FUSION
2018-11-20

The 21st Annual Business Continuity Awards, celebrating achievement in business continuity, security and resilience, are open for entries. The Business Continuity Awards are the most anticipated event in the business continuity calendar and provides unrivalled networking, alongside a night of entertainment and celebration.


2018-11-20

Aon has today announced the availability of its new non-damage business interruption (NDBI) cover designed to protect the income streams of the growing number of companies with high levels of intangible assets. The new NDBI cover can be particularly beneficial to hotels, retailers, pharmaceutical firms and transportation companies. For the hospitality and retails sectors, the product can help firms mitigate the financial impact of lower client footfall following events such as delays or cancellations to transportation.


2018-11-19

Chairman of Nissan and chief exec of Renault, Carlos Ghosn, has been arrested in Japan over claims of financial misconduct. The car maker has for the past few months been conducting an internal investigation regarding misconduct involving Ghosn and director Greg Kelly.


2018-11-19

Willis Towers Watson has introduced CyFly for Airports, a flexible insurance solution specifically tailored to cover cyber exposures affecting airports around the globe. The new solution provides business interruption arising from outages sustained by third parties upon whose networks airports rely, such as air navigation service providers, hangar operators and maintenance operators; regulatory costs and fines under cyber security legislation (such as the EU Network & Information Systems Directive) rather than just data protection legislation; and broad system failure business interruption extending to any unplanned outages, rather than those arising only from hacks or negligence. It also covers voluntary system shut-downs to mitigate business interruption exposures; claims preparation costs and deemed insurability language, aiding recovery of both data protection (eg. GDPR) and cyber security (eg. NISD) fines.


2018-11-16

Responding to the text of the draft Brexit agreement reached by the UK and European Union, Christopher Croft, chief executive of the London and International Insurance Brokers’ Association (LIIBA) said that while it is encouraging to see a dedicated section on financial services, he hoped that the fact the draft is solely built around the concept of ‘equivalence’ is for the sake of brevity and simplicity. "Otherwise, those of us who have no equivalence regime have cause for serious concern. As do our clients," he said.


2018-11-15

A specially-convened meeting of the CBI’s most senior policy-making committee has issued a unanimous statement declaring ‘we must not go backwards’ following the publication of the draft Withdrawal Agreement between the UK and EU. It says the agreement has two essential economic benefits which must be achieved: avoiding a no deal cliff edge by delivering transition, and opening a route to a good long-term trade deal.


2018-11-15

Responding to the draft Brexit agreement outlined this week, the British Insurance Brokers' Association has welcomed progress towards a transition period but remains concerned over the lack of a solution for UK brokers trading with commercial and retail customers in Europe.


2018-11-15

Preoccupied by Brexit as we are, risks relating to our exit from the European Union will not prove to be the greatest risk for the majority of UK enterprises into 2019. The greatest risk will be greater sophistication of cyber attacks and the more effective exploitation of stolen data by cyber criminals. They are early exploiters of AI software that analyse, sort and match up snippets of data gleaned from data breaches and social media and weaknesses in SMS systems that have harvested mobile phone numbers to construct very extensive profiles of consumers. These can be matched with publicly available demographic and postcode data to identify quality targets. AI will then generate content that will be both compelling and relevant: capable of luring even the most suspicious consumers and businesses. The mass email techniques of today will start to be replaced by this methodology.


2018-11-15

Marsh has announced the formation of Marsh-JLT Specialty, a new specialty business within Marsh that combines the specialty teams of Marsh and Jardine Lloyd Thompson Group, effective upon closing of the transaction. In addition to becoming vice-chairman of Marsh & McLennan Companies and a member of the Marsh & McLennan executive committee, Dominic Burke, currently CEO of JLT Group, will become chairman of Marsh-JLT Specialty. He will continue to be located in London.


2018-11-15

Internet connected cameras are an increasingly popular choice for people to want to use CCTV to protect their homes and businesses, because of the benefits they bring. These include remote access to content, automatic alerts when there is suspicious activity and easy sharing of recordings to anyone, from anywhere – for example sharing with the police even when the property owner is in another country.


2018-11-14

Although many people use apps to check bank balances and make transactions, a large number of financial services customers still receive paper records such as policy documents and statements. Some 5.2bn paper documents were estimated to have been sent by the industry last year alone, according to a study conducted by EY, which suggests just 28% of customers are truly paperless.


2018-11-14

Addressing an audience of cyber insurance experts this week, Economic Secretary to the Treasury and City Minister, John Glen, said the UK is perfectly positioned to provide much needed protection against the global cyber threat.


2018-11-13

More than 42 people have died and a further 200 are missing as a result of the wildfires in Northern and Southern California. Fanned by powerful Santa Ana winds in the south and Diablo winds in the north, the fire is now the deadliest on record in the state.


2018-11-13

At the launch of the 2018 Corporate Human Right Benchmark, Steve Waygood, the chief responsible investment officer at Aviva, made a remark about the audience. It was, he said, now a third composed of representatives of the financial sector – a significantly higher than a year ago. Waygood pondered why the financial sector had suddenly taken such an interest, and pointed to the results of human rights violations upon Bell Pottinger and VW (failure, fines and share price drop).


2018-11-13

Pool Re has outlined its plans for its forthcoming non-damage business interruption cover. Once the legislative changes are passed, Pool Re will be able to cover losses caused when businesses cannot operate because of a wide police cordon even though their premises may not be damaged, as happened in London’s Borough Market in June 2017.


2018-11-12

Cargo theft on UK roads cost companies around £14 million between the months of April and June, with alcohol and tobacco products the most targeted items. Further analysis from BSI and the National Vehicle Crime Intelligence Service (NaVCIS) cites an average loss of £36,436 per incident, with the highest-value single cargo loss in Q2 cited as £1.13m, when thieves stole a trailer loaded with luxury fashion goods.


2018-11-09

The winners of the ninth annual Risk Management Awards were revealed last night at a gala dinner and ceremony attended by 400 people at the De Vere Grand Connaught in London. Skanska came away with two gongs this year, while the coveted Risk Manager trophy was picked up by Wes Cadby of J Murphy and Sons.


2018-11-08

Hurricane Michael is estimated to have a financial impact on the US economy of US$15bn, according to Aon's calculations. Storms in Europe meanwhile resulted in economic losses of more than US$3.7bn, with Italy bearing the brunt.


2018-11-07

Willis Towers Watson has been working with new insurer Ticker, providing support and advisory ahead of the telematics provider’s early 2019 launch. The start up will use WTW’s Radar pricing software to support pricing and underwriting decision-making.


2018-11-07

The Chartered Insurance Institute (CII) has boosted its global team with the appointment of David Thompson as international director. Thompson will be based at the CII’s new Middle East and Africa (MEA) headquarters in Dubai but will also oversee operations from CII offices in Mumbai and Hong Kong. 


2018-11-06

Cyber attacks and data breaches continue to top the list of challenges for business continuity professionals, according to the BCI’s latest annual Supply Chain Resilience Report. As per last year’s report, uptake of business continuity arrangements continues to grow, with increasing numbers of organisations embedding business continuity to protect supply chains – and that’s despite what it highlights as a declining commitment from senior management…


2018-11-06

As 2018 draws to a close, I am pleased to report another fantastic year for the Institute. At the same time, though, there’s more work to be done and we’ve got a plethora of activities taking place in November and December. Our flagship annual conference, Risk Leaders: The Next Generation of Risk Management, is taking place in London on the 15th November where we will have the opportunity to discuss Brexit, artificial intelligence, cyber risk, ethics, GDPR and more. IRM’s Annual Lecture on 6th December will feature a senior member of the Armed Forces talking about strategic geopolitical risk management from a military standpoint. It really does go to show how risk management truly affects every facet of our personal and working lives.


2018-11-05

Arch has selected AIR Worldwide’s Touchstone modelling solution to help manage its catastrophe risk. The company will be using a customised suite of tools for detailed loss modelling, incorporating recent enhancements including zone-based analytics, improved management of Touchstone projects and data transfer between companies, an extensive refresh of the user interface.


2018-11-05

The number on insurance-related patents filed worldwide jumped 40% last year, to 917 in 2017 (to Dec 31) from 657 in 2016, according to law firm RPC. Pricing and telematics were most in focus as insurers seek to make cost analysis and risk modelling more accurate. Sharp increases were also seen in patents relating to machine learning and P2P.


2018-11-05

Cyber insurance and directors and officers’ (D&O) liability insurance have become increasingly interconnected, as company business models increasingly revolve around technology, according to a new Airmic white paper. It points to several high-profile shareholder class actions resulting from cyber incidents, a scenario that puts companies’ D&O policies under the spotlight.


2018-11-01

Hot on the heels of Google topping the rankings in the Reputation Institutes’ survey of Millennials, the company has experienced a walk out of staff over sexual harassment claims.
Globally staff are walking out over company's treatment of women, and follows earlier claims and the mishandling of the James Damore case. However, the key events that sparked the protest was the allegation that an executive received a pay-out of US$90m on leaving the company despite claims of sexual misconduct and another executive resigning without investigation after claims of unwanted advances.


2018-11-01

Volvo Cars has reached an agreement with Chinese technology firm, Baidu, to develop autonomous cars in China. Under the agreement, Baidu will use its Apollo autonomous driving platform with a view to mass manufacturing fully electric and autonomous cars with the Swedish company. The collaboration with Volvo Cars is the first of its kind in China.


2018-10-31

The Financial Conduct Authority has launched a review into how general insurers charge customers for home and motor insurance amid concerns that pricing practices may be discriminating against consumers. The market study is intended to give the FCA a deeper understanding of the scale of any harm to consumers from general insurance pricing practices, who it affects and, if required, what actions are required to improve the market.


2018-10-31

Sungard Availability Services has attained the AWS Managed Service Provider (MSP) Partner designation for the delivery of resilient, recoverable IT solutions. The provider was lauded for using proven tooling to support AWS customers, developing a single sign-on (SSO) portal for customer and account management and its strong focus on the continued training of DevOps and cloud division personnel, who currently hold 60 AWS certifications and 544 business and technical accreditations.


2018-10-30

Traveller Assist has launched a new insurtech platform that uses blockchain to facilitate payment of medical bills and travel related expenses on behalf of travel and health insurers abroad.


2018-10-30

The increasing uptake of augmented reality (AR), virtual reality (VR) and mixed reality (MR) technologies by businesses represents an opportunity for insurers, according to a new report from Lloyd's. In order to stay on top of developments in virtual reality and augmented reality, Lloyd's is urging insurers to immerse themselves in the technology to help them anticipate and react to emerging risks in the virtual world.


2018-10-29

London based insurtech company Concirrus has entered a multi-year agreement with Marsh that will see the two companies working together to drive the use of behavioural data in the global marine market. Marsh will adopt the company’s Quest Marine product to help drive new insights and placement strategies as well as identifying new opportunities for digital product development in the marine insurance industry.


2018-10-29

JBA Risk Management and Aspen Re have launched a fully probabilistic China catastrophe model for inland flood. The Continental China Flood Model will allow users to disaggregate province-level exposure data to a higher resolution for modelling – a process which provides a realistic view of the spatial location of insured exposure across China.


2018-10-29

The Chancellor this afternoon delivered an Autumn Budget with “more treats than tricks” according to the CBI, which welcomed Hammond’s “rock solid” measures for the next financial year. Among the key pledges impacting the profession include an extra £1bn in defence spending to boost cyber capabilities, an additional £500m set aside to prepare for a no-deal Brexit, and an extra £160m for counter-terrorism police.


2018-10-26

Aon has collaborated with Guidewire Software on a scenario for a hypothetical attack by hackers on a US hydroelectric dam. In the scenario, a hacker seeks to create disruption by opening the flood gates at a hydroelectric dam. Such a scenario would likely cause significant downstream flood damages, resulting in silent cyber losses for insurers.


2018-10-26

Road traffic accident risk increases by over a third after the clocks go back, according to data from Insurethebox. The telematics insurance provider suggests that accident rates among motorists driving between 1700-2000 in the weeks directly following the October clock change increase by as much as 34%.


2018-10-26

Retailers and manufacturers are being urged to check their trade credit insurance fits with contingency plans for a potential no-deal Brexit. Risk management consultants at Marsh say some firms are ramping up their inventories in preparation for any delays caused by potential trade restrictions.


2018-10-25

Following a number of regulatory changes, training and diversity initiatives across the insurance sector to boost education, training, talent recruitment and diversity, the International Underwriting Association has formed a new London Market group for human resources professionals.


2018-10-25

The Information Commissioner’s Office (ICO) has fined Facebook £500,000 for serious breaches of data protection law. In July, the ICO issued a Notice of Intent to fine Facebook as part of a wide ranging investigation into the use of data analytics for political purposes. The ICO’s investigation found that between 2007 and 2014, Facebook processed the personal information of users unfairly by allowing application developers access to their information without sufficiently clear and informed consent, and allowing access even if users had not downloaded the app, but were simply ‘friends’ with people who had.


2018-10-25

Law firm Clyde & Co has now received confirmation from the Danish Court that the favourable High Court decision absolving insurer clients of a US$470m claim stands as final and unappealable. The energy construction claim was notified by Norwegian energy company Noreco against a group of international insurers in 2009. Noreco claimed that its all-risk insurance policy should pay for damage to the Siri oil platform in the Danish sector of the North Sea, which forced three fields to shut down.


2018-10-24

Responding to the rising number of strikes, riots and instances of civil unrest and terrorism around the world, Marsh has today launched a new standalone insurance solution that provides financial protection for global businesses following any related denial of access to their properties.


2018-10-23

Concerns that political and economic conditions might limit export orders in manufacturing over the next three months are at their highest since immediately after the EU Referendum, according to the CBI’s latest quarterly industrial trends report. CBI chief economist, Rain Newton-Smith, said the figures were “sobering” and demanded immediate action at home and abroad.


2018-10-23

HawkSight Software has joined forces with PGI to offer users data feed integration capabilities covering geopolitical events, security incidents and business continuity threats.
Working with PGI’s API, the software will display incident data from the last 48 hours each time a user logs in whilst storing older data for recall when required. Incident data can be displayed as a cluster, or heat layer, and may also be charted, with click through capability to enable interrogation of individual incidents in greater detail.


2018-10-22

An estimated US$163bn of assets are underinsured globally, according to new research from Lloyd’s and the Centre for Economics and Business Research (CEBR). The average insurance penetration rate in developed nations is twice as high as the average in emerging, or lower income countries, which account for almost all (US$160bn) of the global insurance protection gap.


2018-10-19

Mactavish says a lack of understanding of insurance policies among UK boards leaves them at "significant risk" of insurers not paying out on claims. Issuing its stark warning today, the governance and consulting group added that, while the Insurance Act 2015 and the new Corporate Governance Code may have increased the focus on risk at board level, board members and senior directors do not adequately appreciate all of the dangers and threats facing their organisations -- an added factor in the probability of insurers not paying out of claims, it says.


2018-10-18

Flood specialist JBA Risk Management has rolled out its high-resolution flood maps and associated pricing data for the continental US, starting with the State of Florida, which is at significant risk of flooding in many parts.


2018-10-16

Insured wind and storm surge losses from Hurricane Michael will range from US$6bn to US$10bn, according to estimates from cat risk modelling firm AIR Worldwide. The storm struck near Mexico Beach in the Florida Panhandle on the afternoon of 10th October with maximum sustained winds of 155 mph (250 km/h). Michael was the most powerful hurricane to have come ashore in the Florida Panhandle since the first records were kept in 1851.


2018-10-16

London company market premium income has jumped to £26.3bn, according to data from the International Underwriting Association (IUA). It says 2017 GWP was £18.331bn while a further £7.984bn was identified as written in other locations, but overseen and managed by London operations.


2018-10-15

Small and medium-sized companies are confident about their prospects over the next five years despite ongoing Brexit uncertainty, new research from MetLife UK shows. The survey of companies employing between 50 and 300 staff – which make up around 34,000 businesses in the UK with an annual turnover of £541bn and employing 3.3m people -- found 76% are optimistic about their business prospects for the next five years, with more than a quarter (28%) saying they are very optimistic.


2018-10-15

Ecclesiastical has joined forces with the Charity Finance Group to urge the Chancellor to make charities exempt from paying Insurance Premium Tax (IPT). The two organisations have been campaigning together to raise awareness of the impact of the continuing IPT increases on charities.


2018-10-12

Some jobs are more risky than others. Individuals working in the emergency services, security, heavy industry or health and social care are clearly at greater risk of encountering psychological trauma due to the nature of their occupation. At the same time, though, very few in other, less obviously risky roles are completely immune to difficult or distressing events such as assaults on staff, serious accidents or injuries, robberies, or even the death or suicide of colleagues.


2018-10-11

Storm surge warnings are in place in Florida following the arrival of the third-strongest storm in recorded history to hit mainland US. Hurricane Michael made landfall Wednesday afternoon as a cat 4 storm before being downgraded to a tropical storm as it weakened over Georgia. Two people have been killed.


2018-10-10

The Financial Conduct Authority has set out its proposals in the event the UK leaves the European Union on 29th March 2019 without an implementation period. It has also set out its approach to the regulation of credit ratings agencies, trade repositories and data reporting services providers.


2018-10-10

Demand for sustainability, good corporate behaviour and rapid digitisation are leading to profound changes in organisations and in the work of risk managers, according to the Federation of European Risk Management Associations. Whilst acknowledging the challenges, FERMA says this represents a huge opportunity for risk managers. “The risk manager can be a co-pilot for the board and top management in this transformation,” says president of FERMA, Jo Willaert.


