financial Services Authority (FSA) has said they are exploring how they can permit insurers to adopt Solvency II requirements once they are transposed into national legislation in early 2013, for their Pillar 2 reporting,

UK consumers say they'll spend more time shopping online than in 2010. But according to the UK edition of ISACA's fourth Shopping on the Job report, two-thirds of this time will be on devices also used for work, posing significant risk to enterprises.

A new report released today by The Economist Intelligence Unit reveals the importance of looking beyond the current risk horizon and how executives can equip their organisations to deal with future risks and deliver long-term performance.

The British Insurance Brokers’ Association (BIBA) has confirmed that it will join together with the Institute of Insurance Brokers (IIB) to provide one trade association and lobbying voice for general insurance brokers.

Despite the growing threat of cyber attack, business and government is continue to ignore the risks, allowing attackers to exploit a myriad opportunities, PwC warns.

One in five firms has been threatened with a tribunal claim in the last three years, according to the British Chamber of Commerce. Increasing legislation surrounding rules of dismissal and health and safety were seen as the most burdensome issues they faced.

Maritime security experts welcome David Cameron’s announcement that UK registered ships will be allowed to carry armed guards in a bid to thwart piracy off the coast of Somalia.

Simon Lee is to take up the position of group chief executive of RSA on 1 November, following the earlier announcement of Andy Haste’s intention to step down.

A major new mapping study, analysing climate change vulnerability down to 25km² worldwide, has revealed some of the world’s fastest growing populations are increasingly at risk from the impacts of climate related natural hazards and sea level rise.

Credit Suisse has been fined £5.95m by the FSA for system failures. The fine, levied at the UK private bank division for systems and controls failings in relation to sales of structured capital at risk products (SCARPs), marks the second run-in with the FSA in as many years.

ISACA has issued a white paper outlining the causes of web application vulnerabilities, examining the associated risk and impacts, with advice for mitigating risk.

QBE has created a new team to launch an environmental impairment liability (EIL) product.

Tomorrow, Tuesday 25 October, European pensions supervisor EIOPA is due to publish a consultation discussing whether a Solvency II type regime should apply to European pension schemes, including defined benefit (DB) pension schemes in the UK.

KPMG has appointed a new director to run its risk consulting practice. Paul Evans joins from the Serious Organised Crime Agency (SOCA) where he was the executive director for intervention with responsibility for shaping and establishing a new approach to organised crime.

Willis has named the longest standing member of its executive team, Daniel Wilkinson, as CEO of its UK and Ireland divisions.

The normal insurance market cycle has changed according to brokers JLT and XL, creating polarisation through individual exposures with some pockets of hardening.

New steering group launched to develop ‘simple’ financial products
Mark Hoban, Financial Secretary to the Treasury, today announced the creation of a new steering group tasked with devising a suite of ‘simple’ financial products that will help consumers navigate the financial services market.

New figures released today for the first time show the full cost of claims for Cornish Mutual during one of the worst winters on record.

In the wake of the financial crisis no one can argue with the principle of introducing greater transparency and safety measures into the sector, which MiFID II seeks to achieve, but investors and clients will be apprehensive over the additional costs associated with yet more regulation.

Tim Wright has been appointed as CEO of Willis International, the company’s global retail business unit.

The long-awaited MiFID II (Markets in Financial Instruments Directive) has at last been published by the European Commission. In addition to imposing new restrictions on high-frequency trading, the revised publication defines new rules for access criteria between central counterparties and trading venues.

A new report shows significant change to the international financial map, with growth economies taking centre stage in new order. Further, almost three quarters of survey participants reported that their boardrooms have become more focused on risk procedures over the last four years.

Fresh insight into the psychology and activity of hackers can be found in a report just published by data security firm, Imperva. The report analyses the content and activities of an online hacker forum with nearly 220,000 registered members.

Willis has designed a bespoke insurance solution specifically to protect the liability of fund directors, including in the event of a collapse which exposes them to significant financial costs.

A consultation proposing the refocusing and streamlining of the Financial Reporting Council (FRC) is being launched today by the Department for Business, Innovation and Skills (BIS) and the FRC.

HM Treasury is reviewing its response to the financial crisis. The review is being led by Sharon White, formerly a Director General at the Ministry of Justice and the Department for International Development, and has begun work today.

The Risk and Insurance Management Society (RIMS) has voiced its opposition to legislation introduced by Rep. Richard Neal (D-MA) and Senator Robert Menendez (D-NJ) that would place significant restrictions on domestic insurers which cede reinsurance to their foreign affiliates.

Supreme Court judgment on pleural plaques disappointing says the Association of British Insurers.

Financial Services Authority (FSA) chief executive Hector Sants today met with US Securities and Exchange Commission (SEC) chairman Mary L Schapiro as part of the SEC-FSA Strategic Dialogue sessions, enabling the two agencies to engage at senior levels on current matters affecting the UK and US capital markets.

Willis and Kiln have created a joint policy aimed at limiting the financial fallout from negative PR.

For the first time, an alliance of government, industry representatives, voluntary groups and law enforcement agencies have come together to create an integrated action plan aimed at tackling fraud, which is estimated to cost the UK £38bn a year.

Specialist intelligence firm Exclusive Analysis has launched Foresight Political Risk, an online country risk intelligence model.

The Financial Reporting Council (FRC) has today announced its decision to amend the UK Corporate Governance Code to strengthen the principle on boardroom diversity which was first introduced into the Code in June 2010.

Recent hack attacks on three digital security certificate companies, the bodies which reassure consumers of the safety of websites, pose a fundamental challenge to the security of the internet, claims CFC.

Chief Constable of Warwickshire Police Keith Bristow has been announced as the head of the National Crime Agency today.

A shortage of actuaries to deal with Solvency II projects has forced the government to relax its visa rules, according to a UK based business technology recruiter.

The CEA has stressed that the EU's anti-money laundering standards should remain appropriate and proportionate to the risks involved.

Latest figures from the ONS show that over 150,000 people lost their jobs through redundancies in the three months to July 2011 – the largest quarterly increase since August 2009. A new guide covers the legal bases.

New figures released today suggest that banking industry initiatives are successfully driving fraud away from customers’ cards and bank accounts. Fraud losses on UK cards and cheques fell in the first half of 2010, compared with the same time last year.

The Financial Services Authority's (FSA) plan to extend the IMAP by over a year is likely to be met by disappointment from many of the largest insurers.

Nick Robson, head of credit, political and security risk, JLT Specialty Limited (JLT), warned that politics are exerting ever greater influence over cross border trade and that this influence shows no signs of abating.

The British Insurance Brokers’ Association (BIBA) has today given its full backing to the Financial Services Authority (FSA) following the FSA’s announcement that it is to restart its funding review of the Financial Services Compensation Scheme (FSCS).

Governments should be careful not to cause additional harm to the global economy when putting in place new frameworks for financial regulation, says Deutsche Bank chairman, Dr Josef Ackermann.

The opening day of the biannual conference of the Federation of European Risk Management Associations (FERMA) sees XL launching its new brand identity, its fresh approach to underwriting and a series of new coverages.

Norton Rose is advising Singapore-based Whittington Group Pte Ltd on the sale of its UK operations.

While catastrophe-exposed risks experienced tough insurance market conditions, other pricing decreases have fostered a stable rate environment over the last 3 months, says Marsh.

The Cabinet Office and the British Standards Institution are today launching a new crisis management standard to help businesses cope with unexpected emergencies like civil unrest, employee deaths, corporate espionage or natural disaster.

Following the devastating series of earthquakes in Christchurch the Ecclesiastical Group is to cease writing earthquake cover in New Zealand.

Axis Global Accident & Health have entered into an agreement with global service agreement with international risk management firm, red24.