2018-10-10

Responding to the relaunch of the Association of British Insurers’ #IPTsUnfair campaign ahead of the Autumn Budget, Federation of Small Businesses (FSB) chairman Mike Cherry said the Insurance Premium Tax deters small firms from making the right choices.


2018-10-10

The Chancellor is being urged not to further penalise responsible insurance customers in this month’s Budget. The Association of British Insurers (ABI) launching a sequel to its #IPTsUnfair campaign, which presses the government not to increase Insurance Premium Tax any further by demonstrating the absurdity of punishing people who are doing the right thing.


2018-10-10

Allianz Global Corporate & Specialty (AGCS) is reshaping its Alternative Risk Transfer business into two new specialist teams. From next month, the Insurance-Linked Markets team becomes a standalone line of business known as Capital Solutions, led by current ART CUO Richard Boyd.


2018-10-09

In its pre-Budget letter to the chancellor, business group the CBI has focused on three key areas it says are key to unlocking growth: reforming business rates to ensure firms can invest and grow, building on recent announcements to make the apprenticeship levy work; and improving capital allowances to drive investment – particularly in digital and low carbon technologies.


2018-10-08

Driverless ships and aviation drones face fewer barriers to adoption than driverless cars, according to a survey among underwriting professionals, who express concern about a lack of associated infrastructures for autonomous modes of transport, as well as cost, technological capability, public perception and regulation.


2018-10-08

Shred-It has released a new online tool designed to support businesses with GDPR compliance. The new GDPR Manager aims to help with accountability and compliance by guiding users through a six-step process from initial assessment to an ongoing action plan.


2018-10-05

VisionTrack has launched a new monitored behaviour and First Notification of Loss service designed to aid prevention and to increase claims efficiency in the event of an incident. VT24/7 is the latest in a series of developments in the space, as in-vehicle technology becomes increasingly sophisticated.


2018-10-05

Regulators are taking a tougher stance on ESG disclosure, according to a new report compiled by risk management software provider, Datamaran. In the last three years alone environmental, social and governance (ESG)-related regulations grew by over 100% across the UK, the US and Canada, indicating that the ESG regulatory landscape is picking up pace. The majority of sector-specific regulations published after 2015 are mandatory.


2018-10-04

Workers in the UK believe that robots and automation more generally will deliver more interesting and creative jobs for future generations, but lack a full understanding of the technology’s capabilities, according to a report from robotic process automation provider, UiPath.


2018-10-03

Willis Towers Watson has announced the launch of the Airport Risk Community (ARC), an initiative aimed at highlighting and tackling common industry risks. ARC’s purpose is to connect groups of professionals around the world, to share knowledge and insight by hosting events and to analyse data, and help the industry understand and take action on emerging risks and trends.


2018-10-03

Following the government's announcement this week that the use of combustible cladding is to be banned on all new residential buildings above 18 metres, as well as schools, care homes, student accommodation and hospitals, FM Global has warned that this measure alone does not mean buildings are fire risk-free.


2018-10-01

Arc Legal has launched a dedicated personal cyber assistance product for Saga, offering cover and support in the event of a cyber attack on a policyholder’s personal device.
The policy provides crisis response and incident management cover, offering immediate assistance following a cyber attack; as well as restoration cover to reinstate customer devices to their original state.


2018-10-01

The Chartered Insurance Institute is opening a new office to cover the Middle East and Africa. The CII already has established links with the regulators and financial companies based in UAE and it is hoped that this new hub will help serve the region more effectively.
The CII has appointed Gaenor Jones as regional director, MEA, CII and Personal Finance Society.


2018-10-01

The Financial Conduct Authority (FCA) has fined Tesco Bank £16.4m for failing to exercise due skill, care and diligence in protecting its personal current account holders against a cyber attack that took place in November 2016. Cyber attackers exploited deficiencies in Tesco Bank’s design of its debit card, its financial crime controls and in its Financial Crime Operations Team to carry out the attack.


2018-10-01

The impact of on wholesale brokers in the London insurance market of today’s Insurance Distribution Directive implementation deadline of the will be manageable, according to the London and International Insurance Brokers’ Association (LIIBA).


2018-09-28

Ongoing and, in some areas, increasing geopolitical concerns are causing a rise in political risk exposures with 55% of global organisations with revenues greater than US$1bn experiencing at least one political risk loss exceeding US$100m in value. This is according to figures from Willis Towers Watson, whose annual Political Risk Report, carried out with Oxford Analytica, highlights Turkey and Argentina as particular areas of concern.


2018-09-27

Hiscox has today launched its new Influencer and Public Figure Protection insurance, covering the risks faced by influencers and high-profile individuals leading their lives in the public eye. It is thought to be the only such cover in the UK currently offering a tailor-made policy for influencers and public figures including breach of promotional contract.


2018-09-26

The Information Commissioner’s Office has begun formal enforcement action against 34 organisations that have failed to pay the new data protection fee. The regulator has sent notices of its intent to fine the organisations unless they pay. Those that don’t could face a maximum fine of £4,350.


2018-09-25

The government has today published its updated guidance on the future of intellectual property (IP) laws following the UK’s departure in March 2019 of the European Union. It says that while a scenario in which the UK leaves the EU without an agreement is “highly unlikely”, its series of technical notices will help businesses make informed plans and preparations in the event of a no-deal Brexit.


2018-09-24

The Insurance Institute of London today announced that Nicolas Aubert, head of Great Britain for Willis Towers Watson, has been elected as the organisation’s new president. Having served first as a vice-president and then as deputy president for the past year, Aubert replaces Lighthouse Group’s Roger Sanders.


2018-09-24

With measures to slash greenhouse gas emissions set to miss their mark, businesses should be preparing for the risks related to a changing climate, according to a report by Zurich Insurance Group. Published at the start of Climate Week NYC, a gathering of investors, governors and CEOs in New York, it recommends a three-step strategy to help companies strengthen their defences.


2018-09-21

Lloyd’s has today announced a profit of £0.6bn for the first half of 2018. The market’s return to profit follows the severe catastrophe experience in 2017. Its interim report detailed a combined ratio of 95.5%, annualised return on capital of 4.3%, investment return of 0.3% and net resources of £29.0bn. The reporting period also featured an improvement in the underwriting result up to £0.5bn from £0.4bn last year.


2018-09-20

Equifax has been fined the maximum £500,000 penalty for its breach last year which exposed data belonging to 146 million people around the world, including 15 million in the UK. The ICO investigation found that, although the information systems in the US were compromised, Equifax Ltd was responsible for the personal information of its UK customers. The UK arm of the company failed to take appropriate steps to ensure its American parent Equifax Inc, which was processing the data on its behalf, was protecting the information.


2018-09-20

RSA has extended its suite of products to include cyber solutions for large and multinational businesses. An evolution of its existing cyber product for SMEs, the new solution been designed to provide comprehensive cover, assistance with risk assessment, and provision and management of post event support.


2018-09-19

AIR Worldwide estimates that, to date, industry insured losses resulting from Hurricane Florence’s winds and storm surge will range from US$1.7bn to US$ 4.6bn. “Hurricane Florence, once a Category 4 storm, made landfall near Wrightsville Beach, North Carolina, at about 0715 on Friday, as a Category 1 storm with 90 mph winds,” said Dr. Peter Sousounis, vice-president and director or meteorology, AIR Worldwide. “As Florence approached the East Coast, it grew in size and exhibited multiple wind maxima, which are found in storms with abnormally low central pressure for a given maximum wind speed. As a consequence, strong winds extended well north of the landfall location up to the Outer Banks and into Pamlico Sound, which caused a high storm surge in this area.”


2018-09-19

The UK’s small and medium-sized business have put GDPR compliance and cyber risk management ahead of any Brexit-related planning, according to a study conducted by Zurich. Almost a quarter (24%) of respondents to Zurich’s latest broker survey said that their SME clients now ask them about GDPR on a regular basis whereas regular enquiries about Brexit were recorded by just one in ten (10%) brokers; and over a third (35%) said that their clients never asked about the UK’s exit from the EU at all.


2018-09-18

Marsh & McLennan is to acquire Jardine Lloyd Thompson Group. Under the terms of the transaction, holders of JLT’s common shares will receive cash consideration of £19.15 pounds per share. Total cash consideration equates to US$5.6b in fully diluted equity value, or an estimated enterprise value of US$6.4bn. The transaction will be funded by a combination of cash on hand and proceeds from debt financing.


2018-09-17

The IRM is pleased to see that the new Financial Reporting Council (FRC) Corporate Governance Code places greater focus on risk. This includes an explicit mention in Section 1 ‘Board Leadership and Company Purpose’ – as recommended in the response IRM submitted to the FRC earlier in 2018.


2018-09-14

Every risk manager measures conduct risk with more than half an eye on the regulator, and for good reason. However, regulators do not always have the last word in how their rules are interpreted; they are accountable to politicians, and politicians are accountable to the public.


2018-09-13

What is the point of corporate insurance? Until recently that would have seemed a strange question. However, against a backdrop of disruption to business models, a shift from tangible to intangible assets and associated changes to risk profiles, businesses are seeking new insurance solutions and services appropriate to the digital age.


2018-09-13

It will soon be ten years since David Cameron declared that the “age of irresponsibility is giving way to the age of austerity”. The austerity programme was initiated in 2010, since which time organisations delivering vital services to communities have faced tough challenges and difficult decisions. At the same time, it has also led them to embrace the risks posed by large funding cuts and to take forward some ambitious change programmes.


2018-09-12

New research from the CBI demonstrates just how much consumers value information security today. The way companies treat personal data is the top concern for potential customers and business partners, with almost 9 out of 10 people identifying good data security and the protection of personal information as the key characteristic they look for when deciding where to spend.


2018-09-12

AXA has today completed the acquisition of XL Group. The completion of the transaction follows the fulfillment of customary closing conditions, including approval by XL Group shareholders and obtention of regulatory approvals.


2018-09-11

The government’s income from Insurance Premium Tax increased to £6bn for the year ending July 2018, up 22% on £4.88bn collected the previous year – a far bigger impact on businesses and consumers than had been predicted by the government, according to accountants UHY Hacker Young.


2018-09-10

The Chartered Institute of Internal Auditors has called for tougher governance of large private companies, which, it says should have comparable corporate governance standards to publicly-listed entities. In its response to the Financial Reporting Council's consultation on The Wates Corporate Governance Principles for Large Private Companies, the audit watchdog urged the regulator to strengthen its proposed principles for large private companies – which is essentially a corporate governance code covering these specific businesses – by more closely mirroring measures contained within the UK Corporate Governance Code for public listed firms, coupled with a call for the regulator to take charge of monitoring the application of the principles.


2018-09-10

AIR Worldwide estimates that industry insured losses from Typhoo Jebi, which made landfall in Japan on 4th September, will be between JPY257bn (US$2.3bn) and JPY502bn (US$4.5bn). The strongest typhoon to make landfall in Japan in 25 years, it struck as a cat 3 hurricane with 1-minute sustained wind speeds of 180 km/h (112 mph) before making a second landfall on the main island of Honshu striking the major urban centres of Kobe and Osaka with winds which, flipped vehicles, ripped cladding off buildings and downed trees and power lines. Jebi later intensified to become a super typhoon with wind gusts of over 190 mph, the equivalent of a cat 5 hurricane.


2018-09-07

Aon is launching a new silent cyber reinsurance solution to protect insurance carriers' portfolios from exposure to these non-affirmative perils across multiple lines of business. The solution is designed to help insurers identify their silent cyber exposures through wording and threat analysis; and to quantify their exposures using bespoke scenarios. Modelling is provided by Guidewire's Cyence Risk Analytics.


2018-09-07

Large insurers have stepped up preparations for IFRS 17 and 9, while smaller insurers have fallen further behind, according to new from KPMG International, which says 57% of of the large insurers (with premiums over US$10bn) it surveyed are in the design or implementation phase for IFRS 17, with almost as many, 64%, in a similar place with respect to IFRS 9. By comparison, among smaller insurers (with premiums under US$1bn), only 10% and 25% have started design or implementation for IFRS 17 and IFRS 9, respectively.


2018-09-07

British Airways has reported a data breach that involves the access of customer names, email addresses and credit card information. The company suspects the breach was a result of criminal activity, and the National Cyber Security Centre is advising those who have used the BA website or mobile application to purchase services while the data was at risk (21st Aug-5th September) to contact their banks, ensure passwords are secure or change them, and also monitor financial accounts for any suspicious transactions.


2018-09-06

AIR Worldwide and Capsicum Re are to develop a silent cyber modelling capability, whereby the two firms will identify which non-cyber lines of business and industries are more likely to be exposed to silent cyber-related losses.


2018-09-05

The government has updated its guidance for the establishment and maintenance of resilience within critical national telecommunications networks and services. Last published in February 2011, and updated this week, the EC-RRG Resilience Guidelines bring together a wide range of advice and guidance on agreed best practice in the establishment and maintenance of resilience within telecommunications networks and services for communications providers considered to be part of the UK’s Critical National Infrastructure either because of the scale of their operations, or because they provide key services to other parts of the CNI.


2018-09-04

High-profile failures, such as the recent collapse of Carillion, have contributed to a decline in public confidence in businesses. This is according to a CBI / Porter Novelli survey, which notes a 9% fall in confidence since the previous survey in October 2017. Business reputation declined in 10 out of the 12 regions in the UK, it said.


2018-09-04

Risk reviews conducted by the Information Commissioners Office have revealed ‘areas of concern’ among eight different charities. The ICO conducted the risk reviews for a random eight charities after its enforcement against 13 charities in the period between December 2016 and April 2016.


2018-09-03

Research by the Chartered Institute of Internal Auditors that has found cybersecurity has, perhaps unsurprisingly, been identified the number one risk facing organisations across the private and public sectors. The findings come from a survey of over 300 internal audit chiefs across Europe.


2018-08-31

Retail sales grew at an above-average pace in the year to August, according to the latest CBI Quarterly Distributive Trades Survey. In a survey of 112 firms, yearly retail sales volumes growth accelerated to a pace above the long-run average.


2018-08-31

Canopius has signed a partnership with credit and political risk MGA, Anvil Underwriting, which will allow Anvil to underwrite credit insurance, contract frustration and political risks on behalf of Canopius.


2018-08-30

Agricultural insurance specialist Lycetts has invested in an advanced forensic coding system to help clients protect farm equipment and premises. Lycetts DNA+ combines an adhesive solution with uniquely coded micro particles registered exclusively to each client. This system provides irrefutable, traceable evidence of ownership and has been proven by the police to be a powerful deterrent to thieves.


2018-08-30

The Institute of Risk Management and Solvay Brussels School of Economics & Management have launched a new enterprise risk management qualification. Participants of the first, two-day module will receive the IRM’s Risk Management Essentials certificate. Those that complete all five modules will receive an additional Executive Programme in Enterprise Risk Management certificate issued by Solvay Executive Education.


2018-08-30

Willis Towers Watson and AXIS have launched a professional indemnity insurance solution with a £10 million primary limit for 11+ partner law firms. The cover extends beyond that outlined under the SRA Minimum Terms and Conditions.


2018-08-29

The current head of international operations at Navigators Underwriting is to become the next CEO of LMA, following the announcement that David Gittings will be stepping down at the end of the year after 12 years in the role.


2018-08-24

New research into the data habits of the UK SMEs suggests that many British companies are finding it hard to store and manage their company’s data effectively. The findings suggest many smaller organisations are still relying on USB drives as their primary data storage solution.


2018-08-23

The number of UK firms with cybersecurity insurance has risen in the past year — but less than half say their cyber insurance covers all risks, according to a survey from research firm Ovum.


2018-08-23

The Construction Industry Council (CIC) has launched a second survey to gauge the impact of last year’s Grenfell fire tragedy on insurance cover for the construction sector.


2018-08-22

Fears over Brexit appear to be increasing businesses’ perception of the risks in their supply chain, despite evidence suggesting that many have taken steps to ready themselves for a post-Brexit environment, according to a new report.


2018-08-22

Reputation events such as cyber attacks have a direct impact on share price, according to the findings of a new report by Pentland Analytics and Aon. The 2018 Reputation Risk in the Cyber Age study looked at 125 reputation events during the last decade, measuring the impact on shareholder value over the course of the following year.


2018-08-21

Cloud computing ranks as the top risk concern for executives in risk, audit, finance and compliance, according to a new survey by Gartner. While cloud computing presents organisations with novel opportunities, a number of new risks make cloud solutions susceptible to additional security threats.


2018-08-21

Manufacturing output growth eased in the three months to August, according to the latest monthly CBI Industrial Trends Survey. The survey of 379 manufacturers revealed that output growth slowed slightly during this period but remained well above the long-term average.


2018-08-20

The Environment Agency has launched a campaign to help businesses prepare for flooding. The agency’s flood resilience community engagement officers for the North-East have been in touch with more than 700 business there to raise awareness. Since 1998 there has been at least one serious flood a year with businesses more likely to be destroyed by flood than by fire.


2018-08-18

Global economic losses from natural catastrophes and man-made disasters in the first half of 2018 totalled US$36bn -- well below the ten-year average of US$125bn in economic losses and significantly lower than the losses reported for the same period a year earlier.


2018-08-17

REG has won a tender to provide on demand due diligence and agency management for Arc Legal. The specialist legal expenses provider will use the REG Network to decrease the time taken to onboard new customers and to increase the frequency and detail of its current oversight processes.


2018-08-16

The Charity Commission is urging charities to put preventative measures in place to avoid falling victim to insider fraud. The regulator’s warning comes after the National Fraud Intelligence Bureau (NFIB) released a national alert highlighting the insider threat from fraudsters and cyber criminals. NFIB’s alert revealed that over 50 per cent of organisations have suffered an insider threat attack in the previous year and 90 per cent of businesses feel vulnerable to a cyber attack from within their own organisation. The Charity Commission points out that charities are just as vulnerable to insider threats as the private or public sector.


2018-08-16

The Competition and Markets Authority (CMA) has launched an investigation into concerns that social media influencers are not properly declaring when they have been paid, or otherwise rewarded, to endorse goods or services. Typically, celebrities and influencers have millions of followers who watch their channels to see where they go on holiday, what they wear and which products they use. Online endorsements from celebrities and influencers can help brands reach target audiences and boost sales. Where influencers are paid or rewarded to promote, review or talk about a product in their social media feeds, consumer protection law requires that this must be made clear.


2018-08-15

Sungard Availability Services has bolstered its recovery services in Ireland. The expansion sees Sungard AS’ existing workplace recovery capability grow to 80 end-user positions on a shared basis, with additional space available for customers looking for a dedicated solution. Capacity for a further 100 shared positions is also available to meet demand.


2018-08-15

BSI has published the revised international standard for auditing management systems, BS EN ISO 19011:2018. The document provides comprehensive guidance on both internal and external audits, covering a range of topics from the management of an audit programme to the planning and conducting of audits, and the competence of audit teams.


2018-08-15

New research reveals a growing acknowledgement amongst insurance brokers of the importance of contributing positively to society, with charitable giving the most popular way of achieving this goal. The study, conducted by specialist insurer Ecclesiastical, suggests that, for the first time, UK brokers are making a significant contribution to their communities, responding to a growing consumer demand for a more responsible approach to business.


2018-08-14

A number of people have been injured following an incident in Westminster this morning in which a car crashed into barriers outside the Houses of Parliament. Armed police arrived quickly and arrested the male driver of the car following the collision which occurred at 0737.


2018-08-14

The shortlist for the 2018 Risk Management Awards has been published. This year's winners will be announced at a black tie gala dinner and ceremony on 8th November at De Vere Grand Connaught Hotel in Covent Garden, London. Now in their ninth year, the Risk Management Awards recognise those individuals, organisations and teams that have significantly added to the understanding and practice of risk management. Judged by an independent panel of experts for exceptional performance, the awards provide an opportunity for organisations and individuals to showcase their best products, projects and people.


2018-08-09

The 2019 Commercial Insurance Awards are now open for entries! Now in their sixth year, the Commercial Insurance Awards are the showcase for excellence within commercial insurance. The awards are unique in rewarding the particular issues around the insurance of commercial enterprises, and were created to celebrate the very best in commercial insurance.


2018-08-08

Global commercial insurance prices rose, on average, for the third consecutive quarter, according to Marsh’s Global Insurance Market Index for the second quarter of 2018.
The increase was largely driven by insurance pricing for property lines, which continued to be affected by 2017 catastrophe losses, and by increases in financial and professional lines.


2018-08-07

A second Brexit contract continuity clause has been issued by the International Underwriting Association, following its publication last month of a policy clause to help companies manage insurance contracts as the UK leaves the European Union. This latest publication features a supporting document for when risks are underwritten on a subscription market basis.


2018-08-06

The British Insurance Brokers’ Association and Tokio Marine Kiln have launched a new drone insurance offering coverage for companies operating commercial UAS. Through the Lloyd's-backed scheme, BIBA members benefit from special terms and coverage for physical loss of or damage to UAS up to a limit of £100,000 per UAS (inclusive of payloads) whilst in the air, on the ground or in transit, including theft and malicious damage (larger limits available on request); and third party bodily injury and property damage liability – inclusive of losses arising from malicious acts up to a limit of £50M each occurrence, with larger limits available on an arranged basis.


2018-08-02

While much of Europe remains gripped by a heatwave, it is still the region most insulated from the economic impacts of rising heat stress. This is according to analysts at Verisk Maplecroft, which identifies Africa and South East Asia as most likely to bear the economic brunt of rising temperatures as intensifying levels of heat stress are projected to cut worker productivity and hit export revenues over the next 30 years.


2018-08-02

The Chartered Insurance Institute is looking for industry professionals to join its flagship talent programme: the New Generation Group. The 2018/19 class will be made up of 40 professionals from claims, underwriting, broking and the London Market.


2018-08-02

The Financial Conduct Authority is to consult on rules and guidance to improve conduct standards and communications in the payment services and e-money sectors. The Consultation Paper proposes to extend the application of the Principles for Businesses and certain specific rules about promotions and communications so that they cover wider categories of businesses that it regulates (including businesses authorised or registered under the Payment Services Regulations or the Electronic Money Regulations).


2018-08-01

Merger and acquisition activity in the insurance industry rose in the first half of 2018 with 186 completed deals worldwide, up from 180 in the second half of 2017, according to Clyde & Co’s 'Insurance Growth Report', released today. This marks the second consecutive six-month period of modest increases in the volume of transactions since the low point in H1 2017 that followed two years of steady decline.


2018-08-01

According to the London Credit Consortium – a partnership of Liberty Specialty Markets, Canopius and The Channel Syndicate which provides capacity to the platform – Toredo was used for its first risk in June and now has a developing pipeline of transactions.


2018-08-01

The average fine per prosecution brought by the Environment Agency against companies has increased six-fold in the last five years, according to research from global law firm Clyde & Co. Data obtained directly from the EA show that the average fine against a company in 2017/18 was £147,575, compared with £23,731 in 2013/14. While the number of prosecutions against companies has reduced to almost a quarter of where it stood five years ago (from 114 in 2013/14 to 32 in 2017/18), the average value of a fine has significantly increased.


2018-08-01

Farmers are to be allowed to trade water allowances as part of Environment Agency efforts to support farms dealing with the pressures of the ongoing hot, dry weather. Following the driest June since 1925 and a dry July, farmers have reported water supply concerns which could affect the irrigation of crops and welfare of livestock. As the National Farmers Union’s drought summit took place, EA issued guidance to farmers detailing options to flex abstraction licences in serious cases, and on a short-term basis.


2018-08-01

Since 25th May, the EU’s General Data Protection Regulation (GDPR) now applies directly to the UK and will be incorporated into UK law by the Data Protection Bill. There have been a number of reported cases involving data breaches within local authorities due to employee actions. All of these led to fines for the offending authorities, but also had significant reputational impact.


2018-07-31

The terrorist attacks that took place in 2017 have led to a lower tolerance for risk within counter-terrorism investigations, which could result in earlier plot disruptions, leading to weaker evidential yields which would not be enough to convict suspects of the more serious terrorist offences which attract longer jail terms. This, in turn, would lead to quicker release from prison; and thus, the cycle of conviction, sentencing and imprisonment would be shortened, so amplifying the terrorism threat to business and people in the UK.


2018-07-31

Sexual exploitation and abuse among the charity sector has been ongoing for a 'long time' and the sector is guilty of being almost 'complicit' in the scandal, a scathing report by MPs has revealed. The report, published by the International Development Committee today, explores the scale of sexual abuse among the aid sector following a wave of media reports that shed light on the issue earlier this year.


2018-07-30

The UK government has enacted legislation to help achieve safer flying across the country. The new laws, which will restrict drones from flying above 400 feet or within one kilometre of airport boundaries, come into effect today, 30th July 2018. Following a year-on-year increase in the report of drone incidents with aircraft – with 93 in 2017 - these measures will reduce the possibility of damage to windows and engines of planes and helicopters.


2018-07-27

Research conducted by Atradius reveals major shifts in the landscape of the global ICT sector, driven by advancing technologies and changing market conditions. In an environment of continuing uncertainty fuelled by ongoing Brexit discussions, interest rate increases, currency fluctuations and international trade disputes, ICT companies also face increasing pressure to improve time to market and to ensure that their offerings are best in class and include evolving technologies.


2018-07-27

According to the London Credit Consortium – a partnership of Liberty Specialty Markets, Canopius and The Channel Syndicate which provides capacity to the platform – Toredo was used for its first risk in June and now has a developing pipeline of transactions.


2018-07-25

Failure to capture and disclose key workforce data is keeping investors, employees and other parties in the dark on key business indicators. So says professional HR body, CIPD, which is calling for improved reporting and transparency from Britain’s biggest businesses. Research recently carried out by the organisation shows the degree to which workforce reporting has changed over the last five years and explores how transparent organisations are being about risks and opportunities relating to the workforce.


2018-07-25

Brexit is the greatest structural challenge facing the London company market, according to International Underwriting Association chairman, Malcolm Newman. Addressing members as its annual general meeting today, Newman said that the UK’s break from the EU affected insurers, brokers and clients in varying ways, but that none felt as informed as they might expect to be.


2018-07-24

Dawning awareness of the scale and severity of financial risks posed by artificial intelligence (AI) means that, in the next few years, London market underwriters will need to review their policies in a search for hidden AI exposure. So say experts at law firm Clyde & Co, which has issued a warning over policies containing hidden AI.


2018-07-24

Already Allianz, AXA, Generali and SCOR have made the move, and the decision will have a considerable impact on German energy companies, with Germany having demonstrated a reluctance to give up on coal. In particular, RWE will be affected, having been a major investment for eight major European insurance companies. Following the moves now only two now remain - BNP Paribas and Munich Re.


2018-07-23

With the market for cyber insurance developing continually, the International Underwriting Association is urging companies to scrutinise contract wording carefully before deciding on cover. In the new report from the association's Cyber Underwriting Group, companies are warned that not all triggers are included in every policy and that it is important, therefore, to perform an effective risk assessment before considering coverage options.


2018-07-23

In its submission, FERMA acknowledged the time lag before the benefits of investing in non-financial matters become apparent following the initial short-term financial costs. It says that corporate risk management methodology, especially enterprise risk management, can mitigate the costs, because it is a pre-condition of ERM to identify the organisation’s principal risks, including those connected with good corporate citizenship, and consider how they can be mitigated.


2018-07-20

Each year over US$3trn is laundered by criminals on a global scale, threatening the legality of everyday business outcomes. Money laundering is a risk to any organisation engaging in international trade, and it has become a growth industry in recent years – thanks in part to the internet. As a result, more industries and professional services have become subject to anti-money laundering (AML) regulation.


2018-07-18

NTT Data UK has entered into a partnership to provide robotics services to Tokio Marine Kiln. NTT Data’s Cargo 10 Virtual Worker is the first of several planned Robotic Process Automation (RPA) initiatives at TMK. The service helps to automate marine transactions to deliver improved operational efficiencies and data quality – the end goal faster transactions, fewer errors and the ability to process transactions out of office hours.


2018-07-18

RMS has released version 4.2 of the RMS Probabilistic Terrorism Model (PTM) and the update in RiskLink Version 18 of the RMS Terrorism Scenario Model (TSM). The update to the Terrorism Target Database includes the addition of new targets to reflect the construction of new, high-profile, urban properties as well as the removal of targets that no longer meet the criteria for target selection. There are also refinements in the latitude and longitude coordinates of key attack points.


2018-07-17

As we hit the balmy summer, the Institute is by no means slowing down. We’ve launched our new joint training course for infrastructure risk with Turner and Townsend and are readying ourselves for the official launch of the new Certificate in Digital Risk Management. We have also published our first Asia-Pacific newsletter with the help of our growing Global Ambassador network, which now spans the Asia-Pacific and Oceania regions, India, the countries of South East Asia, China, Japan, Australia and New Zealand.


2018-07-17

More than 550,000 new start-up businesses were established each month during 2016, of which FinTechs and InsurTechs accounted for 30,000. InsurTech start-ups alone have received US$20bn of investment since 2004. Some 33% of those funded between 2013 and 2015 had a focus on internal insurance processes; 61% by 2016.


2018-07-16

At a recent conference on insurance regulation, the mood about the new world of Solvency II was decidedly downbeat. The feeling was that too many cooks were spoiling the broth. From the more prescriptive elements of the EU legislation to the layers of justification needed for any approach that deviates from convention, regulation was portrayed as a significant brake on innovation and the exercise of common sense.


2018-07-16

The Chartered Insurance Institute is calling on employers to take action in reducing the sector’s pay gap. The CII has analysed all 192 insurers, intermediaries, service providers, financial advisors and loss adjusters in the UK who have published pay gap data, and identified an average gender pay gap of 24%.


2018-07-16

The Financial Reporting Council has released the long-awaited 2018 UK Corporate Governance Code. The new, shorter code emphasises the importance of building trust in business by forging strong relationships with stakeholders; and calls for companies to establish a corporate culture that is aligned with the company purpose and business strategy, promotes integrity and values diversity.


2018-07-13

Several days of record-breaking rainfall have led to widespread inland flooding in 11 prefectures across western and central Japan. The precipitation was described by an official at the Japan Meteorological Agency (JMA) as being at a level never before experienced. As well as numerous rivers and streams bursting their banks, many landslides have been reported. In addition to major damage to buildings and infrastructure there has been considerable business interruption. At least 180 lives have been lost, and dozens are unaccounted for, according to data issued on July 12 from the Fire and Disaster Management Agency (FDMA).


2018-07-13

A report from Capgemini’s Digital Transformation Institute suggests that the financial services industry could expect to add up to US$512bn to global revenues by 2020 through intelligent automation, the right combination of robotics process automation (RPA), artificial intelligence (AI) and business process optimisation.


2018-07-12

As reported by CIR, Airmic recently published the main findings of an in-depth report by Cass Business School into the implications of the fourth industrial revolution for business models and risk management. ‘Roads to Revolution’ found that existing principles of resilience need to be extended for opportunities to be realised and resulting risks managed. One important aspect is that of governance. In most large organisations, cyber governance has failed to reflect technology-driven changes in the way that companies are run.


2018-07-12

Job losses in South East Asia resulting from automation are predicted to produce a spike in slavery and labour abuses in global supply chains unless governments take early measures to prevent automation threatening millions of livelihoods, according to a report published this week


2018-07-11

A new survey on the state of internal audit finds auditors focused on delivering timely insights on key risks, aligning audit planning with business strategy, and improving audit processes and operational effectiveness. MetricStream’s research evaluated 600 organisations from 15 industries across the globe to understand internal audit management challenges, priorities, programme structures, and technologies used.


2018-07-11

JLT Re has entered into a partnership with cyber risk modelling platform, CyberCube, whereby JLT Re’s existing cyber and enterprise modelling tools will be combined with CyberCube to help clients manage and measure cyber risk and exposure.


2018-07-10

Business continuity transport and accommodation solution provider, CMAC, has acquired managed taxi specialist Cabfind from Transdev. The acquisition expands CMAC’s ground transport offer, establishing the largest available network of private hire, executive vehicles and coaches in the UK servicing wide range of industries including rail, airline, travel management and professional services.


2018-07-10

Tokio Marine Kiln has bought the remaining 51% share in WNC Holdings – a managing general underwriter providing specialty risk management solutions including private flood, builders’ risk and lender-placed products. It expects approximately US$200m of net written premium in 2018.


2018-07-10

Construction and engineering MGA and Lloyd’s coverholder, Ensurance UK, has launched engineering inspection and insurance cover through a strategic partnership with British Engineering Services.


2018-07-09

DAS UK has launched a new suite of commercial products, available from today on its new quote and buy web portal, DAS Connect. Designed to suit a range of businesses looking for legal expenses insurance cover for employment disputes, property protection, personal injury, legal defence and tax protection, the products also provide access to a wide range of legal services and helplines that can be used as often as required including legal advice, tax advice, and counselling.


2018-07-09

Travelers Europe has launched its new standalone cyber insurance product for the United Kingdom and Ireland. Travelers CyberRisk provides liability and first-party cover for losses from cyber attacks. It also provides access to assistance that can help limit client exposures to cyber events, including breach coaches, forensic investigators, public relations support and credit monitoring services.


2018-07-09

Global insurance standards body ACORD has released the industry’s first standard for cyber breaches. Developed with Aon and Beazley, the standard is intended to help address the market's need to evolve with the growing threat of cyber risk.


2018-07-06

A group of more than 100 institutional investors, managing over US$12trn of assets, are asking companies to fully disclose how they manage their global workforce. The investor group features institutions in 11 countries including Schroders, UBS, Amundi, HSBC Asset Management, AXA Investment Managers, Legal and General IM, Nordea, Rockefeller & Co and AustralianSuper.


2018-07-05

Global insurance premiums continued to rise in 2017 with emerging markets leading the way, according to the latest figures from Swiss Re. Premiums increased 1.5% in real terms to nearly US$5trn in 2017, after rising 2.2% in 2016. Non-life premiums rose 2.8%; life by 0.5%, representing slowed growth across both, and with falling life premiums in advanced markets such as the US and Western Europe were the main cause of drag.


2018-07-05

The Bank of England, Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) have today published a joint discussion paper on an approach to improve the operational resilience of firms and financial market infrastructures. The tripartite group is looking for better standards of operational resilience through increased focus on setting, monitoring and testing specific impact tolerances for key business services, which define the amount of disruption that could be tolerated.


2018-07-04

Zurich has announced the extension of its Flood Resilience Alliance for another five years to 2023. Since 2013, the multi-sector alliance of NGOs, academics and Zurich’s risk management experts has focused on shifting from the traditional emphasis on post-event recovery to stress pre-event resilience.


2018-07-04

A group of insurers, industry bodies and brokers have joined forces to launch a new industry-wide programme designed to change behaviours and create “a more inclusive work environment” across the sector. Led by Lloyd’s and Zurich, the Inclusive Behaviours Pledge has attracted the support over 50 firms, demonstrating a commitment to transforming its culture and to driving greater inclusion across the profession.


2018-07-03

Tokio Marine Kiln has established a US$100m intellectual property facility with Aon, as well as several other Lloyd’s syndicates. It will be led by TMK and is one of the first for IP in the London Market, providing greater capacity for larger IP risks. The new facility will offer tailored cover for businesses of all sizes, from SMEs to large corporates and will help protect against a wide range of infringement liability risks, initially in the US, the UK and Europe.