The Association of British Insurers' (ABI) first report on Board Effectiveness and the revised Principles of Remuneration they say will both help companies to better understand the views of institutional investors on effective boardroom performance and executive pay.

A new ISACA report cautions that regulating the use of geolocation data is still in its infancy, and that users should be aware of the information they are sharing.

The Institute of Risk Management (IRM) has announced the appointment of José Morago to its board of directors.

More health and safety prosecutions will take place before inquest as changes to a key agreement between those who investigate and prosecute work-related deaths seek to speed up justice in England and Wales. This news comes as a miner at one of Britain’s last remaining deep mines in Yorkshire was killed after a roof collapsed on him.

Richard Waterer has been appointed as head of Marsh’s Risk Consulting practice (MRC) for the UK and Ireland.

East Sussex County Council has teamed with Jardine Lloyd Thompson and Catlin Insurance to introduce a new insurance top-up scheme with the aim of making it easier for local firms to afford insurance costs.

The London offices of Willis and XL have successfully launched a full electronic accounting process between their two companies, using the new ACORD 2010.2 data standard.

Finance and insurance industry executives believe that China offers the best growth opportunities in the world over the next two to three years, according to global research from Allen & Overy.

Law firm Eversheds is advising JLT on the partial offer by its largest shareholder, Jardine Matheson, to acquire a further 10% of its shares for £166m, which would take Jardine Matheson’s holding in JLT to approximately 40%.

Lloyd’s director of performance management, Tom Bolt, has voiced his concerns over the way offshore energy underwriters are managing risks. He warns that the regulatory and legal environment is more onerous for the energy industry post Deepwater Horizon and insurers need to catch up with these changes.

Lloyd’s has announced an interim loss before tax of £697 million for the six-month period ending 30 June 2011. The result follows the costliest first six months on record for major catastrophes for the insurance industry, with 2011 already likely to be the second most expensive year ever for insurers.

Compliance departments are coming under increased pressure to strengthen anti-money laundering compliance because of a growing focus from senior management, but are hampered in their efforts by a lack of training and resources, according to a Dow Jones report.

A consortium comprising the IISP (Institute of Information Security Professionals), CREST (Council for Registered Ethical Security Testers) and Royal Holloway’s Information Security Group (ISG) has been appointed by CESG to provide certification for UK Government Information Assurance (IA) professionals.

IT security provider Integralis has published an advisory paper designed to help organisations mitigate the risk of online crime.

Jorge Luzzi, group risk management director for Pirelli worldwide, has been elected the next president of the Federation of European Risk Management Associations (FERMA). His mandate as president will start at the end of the FERMA Forum on 5 October 2011 and continue until the end of the Forum 2013.

Fitch Ratings says the rating outlook for the Dutch insurance sector is stable, indicating that a vast majority of Dutch insurer ratings are likely to be affirmed over the next 12-24 months.

A series of country-wide protests and transport strikes are expected across Greece on 22nd September.

Former director of risk at Rolls-Royce Group, Mark Wilford, has been appointed chairman of Willis' global aerospace division.

With environmental liability pressures set to continue, the UK’s reliance on traditional pollution cover afforded under third party general liability policies will not be sufficient, says environmental risk expert Duncan Spencer.

Liberty Syndicates has appointed Keith Nicholson as non-executive chairman. Nicholson has more than 25 years' experience across the insurance and banking sectors.

According to a Detica-sponsored report from Chatham House published this week, government best-practice around high-end cyber warfare defences has not yet permeated some areas of the UK’s CNI.

Despite the majority of employees are using personal laptops and other mobile devices for work-related purposes, a striking majority are concerend about security concerns from their use.

Solvency II will be the greatest challenge facing continental European (re)insurers with run-off business, according to survey carried out by PwC. Access to exit mechanisms and capital constraints were ranked as the next greatest concerns.

The proposals outlined by the Vickers Commission are unlikely to prevent future financial crises, according to the chairman of the Institute of Operational Risk (IOR), Edward Sankey.

Industry expert Professor John Walker welcomes the creation of a new Centre for Cyber and Security Sciences at London City University

High street retailers, including Argos, ASDA, Ford, and Whitbread PLC, Lloyd’s, business organisations, and risk management bodies have joined forces with the ABI in calling for reform to Britain’s ‘have a go’ compensation culture.

Hurricane Irene made first landfall on Saturday morning, 27th August, coming onshore west of Cape Lookout, North Carolina, 50 miles west of Cape Hatteras and 120 miles south of Norfolk, Virginia.

Hurricane Irene, located approximately 330 miles (530 kilometers) south-southwest of Cape Hatteras, North Carolina, is currently tracking north at 14 mph (22 kph), according to Aon Benfield's latest cat bulletin.

Major Hurricane Irene, located approximately 645 miles (1,040 kilometers) south of Cape Hatteras, North Carolina, is currently tracking north-northwest at 13 mph (20 kph).

Insurers contribute £10.4bn to the exchequer as the country recovers from recession. The crucial role the insurance industry plays in a healthy UK economy is revealed in a tax report from the ABI and PwC.

Irene, the first hurricane of this year’s North Atlantic tropical storm season, is heading for the Bahamas and is expected to move on to the US in the next few days.

As of the 6 October, many medium-sized to large law firms in the UK will take the opportunity to break free from regulatory shackles which have not changed for hundreds of years.

Three employees of a company contracted by Colombia's state-run oil company have been kidnapped by an armed group in the Santander department of Colombia.

The roll-out of electronic support for endorsements to three additional classes of business, announced by the London Market Group (LMG) in April, is achieving momentum.

Reform proposals for the UK banking sector to be announced next month are unlikely to stop some banks taking excessive risks in future, according to Simon Ashby, associate professor in financial services at Plymouth Business School.

The Financial Services Authority (FSA) has today fined Sir Ken Morrison £210,000 for breaching the Disclosure and Transparency Rules (DTR) by failing to disclose his reduced shareholding and voting rights in Wm Morrison Supermarkets Plc.

Ahead of renewals, Marsh has launched of a new service designed to assist smaller practices secure solicitors’ PI insurance cover from major insurers.

The number of disqualification orders imposed on directors of insolvent companies jumped another four per cent last year to 1,437, up from 1,388 the year before, according to law firm Reynolds Porter Chamberlain LLP (RPC).

Companies must be given incentives to make a voluntary disclosure of previous misdeeds, says law firm DLA Piper. This would include far greater clarity in relation to the likely extent of any fine or sanction.

Last night saw a second night of significantly lower disorder, and where the large numbers of officers on the streets prevented any significant events.

While London remained relatively calm last night, other communities in the country found themselves the victims of yet more violence and disruption, with Birmingham the worst affected as three men are killed in a hit and run.

Fitch Ratings has said it believes the losses from the recent disturbances across the country will have no impact on UK insurers' ratings. The Association of British Insurers estimates insured loss damages will exceed £100m.

Fears of a fourth night of rioting are growing in London and beyond, following comments made by the acting Police Commissioner, Tim Godwin, to the press this morning.

Over 100 arrests have been made in Birmingham following eruptions of violence in the city. London was comparatively quiet, as fresh scenes broke out in other major cities in the UK.

Axis has announced plans to expand its operation in Mexico to target domestic growth and international reinsurance business.

The Financial Services Authority (FSA) has today published rules on platforms regulation. This follows a review of the regulation of platforms in the context of the objectives of the Retail Distribution Review (RDR).

ACE and the Information Law Group have today released a white paper discussing the business benefits of social media participation, and describing how to respond to the risks posed by social media.

Lloyd’s has received approval from the New York Insurance Department to post reduced collateral on reinsurance contracts.

The Danish Insurance Supervisory Authority, Finanstilsynet, has entered into an agreement with US Re to conduct a study of terrorism risk reinsurance capacity in the Danish market.