2018-07-03

Liberty Specialty Markets has rebranded its reinsurance division as Liberty Mutual Re and has simultaneously launched its first reinsurance operation in Italy. The rebrand encompasses all aspects of LSM’s reinsurance division – some 180 people in 14 locations.


2018-06-29

Siemens Building Technologies is to acquire digital workplace app provider, Building Robotics. Founded in 2012, the company develops software solutions for building operators and occupants. Its core product, workplace app Comfy, integrates with existing building automation, IT networks and IoT systems to provide on- demand control and smart automation within a single intuitive app.


2018-06-29

Solid underwriting profits have been reported by the UK motor insurance market, with EY’s Annual UK Motor Insurance Results pointing to a net combined ratio for 2017 of 96.8%. This is the best result since 1994 and the second best since records began -- and is in stark contrast to the disappointing 109.4% NCR reported in 2016.


2018-06-28

Cass Business School has conducted a large-scale research study which uncovers different protection gap entities around the world. The report, ‘Between State and Market: Protection Gap Entities and Catastrophic Risk’, was led by Professor Paula Jarzabkowski and looks at both developed and developing economies, to explain their role, their effects and their limitations in managing risk and alleviating the financial consequences of disaster.


2018-06-28

Every dollar spent on hurricane protection can prevent US$105 in business property loss and disruption, according to analysis by FM Global of 1,800 client records over the past decade. To arrive at this figure, FM Global tallied an estimate for over 10,000 wind and flood related investments and their associated reduction in property loss and business disruption exposure for 1,800 clients around the world from 2008 to 2017. These estimates are calculated based on actual losses that have occurred at tens of thousands of properties covered by the insurer.


2018-06-27

Acord has partnered with DataPro to produce software aimed at streamlining data standards implementation. DataPro provides solutions for insurance broking within the London Market including quotations, risk placements, binding, endorsements and claims.


2018-06-27

DWF has been reappointed to Insurance London Consortium's legal service panel, which will see the business deliver legal services to seven of the Consortium's local authority members over a five-year period. DWF is one of just five law firms appointed to ILC's panel and has been retained for legal services in relation to the management of litigated insurance claims, including industrial disease, general employer liability, housing liability and human rights. The DWF team advising ILC is led by Partner and head of casualty and occupational health team in London Mark Whittaker, alongside London-based insurance director John Palmer.


2018-06-27

A study measuring perceptions of reputation among the world’s largest countries (by GDP) has identified the top ten most reputable amongst them. Based on more than 58,000 individual ratings among the general public across the G8 economies, the Reputation Institute’s evaluation, carried out during the first quarter of 2018, looked at how perceptions of reputation drive underlying stakeholder behaviour on key measures such as the willingness to visit, live in, work in, invest in and study in these countries.


2018-06-26

The British Insurance Brokers’ Association is to work with the Financial Conduct Authority in a drive to improve access for customers with PEMCs to specialist travel insurance providers. BIBA’s commitment follows the publication of the FCA’s feedback on its Call for Input on Access to Insurance. The FCA paper noted that BIBA already runs a successful Find-A-Broker Service with around 100 BIBA members who are specialists in cover for PEMCs, and which received more than 550,000 enquiries last year, including this type of enquiry.


2018-06-25

In its latest full year update to the annual benchmark, JLT noted that the average policy limit for deals outside North America continued to rise, representing 28% of the deal size in 2017 as compared to 25% in 2016 and 22% in 2015. During the same period, premium rates as a percentage of the limit purchased dropped from 1.87% in 2015 to 1.35% in 2016 to 1.15% in 2017. This indicates that, on average, W&I insurance policies in transactions were 15% cheaper last year than in 2016 and 39% cheaper than two years ago.


2018-06-22

The deadline for the 2018 Risk Management Awards is just three weeks away. Now in their ninth year, the Risk Management Awards recognise those individuals, organisations and teams that have significantly added to the understanding and practice of risk management. Judged by an independent panel of experts for exceptional performance, the awards provide an opportunity for organisations and individuals to showcase their best products, projects and people.


2018-06-20

With the World Cup in full swing, a shortage in the supply of CO2 is threatening to impact pubs at arguably their busiest time of the year. According to the British Beer and Pub Association, the shortage may already have impacted beer producers.


2018-06-20

Organisations are keenly aware of the increasing threat of crises, yet many may overestimate their capabilities to respond. This is among the conclusions of Deloitte's latest crisis management survey, which found that 60% of organisations face more crises today than they did ten years ago.


2018-06-19

A new edition of ISO 22000 on food safety management systems has been published. With over two hundred diseases spread through the food chain, and globalisation of the food trade, food production continues to pose a challenge --with food safety and product recall rarely far from the headlines.


2018-06-19

Companies sending staff to Russia during the World Cup are being warned to carry out due diligence, to counter the increased risks that the tournament may bring. Insurance and assistance provider Collinson suggests companies sending employees to Russia throughout the coming weeks consider the key issues of crime, civil unrest, cyber security, terrorism and travel security.


2018-06-19

A majority of executives around the world feel their organisations can do better when it comes to learning from their past cyber mistakes, according to the results of a newly released global survey conducted by The Economist Intelligence Unit (EIU) and Willis Towers Watson.


2018-06-19

European risk management association FERMA has welcomed the appointment by the European Commission of experts for the High Level Group on Artificial Intelligence (AI HLG) and calls for urgent attention to two priorities for European business.


2018-06-18

Ventiv has introduced a data governance module to help risk managers and insurance organisations comply with data privacy laws and still perform effective data analytics. With the new module, users can process personally identifiable data from European ‘data subjects’ and still adhere to the regulations. Ventiv’s RiskConsole software now incorporates record anonymisation, data retention periods, record deletion and data locking.


2018-06-15

The UK P&I Club has today launched its ‘Investing in a Safer Tomorrow’ competition, to coincide with its 150th anniversary. The competition, which has a prize fund of US$50,000, challenges students and those embarking on a maritime career both at sea and on shore to develop innovative, industry changing ideas with a focus on improving safety at sea.


2018-06-15

The National Cyber Security Centre (NCSC) has published advice for organisations on implementing multi-factor authentication (MFA) to protect against password guessing and theft on online services. The NCSC says uptake of multi-factor authentication has been slow and this needs to change. This new guidance, made available today, describes how to use MFA to mitigate against password guessing and theft, including brute force attacks.


2018-06-14

Dixons Carphone has this week confirmed the unauthorised access of its data. The company admitted to two breaches involving details of 5.9 million payment cards and 1.2 million personal data records, including addresses. The company said in a statement there is no evidence to date of any fraudulent use of the data as result of these incidents.


2018-06-14

Argo Construction will provide contractors with project-specific and ongoing coverage, including general liability and excess casualty. The group will provide excess and liability coverage for owner’s interest in construction projects. The team will also offer affiliated coverage, including professional liability, cyber, environmental, contractors’ equipment and builders’ risk. Argo Construction will begin expanding nationwide, with a focus on companies with more than US$25 million in revenue.


2018-06-14

Analysis of over 2,500 companies, carried out by Allianz Global Corporate & Specialty (AGCS), finds oil and gas, mining, food and beverage and transportation at greatest risk of exposure; assessing dependency and managing its impact is of increasing importance for these organisations, the insurer says.


2018-06-13

CFC has launched its first insurance solution for financial institutions. The new Investment Management Insurance (IMI) policy is the first in a suite of products designed to address the challenging risk environment faced by investment managers. IMI brings together the traditional cover that investment managers require with comprehensive cover for emerging risks including cyber and kidnap and ransom.


2018-06-13

Evidence of the impact of climate risk is found across all sectors, geographies, and seasons, according to a study carried out by S&P Global Ratings. The average materiality on earnings for the small number of companies that quantified it is a significant 6%.


2018-06-13

New technologies could lead to significant improvements in efficiency including enhanced monitoring, mitigation and management of engineering-related risks. But they bring with them new risks such as cyber. Global engineering insurance premiums for 2017 were estimated at around US$21bn, but have stagnated in recent years according to the latest sigma study from the Swiss Re Institute.


2018-06-12

Cyber and IT-related risks have been confirmed as the top concerns for Airmic members, according to the association's latest survey. It is also the area where risk managers most want to see the insurance industry extend its offering.


2018-06-12

The need for businesses to have a single individual overseeing all aspects of risk is greater than ever, says a new report from Airmic. The association, whose annual conference is taking place in Liverpool this week, acknowledges that not all firms require chief risk officers or their equivalent, but says complex or very large businesses would nearly all benefit from having one person overseeing risk.


2018-06-12

Lloyd’s Lab, the global insurance market’s new innovation sandbox, is today launching a global search for tech talent to partner with the Lloyd’s market and develop solutions for its unique and rapidly changing needs, in a fast-track, fast-fail environment.


2018-06-11

Boards need to reappraise approaches to risk management to take full advantage of the opportunities presented by the digital age, according to a new Airmic/Cass Business School report. It advises that the risks associated with digital transformation can be addressed effectively given the right approach, and it recommends a way forward based on adapting and adding to principles of resilience that have proved effective in the past.


2018-06-11

The commercial insurance sector and its customers must face up to the realities of the fourth industrial revolution if it is to remain relevant in five and ten years’ time, Airmic CEO John Ludlow warned today. Rapidly changing business models and the advent of digital technologies are creating completely new risk landscapes, he said, and are also creating unprecedented opportunities and challenges for both insurers and risk managers.


2018-06-08

The winners of the 20th annual Business Continuity Awards have been revealed at a Gala Dinner and Ceremony in London's Mayfair. This year's Lifetime Achievement award was presented to Steve Mellish, while the Business Continuity Manager of the Year gong went to Nicky Russell of RBS. More...


2018-06-08

Fiducia has extended its product range with the launch of a new Combined Liability Insurance specifically for hauliers and warehouse keepers. Underwriter David Heeney said there were a number of reasons the Leeds based MGA sought to offer the cover.


2018-06-07

Insurers should consider carefully whether current policy limits and sub-limits are appropriate for the reality of new exposures under the General Data Protection Regulation, now in force. The International Underwriting Association explores the topic further in a new guide, and warns that GDPR raises the possibility of a potential increase in insurance claims for data breaches.


2018-06-06

RSA has received licence approval for its new subsidiary in Luxembourg from local regulator, the Commissariat aux Assurances (CAA). The new subsidiary has been established in preparation for the UK’s exit from the European Union. Existing EU branch business of RSAI PLC will be transferred to RSA Luxembourg (RSAL) by way of a Part VII Transfer and then directly onto the RSAL licence from 1st January 2019.


2018-06-06

The first blockchain transaction for marine insurance is to be delivered by Willis Towers Watson along with partner with EY, A.P. Møller-Maersk, XL Catlin, MS Amlin, ACORD and Microsoft. The technology will support more than half a million automated blockchain transactions and help manage risk for more than 1,000 commercial vessels in the first year. By connecting participants in a secure, private network with an accurate, immutable audit trail and services to execute processes, the platform establishes a first of its kind digital insurance value chain.


2018-06-05

The Financial Conduct Authority (FCA) has published draft rules outlining how it proposes to authorise and supervise claims management companies when it takes over the task in April 2019. Amongst the new requirements are that firms to hold capital linked to the type of business they undertake, plus a stipulation that they protect any money held on behalf of clients.


2018-06-05

Unlicensed software accounted for a fifth of software installed on computers in the UK in 2017, according to the research conducted by software association, the BSA. Its 2018 Global Software Survey further found that half of CIOs list lowering security risks as the top reason for the reduction of unlicensed software use. Some 46% cited loss of corporate/personal data as their top concern about malware effects from unlicensed software.


2018-06-01

BIBA has urged the government to expedite the Bill that will allow Pool Re to extend its terrorism insurance scheme to include non-damage business interruption insurance, as announced by Economic Secretary to the Treasury, John Glen earlier this year.


2018-06-01

The effects of the recent Beast from the East have exposed just how vulnerable some parts of our highways infrastructure can be to extreme weather conditions. Highways claims continue to be a key risk area and having a robust claims management approach to highways claims is essential to any local authority risk manager.


2018-05-31

Markel UK has re launched its flagship legal services firm, Markel Law, which offers legal advice on a range of business critical areas including business and commercial, employment, disputes, professional discipline, regulatory, care services and health and safety issues.


2018-05-31

NTT Security is expanding its suite of phishing attack simulation services with the use of social engineering techniques to check the security risk posed by senior executives.
The Management Hack service is specifically designed with C-level executives in mind, as their access to confidential company data makes them a valuable target for hackers. Senior executives also benefit from special privileges, with security policies or standards suspended or relaxed for example to simplify login.


2018-05-31

A worsening of the global trade environment in the coming months, due to a surge in protectionism, could have severe repercussions in Asia-Pacific, according to an Atradius report. Some 45% of the exporters surveyed in the region expect their turnover to decline 10% to 20% due to uncertainty over and changes in trade agreements. These are results of the latest Atradius Payment Practices Barometer for Asia Pacific.


2018-05-30

In the wake of the Cambridge Analytica scandal, Mark Zuckerberg said ‘…we need to take a broader view of our responsibility… That we’re not just building tools, but that we need to take full responsibility for the outcomes of how people use those tools as well.” So what does this mean?


2018-05-30

As the micro and macro business environment changes, risk managers should be increasingly aware of the way risks are mitigated and if, after a crisis, how customers/suppliers and the board can ensure they are better prepared next time.


2018-05-29

Specialist global insurer Hiscox has boosted its cyber and data insurance product with a range of new extensions, including dependent businesses interruption, which covers losses arising from a third party supplier suffering a service outage; and system failure, which covers a business interruption loss caused by an outage to the insured’s own IT network that is not as a result of a data breach or cyber attack. And in addition to losses arising from a system hack, businesses will now be covered for an employee inadvertently sending funds or goods on the back of a fraudulent email.


2018-05-29

Aon has announced the launch of an initiative to address the weather and climate risks faced by governments and businesses. The firm’s newly created Aon Weather & Climate Risk Innovation network will assist clients in meeting demands to evaluate the potential impact of climate risk and weather on their operations, and develop comprehensive risk financing strategies to improve resilience.


2018-05-25

General Data Protection Regulation (GDPR) comes into effect today, following a significant period of awareness of the potential misuse of personal data this year. RIsk management association, FERMA is stressing that the issue is part of a continuing risk management process.


2018-05-25

Staff at the UK’s biggest summer events are to be trained in how to react in the event of a terrorist incident as part of Counter Terrorism Policing’s second annual Summer Security campaign. Launched for the first time last year in response to the terrorist attacks in both London and Manchester, the programme has already delivered advice and training to thousands of festival workers, staff and security guards across the UK.


2018-05-24

A further surge in data breach and other security failure insurance claims is expected after the EU General Data Protection Regulations (GDPR) come into force this week. A record breaking year in 2017 had as many cyber claim notifications as in the previous four years combined, the equivalent of one per working day, according to research from AIG Europe.


2018-05-23

The Chartered Insurance Institute’s Underwriting Faculty has published its latest ‘Underwriter of the Future’ report. Appearing six years after the first was published, the new version reviews the projections from 2012 at the halfway point of the journey to 2022. On changing distribution in SME insurance, the report finds progress towards direct and online distribution for micro and small risks. For the larger SMEs, person-to-person relationships still predominate, but the economics of the traditional branch-based model continue to deteriorate.


2018-05-23

We are all connected. Mobile connectivity has eroded boundaries and digitisation is bringing about a major transformation in the way we live and work. The digital age has already begun to affect human and business relationships; the ‘fourth industrial revolution’ is well underway and it’s a party to which everyone is invited.


2018-05-23

Lean Six Sigma is based on a set of principles: focus on the customer; identify and understand how the work gets done; manage, improve and smooth the process flow; remove non-value-add steps and waste; manage by fact and reduce variation; involve and equip people in the process; undertake improvement activity in a systematic way. These principles are drawn upon throughout Wiley’s latest book on the topic.


2018-05-22

To lose US$27bn from the value of your company in one day is extraordinary by anyone’s standards. For Mark Zuckerberg, who owns 60% of Facebook, although the figure has fluctuated, at one stage this meant a personal hit of US$16bn. Yet the issues that brought about the company’s reputational dive and the serious long-term damage it is likely to cause were all eminently foreseeable. The greater regulation, tighter controls on the use of data, more careful choice of business partners and higher ethical standards promised by Zuckerberg in the wake of the crisis could and should have been put in place long ago – not as a panic measure in response to the flight of advertisers. Instead of having a crisis plan in place, the response appears to have been fragmented and ad hoc. The same tendency can be seen in a number of other recent high-tech road crashes at companies that grew with breathtaking speed.


2018-05-21

Castel Specialty has expanded its portfolio with the launch of Castel Political Risk. Led by Tom White, Castel Political Risk will primarily underwrite contract frustration and political risk coverages, typically focusing on business in Latin America, the Middle East and Africa. White was previously senior underwriter at ANV, now AMTrust, where he helped to establish its political risk book. Prior to this he was political risk underwriter at Liberty Syndicates and spent a number of years at Willis Towers Watson, also within its political risk team.


2018-05-21

A new report from the Corporate Human Rights Benchmark (CHRB) underlines the importance of corporate management of human rights and reveals that there are signs of improvement – with benchmarks, civil society and investor pressure helping to create a 'race to the top'.


2018-05-18

Law firm Clyde & Co has devised a new process which capitalises on the previously little-used Section 57 of the Criminal Justice Act to ensure exaggerated personal injury claims are dismissed before coming to trial.
The firm has successfully used the process to have 18 cases dismissed or discontinued in 2017/18, generating savings of £2.2m, excluding recoveries from dishonest claimants which totalled a further £80,000. The time taken to manage these litigated large loss cases was reduced to 12 months.


2018-05-18

With one week to go until the deadline for GDPR, some readers may find the ICO's self assessment toolkit of use. The ICO says is will be most helpful to small to medium sized organisations from the private, public and third sectors. Use these checklists to assess your compliance with data protection law and find out what you need to do to make sure you are keeping people’s personal data secure. Once you have completed each self assessment checklist a short report will be created suggesting practical actions you can take and providing links to additional guidance you could read that will help you improve your data protection compliance.


2018-05-18

As most readers will by now be aware, the General Data Protection Regulation (GDPR) comes into effect this month. The run up to the deadline has seen a flurry of activity as businesses have rushed to prepare for the EU’s latest data protection rules. With fines for non-compliance of up to £20m or 4% of global revenue, the new laws predominantly impact how businesses manage personal information belonging to their employees and customers.


2018-05-17

Issues surrounding the burden of regulation are critical to those the Financial Conduct Authority (FCA) regulates and BIBA has asked the Treasury Select Committee to raise these issues. Chair of the Treasury Select Committee, Nicky Morgan, said “The Treasury Select Committee quizzes senior officials from the FCA several times a year so the issue of the burden of regulation is very alive to those the FCA regulates and they will ask the Treasury Select Committee to raise these issues.”


2018-05-17

Concerns have been raised over Judith Hackitt's review of building regulations following the Grenfell Tower Fire in June 2017. Reports that the review is unlikely to put an outright ban on flammable cladding or desktop assessments is unlikely to drastically improve the UK’s position when it comes to fire resilience.


2018-05-17

With a week to go until the GDPR comes into effect, a new report suggests some 85% of firms in Europe and the United States will not be ready on time. It goes on to suggest that one in four will not even be compliant by the end of the year.


2018-05-16

As its annual conference in Manchester gets underway, so too does the British Insurance Brokers’ Association (BIBA) all-day Hackathon as part of which eight teams made up of insurers, brokers, data and tech firms will vie with one another to find solutions to key issues affecting insurance brokers and their customers.


2018-05-16

The Chartered Insurance Institute (CII) has launched its Aspire Apprenticeship Programmes. Employers across the insurance sector have expressed a need for quality-assured apprenticeship training programmes that are accessible, relevant and offer a solution to access available funding for businesses of all sizes.


2018-05-16

Credit risk insurance policies could become more expensive and less readily available if proposed new regulatory changes are pursued, the International Underwriting Association (IUA) has warned. It went as far as to say planned reforms could cause some London Market insurers to conclude the product is no longer viable, creating considerable issues for bank lending.


2018-05-16

Carillion's directors presided over a "rotten corporate culture" two committees of MPs have concluded, and have called for the break-up of the big four audit firms, all engaged at some level in the company and its demise. Carillion, a company that collapsed with GBP 1.5bn debt, had employed 43,000 people, and had many constructive ESG and education programmes. But it was the delivery of major public projects that was its undoing, as it underbid in order to win the contracts and its directors failed to anticipate or avoid the financial strain.


2018-05-15

Fusion Risk Management has launched a cloud-based managed solution designed to help crisis management, business continuity and disaster recovery professionals connect its system with OnSolve's Send Word Now notification system.


2018-05-14

The specialist insurance provider behind BIBA’s cyber insurance scheme, CFC, will be launching its new BIBA Cyber Guide at BIBA’s annual conference and exhibition in Manchester this week.


2018-05-14

Significant numbers of UK consumers are failing to take the most basic online precautions according to new research from DAS UK Group and HSB Engineering Insurance. Although 88% of consumers claim to be confident when dealing with cyber security, they appear to be in denial with regards to protecting themselves. Nearly a quarter are failing to take even basic – and well-known – precautions such as using anti-virus software (23%) or ‘strong’ passwords (24%).


2018-05-14

Rolls-Royce and AXA Corporate Solutions have signed a letter of intent to explore ways in which they can combine the Rolls-Royce Ship Intelligence systems with AXA’s risk analytics capabilities to support current sailing and future vessels. Rolls-Royce Ship Intelligence products, including the recently launched Intelligent Awareness product, use a wide array of on-board sensors, streaming data, allowing AXA Corporate Solutions to deliver a new level of service to marine vessels.


2018-05-11

Lloyd’s of London is to direct underwriters to terminate all insurance connected to the National Rifle Association of America.

A statement from the insurance market said: “The Lloyd’s Corporation has given very careful consideration as to whether syndicates at Lloyd’s should continue to insure programs offered, marketed, endorsed or otherwise made available through the National Rifle Association of America (NRA).


2018-05-11

Gallagher has announced the acquisition of regional commercial insurance broker Risk Services (NW) based in Chester. Terms of the transaction have not been disclosed.

Established in 1999 by managing director Steve Lowe, Risk Services has provided insurance services to corporate and commercial clients, growing organically and through acquisition to become one of the largest independent insurance brokers in Chester, North Wales and the surrounding area.


2018-05-10

The use of the nerve agent Novichok in a recent attack against former Russian spy Sergei Skripal and his daughter Yulia in Salisbury has exposed a gap in coverage in most business interruption insurance policies, the UK's terrorism reinsurer Pool Re has warned.


2018-05-10

Airmic is launching a new ERM Special Interest Group (SIG) in the autumn, reflecting the association’s ambition to develop a stronger presence in wider risk management.

Julia Graham, technical director of Airmic, said: “Our members tell us that over 70% of them have a responsibility for risk management in their organisations. 


2018-05-10

Kroll has launched a new division providing consultancy services aimed at those responsible for ensuring compliance with GDPR. The Data Protection Officer (DPO) Consultancy Services division is an expansion of Kroll’s global Cyber Security and Investigations offering and are being provided in collaboration with a number of data privacy law firms.


2018-05-09

RSA has relaunched its risk management software portal to provide greater visibility and control over property and casualty risks for customers, brokers and RSA underwriters and enabling users to benchmark these risks against comparable exposures across the same sector.


2018-05-08

Only 6 in 10 company directors say they are confident their organisation will be ‘fully compliant’ with new data protection laws set to come in later this month, according to a new survey from the Institute of Directors.


2018-05-08

The Allianz Group has expanded its climate strategy with moves to phase out investments in, and insurance cover for, coal-based businesses. By 2040, in a step by step process, the company says it will have phased out both its proprietary investments in coal-based business and its insurance coverage of such risks, as well as a reduction in its own carbon footprint.


2018-05-08

Wearable technology that monitors staff could be a double-edged sword for employers, according to law firm Clyde & Co, which says that as the number of businesses deploying monitoring technology rises, so too do the issues of data management and claims. The law firm is warning that the growing volume of data on employee performance and health held by employers could be subject to full disclosure during a legal action against the business. It can be compared to footage from CCTV or telematics data, which is already being used in court.


2018-05-04

Digital technologies such as robotics, mobile and social media, the internet of things, artificial intelligence and big data analytics are transforming the global economy and bringing an increase in productivity for the majority of companies according to a new report, but is also increasing the gap between the world’s biggest and smallest businesses.


2018-05-03

QBE Insurance Group is turning to artificial intelligence (AI) to enhance its global operations. The firm has partnered with machine learning company HyperScience, entering into a multi-year commercial use agreement to roll out its solutions across the insurance business.


2018-05-02

The average cost of cyber breaches affecting medium sized businesses has quadrupled in the last two years according to a new government survey. The Cyber Security Breaches Survey 2018 carried out by Ipsos MORI on behalf of the Department for Culture, Media and Sport, found that the estimated total cost of cyber breaches has increased from £1,860 in 2016 to £3,070 in 2017 and £8,180 in 2018, even in cases where breaches that do not result in lost assets or data – an increase of over 400% in two years.


2018-05-01

The worldwide cyber security skills gap continues to present a significant challenge for companies globally, with 59% of information security professionals reporting unfilled cyber or information security positions within their organisation, according to research from ISACA. The results are of particular concern when the prevalence of cyber attack is so high; half of those polled said their organisation haf already experienced an increase in attacks over the previous 12 months.


2018-05-01

With 23 days until GDPR comes into force, credit reference agency Equifax is urging businesses to engage with their suppliers urgently. It says for any businesses using credit reference agency services – whether credit checking or identity verification, steps must be taken to ensure continuity of service. Data protection officer at Equifax, Steve Martin, says any businesses that share credit data that haven’t yet engaged with their CRA must do so as a matter of urgency, as it’s essential that they direct customers and prospective customers to the right information on how their data will be shared with and used by CRAs.


2018-04-30

The shortage of affordable homes to buy and rent in the capital is crippling firms’ ability to recruit and retain staff, according to the latest CBI/CBRE London Business Survey.
Two thirds (66%) of the 176 respondents to the London Business Survey said that housing costs and availability are having a negative impact on the recruitment of entry-level staff. Compared with 57% when this question was last asked in September 2015, this latest figure is a survey record high.


2018-04-30

Airmic has a produced a new guide for buyers of D&O insurance to reflect changes in the business environment since the previous one was published in 2012. In the intervening period regulatory demands on companies have grown both in the UK and internationally, whilst new exposures caused by developments such as cyber risk, data protection laws and gender pay gap reporting have added an extra dimension to the type of cover required.


2018-04-30

Operational loss events can have significant impact on the market value of insurers. The operational risk management framework of an insurer, which will include risk appetite setting and risk modelling, should provide direct input to decision making in respect of how much risk to transfer and what insurance coverage is required. Firms should also be able to take proper credit for robust insurance coverage when modelling exposure for regulatory purposes, providing a capital benefit.


2018-04-27

Over 40 companies have pledged to cut plastic pollution over the next seven years, with Procter & Gamble, Asda, Tesco, Nestlé, Coca-Cola and Marks & Spencer among those signing up to make 100% of plastic packaging ready for recycling or composting by 2025.


2018-04-27

A Lloyd’s Market Association report has found that in most classes covering physical damage losses, malicious and/or non-malicious cyber incidents were found to be excluded, although there were some examples of limited write-backs for existing perils. The review by class of non-affirmative and affirmative coverage and commonly used exclusions found that in non-marine liability classes, including professional lines, cover is provided for a wide range of legal liabilities, however they arise, with few exclusions.


2018-04-26

The way in which online underwriting platforms are designed and operated can have a major impact on an insurer’s ability to defend itself in court, according to law firm Clyde & Co. In particular, it singled out the arrival of the Insurance Act on the statue books as a reason to review underwriting platforms with particular focus on the manner in which documentation is issued and information on a risk is collected.


2018-04-26

Ransomware attacks jumped in malware detections last year, up 350% from just 1 per cent in 2016 to 7% in 2017 at a global level. In EMEA, however, ransomware was the main type of malware representing nearly one third (29%) of all attacks in the region. At the other end of the scale, spyware and key loggers made up just 3% of malware in EMEA, in contrast to 26% globally.


2018-04-25

Lloyd’s has begun hiring staff for its Brussels subsidiary. There will be a number of vacancies across finance, operations, compliance, HR and underwriting. The decision to create an insurance company in Brussels is part of the insurance market’s Brexit contingency plan and Lloyd’s Brussels will have 19 branches throughout Europe, including the UK, and will be authorised and regulated by the National Bank of Belgium, and capitalised according to Solvency II rules.


2018-04-25

Quite a number of companies that I speak to tell me that their business continuity plan is to send everyone home and ask them to work from there in the event of an incident. For all companies these days, even regulated ones, a significant proportion of their staff can quite happily work from home. However, a core of the business still needs to work closely (physically) together. This is most often the crisis management team and core business functions and generally works out to be around 10% of staff, depending on the industry.


2018-04-24

Insurance companies and brokers from the Lloyd’s and London insurance markets have committed to funding a London Market Line Slip to secure the long-term future of St. Ethelburga’s Centre for Reconciliation & Peace. Charitable subscriptions are being sought from London market re/insurers, brokers and service providers, with a fundraising target of £1m as part of the commemoration of the 25th anniversary of the IRA Bishopsgate bombing.


2018-04-23

Lloyd’s has today announced the appointment of L Marks and The Boston Consulting Group (BCG) to support the set up and operation of the Lloyd’s Lab, which is being set up to focus on designing technology specifically for the Lloyd’s market.


2018-04-23

Beazley has partnered with law firm DAC Beachcroft to launch a General Data Protection Regulation (GDPR) helpline for its Beazley Breach Response (BBR) policyholders in the UK. Once GDPR is implemented on 25 May 2018, organisations worldwide could face increased exposure to privacy and data breach liability risks. Organisations in the EU that process personal data, and those outside the EU that offer goods and services to EU citizens or monitor their behaviour, will fall within the ambit of the new regulations, the effects of which are still not well understood


2018-04-23

Some 57% of global organisations do not have appropriate visibility of subcontractors engaged by their third parties, according to a new survey from Deloitte. A further 21% are unsure of oversight practices, and fewer still (2%) routinely review the risk subcontractors pose to their organisation. Reliance on third parties, meanwhile, continues to grow.


2018-04-20

Complaints about payment protection insurance (PPI) drove a 13% increase in the number of complaints made to financial services firms in the second half of 2017, according to figures published this week by the FCA. During the second half of 2017 a total of 3.76 million complaints were received, an increase of 427,032 on the first half of the year. Complaints about PPI rose by 40% to 1.55 million, the highest level of complaints about PPI for more than four years.


2018-04-20

Trustwave has unveiled a new cybersecurity consulting practice. Through the new Detection, Analytics and Response Consulting (DARC) practice, Trustwave partners with enterprises tailoring an approach to plan, build and optimise threat detection and response operations.


2018-04-20

Ventiv has announced the launch of Ventiv RPA, a tool which has been created specifically to meet the needs of the risk and insurance, claims administration, and safety management industries. It integrates with all Ventiv solutions and virtually all applications including websites, email systems, word-processing applications, PDF readers, spreadsheets, and specialised legacy systems, like policy systems.


2018-04-19

AIG has announced the authorisation of two new insurance companies in the UK and Luxembourg, to which all business will be transferred ahead of the UK leaving the European Union, as part of its planned European restructure. The insurer began active preparation to be “Brexit-resilient” in 2015, a process which involves the transfer of AIG Europe Limited’s existing insurance business to the new companies and the merger of its existing carrier, AIG Europe Limited into the new European company.


2018-04-18

National standards body, BSI, the Department for International Trade and the Department for International Development, have together launched the Commonwealth Standards Network -- a platform for Commonwealth countries to exchange ideas, share best practice and impart knowledge. Funded by the government, the new initiative has been launched to promote stronger trade amongst Commonwealth states.


2018-04-18

The National Counter Terrorism Security Office (NaCTSO) has announced a change in the way counter-terrorism awareness training is provided to businesses. Launched today, the ACT Awareness eLearning product will provide nationally accredited CT guidance to help industry better understand, and mitigate against current terrorist methodology.


2018-04-18

The Public Account Committee’s report into the NHS’s response to last year’s WannaCry cyber attacks was published today. The NHS was attacked in May 2017 by ransomware that disrupted at least 34% of trusts in England. 37 trusts were locked out of devices, whilst a further 44 were not infected but experienced disruption. A further 603 NHS organisations were infected, including 595 GP practices. This resulted in the cancellation of 6,912 appointments and operations, and in five areas patients had to travel further to access A&E services.


2018-04-17

Ecclesiastical has published a new guide to help brokers support their charity clients defend against digital risk. The new guide, which has been produced with the support of the Charities Security Forum, provides information on the range of cyber threats they could face -- from ransomware, malware and denial of service to phishing, password attacks and human error. It also provides a wealth of practical advice on mitigating these risks, including guidance on protecting against data breaches.


2018-04-17

Sedgwick has finalised the purchase of Cunningham Lindsey. The combined organisation, which includes Vericlaim, will operate globally under the Sedgwick brand. Dave North will continue to lead the company’s executive council, now comprising global chief financial officer Henry Lyons, group presidents Mike Arbour and Bob Peterson, and Jane Tutoki, who previously served as global CEO of Cunningham Lindsey and has been appointed vice chair of Sedgwick.


2018-04-16

Cloud-based office solutions are coming under increasing attack from cyber criminals, with the majority of incidents involving compromised business email accounts. This is according to the Beazley Breach Response Services team, whose Q1 2018 figures increased sharply since the previous quarter. The three sectors most affected were financial services, healthcare and professional services.


2018-04-16

The NCSC is issuing advice to the UK telecommunications sector regarding the potential use of Chinese state-owned ZTE equipment and services. Technical director of the National Cyber Security Centre, Dr. Ian Levy, has written to telecommunications organisations regarding the potential use of ZTE equipment and services in the UK telecommunications infrastructure environment.


2018-04-13

Auto manufacturers could face significant disruption as a result in the slowdown of the supply of batteries for electric vehicles. This is according to research from JLT which showed that eight of the 11 principal countries which supply key raw materials for electric vehicle batteries, such as cobalt and lithium, are in territories designated as at high or very high risk of disruption.


2018-04-13

Despite the prevalent concerns around artificial intelligence, consumers are surprisingly comfortable with the use of the technology in healthcare. This is among the findings of a US-based survey conducted by SAS, which found that when presented with a variety of real-world AI scenarios, a majority of people were at ease with AI in healthcare, and more comfortable with AI in healthcare settings than banking or retail.


2018-04-12

Tokio Marine Kiln has launched a new cyber insurance and services policy. Provided by former government intelligence experts XCyber, Cyber Ctrl provides policyholders with an intelligence-based critical alert service that detects, analyses and reports on potential attacks. Policyholders also receive a monthly summary of the cyber activity that could affect their business and an alert notice for any critical issues that are detected.