The European Court of Justice (ECJ) has upheld the Opinion of the Advocate General that the exemption of certain insurance contracts from the current European Directive on anti-discrimination is illegal under the principles of Article 6 of the Treaty on EU.

Specialist insurer Markel is preparing to open a branch office in Rotterdam this September. It will be Markel’s first Dutch office.

Significant new business opportunities are opening up in the US for London Market companies as a result of legislative changes. Title V of the Dodd-Frank Act – or NRRA – has now come into force.

Significant new business opportunities are opening up in the US for London Market companies as a result of legislative changes. Title V of the Dodd-Frank Act – or NRRA – has now come into force. It allows any IUA member company to write surplus lines business from any US state providing the firm appears on the NAIC (National Association of Insurance Commissioners) International Insurance Department list of eligible Surplus Lines Insurers.

QBE has announced the appointment of Patrick Coene as managing director of its European markets division.

The Federation of European Risk Management Associations (FERMA) has told the European Commission that it should start with “implementation and robust enforcement” of existing EU corporate governance rules on risk management, rather than creating new ones now.

Small firms are spending more time and money on complying with regulations - £16.8 billion per year to be exact - despite government’s recent legislation-busting initiatives.

The principle of 'comply or explain' plays an essential part in promoting best practice in corporate governance, says the Financial Reporting Council in a submission to the European Commission published today.

The members of Beachcroft LLP and Davies Arnold Cooper LLP have voted in favour of the merger of their two firms. The combined firm will launch as DAC Beachcroft LLP on 1 November.

UK insurance broker Willis Ltd has announced that it has reached a settlement with the FSA for breaches of the FSA Handbook. The resolution sees Willis Ltd pay £6.895m in settlement.

There has been a 30% fall in the number of commercial cases launched in the High Court, but figures obscure widespread legal disputes involving insurers, according to RPC.

Insurers are still vying for lucrative accounts and insurance capacity remains buoyant in EMEA, according to a new report published today by Marsh.

Aon has become the first insurance company to have carbon emissions and reductions certified to global standard ISO14064, also known as the Certified Emissions Measurement and Reduction Scheme (CEMARS).

The Law Society says firms are continuing to find it difficult to renew PII policies, and that a greater number are reporting premium increases.

The overwhelming majority of businesses want to see the financial incentives reinstated in the Carbon Reduction Energy Efficiency Scheme (CRC).

A majority of law firms are expecting the cost of risk management to rise. So says insurer Travelers, whose recent research into the sector suggets that over 85% of law firms are expecting a price hike.

SunGard Availability Services has launched an enterprise-class shared cloud in Europe.

The warning comes as figures published in the ICO’s annual report show that private companies reported the most data security breaches of any sector in 2010/11.

Chartis Europe has appointed Nicolas Aubert as managing director of Chartis Insurance UK Limited.

The first six months of 2011 saw UK fraud reach £1.1bn (from £609m during the same period of 2010) with almost half (in volume terms) hitting private sector.

Three men have been jailed for a total of 13.5 years for their part in a sophisticated and concerted attack on the UK and international banking system following an investigation by the Met's Police Central e-Crime Unit.

BT has launched a new authentication service aimed at providing high value or high risk online services to combat fraud and identity theft.

Business owners and companies contracted to provide fire risk assessments to businesses are being advised to pay greater attention to Fire Safety legislation following the sentencing of two Mansfield men at Nottingham Crown Court today.

Employers should be making changes to their group income protection policies following the abolition of the default retirement age and increase in state pension ages.

A consortium led by the Met Office has been awarded multi-million pound match funding to undertake an Open Platform project.

The increasing importance of long-term forecasting for insurance and reinsurance firms is outlined in a joint Lloyd’s and Met Office report published this week.

Despite continued speculation around the Bribery Act, a third of UK firms remain unprepared for Friday’s implementation, according to KPMG.

"Firm but fair" are the proposals mooted by the FSA in its document, The Financial Conduct Authority: Approach to Regulation.

Zurich Financial Services has announced the impending departure of its chief financial officer and regional chairman of Europe, Dieter Wemmer.

Liberty International Underwriters and Liberty Syndicates, have launched a joint initiative to provide war and terrorism insurance capacity for Middle Eastern risks.

The FSA has today outlined how its successor body charged with conduct and markets regulation will be tougher, bolder and more engaged with consumers.

In a survey undertaken by Miller which asked which type of cyber crime was the most expensive, risk managers ranked loss or theft of customer data at the top of their list, and extortion at the bottom.

Cooper Gay Swett & Crawford (CGSC) has announced the appointment of Shaun Hooper as chief executive officer of Cooper Gay & Co, the Group's Lloyd's and London market broker.

The European Commission is set to delay the introduction of new capital rules for insurers by up to 12 months, it has emerged today. Solvency II was due to be implemented in January 2013.

Earlier today the Bank of England and the Financial Services Authority set out their latest thinking on the approach the PRA will take to regulating insurance companies.

Hackers LulzSec and Anonymous have come together to launch a new campaign against government organisations and banks.

Aon Benfield estimates that total global reinsurer capital declined 6% from US$470 billion at 31st December 2010 to US$440bn at 31st March 2011: the primary driver being the high level of insured catastrophe losses in the quarter.

The government's first attempt to set up a 'mutual' organisation in the civil service will lead to a strike tomorrow.

LexisNexis is to launch a version of it is US Risk Solutions product for the UK insurance market.

It is alleged that the medical records of 8.63 million patients, which would include details of abortions, HIV infections, cancer and mental illness treatments, have been lost after an NHS laptop went missing in late May.

In advance of the publication of the Government’s publication of new legislation to reform the UK’s financial regulatory system, the Chartered Insurance Institute calls for change.

Marsh has produced a report designed to assist public sector organisations improve their risk management policies and processes. Preparing the Local Public Sector for Risk Governance: First Steps towards an ISO 31000 Framework, is based on the outputs of a roundtable organised by Marsh in April on Europe-wide public risk governance.

Fitch Ratings says the outlook for Japan's non-life sector remains stable after the March earthquake, based on still sufficient capitalisation, premium growth and expansion into other aspects of insurance by non-life groups.

An M6 earthquake occurred near Christchurch, New Zealand on Monday 13th June. According to reports from risk analysts at Eqecat, the epicentre is just six miles southeast of the CBD, where buildings previously damaged by recent earthquakes suffered additional damage.

The British Insurance Brokers' Association (BIBA) has presented its Financial Services Compensation Scheme (FSCS) petition of nearly 7,000 signatures to Jonathan Evans MP at the House of Commons.

JLT Re has opened a new office in Basel, Switzerland following the acquisition of US Re's Basel-based treaty reinsurance business portfolio and assets.

Insurers need to monitor a number of 'risk hotspots' to ensure they do not fall foul of the new Bribery Act, the IUA has warned.

The Asia Forecasting team at Exclusive Analysis believes that there are two high probability election outcome scenarios. Common to both is a high risk of property damage, business disruption and impacts on the business environment.

JLT Specialty Limited (JLT) says many of those in charge of arranging insurance for their companies on a global basis are not totally convinced that they know all of the policies purchased at a local level that make up the full programme.

Fourteen British companies are to receive government support to carry out feasibility studies into the development of disruptive low carbon vehicle technology that will challenge current thinking.

Staff who administer the pensions of 1.5 million existing and retired civil servants have voted overwhelmingly for industrial action as part of a campaign against plans to privatise their work, according to the union PCS.

The recent outbreak of E. coli remains primarily centred in Germany, and investigations continue into the nature of the unusual bacteria serotype and its source.

Motor fleet risk premiums do not need to go up each year, according to senior client risk manager for QBE, Doug Jenkins.

The intensive use of technology as a central part of their lifestyle separates Generation Y from Generation X, but risk managers rarely, if ever, consider the threat that this cultural chasm represents, the Airmic conference heard today.