2018-04-12

The CMA has today published advice for businesses operating joint ventures to help them comply with competition law. The group's advisory follows a recent case where two businesses in a joint venture were fined £1.7m by the CMA for agreeing to share the market under the cover of a joint venture agreement.


2018-04-12

The Risk Management Awards are open for entries. Now in their 9th year, the Risk Management Awards recognise those individuals, organisations and teams that have significantly added to the understanding and practice of risk management. Judged by an independent panel of experts for exceptional performance, the awards provide an opportunity for organisations and individuals to showcase their best products, projects and people.


2018-04-11

HawkSight SRM is continuing the expansion of its HawkSight Software interface capability with the addition of tracking data from Vismo. Its patented Smartphone Tracking Application enables GPS tracking to locate individuals travelling anywhere in the world via their smartphone, tablet or personal GPS tracker.


2018-04-10

It remains a challenge for risk professionals to clearly demonstrate the value of making resources available for ERM. In view of this continuing challenge The IRM has published two practitioner guidance documents for IS0 31000 and COSO. There are many recommended approaches to enterprise risk management (ERM) and several different guides and risk management system standards have been published in recent years. These latest guides explain the approach used in the ISO/COSO ERM frameworks and identifies the importance and relevance of these frameworks. These guides also outline the practical application of the ISO and COSO ERM frameworks and provide commentary on implementation.


2018-04-10

Lack of trust in sharing economy platforms is the key factor behind a lack of growth in these services among consumers, according to new research from Lloyd’s. The insurance market calculates that less than a fifth of consumers currently use sharing economy services, despite recognising the cost and other benefits.


2018-04-10

Business group the Confederation of British Industry has outlined a number of sector-specific considerations relating to the streamlining of regulations as part of ongoing Brexit negotiations. The CBI’s study is based on thousands of conversations with UK businesses, as well as dozens of trade associations, and outlines the regulatory needs of 23 industry and service sectors, of which 18 prefer convergence or alignment for the majority of regulation that matters.


2018-04-05

The shortlist for the 2018 Business Continuity Awards has been announced. Now in their 20th year, the Business Continuity Awards recognise those business continuity, security, resilience and risk professionals whose innovative strategies and industry savvy make them stand out above the rest. This year's sponsors include Barclays, The City of London Corporation, ClearView Continuity, CMAC Business Continuity Transport, Daisy, Fortress Availability Services, Fusion, PlanB Consulting and Sungard Availability Services and Yudu.


2018-04-05

A letter from over 50 academics has been delivered to the Korea Advanced Institute of Science and Technology (KAIST), a state founded university, expressing dismay over the development of AI between the institution and its partner Hanwha Systems.


2018-04-04

Rothstein’s latest book aims to meet a critical business need with its structured approach to emergency evacuations. Writing about his own encounters with evacuations, author Jim Burtles expresses concern over the confusion that is so evident during an incident, and the widespread panic that can ensue when proper process is not put in place.


2018-03-30

The government is investing £150 million over the next three years in an attempt to improve the NHS’s resilience to cyber attacks. Part of the investment will see a new digital security operations centre instigated to prevent, detect and respond to incidents. The centre is intended to help NHS Digital to respond to cyber attacks more quickly and allow local trusts to detect threats, isolate infected machines and stamp out a threat before it spreads.


2018-03-29

There is a lot of talk on the risk circuit at the moment about risk culture – specifically about the pressing need to change it. As Airmic’s Julia Graham points out in her guest column this issue, whilst corporate crises usually have several causes, a common thread in the vast majority is their root in a culture that encourages an unhealthy pattern of human behaviour and attitude towards risk. Airmic is not alone in this thinking. The UK’s financial watchdog has just published a discussion paper on culture in banking, designed to plant the seeds of change in the sector’s culture and to improve behaviour. Meanwhile, the Financial Reporting Council, the regulator responsible for promoting corporate governance and reporting in the UK, has instigated its own transformation with its decision to revise the Corporate Governance Code.


2018-03-27

Working for the UK’s risk management association, one is likely to be asked to comment whenever there is a high-profile disaster. Whilst wanting to provide a helpful response, it is also important to avoid the trap of rushing into judgement before the facts of sometimes complex events become clear.


2018-03-27

We all want to know what ‘good’ risk management looks like and we all want a fast track to get our public service organisation from where it is today to the best it can be. That’s what the Alarm/CIPFA Benchmarking Club is designed for.


2018-03-26

More than 15,000 risks have been bound on the PPL platform so far and in certain classes significant amounts of business are regularly being placed electronically. In January, for example, the system was used to close the Aon Client Treaty facility for 2018, one of the largest and most complex transactions in the London Market.


2018-03-26

This month we saw two key speeches on Brexit, from the Prime Minister and the Chancellor. The logic on financial services was pretty clear – that although the UK was going to leave the single market, it still expected the kind of bespoke deal on financial services that was offered to the US and Canada, which would have allowed for a great deal of mutual recognition. As Hammond summed it up: “If it could be done with Canada or the US... it could be done with the UK.”


2018-03-23

The IRM has announced the appointment of Socrates Coudounaris as incoming chair of the board when the current chair, Nicola Crawford, steps down in May. Coudounaris is executive director of risk for the EMEA region at Reinsurance Group of America.


2018-03-22

Pool Re has welcomed government’s commitment to amend the 1993 Reinsurance (Acts of Terrorism) Act to enable it to extend its cover to include non-damage business interruption losses resulting from acts of terrorism. The reinsurer is currently restricted by the 1993 Act only to pay out if physical damage has occurred to commercial property. This means that businesses, inside a police cordon, that suffer financial loss through being unable to access their property or to trade, are only covered if there has been physical damage during a terrorist attack.


2018-03-21

The Chartered Insurance Institute (CII) is the latest signatory of the Time to Change pledge to end mental health stigma. Time to Change is a growing social movement run by charities Mind and Rethink Mental Illness, which supports people to open up to mental health problems. By signing, the CII is committing to change the way we all think and act about mental health in the workplace.


2018-03-20

The Ministry of Justice confirmed today that long awaited legislation to help genuine injury claims be settled fairly will be brought before Parliament today. The Bill will also address the problems that arose by the way in which the Personal Injury Discount Rate (Ogden Tables) is set, to create “a fairer and better system while still providing full compensation”.


2018-03-19

International SOS and Control Risks have reported a 30% growth in demand for security advice in the past two years, and an 800% increase since its launch ten years ago. It says that, on average, over 100 business travellers and international assignees a day have been supported with advice in the past year.


2018-03-19

Airmic has published a practical guide to GDPR, which sets out to simplify the potentially complex regulatory challenge of the latest EU data protection rules. It is written primarily for risk managers who, it says, are ideally placed to co-ordinate the response because of their wider perspective and touchpoints across the organisation.


2018-03-16

The British Insurance Brokers’ Association (BIBA) has become the latest organisation in the sector to sign the Woman in Finance Charter.
HM Treasury has today revealed the firms to have recently joined the Charter, which bring the total signatories to more than 200 employing over 650,000 people.


2018-03-16

Channel Syndicate and Canopius will join Liberty Specialty Markets in forming a consortium to provide capacity for Toredo, an online platform for single situation trade credit insurance. The London Market Credit Consortium (LMCC), will provide up to US$75m of capacity per risk with a maximum two-year period.


2018-03-16

An academic study into the macro economics of cyber crime and laundering estimate that US$80-US$200bn are ‘cashed out’ each year, and in total cyber criminal proceeds make up an estimated 8 to 10% of all illegal profits laundered globally. The findings, part of a larger nine-month study titled Into the Web of Profit and sponsored by Bromium, report the use of virtual currencies as the primary tool used by cyber criminals for money laundering. However, Bitcoin is now out of favour with the criminal elements who increasingly use to less recognised virtual currencies that provide greater anonymity.


2018-03-15

Do you want the good news or the bad news about cyber resilience? Well you can have both, as IBM has completed its latest study into the perceptions and risks organisations take every day when it comes to cyber resiliency, and finds a surprisingly mixed picture...


2018-03-15

Markel International has ceased to write London open market property business. It said in a statement that the development has no impact or implications for Markel Corporation’s US and Bermuda property businesses which, for reasons of size and structure, have not faced the same issues as the London open market business.


2018-03-14

More than 90% of insurance leaders from across the globe are confident about their organisation’s revenue prospects over the next three years. This is despite the fact that insurance CEOs are more concerned about the pace of technological change than leaders in any other .


2018-03-14

Marsh has joined open source blockchain initiative, the Enterprise Ethereum Alliance (EEA). With over 400 member companies, the EEA seeks to create open industry standards and frameworks for blockchain applications based on the core Ethereum platform.


2018-03-14

Clyde & Co has announced the hire of Isabel Burón as partner in its Madrid office and Healthcare group. Buron is a healthcare lawyer with recognised experience in handling of complex medical malpractice claims and professional negligence matters. Her practice focuses predominantly on personal injury, with a significant emphasis on medical malpractice and professional indemnity. She represents insurers and healthcare professionals before the civil, criminal and administrative courts.


2018-03-13

The latest Insurance Price Index from the British Insurance Brokers’ Association (BIBA) and Acturis that tracks £6bn of actual premiums paid annually via insurance brokers before Insurance Premium Tax (IPT) shows a dramatic increase in premiums for motor in the final quarter of 2017.


2018-03-12

The UK’s financial watchdog has published a discussion paper on culture in the sector. Consisting of views from academics and thought leaders, the paper is intended to provide a basis for stimulating further debate on transforming culture in the sector – including what a good culture might look like, the role of regulation and regulators, how firms might go beyond incentives, and how to improve behaviour.


2018-03-09

The winners of the 2018 Commercial Insurance Awards were announced last night at a gala dinner and ceremony held at the Millennium Hotel in London's Grosvenor Square. If you were not able to make it, read on to find out who took the trophies...


2018-03-08

Lorega has launched a dedicated building surveying service – designed to help policyholders to manage property reinstatement in the event of a claim. The new service will provide the policyholder with access to Chartered Surveyors, with the necessary experience and expertise to help the policyholder through the process.


2018-03-08

Schneider Electric has joined the Responsible Business Alliance (RBA), a coalition 120 companies from the electronic, retail, automobile and toy industries that promotes standards in human rights, safety and security, environmental protection and business ethics.


2018-03-07

Storm Emma created some of the most testing weather conditions experienced in the UK for years, grinding many organisations to a halt and causing many to invoke business continuity plans to remain operational. It also exposed a number of shortfalls in plans, according to Databarracks. It says almost half of those organisations would have struggled due to their business continuity plan being outdated or recently untested. Its data suggests that just half of UK organisations are confident that their business continuity plan is up-to-date.


2018-03-07

Global risk modelling and analytics firm, RMS, has released a new generation of its cyber risk management platform containing major new capabilities to help insurers better allocate risk capital.The new platform, RMS Cyber Solutions v3.0 (formerly the Cyber Accumulation Management System), is a first-of-a-kind probabilistic model for cyber loss, providing losses at different return periods for all five of the major cyber loss processes enabling insurers to design products and risk solutions that reflect the full nature of cyber risk.


2018-03-07

Acronis has revealed plans to integrate its back-up solutions with Google Cloud. The new arrangement will significantly increase the number of cloud regions where Acronis’ partners and customers can store their data, and will bring fast upload speeds and data sovereignty options to users in a greater number of countries.


2018-03-05

Global energy and power firms could experience more business interruption (BI) losses in the next decade as a result of asset consolidation and greater integration among multiple affiliates. This is according to a report from Marsh, which shows how supply chain integration and consolidation – such as sharing central utilities, support, and logistics facilities, and production clustering to rationalise less profitable or redundant operating assets – is becoming more prevalent in the global energy sector, as firms strive to save costs, reduce headcount, and boost their competitiveness.


2018-03-02

Oil markets will be relatively insulated from geopolitical risks over the course of the year, barring a serious escalation on the Korean Peninsula or between Saudi Arabia and Iran, according to Verisk Maplecroft's latest Political Risk Outlook for the sector. At the same time, the report projects rising levels of government instability over the next three years in some oil and gas producing countries, including Russia, Kazakhstan, Egypt, Kenya and Uganda, that could impact upstream projects.


2018-03-02

As Theresa May prepares to announce more detail on the Government’s Brexit negotiating stance in the final ‘Road to Brexit’ ministerial speech, the Chartered Insurance Institute (CII) is urging the government to publish the long-awaited position paper on financial services as the insurance and financial planning profession divides over its desired future regulatory relationship with the EU.


2018-03-02

The Federation of European Risk Management Associations (FERMA) is calling on the European Union to foster much wider access to climate-related risk data. FERMA yesterday submitted a position paper in its response to the online public consultation on the evaluation of the EU's Strategy on Adaptation to Climate Change.


2018-03-01

Pool Re has renewed its retrocession programme and extended the cover to include material damage and direct BI caused by acts of terrorism, using remote digital interference. The renewed cover, brokered by Guy Carp, has been increased by £100m to £2.1bn and has been placed with an expanded panel now comprising 47 reinsurers.


2018-02-28

Colt Data Centre Services is in the process of greening its European datacentres. Nine of the company’s 17 European facilities now run exclusively on power generated from renewable sources. In France, the country’s reliance on nuclear power and an energy generation shortfall makes it impossible for any datacentre provider to guarantee 100% renewable power.


2018-02-27

BIBA has called for urgent progress following the government’s response to Treasury Select Committee report on transitional arrangements for exiting the European Union. CEO of BIBA, Steve White, said that unlike most sectors of the economy, the sector needs certainty of transition right now as insurance renewals are being prepared which span the date the UK leaves the EU.


2018-02-27

Weather warnings are expected for the rest of the working week, as the so-called Beast from the East continues to wreak havoc in parts of the UK. Hundreds of schools are shut, and road conditions remain dangerous up and down the country. Amber and yellow warnings have been issued by the Met Office, with London and the South East badly affected.


2018-02-26

Never mind the Beast from the East. The real challenge for CISOs lies ahead in the form of a ‘perfect storm’ of staff shortages and escalating cyber crime, leaving organisations ill-equipped to manage and respond to cyber risks in an era of digital transformation, pervasive connections and increasingly sophisticated attacks.


2018-02-26

The UK government has lifted a ban on carrying large electronic devices in the aircraft cabin of some flights to the UK. Large phones, laptops and tablets are now allowed in the cabin on the majority of flights to the country.


2018-02-23

The Fintech Delivery Panel has announced the formation of a new group focused on insurance technology and innovation. London is a hotspot of European insurtech investment with 30% of all deals in the continent taking place in the city, according to Accenture. Part of the Insurtech Board’s remit is to make sure that London remains the leading location for insurtech in the future.


2018-02-22

CA Technologies is to partner with the Cobotics robotics project, working alongside Tampere University of Technology and Tieto in Finland to explore the challenges of building safe, secure and effective human-to-robot workflows. Ensuring proper control and execution of so-called ‘cobot’ workflows and understanding their information requirements is central to maximising the potential of robot-human collaboration


2018-02-21

KPMG is working with Aptitude Software to help insurers implement the transformational new accounting standards, IFRS 17. Global insurers need to become IFRS 17 compliant by January 2021. The requirements are broad and can impact virtually all aspects of an insurer’s business yet a KPMG survey recently found that over a third (36%) of insurers have yet to start any IFRS 17 project.


2018-02-21

Political risk will remain a major concern for multinational businesses throughout 2018, driven by events including the North Korea missile crisis, ongoing Brexit negotiations, and trade protectionism, according to a paper published by Marsh. In Europe, the UK’s negotiations to exit the European Union continue to loom over the political risk landscape, while political instability persists in Spain and Italy’s general election in March raises concerns over the rise of anti-establishment and Eurosceptic parties.


2018-02-20

The Financial Conduct Authority is seeking views on how technology can make it easier for firms to meet their regulatory reporting requirements and improve the quality of the information they provide. Every year the FCA receives over 500,000 scheduled regulatory reports from firms, as well as additional ad hoc reports.


2018-02-19

Few organisations are highly confident in their ability to manage the risk of a cyber attack, despite viewing cyber security as a top risk management priority, according to a new global survey conducted by Marsh and Microsoft. In its global survey of more than 1,300 senior executives, two-thirds ranked cyber security among their organisations’ top five risk management priorities – approximately double the response to a similar question Marsh asked in 2016. The survey also found that a vast majority – 75% – identified business interruption as the cyber loss scenario with the greatest potential to impact their organisation. This compares to 55% who cited breach of customer information, which has historically been the focus for organisations.


2018-02-15

The long awaited update to ISO 31000 has just been released. Chair of the iSO technical committee, Jason Brown, says the revised version of ISO 31000 focuses on the integration with the organisation and the role of leaders and their responsibility. “Risk practitioners are often at the margins of organisational management and this emphasis will help them demonstrate that risk management is an integral part of business,” he explains.


2018-02-15

With 98 days to go until the deadline for the new GDPR rules, UK businesses are reporting a high degree of preparedness, having invested more than most of their European colleagues, according to research conducted by network protection firm, EfficientIP. Its study of 1,000 businesses suggests the UK only lags behind Germany in GDPR spending, with each organisation spending an average of £1,300,000.


2018-02-14

Pool Re has today announced the launch of its Vulnerability Self-Assessment Tool (VSAT). Aimed at medium and large businesses, the new tool will enable Pool Re member insurers to offer a 5% premium discount to insureds which implement proven and effective risk mitigation measures.


2018-02-13

Geospatial insurance analytics provider SpatialKey has partnered with Swiss Re to offer insurers access to multi-peril hazard data through its proprietary underwriting tool, in a collaboration that integrates Swiss Re’s CatNet hazard data into SpatialKey, providing insurers with access to 10 hazards worldwide for greater accuracy in risk selection, assessment, and management.


2018-02-13

The Home Office has announced the development of new technology to detect terrorist content on online platforms. It says tests show the new tool can automatically detect 94% of Daesh propaganda with 99.995% accuracy. The Home Office will be sharing the methodology behind the new model with smaller companies to help combat the abuse of their platforms by terrorists and their supporters.


2018-02-12

Liberty Specialty Markets has announced plans to launch a web-based platform for transacting specialised trade credit insurance for banks, corporates and commodity traders. The new LSM platform, Toredo, is designed to allow underwriters, brokers and clients to buy and sell insurance capacity with greater speed, visibility and efficiency. Beyond operating the platform, LSM will provide capacity to Toredo. Other capacity will come from an as yet unannounced consortium.


2018-02-12

StarStone has announced the launch of a crisis management division, which will offer war and terrorism re/insurance and credit and political risks insurance.
The newly formed division is based around and strengthens StarStone’s existing war and terrorism division, led by Simon Low, who joined the company in July 2017 as group head of political risks and crisis management.


2018-02-09

Former MD at AXA, Matthew Reed, is launching an InsurTech offering aimed at small to medium sized businesses. Equipsme, which launches on 1st March, is set to deliver a new range of health insurance plans to UK SME market. The new offering is backed by AXA PPP healthcare which will provide underwriting capacity in a five-year exclusive arrangement. Under the terms of the arrangement Equipsme will also have access to AXA PPP’s nationwide approved provider network of consultants, practitioners and hospitals as well as full claims and helpline support services.


2018-02-09

The large-scale cyber attacks that took place last year reaffirmed the need to build cyber resilient organisations, according to the seventh edition of the BCI Horizon Scan 2018, released today by the Business Continuity Institute and the BSI. For the second year in a row, the threat of data breach ranked second.


2018-02-08

BT has called on UK ISPs to follow its lead in sharing threat intelligence data across the community in a secure and trusted way, in an effort to protect businesses and consumers from cyber crime. BT is the first telecommunications provider to start sharing information about malicious software and websites on such a scale, and is in direct response to an initiative led by the UK’s National Cyber Security Centre (NCSC) to enable ISPs to share detection events.


2018-02-08

While the risk of foot and mouth disease arriving in the UK remains low, the aim of the exercise is to test all current contingency plans for a national outbreak of the disease. It will establish the current state of readiness whilst identifying issues and improvements in policies, plans, instructions, structures and recovery procedures employed in managing an outbreak.


2018-02-07

Unhealthy employees are costing UK firms six working weeks a year in lost productivity, at an estimated drain to the UK economy of £77.5bn a year. The latest Britain’s Healthiest Workplace study of 32,000 employees from over 160 organisations suggests that employees lose, on average, the equivalent of 30.4 days of productive time each year as they take time off sick and underperform in the office as a result of ill-health (also known as presenteeism).


2018-02-07

The Economist Intelligence Unit has predicted that Australia will benefit most from AI and the UK will gain least in new study looking into the impact of AI until the year 2030. The study, commissioned and sponsored by Google, ran three econometric scenarios to 2030 on five countries—the US, the United Kingdom, Australia, Japan -- and developing Asia as a whole. However there are a few things to remember: the study only considers five regions – and assumes (in the case of the UK being hardest hit) no policy change – which is unlikely.


2018-02-06

Lloyd’s has announced plans to push ahead with electronic placement. Over 15,000 risks have been bound to date on the electronic placing platform (PPL) and nearly 60% of the financial and professional lines risks are being placed electronically. Lloyd’s CEO, Inga Beale, said adoption is now vital and it is happening but, in the case of electronic placement, it is not happening fast enough. “Unless the market moves together it will not reap the benefits and reduce administration costs. Electronic placement will support face to face negotiation, further increase efficiency in the market, reduce back office costs and most importantly, improve customer service.


2018-02-06

With just two months until the new Minimum Energy Efficiency Standards (MEES) deadline arrives, specialist engineering and construction insurer HSB Engineering Insurance is warning that unprepared commercial property owners could lose significant amounts of rental income as non-compliant properties become increasingly difficult to rent out.


2018-02-05

As 2017 drew to a close, we took some time to reflect on some of the issues we faced, and the successes we enjoyed. There were many sizeable challenges placed on the public sector throughout the course of the year, many of which have greatly affected our members.


2018-02-05

Pool Re has published its inaugural quarterly Terrorism Frequency Report, a detailed account of the severity and frequency of events, along with analysis of key trends, amongst them the rising threat from the ‘Virtual Caliphate’, online radicalisation, cyber attacks, and the implications for UK security and business


2018-02-01

This year, global political risk continues to be one to watch, its effect on markets ongoing. Closer to home, the City of London and the wider stage is braced for Brexit, along with uncertainty and political unrest globally. Meanwhile, artificial intelligence and virtual reality are hot topics for the sector at the present and companies are investing heavily in research and software to help predict how these technological changes present both positive opportunities and risks to the business. Data breaches also feature in the top five risks for the sector along with how companies will manage the incoming General Data Protection Regulation.


2018-01-31

The International Underwriting Association is calling for a national authority to help address ongoing cyber risk issues and to raise awareness of liabilities around the growing threat. Challenges for the insurance industry include underwriting talent, modelling techniques, reinsurance capacity and the acquisition of claims data.


2018-01-31

Last year was a stark reminder of some fundamental truths for risk professionals. The devastating storms in the Americas were a brutal reality check of the impact of climate change; a spate of global cyber attacks brought home the fact that cyber risk is a reality today, not a problem for the future; and the tragic fire at Grenfell Tower showed that ‘traditional’ threats are still as dangerous as ever. These are not new lessons; they are wake up calls. They serve as a reminder that we as risk professionals must be prepared for all risks – whether they are dominating the headlines or not; just because artificial intelligence and data analytics are current hot topics does not mean we can forget about other areas of risk.


2018-01-31

Simulation software developers at Simudyne have teamed up with the consulting arm of PwC to offer financial services companies the predictive power to plan for the future, through the combination of simulation software and consulting services. The collaboration will pair Simudyne’s simulation software with PwC’s strategy, technology and consulting expertise to provide clients with the ability to test scenarios, refine strategies and reduce risks in decision making.


2018-01-30

A new study has identified a sharp increase in the number of employers reporting employee stress and mental health-related illnesses -- from 55% last year to 68% in 2018. According to Aon's Benefits and Trends Survey, the use of virtual GP services has also increased significantly, with 27% of employers using them -- up from 16% last year


2018-01-30

The decision to delay the application of the Insurance Distribution Directive (IDD) is good news for brokers as research from Ecclesiastical Insurance reveals that two thirds (66%) have very little or no knowledge of the impending changes.


2018-01-30

The Senior Managers and Certification Regime, first introduced for banks and building societies in 2016, will be extended to include insurance firms from 10 December 2018. Currently the Regime applies to banks, building societies, credit unions, investment firms and UK branches of foreign banks.


2018-01-30

Good practice suggests that the best place to start is by having a policy that identifies what level of protection staff are granted. The norm is to adopt the highest standard of any country in which the organisation operates; for example, if your company is global and has locations in the UK and Cambodia, the company should adopt the UK’s approach to staff safety and security.


2018-01-29

Moore Stephens Consulting (MSC), a division of the accountancy and advisory firm, has announced the acquisition of the data warehousing division of Atticus Associates, a specialist technology company that provides data monitoring services to London and global insurers.


2018-01-25

Natural disasters cost US$353bn in 2017, with the insurance industry in position to handle a high volume of claims, according to Aon Benfield's latest report. It reveals that there were 330 natural catastrophe events in 2017 that generated economic losses of US$353bn – of which 97% (US$344 billion) was due to weather-related events, including Hurricanes Harvey, Irma and Maria in the US and Caribbean, plus Typhoon Hato in China and Cyclone Debbie in Australia.


2018-01-25

Under the Bribery Act 2010, a maximum of ten years’ imprisonment and an unlimited fine may be imposed for offering, promising, giving, requesting, agreeing, receiving or accepting bribes. The Ministry of Justice’s quick start guide to the Bribery Act makes it clear that there is a full defence “if you can show you had adequate procedures in place to prevent bribery”. Legal obligations aside, an ethical approach to business is a contributory factor in effective reputation management. ISO 37001:2016 is the international standard for antibribery management systems.


2018-01-25

DAS UK has become the world’s first legal expenses insurer to launch an innovative new Alexa skill for the Amazon Echo. DAS customers and the general public will be able to ask Alexa, Amazon’s virtual personal assistant, a variety of questions regarding legal expenses insurance and a range of common legal issues such as disputes with neighbours, employment tribunals and redundancy. The new DAS Alexa skill will provide a question and answer structure that will be regularly updated throughout the year with new additional content based on popular legal themes and emerging trends such as cyber insurance.


2018-01-24

A study has calculated that businesses in US could lose US$15bn if a leading cloud service provider was to experience a downtime of at least three days. The report, put together by Lloyd's and AIR Worldwide, analyses losses for 12.4 million US organisations and proposes an alternative approach to help insurers model these risks, which are typically harder to assess than traditional perils.


2018-01-24

Inoni has launched the latest product in their suite of business continuity planning tools for SMEs. Inoni Micro, built specifically for organisations up to 50 employees, offers a scaled-back and easy to complete online tool for managing plans.


2018-01-23

The tech sectors of Britain and France will be brought closer together with plans for a digital conference, due to take place this year, aimed at promoting integration in the digital economy and to helping both countries seize the economic and social benefits of fast-developing tech such as AI.


2018-01-23

Former Defence Secretary Sir Michael Fallon has called on the government to spend more on Britain's Armed Forces, and at the same time, chief of the general staff, General Sir Nicholas Carter, pointed to a return of cold war tensions with Russia and raised the prospect of hostilities between the country and NATO forces.


2018-01-22

The government has announced the creation of a new national oversight body tasked with identifying consumer risks and managing responses to large-scale product recalls and repairs. The new office is also tasked with ensuring the UK carries out appropriate border checks on imported products once the it leaves the European Union.


2018-01-18

Munich Re has partnered with InsurTech company Betterview to offer drone imagery, analysis and reporting to Munich Re’s insurance company clients. Betterview offers drone-based inspection services that capture high-resolution images of commercial and residential properties. Betterview also offers cloud-based software to organise, store and analyse the captured images to support an insurance company’s underwriting inspection, loss control and claims adjustment processes.


2018-01-18

Earlier this month, infrastructure contractor Carillion went into liquidation, after extended rescue talks with lenders and the government failed. The UK’s second biggest infrastructure company hit trouble after losing money on a number of large contracts and running up significant debts. Within days of the collapse, the impact was already being felt. The firm employed 43,000 people worldwide, of which 20,000 were based in the UK. Some 30,000 small firms that were working on Carillion projects in the private sector suddenly face problems as a result of the bankruptcy. The company is said to owe these businesses approximately £1bn in unpaid costs; and there is growing alarm that much of this money will be lost, leaving many more firms at risk of financial collapse. Meanwhile, the company’s 19,500 staff in public sector jobs will continue to be paid – at a potential cost to the taxpayer of hundreds of millions of pounds.


2018-01-17

The prospect of strong economic growth in 2018 presents leaders with an opportunity to address signs of severe weakness across societies, economies, international relations and the environment. This is among the headline messages of the World Economic Forum’s annual report on the global risk landscape, published today.


2018-01-17

The EU has finally launched its strategy on plastic waste, with measures to curb plastic packaging and make all packaging recyclable or reusable by 2030. To some extent the green policy has been forced on the EU following China’s refusal to process foreign waste, and public opinion – especially following recent moves by the UK government that has lead the way.


2018-01-16

Business group the Federation of Small Businesses has said it is it is vital that Carillion’s small business suppliers are paid what they are owed, or some of those firms could themselves be put in jeopardy, putting even more jobs at risk besides those of Carillion’s own employees.


2018-01-16

Failure to comply with upcoming emissions caps could affect the validity of a shipowner’s insurance cover, according to warnings from Marsh. It says shipowners could find that their vessels are deemed unseaworthy and their insurance cover is affected by failing to comply with more stringent sulphur emissions (SOx) regulations set to be introduced in January 2020.


2018-01-16

Innovate UK and the Department for Digital, Culture, Media and Sport, has up to £500,000 for ideas in cyber security coming out of academic institutions. The funding is part of the government’s cyber security academic startup programme. The competition has been developed to examine ideas to protect information systems, data and services from unauthorised access or accidental harm. There must be a clear intention to commercialise the idea, and that must have the support of the relevant academic institution.


2018-01-15

The key risks for rail (and similarly for transport) will continue to be managing the disruptive impact of severe weather events. This includes not just continuity of service but also the effect on the integrity of the infrastructure. Risk mitigations such as improving flood defences and managing drainage remain priorities. Maintaining high safety standards and reducing train accident risk will continue to be high on the agenda.


2018-01-11

Specialist MGA Fiducia has launched an engineering inspection service for clients and independent brokers in partnership with Bureau Veritas. The Fiducia engineering product provides comprehensive cover for loss of or damage to contract works including transit and maintenance, owned or hire plant and is available on an annual, short period or specific event basis. Capacity is provided by Lloyd’s Syndicates.


2018-01-10

The role of today’s chief risk officer has shifted from technical expert to business advisor, and has propelled CROs into a world of complex stakeholder relationships, business navigation and regulatory expectations. According to a new study, this poses significant challenges for aspiring CROs in maximising the effectiveness of businesses risk functions.


2018-01-08

Congratulations to all of this year's Commercial Insurance Awards finalists! Now in its fifth year, these Awards are unique in rewarding commercial insurance endeavours. View the shortlist.


2018-01-08

Analysis by the Confederation of British Industry suggests a rise in the number of people who believe businesses in the UK have a good reputation. The research, comparing perceptions of businesses between May and November 2017, reveals 2 in 3 people think UK businesses have a good reputation, up 7% in 6 months.


2018-01-05

Arc Legal Assistance has launched a dedicated Personal Cyber Support policy providing household insurance customers with access to support, restoration services and cover for cyber attacks. Designed to provide immediate assistance for individuals and families in the event of a cyber attack on personal electronic devices, cover can be either embedded in an underlying home insurance policy or provided as part of a legal expenses insurance (LEI) policy. Cover is underwritten by AmTrust Europe.


2018-01-05

With parametric triggers having been used in the capital markets for 20 years or more, law firm Clyde & Co has completed a study into the legal and regulatory considerations that arise as they are increasingly used in insurance. The report draws on insights from Clyde & Co's global network of insurance lawyers, explores the growth of parametric insurance and considers the important role it has to play in building resilience to natural catastrophes.


2018-01-04

Security flaws in the vast majority of devices have been exposed in the last few days, and as the producers scrabble to fix the issues, it is worth looking at exactly what the problems are. Researchers discovered gaps in security in the CPUs from most of the major manufacturers: Intel, ARM and AMD. The vulnerability leaves devices using these chips – including PCs, mobiles, servers etc open to attacks by hackers, potentially exposing data.


2018-01-03

Image recognition software can be fooled by the addition of a simple ‘adversarial image patch’ next to any object, according to a recent report. Adversarial patches can be used universally to attack any scene, work under a wide variety of transformations, added to any scene, photographed, and even when the patches are small they cause the image classifiers to ignore the other items in the scene and report a chosen target class.


2017-12-22

Security and recovery will rise further up the agenda in 2018. Malware and ransomware attacks will continue to dominate, with devastating consequences for affected businesses. With the widespread adoption of the Internet of Things, we will also see an increase in the number and complexity of endpoints, which could in turn lead to an increase in zero attacks.


2017-12-21

Digital has so far been about pace and urgency. The race to embrace the fourth industrial revolution is still being run – but next year expect the early front-runners to ease up a little. Digital transformation is a marathon, not a sprint. And that’s good because it gives business continuity professionals the time to identify and mitigate the new risks that the digital revolution presents.


2017-12-20

The regulator seems set to maintain the pace of consultations, with a key focus on ensuring great customer outcomes and ensuring personal accountability of leaders. We’ll need to filter through these voluminous documents and work through the details to identify the critical issues and provide compelling arguments and evidence to shape any future rule changes. Throughout 2017, we’ve read lots about InsurTech, with new entrants threatening to be disruptors. But given agile development and flexibility of digital platforms -- enabling integration with legacy platforms, 2018 could be the year that traditional players bring technological change to their core business.


2017-12-19

As the May 2018 deadline for GDPR approaches, some organisations are working hard to ensure compliance. One element of these preparations that cannot be overlooked is that of visual data collected by surveillance cameras. There are millions of cameras in the UK, across all kinds of organisations – from hospitals and GP surgeries to schools and colleges, from shops and offices to transport hubs and open spaces. Wherever they are, those responsible for the visual data that cameras generate will be subject to the provisions of GDPR.


2017-12-19

By December 2018, 25% of the people employed in the insurance industry in 2015 will have retired, a trend which is set to accelerate over the coming decade. It should be no surprise therefore, that there has been an influx of investment into risk management innovation as the industry seeks creative solutions to fill this gap.


2017-12-18

British food safety standards have been making headlines yet again with several UK supermarket chains suspending contracts with 2 Sisters Food Group as the Food Standards Agency (FSA) launches an investigation into the alleged alterations of use-by dates on chickens. This latest scandal follows growing European concern about the state of food processing practices emanating from incidents including the Dutch egg insecticide contamination fiasco and recent FSA testing that showed how common food poisoning bug campylobacter was present within 50% of supermarket chicken products.


2017-12-18

As we often comment in this column, the world of public sector risk is ever changing and truly dynamic. And as the Autumn Budget looms large, we may not need to wait until Christmas for surprises. Meantime, the focus for Alarm members should include preparations for soon to be enforced General Data Protection Regulations (GDPR). Many of you are involved in working groups and assurance boards supporting improvements to policies and process to ensure compliance with the new rules – not a quick and easy task.