XL Insurance has announced the launch of XL Eclipse, a comprehensive cyber risks solution for European businesses. The average cost of a data breach in Europe in 2010 was approximately £1.9m.

Michael Barnier, EU internal market commissioner has responded to criticism from insurance companies that the new Solvency II capital rules are too conservative saying that the changes are needed to protect policy holders and improve an antiquated regime.

The Sony Pictures website has suffered a serious security breach, targeted by hackers who claim to have stolen the email addresses and passwords of 50,000 consumers who had registered for online promotions.

Four contractors have been killed in an explosion and fire at a Pembrokeshire oil refinery yesterday. The explosion at the Chevron refinery is said to have happened during routine maintenance of one of its storage tanks. While production continues, it is restricted to only essential work over the course of Friday. A further worker is critically ill with burns after the blast.

The latest Google attack, apparently originating from Jinan in the PRC demonstrates how even the very biggest players are susceptible to systemic procedural failures which can compromise data.

A systemic banking crisis in China in the next three years is highly unlikely, according experts in the Asia Forecasting team at risk advisory, Exclusive Analysis.

Cases of E. coli continue to rise in Germany, with 1,614 cases overall in Europe, according to the World Health Organisation

Brit Insurance has opened a new Lloyd’s service company in Sydney, Australia. Writing on behalf of Brit Syndicate 2987, the underwriting team will be led by Mike Davidson who has headed the Sydney representative office since it opened in 2010.

Executives say bribery and corruption remains part of doing business in some countries, yet the majority continue to operate in such places without enhanced due diligence and internal control, according to a new report published by KPMG.

The aerospace sector weathered the global financial crisis relatively well, but confidence is still in short supply, with passenger and revenue forecasts still relatively conservative, according to Aon Risk Solutions,

The thirteenth annual Business Continuity Awards took place last night at the Hilton on Park Lane, London. The Gala Dinner was hosted by comedian Kevin Bridges and attended by almost 600 guests.

New research from Finaccord, an FS research consultancy examines the impact on travel insurance of consumers in six key European markets, including the widespread effects of last April’s volcanic ash cloud originating from Eyjafjallajökull in Iceland.

Will Europe respond to this week’s eruption in Iceland and subsequent ash cloud better than it did last year? A forthcoming Chatham House Report shows that in such crises our governments and global businesses are in a better place to cope for a week – but no longer.

Research sponsored by SunGard Availability Services suggests that an overwhelming proportion of CIOs believe the cloud has been over-hyped. The research, conducted among 250 UK CIOs also says that, despite the cloud’s obvious benefits, CIOs’ top challenges remain unchanged since its emergence.

While there was no significant impact on flights yesterday as a result of the eruption of the Grimsvötn volcano in Iceland, predictions of a possible impact on parts of the UK, have been confirmed this morning, with about 250 flights cancelled over UK airspace. Since last year’s volcanic ash crisis, measures have been put in place to ensure preparedness for a similar event. Officials say the impact is unlikely be as extreme as that of Eyjafjallajökull twelve months ago.

Despite an unprecedented number of recent natural catastrophes, conditions remain favourable for most energy insurance buyers, according to Marsh.

As of 16:00CET Tuesday, EUROCONTROL has confirmed the cancellation of approximately 500 flights from the approximately 29,000 that would have been expected today across Europe.

Xchanging has today announced that it will restructure its UK insurance businesses. The new entity will be headed up by Max Pell as the managing director.

Fears of travel disruption are growing as ash from Iceland’s Grimsvötn volcano, which erupted Saturday, drifts towards Europe. EUROCONTROL has reiterated that no significant impact is expected today on flights as a result of the eruption.

Chartis has warned directors and officers that they need to adapt to a “new normal” – an environment of elevated claims combined with greater regulatory scrutiny.

The announcement from the Bank of England and the FSA on the future approach to banking supervision is an important step forward, BBA chief, Angela Knight said.

SunGard Availability Services has announced the expansion of its Livingston Workplace Recovery Centre, increasing the volume of workplace recovery space for organisations within Scotland.

Strategic Thought Group has rebranded. The company will henceforth be known as Active Risk.

Finaccord forecasts that the market for professional indemnity insurance across ten European countries will be worth around E7 billion by 2014.

Cooper Gay has restructured its UK business, Cooper Gay & Co Ltd, into three core trading units.

Lloyd’s has said that this year’s earthquakes in Japan and New Zealand and the January 2011 floods in Australia will have no material impact on its capital.

Autonomy is to acquire Iron Mountain’s online back up and recovery, digital archiving and eDiscovery solutions for US$380 million in cash.

Aon has confirmed today that it has selected The Leadenhall Building as its future London headquarters. Formal contracts are expected to be completed in the coming months.

PwC has launched an advice manual to help businesses handle crisis situations, like the magnitude-9.0 earthquake and tsunami that recently devastated Japan.

Unite the union and British Airways have reached an agreement to resolve the long-running cabin crew dispute at the airline, the union announced today, Thursday.

Specialist insurer, Amlin, has appointed Kim Hvirgel as chief executive of its Netherlands subsidiary, ACI.

Aon Risk Solutions is expanding its presence in Ireland, with the opening of a branch of its Global Risk Consulting business.

A new survey suggests that an astonishing 77% of IT professionals who work in organisations that use outsourcing say their outsourcers have made up work in order to earn extra money.

BIBA chief executive, Eric Galbraith has called on the Treasury and the FCA to work together towards delivering the right regulation for insurance brokers. He called for regulation that is "appropriate and proportionate to the low risks that we pose”.

The British Insurance Brokers’ Association (BIBA) and the Institute of Insurance Brokers (IIB) have confirmed that they are in formal discussions to merge.

Secure data centres and managed services provider, The Bunker has today launched a business continuity planning service.

A change in the type of work-related accidents businesses must report has been backed by members of independent health and safety body, IOSH.

Recent natural hazards, coupled with the drive for Solvency II compliance have fuelled demand for more in-depth evaluation of catastrophe models, says Aon Benfield.

Alastair Speare-Cole is to join JLT Re as chief executive. Mr Speare-Cole is currently a member of the Aon Benfield Executive Committee and chairman of Aon Benfield Securities Limited.

UK prompt power prices have been decreasing over the past two weeks, according to npower.

New research into the UK SME insurance market highlights gaps and opportunities for insurers and brokers.

The spectacular theft of 70mn online gamers’ personal data from Sony is one of the largest breaches to date.

May 1 saw countless spontaneous celebrations in front of the White House and elsewhere across the US following the reported killing of Osama bin Laden in Pakistan.

Despite record level first-quarter catastrophe losses, insurance rate increases were confined to loss-affected exposures, according to research published by Marsh.

Teams of students across the UK are being encouraged to consider a career in risk by playing an interactive board game developed by the Chartered Insurance Institute (CII).

The Council of Lloyd’s has today announced that John Nelson is to be appointed the next chairman. Lord Levene will retire after nine years at the helm, and its longest serving chairman for 125 years.

A survey of more than 1,000 UK IT managers and C-level executives from public and private sector organisations shows that almost half are unaware of the hourly costs of downtime to their organisations.

The International Federation of Risk and Insurance Management Associations (IFRIMA) has welcomed the “flexibility and understanding” of the Brazilian government in response to global concerns about its new reinsurance regulations. But, it believes that more needs to be done to limit the negative impact on insurance capacity and cost.

David Margrett has been appointed CEO of Willis International.

The ABI has called for better co-ordination between the new financial regulatory authorities, with the emphasis on transparency and accountability and a focus on positive consumer outcomes.

The Supreme Court has today overturned a Court of Appeal judgment which held employers liable for hearing loss caused by noise above 85 decibels from 1978 onwards. The case Baker v Quantum Clothing Group was welcomed by the industry, including Eversheds, hailing the result a victory for common sense.