2017-12-18

An increasingly personalised and assertive style of national leadership will contribute to a profoundly uncertain business environment across the coming year. This is the view of risk analysts at Control Risks, and is among the findings of the consultancy's annual RiskMap, a political and security risk forecast for business leaders and policy makers around the world.


2017-12-15

Over 80% of our largest business’ market value is now held in intangible assets such as brand, data capability and intellectual property – up from 20% a few decades ago. This is a striking statistic which has huge implications for the risk community. Understanding and managing these assets is a real challenge for organisations, and many are struggling to find insurance solutions to support their needs. However, while it is important that the insurance industry works hard to find effective ways to protect intangible assets, businesses must first ensure they have a thorough understanding of these assets and their vulnerabilities.


2017-12-15

Being in such a high risk environment, oil and gas companies have been at the forefront of operational and process safety risk management for decades. Enterprise risk management (ERM) on the other hand has had less focus with some organisations doing it well, others dabbling, and some not having implemented it at all.


2017-12-15

InsurTech, Regtech, Fintech – it is hard to move in insurance circles without hearing one of these terms being bandied about, often accompanied by the obligatory reference to disruption, innovation, on-demand and, of course, artificial intelligence and the march of the robots.


2017-12-15

Speaking at the Royal United Services Institute Air Chief Marshal Sir Stuart Peach has raised concerns that Russia could target undersea communications and internet cables. Providing the majority of internet and communications links between countries, the subsea cables for a huge network of more than 400 cables over 683,508 miles.


2017-12-14

A collision involving an unmanned ship as a result of a cyber attack would trigger difficult questions about liability, according to global marine industry executives.
Confusion surrounding the regulation of unmanned vessels and available insurance cover are together confounding concerns in this arena, according to a report published by global law firm Clyde & Co and the Institute of Marine Engineering, Science & Technology (IMarEST).


2017-12-13

While recent commentary has focused on issues such as the recent increase in DDoS attacks due to IoT devices and the rampant and pernicious ubiquity of ransomware, a bigger potential storm has been brewing throughout 2017, of which the clearest warning sign has already been seen in WannaCry.


2017-12-13

Sungard Availability Services has launched a mobile app designed to help businesses more efficiently manage and recover from an incident. Act with Assurance integrates with the provider's Assurance software platform to provide a more interactive, efficient way to manage business continuity.


2017-12-12

Digital technologies will continue to transform the insurance industry and will do so at an increased pace in 2018. While insurers compete to leverage digital technologies to improve the customer experience, a wave of technological innovation will continue to disrupt the entire value chain. Drones, IoT devices and sensors are forging new and powerful connections between insurers and the risks they cover -- changing underwriting, claims, risk selection and pricing and even insurance products themselves.


2017-12-11

The conditions are in place for a further rapid rise in social engineering attacks in 2018, with more and more organisations falling victim to these scams. During the first nine months of 2017, Beazley saw a nine-fold increase in the number of social engineering incidents reported by clients compared to the same period in 2016. Most affected were professional service firms, financial institutions and higher education establishments.


2017-12-11

Criminal investigations and prosecutions of both entities and their directors are likely to increase in the UK and across Europe in 2018. Strict liability offences under the UK Criminal Finances Act 2017, which came into force at the end of September, now make companies and partnerships criminally liable if they fail to prevent tax evasion by an employee or associated person, and could herald a raft of new prosecutions next year.


2017-12-11

Political risk has long been a concern for companies operating and trading in or with jurisdictions described as developing countries, including South America, Africa, Eastern Europe and some countries in Asia. The richness of these countries in terms of natural resources and other commercial interests continues to make them attractive investment options, however.


2017-12-08

Around 200,000 residents have now been evacuated amid the latest California wildfires as crews battle to fight the latest blaze. More than 5,000 firefighters have been battling four brushfires that have damaged 150 buildings in the south of the state.

The development is a major blow to a region that was still counting the cost of October’s wildfires, which are believed to have been the costliest in the US state’s history.


2017-12-08

A partnership between Pool Re and Cranfield University has seen the appointment of Professor Andrew Silke as the professor of terrorism risk management and resilience at the University. The role - a new position which will be co-funded by Pool Re and Cranfield University – is for an initial five-year period, starting on 31 January 2018.


2017-12-08

Product-related risk is one of the biggest perils facing businesses today, with recall exposures having increased significantly over the past decade, bringing the potential for larger and more complex losses than ever before, warns insurer Allianz Global Corporate & Specialty (AGCS).


2017-12-07

Hiscox has sharpened its focus on cyber by creating a virtual business unit (vBU) to draw together the expertise of its 70 cyber staff across the business. The firm currently sells cyber-specific products via brokers and carriers through its European, US, London Market and reinsurance operations, as well as direct-to-consumers through its UK retail business. 


2017-12-06

Research suggests only five per cent of IT decision makers have all the necessary data governance strategies in place to be compliant ahead of the introduction of the European Union General Data Protection Regulation (GDPR) deadline on 25 May 2018.


2017-12-06

Growing antimicrobial resistance linked to the discharge of drugs and some chemicals into the environment is one of the most worrying health threats today, according to new research from the United Nations that highlights emerging challenges and solutions in the environment.


2017-12-05

Supermarket chain Morrisons has been found liable for a data leak involving financial and personal data of almost 100,000 members of staff following a trial in the High Court.

Information including salaries, national insurance numbers, dates of birth and bank account numbers were among the details leaked by a former disgruntled employee – Andrew Skelton – in 2014. Skelton, who worked at the company’s headquarters in Bradford, West Yorkshire, was jailed in 2015 for his crime.


2017-12-04

The Lloyd’s market has now paid claims worth US$1.7bn in response to windstorms Harvey, Irma and Maria.

Earlier this year, Lloyd’s estimated a total commitment of US$4.8bn for the three storms. The market says brokers are receiving money from Lloyd’s managing agents within five days of agreement so they can pay policyholders promptly.


2017-12-04

More than a third of IT professionals (35%) see themselves as the biggest internal security risk to networks within their organisation, according to research from IT security firm Balabit.

Whilst HR and finance departments are the easiest target for social engineering, it is in fact IT staff who pose the biggest insider risk to networks, whether caused by accidental or intentional actions.


2017-12-01

This year saw a number of huge breaches of customer data, including names, contact details and financial information. Understandably, this has been met with anger from customers who trusted those organisations with their personal information. There is a recognition that personal data has value – not just to the organisation it is provided too, but also for the purposes of cybercrime. GDPR will of course help sharpen the focus of organisations in regards to the management of personal information, though 2018 is likely to see a more weary consumer who will be less likely to freely share their personal data or, perhaps, provide minimal or less accurate information in the first place.


2017-12-01

At the risk of paraphrasing Mark Twain (‘reports of my death have been greatly exaggerated’), the BIA will become an integral part of a wider solution, not standing in glorious isolation. Already, the vast majority of our new clients are embracing the single entity approach to BC management using software, rather than having separate documents.


2017-11-30

The combination of the shock UK election result, concerns over the progress of Brexit and a wave of terror attacks means business leaders will be looking to beef up growth in Europe and Asia in 2018. According to the results of our risk and confidence survey undertaken in autumn 2017, 63% identify Europe as the market with the strongest growth potential; looking ahead to Spring 2018, interest in Asia almost doubles from 8% to 13%.


2017-11-29

2018 marks the first full year of implementation of a new law -- enacted by the Enterprise Act 2016 -- that allows policyholders to claim damages for late payment of insurance claims. It is now an implied term of insurance contracts that claims must be paid within a reasonable time. A breach of the term gives the policyholder a right to damages for loss suffered.


2017-11-29

Legislative proposals, due to be finalised in spring 2018, look set to place new responsibilities on owners of drones weighing 250g or more These rules include mandatory registration of the individual and the requirement to take a safety awareness test. The proposed legislation could also see drones banned from flight near airports, or above 400ft, in an effort to reduce unsafe flying. Police may also be given authority to seize and ground drones which may have been used in criminal activity.


2017-11-28

Sungard Availability Services has announced the availability of a fully-managed cloud recovery solution on Amazon Web Services, through which the provider can now offer SLA-backed recovery for customers on AWS or on premises, delivering the level of resiliency required for business-critical applications. Customers can expect to achieve sub one-hour RTOs and RPOs for their x86 workloads.


2017-11-28

The business landscape is more unpredictable than ever. Wildly changing external factors including geopolitical risks, regulatory change, technological innovation and consumer sentiment and unrest are more forcefully shaping how businesses act. This is driving the acceleration towards more holistic risk and compliance management. The two functions can no longer be siloed, but instead pushed as a single operation that can be used by upper management to make informed decisions


2017-11-28

Pool Re has this morning announced plans to extend its cover to include material damage and direct business interruption caused by acts of terrorism using a cyber trigger. The cover, effective from April 2018, which will exclude intangible assets, will be offered as standard to all policyholders purchasing terrorism insurance from Pool Re members.


2017-11-24

In the September issue of this magazine, CEO of Airmic, John Ludlow, wrote an opinion piece on the first anniversary of the publication of the Insurance Act 2015 – a ground-breaking piece of legislation that was welcomed by all. Ludlow asked if the new Act had achieved its objectives thus far, his view that in some ways it had; but in others had not.


2017-11-24

Organisations continue to face a growing number of natural and man-made disruptions, in an environment where an incident can quickly escalate into a crisis.
Tackling this issue, The Ultimate Business Continuity Success Guide demonstrates how cutting-edge preparation techniques and tools can “make your business unbreakable while increasing revenue and reducing your expenses”.


2017-11-24

Today is Black Friday, and that means bargains. For retailers, it means big customer service and revenue pressure. To conquer the annual onslaught, and remain relevant and desirable throughout the shopping year, the onus is on retailers to deliver an intuitive, connected experience for consumers.


2017-11-22

Keeping IPT at its current rate was a pleasing outcome in today’s Autumn Budget, and has been welcomed by the industry. Director general of the Association of British Insurers, Huw Evans, said: “Not raising IPT further was the right decision by Philip Hammond and reflects the much higher profile the insurance industry has successfully given to this stealth tax. But the pressures on the public purse are not going away so we need to keep up the pressure to protect customers from further increases in future budgets.


2017-11-21

After a year of high-profile cyber incidents such as WannaCry and NotPetya, attention around these issues is not likely to abate when we look toward the year ahead. On the contrary, one of the trends we are likely to see in the next year is more and more companies and industries waking up to the realisation that cyber exposure and risk is not at all limited to ‘traditional’ data breaches. Given the ubiquitous role of technology, these issues can affect areas such as logistics, manufacturing and industrial controls, with real impact on the physical operations of the business. If the software running a key logistical system, such as an e-commerce website or a store till, is compromised then it can bring an entire business to a halt. The risk of such a halt in production is real, and the effects potentially significant.


2017-11-21

BIBA, its members and their customers believe that Insurance Premium Tax should be reduced and have made the case to the Chancellor in a recent budget submission, in which the group explained that the 10% increase in uninsured accidents identified by the Motor Insurance Bureau (MIB) in August 2017, can in the opinion of most industry experts, be attributed to this summers’ IPT rate hike, moving from 6% to 12% in a 20 month period. It also drew attention to the impact of the tax on those living or operating in high flood risk areas, where premiums are already necessarily higher if the risks are outside the scope of Flood Re.


2017-11-20

There is a well used expression that risk management simply equates to good business management. Certainly the success of an organisation depends on effective management skills in its senior team and the way they address culture, and in particular risk culture, drives good governance and the achievement of objectives.


2017-11-20

With just ten days until the Chancellor’s autumn Budget, what should the insurance industry should be looking out for? Stephen Brown, partner at Mazars, says that without a huge increase in debt, anything given away on Wednesday will need to be paid for from somewhere else.


2017-11-17

FERMA has welcomed the publication of a report from the European Union Agency for Network and Information Security (ENISA) on the commonality of risk assessment language in cyber insurance, but says that for a full picture the perspective of the insured must also be considered.


2017-11-17

A guide to good practice for delegated authority arrangements in the London company market has been published by the International Underwriting Association. The document urges firms to keep customer impacts uppermost in mind when outsourcing particular functions. It highlights the need for detailed risk assessments when selecting new coverholders and stresses the importance for comprehensive ongoing oversight of any partners.


2017-11-16

Half of UK consumers don’t believe commercial organisations care about their privacy, and many are prepared to take legal action against businesses that don’t comply with the EU General Data Protection Regulation (GDPR). At the same time, businesses are concerned the new data privacy regulations will have a negative impact on their operations and international relations.


2017-11-15

A number of major insurance companies have pulled $20 billion from investments in coal and a growing number are refusing to underwrite new coal projects, with Zurich announcing it will divest from and cease offering insurance to companies which depend on coal for more than 50% of their business.


2017-11-14

Following a year of heightened security risk, International SOS has published a new Ipsos MORI survey of global business leaders that charts and maps heightened travel concerns. It says two in three business leaders believe travelling has become more dangerous in the last year; and found that travel plans were changed predominantly due to concerns over security threats, followed by natural disasters.


2017-11-14

JLT has launched a new product that addresses the specific cyber risks faced by asset managers. Enterprise Cyber will safeguard management fee income in the event of a notified cyber incident triggering unplanned redemptions along with traditional cyber policy cover. In addition, Enterprise Cyber will cover a broad range of incident response costs including system restoration, privacy breach, digital media issues arising from third parties and cyber extortion.


2017-11-13

Low take up of readily available technologies and management practices is fuelling the deep-seated productivity problems the UK has faced in recent decades, leading to what the Confederation of British Industry is calling a "striking productivity differences between businesses leads to variations in wages, opportunities and living standards for people across the UK".


2017-11-13

The deadline for entries for the Commercial Insurance Awards has been extended to the 24th November 2017. Now in their fifth year, the Commercial Insurance Awards are the showcase for excellence within commercial insurance. The awards are unique in rewarding the particular issues around the insurance of commercial enterprises, and were created to allow the commercial insurance sector to shine.


2017-11-13

The expected extent of compensation claims and regulatory sanctions under GDPR have been outlined in a document published by law firm DAC Beachcroft. The report sets out findings from an 18-month study with contributions from data protection experts across all 28 EU member states.


2017-11-10

The winners of the 2017 Risk Management Awards were announced by our host Lucy Porter at a Gala Dinner last night at the Millennium Hotel, London Mayfair. Congratulations to all the winners and we look forward to another spectacular event in 2018!


2017-11-09

Government must act urgently to change the law to help local economies protect themselves in the face of today’s rapidly evolving terror threat, according to a new report out today from the Federation of Small Businesses (FSB). The report is calling on the government to release the UK terror cover safety net, Pool Re, from outdated law which prevents businesses from insuring themselves against ‘non-damage business disruption’ in the wake of a terror attack. Current rules do not cover loss of trade, or other impacts of modern terrorism.


2017-11-08

Organisations are at risk of breaching the GDPR because they’re failing to realise that the new regulations cover their CCTV systems and the visual data they collect. These are the words of Andrew Charlesworth, reader in IT Law at the University of Bristol, and come just over six months before the GDPR becomes law.


2017-11-07

The Business Continuity Institute has published its highly anticipated Good Practice Guidelines 2018 edition. Its arrival coincides with the first day of the annual BCI World Conference and Exhibition, which kicks off in West London this morning.


2017-11-07

Organisations with business continuity arrangements are eight times more likely to report greater supply chain visibility, twice more likely to insure for supply chain losses, and three times more likely to display top management commitment. This is according to a report published today by the Business Continuity Institute and Zurich Insurance Group.


2017-11-06

With just 200 days to go until the introduction of the General Data Protection Regulation (GDPR) on 25th May 2018, new research from management consultancy Baringa Partners suggests that the banking sector is in a strong position when it comes to data governance. Baringa’s survey reveals that banks top the rankings when it comes to who consumers trust with their personal data. More than three quarters (77%) of people say they trust their bank, compared to 62% for insurers, 59% for energy companies and 58% for TV, phone or internet providers.


2017-11-03

Lloyd’s insurers spend about £20m a year on capital model governance and validation, but approach the process as an exercise to satisfy regulators rather than a value-adding proposition, which could be a missed opportunity, according to the Lloyd’s Market Association (LMA).


2017-11-01

Eight people have been killed and 11 injured in what is being treated as a terrorist attack in New York. At 15:00 local time, a van was driven down a cycle path in the City's Lower Manhattan area. The driver was subsequently shot and injured by police as he fled the scene. US President Donald Trump tweeted that he had subsequently ordered Homeland Security to "step up" its "already Extreme Vetting Program".

The BBC said officials were calling it the deadliest terrorist attack in the city since September 11.


2017-10-31

Sungard Availability Services has signed an agreement to work with Enfield Council on its expanding digital strategy. With a strong reputation for technological innovation, the council is focused on increasing engagement with all constituents via digital platforms.


2017-10-31

The 20th Anniversary Business Continuity Awards, celebrating achievements in business continuity, security and resilience, are open for entries. These annual Awards are the most anticipated event in the business continuity calendar and provide unrivalled networking, alongside a night of entertainment and celebration.


2017-10-30

Boards are receiving more risk management data today than ever before, yet there is still significant room for improvement when it comes to strategic decision-making, according to a RIMS study.


2017-10-30

Specialist insurer Hiscox and cyber security company Symantec have partnered to offer a software and insurance solution to protect and support small businesses as the threat of cyber crime continues to evolve. The Complete Cyber offering has been designed to provide a combination of insurance, software and 24/7 technical support designed to address the specific needs of small businesses and the multi-faceted threats they face conducting business in the digital world.


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