Confidence that the insurance industry will achieve Solvency II compliance by 1 January 2013 has dropped by 17 percentage points, according to research conducted by the Economist Intelligence Unit (EIU) on behalf of business advisory firm, Deloitte.

The FSA has trebled the value of fines it has collected from financial services businesses in just one year (to March 31) from £33.1m to £96.7m, according to law firm Reynolds Porter Chamberlain LLP.

United Insurance Brokers and Space Partnership International have recently placed insurances for commercial payloads flying on the penultimate STS Shuttle mission (STS134), currently scheduled for the 29th April.

The British Insurance Brokers’ Association (BIBA) has formed an agreement with the Government’s Export Credits Guarantee Department (ECGD) to provide general insurance brokers with access to the ECGD export insurance scheme for their clients.

GAB Robins has announced a strategic partnership with specialist Dutch loss adjuster, Context B.V.

The office is now firmly the main source of business disruption, with almost three times as many problems caused by workplace incidents such as power and communication failures than by technology failures involving hardware or other IT issues

A powerful earthquake has hit North-East Japan.

The M7.4 quake struck just off the coast of Aomori, causing tremors in Tokyo and prompting fears of a tsunami, only weeks after an M8.9 quake and subsequent tsunami devastated the area and killed 25,000 people.

Help determine the 2011 Business Continuity Personality of the Year by submtting your vote from this year's shortlist.

A small business support group is urging business owners to be aware of new legislation which comes into effect from today’s common commencement date (CCD).

A year since the establishment of The Employers’ Liability Tracing Office (ELTO), the Employers’ Liability Database is now ready to accept data for EL policies, helping insurers to comply with FSA new regulations, due to come into force in July.

London Market companies are in the midst of a regulatory maelstrom which is taking up significant management time and compliance costs, the International Underwriting Association has said.

A Food and Drug Administration (FDA) chemist and his son were charged yesterday with insider trading.

The Ministry of Justice has made clear in this week's Bribery Act guidance that it is up to each organisation to implement policies and procedures that will minimise bribery risk taking into account their main risk areas of the organisation and global presence. The higher the risks, the more an organisation will need to do.

Oil prices are continuing to rise in the wake of the ongoing situation in Libya, according to the latest updates on the energy market released by npower.

Following the MOJ's publication yesterday of the Bribery Act guidance, risk advisor Control Risks says the principles will encourage success in overseas markets.

Today, the director of Public Prosecutions (DPP) Keir Starmer QC, and the director of the Serious Fraud Office (SFO), Richard Alderman, issued joint guidance for prosecutors on the Bribery Act 2010.

The shortlist for the 2011 Business Continuity Awards has been announced.

While Ministry of Justice guidance must be heeded by UK corporates, their continuing efforts to combat bribery and corruption will be very dependent upon enforcement actions taken by the SFO in years to come, says KPMG.

SunGard Availability Services has announced a shake up to its management team. Chris Higgins has been appointed customer services director and Declan Sharpe senior vice-president, sales and UK sales director.

The shortlist for the Business Continuity Awards will be announced tomorrow.

Willis Re says a new report from S&P incentivises insurers to adopt more sophisticated internal capital models by giving them the opportunity to use the modelling results to potentially reduce their capital requirements.

A shallow earthquake of magnitude 6.8 has occurred in Myanmar. The earthquake was felt as far away as Bangkok, Thailand and Hanoi, Vietnam. Myanmar state radio has reported 65 deaths and a 111 injured by the earthquake. The worst affected area is reported to be the town of Tachileik and the surrounding areas in Shan state.

Confidence among banking, finance and insurance professionals looks to be on a downward trend according to the latest ICAEW / Grant Thornton UK Business Confidence Monitor.

Philippe Guijarro, a partner at PwC, responds to the European Insurance and Occupational Pensions Authority’s launch of the second Europe-wide stress tests for the insurance sector.

The Chancellor’s Budget speech made in the House of Commons today was met with largely positive feedback from the business community. Its plans for growth include a series of tax cuts and some 43 reliefs which will be scrapped as part of simplification of tax code. But, says business advisor, KPMG, improved competitiveness in the UK is not just about tax.

Nearly two thirds of managers report that cyber security threats are now posing a serious risk to their business, with nearly a third of UK organisations having come under a cyber attack in the past 12 months, says CMI.

The JLT Global Nuclear Practice Group says that whilst Fukushima Daiichi should not create a reduction in insurance capacity, it will be the political effects that will slow the nuclear renaissance.

While it is still premature to estimate the total insured losses at this stage catastrophe analysts at RMS believe that only a minor proportion of the economic loss will be covered by insurance.

Organisations need to prepare for the possibility of an extended disruption to global supply chains resulting from the earthquake and tsunami in Japan, warns risk adviser, Marsh.

Early indications are that UK insurers should not be “unduly stretched" by the tragic events in Japan, according to the Association of British Insurers.

While it is too soon to say what may yet happen at Fukushima and other nuclear plants in Japan, some consequences are already evident amid the chaos and devastation caused by last week’s earthquake and tsunami.

In the early hours of this morning, a magnitude 6.2 earthquake struck south of Mt. Fuji, about 70 miles southwest of the capital city Tokyo.

A massive, M8.9 earthquake struck the Japan Trench megathrust fault off the eastern coast of Honshu Friday, March 11. The quake struck about 80 miles (125 km) off Japan’s eastern coast, approximately 240 miles (380 km) northeast of Tokyo.

The ABI has said that regulators must now work quickly to make amendments to the Level 2 implementing measures in light of QIS5 results.

The FSA and FRC have today published a feedback statement summarising the responses to the joint discussion paper on enhancing the auditor’s contribution to prudential regulation.

The Association of British Insurers has appointed Otto Thoresen as its new director-general. Mr Thoresen will take up the role on April 4 and will be based in London.

Business advisory, Deloitte, has developed a new smartphone application to help businesses handle disasters and crises. The new application, Bamboo, is the first app of its kind and is not reliant on mobile network connectivity to work.

The decision by the European Court of Justice (ECJ) to ban the use of gender in insurance policies from December 2012 is disappointing news, the Association of British Insurers has said.

Arc Legal Assistance has launched the first iPhone claims app for legal expenses policies. The Arc Legal Claims App is being launched across Arc Legal’s complete portfolio including large scale contracts for clients.

It is becoming increasingly difficult for insurance companies to operate in the solicitors' professional indemnity insurance (PII) market, according to research from Datamonitor which indicates that the level of claims will remain high for up to two years.

The Financial Reporting Council (FRC) is to consult on the recommendation addressed to the FRC in Lord Davies’ report, Women on Boards, published today.

Rescue workers have confirmed 98 fatalities with another 226 people still missing following the earthquake in New Zealand earlier this week.

Public risk management association, Alarm, has responded to the recent consultation exercise on Lord Justice Jackson’s recommendations for reform of civil litigation funding and costs.

As part of its plans to expand its underwriting platform, AJG Underwriting Group, Arthur J. Gallagher has acquired the business and certain assets of Woodbrook Underwriting Agencies Ltd.

A magnitude-6.3 earthquake has struck New Zealand’s South Island causing widespread damage and injuries as well as multiple fatalities.

The deadine for entries for this year's Business Continuity Awards has been extended to Friday 25th February.

The overall cost to the UK economy from cyber crime is £27bn per year, according to the first joint government and industry report into the extent and cost of cyber crime across the UK.

Willis North America has announced the appointment of Jeff Elliott as director of operations.

Eric Galbraith, chief executive of the British Insurance Brokers’ Association (BIBA), has called on the Financial Services Authority (FSA) to accelerate its fundamental review of the Financial Services Compensation Scheme (FSCS).

Data issued by Mercer show that salaries for risk management roles in financial services organisations are increasing as the sector responds to regulatory guidance.

Chief executive of the FSA, Hector Sants, told market participants attending an Insurance Institute of London talk at Lloyd’s that the FSA recognises industry concerns over Solvency II and is pushing to have the views of UK insurers heard in Europe.

According to research published by PwC, financial services companies need to look far beyond their domestic markets if they are to achieve their ambitious growth aspirations.

The Federation of Small Businesses (FSB) has welcomed the government's commitment to overhaul the way that small businesses will be able to compete for public sector contracts, through cutting red tape and being more open and transparent.

Just one week remains before the deadline for entries for the 2011 Business Continuity Awards. Don't miss out...

While many international businesses with interests in Egypt have just gone through the experience of securing or evacuating their staff from the country, Aon Risk Solutions is advising companies to begin planning now for the effects of any potential spread of unrest in the region.

The head of a national business support organisation has questioned banking industry pledges to boost lending to SMEs.

The squeeze on employees’ spending power could prove fatal to government hopes of a private-sector led recovery in the economy, according to a survey of union representatives.

Chartis UK has extend its D&O policy to include an endorsement that will pay for public relations expenses to help either mitigate a crisis which results from a credible threat of confidential information being posted on a social media platform.

The ongoing situation in Egypt is being monitored by underwriters and their security advisers at the London Market Association, according to a statement released earlier today.

Companies are re-assessing the adequacy of their insurance coverage and risk management arrangements in the wake of political unrest in Cairo and other cities across Egypt.

Femern A/Sis rolling out Predict risk software to assess the impact of the different risks on the construction cost of a fixed link between Germany and Denmark; and realistically estimate the risk reserve required for the project.

The government has delayed new anti-bribery laws which were due to come into force in April. The Ministry of Justice announced today that the Bribery Act would need to undergo further review before it can be workable for business.

Research published by the Information Commissioner’s Office (ICO) shows 96% of individuals surveyed are concerned that organisations do not keep their details secure, and a further 60% believe that they have lost control of the way their personal information is collected and processed.

The Environment Agency today unveiled plans for tailored flood warning services to be developed to better prepare utility providers, emergency services, insurers, retail and transport companies for flooding.

Finally, some good news for business. Latest figures from the Health Protection Agency (HPA) indicate that flu activity across the UK is now declining. Nevertheless flu is still circulating in the community and influenza A H1N1 (2009) 'swine' flu and influenza B remain the predominant strains.

Strategic Thought has reached an agreement with Deltek, whereby the latter becomes exclusive distributor of the software firm’s Active Risk Manager (ARM) solution to the US government contracting sector.

A survey of risk managers and brokers carried out by Chartis UK reveals the risks and opportunities perceived for operations in the BRIC countries.

George Osborne blames the weather for the 0.5% fall in GDP period October to December, but just how big a part did the snow and ice play in Britain’s stalling economic revival? Not very big, according to risk meteorologists.

Just a year after it was submitted to a high-profile cyber attack, the European Union’s emissions trading system has fallen prey to online fraudsters.

Average renewal premiums for commercial lines property & casualty insurance were largely unchanged during the fourth quarter of 2010, according to the RIMS Benchmark Survey. D&O was the only line tracked to have experienced a material decrease.

Zurich Global Corporate has appointed Ann Haugh to the position of chief executive officer, Global Corporate UK. Ms Haugh, who joined Zurich in 1996, became COO for Global Corporate in North America in 2007 and in 2009 was appointed COO for Global Corporate in Zurich.

Specialist underwriting agency Dual Corporate Risks has launched new standalone product for public offering of securities insurance (POSI). Dual’s new line covers directors, officers and other assureds with limits of indemnity up to £10m.

The annual rate of business insolvencies in 2010 fell for the first time in two years – a sign of the gradual return of the financial health of UK businesses, say data analysts at Experian.

Small and medium-sized businesses (SMEs) continue to put their livelihoods at risk by not taking the time to prepare business continuity plans. This is the conlusion drawn by a report just published by Aviva.

While the world economy is broadly on the road to recovery, the level of political risk has risen in more countries than it has declined. So says Aon, whose Political Risk Map has just been published. Among the key findings of the report is the risk of sovereign non-payment.

The first fully electronic placement via iPad and the Message Exchange in the London insurance market was made today.

QBE has appointed Donna Claydon to the role of head of UK casualty claims. Prior to joining QBE, Donna spent 15 years with AXA.

Travelers has announced the launch of a new professional indemnity product offering aimed at the publishing and general media sectors.

The OECD has today issued a report into cyber security that calls for a more balanced view of the risk and clarity in the way in which each sub risk is addressed.

Following a year of heightened global political unrest, a new report has identified some of the most significant political risks and investment picks for business and investors.

Argo Group has appointed Andrew Carrier to the newly created position of group chief underwriting officer. In his expanded role, Carrier will oversee underwriting across Argo Group’s worldwide operations and will report to Argo Group chief executive officer Mark Watson. Carrier will retain his current responsibilities as president of Argo Re and as underwriting director for Argo International.

William “BJ” Jenkins, a 13-year EMC veteran, has been appointed as president of EMC’s Backup Recovery Systems (BRS) division where he most recently served as the division’s chief of staff. Mr Jenkins replaces Frank Slootman who served as the president of the business unit since 2009.

Global financial information services company, Markit has acquired QuIC Financial Technologies, adding risk analytics and enterprise risk management services to its portfolio and expanding its proposition across independent pricing, valuations and analytics across asset classes.

Fitch Ratings has commented today that catastrophe reinsurance offers reasonable protection to Australia's major non-life insurance companies against floods in Queensland and Northern New South Wales.

Small firms – which are the UK’s biggest employers - should be central to discussions on job growth, warns small business group, FPB following Prime Minister’s ‘jobs summit’ with big companies.

The Risk and Insurance Management Society (RIMS) has expressed concern over New York Governor Andrew Cuomo’s proposal to merge the New York Insurance Department (NYID) into a combined Department of Financial Regulation (DIFR).

Data security provider, Imperva has won a contract to provide web application firewall (WAF) protection to ISACA. The global association for information systems security and governance professionals is to deploy Imperva’s SecureSphere WAF as a part of an overall security strategy to deliver prevention and mitigation for its on-demand platform.

Specialist Lloyd’s insurer Jubilee Managing Agency has appointed Paul Battagliola as its new head of operations. Mr Battagliola has spent most of his career in the London insurance market, most recently as chief operating officer of Lloyd’s managing agency, Argo International.

ACE has announced the appointment of Phil Skelton as head of transportation risk management for its overseas operations.

Colt is to provide a proximity hosting service for financial institutions seeking to connect to the London Stock Exchange Group (LSEG) data centre, located in the City of London.

Regulation, climate change, technology risks or political risk...? What will be keeping CEOs awake at night this year? A report just published by PricewaterhouseCoopers predicts the most pressing concerns for the financial services industry throughout 2011.

Willis has announced the creation of a new facility designed to provide additional underwriting capacity for the oil and gas industry. The facility is designed to underwrite a 10% follow line, subject to an overall limit of US$250 million any one insured, and will be utilised subject to each client’s individual agreement.

According to research carried out by Chartis, almost two thirds of mid-corporates were positive about the outlook for their business for the next 12 months. Nevertheless, this optimism was tempered by a growing concern amongst respondents about the severity and variety of risks to which their businesses are exposed in the current economic environment.

The Business Continuity Awards 2011, the industry's most are now open for entries. Since 1998, the Awards have recognised excellence within the field of business continuity and operational risk management.

Cunningham Lindsey has set up a dedicated unit to tackle the increase in liability fraud. The unit will improve screening and validation methods to better manage the risk of fraud across all liability claims. The growing risk of liability fraud was most recently underlined by ABI figures showing that detected liability fraud grew from £194 million in 2008 to reach £223 million in 2009.

Around €177.3 billion a year could be added to Europe’s major economies by 2015 thanks to cloud computing, according to the Centre for Economics and Business Research. In its 2011 Cloud Dividend report, the CEBR say the lion’s share of this value will be provided through the adoption of private and hybrid cloud computing models.

A new guide, produced by global IT association ISACA provides a balanced look at the risks and benefits associated with virtualisation. With its potential to reduce expenses, drive automation and provide flexibility, virtualisation has earned its way onto the board agenda and is being implemented by enterprises worldwide.

The Government’s £200m cuts on flood defences could have a catastrophic effect on the commercial property market by making flood insurance unavailable. This warning came today from Bill Gloyn, partner, European real estate, JLT.

Vincent West has joined Aon Risk Solutions’ global risk consulting team in the UK to head up its business continuity practice. With over 20 years' experience, he was most recently managing consultant at Marsh Risk Consulting, and prior to that has worked as head of business continuity services for Norwich Union Risk Services, and Cable & Wireless.

Government plans to clamp down on tax avoidance have missed out a Channel Islands VAT loophole costing the Treasury hundreds of millions of pounds per year and devastating independent traders, the Forum of Private Business is warns.

As the cold snap shows no signs of abating, Aon Risk Solutions,is advising businesses affected by the snow to constantly evaluate their business continuity plans and note any findings to minimise impact from future events.

Research carried out by SunGard Availability Services suggests that many businesses are unwilling to place their IT infrastructure in the cloud because of fears over data security, downtime and loss of control.

The Environment Agency’s new online flood forecasting and warning service takes effect from today. These developments follow recommendations made by the Pitt Review into the floods of summer 2007.

The Information Commissioner today served two organisations with the first monetary penalties for serious breaches of the Data Protection Act. The largest of the two penalties amounts to £100,000, and was issued to Hertfordshire County Council for two incidents.

Despite local security concerns, the COP16/CMP6 conference began on a positive note in Cancun Monday. Patricia Espinosa Cantellano, conference president and Mexico’s secretary of foreign affairs, said that delegates must launch “a new era of effective global action to combat climate change, a new stage in which the international community truly moves beyond deliberations and onto actions.”

Computerlinks is has announced plans to provide a suite of internet continuity services for the channel in 2011. The services will be delivered using Avanti Communications’ HYLAS 1 satellite, which was launched into space last week. HYLAS 1 is the first predominantly Ka-band satellite to give coverage to key European markets.

A fifth of reported data loss incidents in the first half of this year was made up of malicious attacks from inside the organisation, according to research from KPMG.
According to the report, 23 million people globally have been affected by data breaches involving the threat of a malicious insider since 2007.

The Public Private Partnerships (PPPs) that build many of the UK’s roads, hospitals and schools are in dire need of policy review. So says a Queen’s University Belfast academic who, in a new study, highlights the fragility of the UK’s infrastructure.

Vic Krauze has been appointed chairman and CEO of Willis North America. National partner for the Northeast Region, Todd Jones, has taken Krauze’s former position as president of Willis North America. Krauze will report to Joe Plumeri, chairman and CEO of Willis Group.

Communications minister Ed Vaizey has been singing the praises of cloud computing as having the potential to provide economic benefit to organisations and the public, but warned that security risks would need to be properly addressed.

The Institute of Operational Risk (IOR) has published a Key Risk Indicators (KRI) Sound Practice Guidance paper.

A formal consultation has been launched to gain initial views to simplify CRC. The main proposed amendments include extending the introductory phase and postponing the start of Phase 2 until 2013 as well as potentially removing of the information disclosure requirement.

QBE has announced this morning that it is to acquire RenaissanceRe’s US book of business.

Heavy rainfall overnight has led to severe flooding in the south west of England. As of this morning, the Environment Agency announced ten flood warnings and 15 flood watches in place for rivers in the area.

Specialist insurer Markel International has expanded its trade credit division with three appointments.

The release of two Britons over a year after they were kidnapped by Somali pirates and the recent attempted armed robbery/kidnap in Brazil of F1 champion Jenson Button have served to highlight the increasing risk of kidnap for ransom.

Aviva has launched a free business continuity plan template for businesses in the technology sector. The document has been drawn up by a team of specialist business interruption (BI) surveyors.

Data security specialist, Imperva, has released its predictions for the top ten security trends for 2011.

Huge areas of land mass within Australia, India, China and USA are highlighted as suffering extreme pressure on their renewable water supplies by a new index and map that evaluate water stress worldwide down to 50km².

Aon Benfield is advising re/insurers that rating agencies are likely to increase their scrutiny of catastrophe risk in Asia and that many companies will have to make substantial investments to address this.

SunGard Availability Services has launched Recover Anywhere, a service that can help extend full desktop recovery, including voice capability, to the entire workforce in the event of a business disruption.

Markel International has broadened its suite of products for directors and officers with the launch of three new products. It has also enhanced its existing directors’ and officers’ (D&O) wording.

Although the global economic downturn of the past few years has encouraged a greater awareness of the risks companies face, insurers have become increasingly reluctant to expand BI insurance coverage.

With attention focused on the increasing occurrence of extreme weather, a much larger global threat is on the horizon. Beginning 2012, a new 11-year solar cycle will begin, bringing with it magnetic storms that could disrupt power supplies, transport and communications systems, causing widespread disorder around the world.

Tough choices: Different perspectives on the long term risks facing the public sector and wider civil society, published by Zurich Municipal and Ipsos MORI, says two thirds (64%) of public sector leaders agree that short-term budget challenges will prevent them from addressing longer term risks effectively.

Brit Insurance, the international general insurance group, announces the appointment of Baldeep Johal to the newly-created position of group chief risk officer. Mr Johal will join the executive management committee and report directly to group CEO Dane Douetil.

A large scale pan-European cyber risk exercise, bringing together 150 information security practitioners from 70 public bodies around Europe, was completed yesterday.

Natural catastrophe calculations are ignoring 15 years of critical evolution under the currently proposed Solvency II Standard Formula, which could lead to higher capital requirements for insurers when the regulation comes into force.

Tropical storm Tomas, this morning located over the north central Caribbean Sea, is forecast to pass to the east of Jamaica and between Haiti and Cuba today and early Friday, during which time the National Hurricane Center (NHC) forecast it to strengthen to hurricane status.

Concerns surrounding information security is driving customers to take their business elsewhere. A report just published shows that one in ten bank customers have moved banks owing to privacy and security concerns.

Mark Taylor has been appointed as the new managing director of Belfor-Relectronic UK.

Data traffic analysis and security specialist, Idappcom, has released a freeware version of its Traffic IQ Pro security audit and penetration testing product. Te replay functions are similar to those in the fully licensed version, including the graphical user interface (GUI).

James Royds has joined Steelhenge as a director and head of consulting

Chubb Europe has appointed Lynn George to the position of European claims manager.

Companies are being advised to take extra fire safety precautions during the planned industrial action by the UK’s Fire Brigade Union. The strikes, scheduled to take place today and on 5-7 November, represent a potentially serious threat, with an increased chance of them being unable to control a fire on their premises.

The practicability of outsourcing could be brought into question following the European Court of Justice decision that the collection of monthly payments from patients by AXA and their transfer to dentists Denplan is not a VAT exempt financial service.

The Direct Marketing Association suggests that one in five companies is losing sales by failing to respond to online customer enquiries. The UK internet economy is now worth £100 billion annually, according to Google.

Emergency notification service provider Send Word Now, has launched its newest mobile application, Send Word Now for iPhone. Send Word Now for iPhone is designed to provide an easy-to-use alert and response platform to send and manage messages while users are away from the office.

Loss recovery insurance provider Lorega has appointed Paul McNamara as senior chartered loss adjuster within its recently formed chartered loss adjusting subsidiary, Lorega Solutions.

Research just published shows that as many as seven out of ten organisations have suffered at least one supply chain failure in the last nine months. The survey,, conducted by the BCI, suggests that while awareness of supply chain risks is increasing, many businesses remain exposed to high levels of risk.

Risk and compliance software provider, Wolters Kluwer, has added two financial crime experts to its team in London. Steve Hancock joins the company as director of regulatory and financial crime programmes and Toni Sless has joined as financial crime product specialist.

Business failures in the North East of England have more than doubled in the space of two months, according to a new report. Although the UK-wide picture shows the insolvency rate fluctuating month by month, it still reveals an overall improvement in insolvency rates since early 2009.

Julian Messent was sentenced today to 21 months' imprisonment after admitting making or authorising corrupt payments of almost US$2 million to Costa Rican officials in the state insurance company, Instituto Nacional de Seguros and the national electricity and telecommunications provider Instituto Costarricense de Electricidad.

Torus has appointed Michael Kuprianczyk as senior underwriter, professional lines. Mr Kuprianczyk will bolster the provision of senior local expertise for directors and officers as well as professional indemnity coverage.

IT managers are facing an increasing level of complexity when it comes to managing their applications estate. Independent research suggests that many IT departments are failing to get to grips with this issue.

Nick Starling, the Association of British Insurers' (ABI) director of general insurance and health, has expressed his disappointment at the decision on flood defence investment within the comprehensive spending review.

With Chancellor George Osborne’s announcement that local government funding will be cut by 7.1% each year for the next four years, and additional cuts being made in education, police and social care budgets, public services need to be prepared to meet the challenges of doing more with less.

David Cameron says the half a billion of new money for a national cyber security programme will “significantly enhance our ability to detect and defend against cyber attacks and fix shortfalls in the critical cyber infrastructure on which the whole country now depends".

A new index, calculating the vulnerability of 170 countries to the impacts of climate change over the next 30 years, identifies some of the world’s largest and fastest growing economies, including India, as facing the greatest risks to their populations, ecosystems and business environments.

Theft of data at global companies has overtaken physical theft for the first time, according to the latest edition of the Kroll Annual Global Fraud Report, which shows that the amount lost by businesses to fraud rose from US$1.4m to US$1.7m per billion dollars of sales in the past 12 months.

The UK insurance industry is set for increased costs on outsourcing as other EU countries force through the removal of the VAT exemption on outsourced claims handling. The UK’s HM Treasury is now preparing the industry for defeat on this concession in order to push forward a wider simplification of the insurance VAT rules. This could mean a 20% increase in many outsourcing costs.

The British Insurance Brokers’ Association (BIBA) has formally responded to the HM Treasury consultation paper on a new approach to regulation. Eric Galbraith, BIBA chief executive, said: “Care should be taken to ensure that the new regime leads to appropriate and proportionate regulation of our profession..."

A range of initiatives, combined with new qualified insurers entering the professional indemnity insurance (PII) market, has staved off the predicted high numbers of legal practices being forced into securing emergency cover in the assigned risk pool (ARP), according to the Law Society.

Over two-thirds of large companies in the UK expect the London 2012 Olympic and Paralympic Games to have virtually no impact on their ability to operate business as usual, according to new research from Deloitte.

Business continuity service provider, ICM Continuity Services, has completed the rollout of its new state-of-the-art VoIP system to 7,500 end points across its eighteen business continuity sites nationwide.

SunGard Availability Services has launched Replication-as-a-Service (RaaS), a cost-efficient, on-demand way to replicate vital data contained within an organisation’s diverse storage devices. SunGard’s RaaS replicates data in a secure private cloud environment, which is linked into its recovery network.

The CCS is inviting responses to a draft document prior to publication of its Reference Document, The Role of Local Resilience Forums which is designed to provide English and Welsh Local Resilience Forums (LRF) and other stakeholders with the latest guidance.

A considerable reversal of fortunes means P&I clubs have seen a collective investment return of US$619m for the year ending 20 February 2010, compared with a more than US$800m loss in the 2008/9 policy year, according to figures released by Aon.

The British Insurance Brokers’ Association (BIBA) has launched its first BIBA TV series on current issues affecting the insurance community.

London market software firm, Fineos, has appointed Amanda Rees as senior sales consultant for its London market operations.

Colin Batabyal has been appointed as the new underwriting director for MMA Insurance. He has over 30 years' experience of the insurance industry having worked for a range of insurance businesses, most recently, esure.

The European Network and Information Security Agency (ENISA) considers the implications of recent Stuxnet malware a technical paradigm shift, and warns of the occurrence of similar attacks.

Aon has launched a new water resilience insurance product, designed to provide compensation not only in the event of malicious water tampering, accidental contamination and extortion, but also upon issue of a boil or avoid consumption notice.

The unfolding disaster in Hungary, in which toxic sludge escaped from a failed reservoir belonging to an industrial company, serves as a stark reminder to companies with industrial operations in Europe of the environmental liability directive.

Following the coldest winter for three decades last year, which caused widespread disruption to businesses, forecasters are predicting another harsh, snow-filled winter in the coming months.

A new Legal Ombudsman has opened for business today. Covering lawyers, solicitors and barristers, the Ombudsman has official powers to put things right if the service a consumer received from their lawyer was deemed unsatisfactory.

Marsh has appointed Equitas CEO, Jane Barker, as non-executive director. Ms Barker previously worked at Marsh for 14 years, latterly as international CFO.

Business continuity service provider, ICM Continuity Services, has launched two enhanced versions of its business continuity planning software, Shadow-Planner.

The authorities have warned of the increased potential of a terrorist attack in the UK and Europe.

Lord Young's eagerly awaited report into health and safety has received the thumbs up from law firm, Beachcroft.

The Met's Police Central e-Crime Unit (PCeU) has released a statement claiming to have saved the UK economy more than £140m in the last six months.

Seventy people have been arrested for alleged involvement in a global cybercrime scheme that used malicious software to steal more than US$3m from bank accounts.

With the UK Bribery Act coming into effect in April 2011, legal and insurance experts have warned that directors and officers are ill-prepared for the risks they will be exposed to.

Vocal is offering an entry-level Warn and Inform service free of charge until December 2010 to all local authorities in the UK. The iModus Warn and Inform system can be used both for everyday communication as well as crisis messaging.

Willis has launched a new practice designed to serve firms in the life sciences sector, covering biotechnology, pharmaceuticals, chemicals and medical devices.

Activity in the UK financial services sector grew in the last three months at the fastest rate since June 2007, although this growth was much slower than was expected, a new survey reveals.

Record gold bullion prices mean that firms involved in metal trading, storage and transit are at risk of being under-insured against physical damage or loss. In response, Marsh has developed a new metals insurance product that will provide up to US$1 billion of cover.

Regulatory compliance and risk management firm, Wolters Kluwer Financial Services has acquired Brussels-based global financial regulatory reporting and risk management business, FRSGlobal adding operational, compliance and financial risk and reporting to its offering.

Lloyd’s is to ramp up its claims division by recruiting and training 50 claims professionals over the next five years. The first group of market practitioners will join early next year and the initial graduate intake will follow in the autumn.

The Technology Strategy Board is to invest nearly £16m in 29 major new collaborative research and development projects that will help to secure the sustainable supply of protein such as meat, fish and animal feed, essential for future food security.

The Federation of European Risk Management Associations (FERMA) and European Confederation of Institutes of Internal Auditing (ECIIA) has launched a guide to the eighth EU Directive for boards and audit committees.

Global specialty insurer, Torus, has launched an insurance product specifically targeted to help companies affected by the new EPA Lead Renovation, Repair and Painting Rule.

Managed services and datacentre provider, The Bunker, has been named as one of Britain’s most successful technology businesses in the 2010 Sunday Times Microsoft Tech Track 100. The Tech Track 100 ranks Britain’s fastest-growing private technology companies.

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