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Sunday 19 November 2017

BREAKING NEWS

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.


2017-10-27

An independent review of the UK energy sector has called for radical changes in energy pricing to aid the move to renewables. The review, commissioned by the government, and carried out by professor Dieter Helm of Oxford University, considered the entire electricity supply chain, from generation and transmission to supply, and concludes that customers are currently paying more than they should.


2017-10-27

AIR Worldwide estimates that industry insured losses from the California wildfires will be between US$2bn and US$3bn. AIR’s loss estimates explicitly capture residential, mobile home, commercial, and automobile losses, as well as direct BI losses.


2017-10-26

The 2017 Climate A List compiled by CDP records companies that are making significant efforts to cut emissions, mitigate climate risks and develop the low-carbon economy. There are 127 companies on the list including BT Group, J Sainsbury, Land Securities, Lloyds Banking Group, Lockheed Martin Corporation, Microsoft, National Grid, Philip Morris, Sky, Toyota, UBS and Unilever.


2017-10-25

Data breaches resulting from social engineering scams were up nine-fold in 2017, according a report compiled by Beazley. It says that while hacking and malware prevail as the major causes of data breach, scams involving deception have spiked over the course of the year. Fraudsters use social engineering attacks to prey on employees’ roles in their companies in order to orchestrate the disclosure of sensitive information or the wire transfer of money to criminal recipients. These exploits generally take one of two forms. The first, so-called W-2 scams, typically occur during the months leading to tax filing deadlines when criminals use targeted emails to persuade a specific company employee to forward copies of all the company’s employees’ W-2 forms. This often results in the criminals filing false tax returns, based on the improperly forwarded W-2 information, to claim refunds. The second category, fraudulent instruction, occurs when a fraudster impersonates a trusted party, such as a company executive or a payment system vendor, to cause a fraudulent payment, often a wire transfer, to be made into the fraudster’s account.


2017-10-24

Technology provider SAS has launched a new solution to aid organisations with the forthcoming EU General Data Protection Regulation (GDPR), helping firms locate and isolate all personally customer identifiably data so that it can be properly protected ahead of the regulation's May 2018 deadline.


2017-10-24

Today sees the launch of a campaign aimed at promoting London as the world’s insurance hub. With three days of events in and around the infamous Leadenhall Market, the London Market Group's campaign aims to present the UK capital's unrivalled credentials as the market for insuring risks and, should disaster strike, getting clients back on their feet as swiftly as possible.


2017-10-19

Marsh has announced the launch of a new insurance solution for mid-sized firms in the UK. The firm says the new offering, simply dubbed ‘Resilience’, has been designed to provide a “simpler, stronger and more comprehensive protection from [clients’] critical risks”.


2017-10-19

Law firm CMS warned today that US insurers paying claims for multiple natural catastrophes could face disputes over the sheer number of claims being made on their reinsurance programmes. It says that after what is likely to be the costliest year for natural and man-made catastrophes, with wildfires still raging in California and several weeks of the North Atlantic hurricane season still to go, many direct US insurers will suffer from the cumulative effects of multiple major loss events.


2017-10-16

Organisations spend four times more on physical risks than they do on information assets, according to a new report carried out by the Ponemon Institute and Aon. According to the 'EMEA Cyber Risk Transfer Comparison Report', this is in spite of a growing recognition of the value of technology and data assets relative to historical tangible assets; some 38% of EMEA businesses have suffered a cyber related loss in the last 24 months, averaging US$3.3m per loss. Yet, only 15 percent of their probable maximum loss (PML) is covered by insurance.


2017-10-16

Risk and IT professionals may agree on one thing: cyber risk is problem that needs addressing; but when it comes to how organisations should assess, manage and mitigate the threat, views are not quite so well aligned. This is not a new problem, but it is a worryingly persistent one.


2017-10-13

Oak Underwriting has extended its high-net-worth (HNW) offering to include home cyber cover for the first time. The HNW home product will automatically include home cyber assistance within its legal expenses and home emergency cover from 1st December 2017. Oak says it plans to support customers by investigating and rectifying damage to the computer; locating and removing a computer virus; and hiring a professional consultant to advise customers on prevention measures against future cyber attacks. It will also offer a £100,000 limit as an optional cover upgrade, which will cover payments liable as a result of hacking, ransomware or misuse of personal data.


2017-10-13

Insured losses associated with wind and coastal flooding from Hurricane Nate will not exceed US$500m, according to estimates from RMS. This season, insured losses from US hurricanes are expected to total between US$75 and US$120bn. The damage resulting from Nate is not expected to constitute a material portion these insured losses.


2017-10-12

Technological, economic, demographic, societal and geopolitical macro trends are driving deep changes in the business environment – changes that are creating new opportunities and risks. Meantime, as the corporate sector evolves from being dominated by physical assets to deriving more value from intangible assets, such as intellectual property, networks, platforms, data and customer relationships.


2017-10-12

Media and technology firms are facing new risks associated with people, assets and regulation amid the emergence of the sharing, on-demand or digital economy – or the fourth industrial revolution. In a new paper, ‘Economy 4.0: Risk Evolution and Revolution in the Age of Disruption’, Marsh examines some of the issues facing CMT firms as they embrace the opportunities being created by the new industrial revolution – or ‘Economy 4.0’.


2017-10-11

Brokerslink and Safeonline have launched a new cyber risk management and insurance facility, with MS Amlin, Cyber adAPT and Cyber Scout. Exclusive to Brokerslink, the facility is delivered via a modular wording allowing flexibility depending on client and budget.


2017-10-10

Beazley has underwritten its first policies from its new Dublin-based insurance company, which was authorised in July. The company, Beazley Insurance, is rated A by AM Best. The insurer has been developing a suite of financial lines products to expand its presence in selected European markets, including recently launching in the UK products for financial institutions that incorporate Beazley Breach Response cyber solutions. It has also launched a suite of management liability products in the UK and will be launching a full range of financial lines products for the Spanish market later this month.


2017-10-10

The deadline for entries for the 5th annual Commercial Insurance Awards is fast approaching. The Commercial Insurance Awards, hosted by CIR Magazine, are the showcase for excellence within business insurance. This year’s judging panel includes Sue Brierly, Group Risk & Insurance Manager, Hanson UK; Iain Hovell, Director of Insurance, IHG; Paul Johnson, Director, Financial Institutions Group, Barclays Bank; Chris McTear, Insurance Manager, Thames Tideway Tunnel; Xavier Mutzig, Group Insurance Manager, Johnson Matthey and Neil Timberlake, Group Insurance Director, Land Securities.


2017-10-09

Endeavour Insurance has launched a new technology and cyber facility to be headed up by Tony Loizides. The Endeavour Cyber Facility will predominantly be managed via an online portal


2017-10-06

Allianz Global Corporate & Specialty has teamed up with Silicon Valley-based cyber risk analytics and modelling firm Cyence to boost its global cyber risk analysis capabilities. Recent cyber attacks have illustrated how vulnerable even well-prepared businesses can be to such threats. Cyence estimates that May’s Wannacry ransomware caused economic losses reaching US$8bn, inclusive of extortion payments, business interruption lost profits, and extra expenses required to keep businesses moving and restore systems


2017-10-06

The City of London Corporation has donated GBP75,000 to the British Red Cross for appeals in Burma, South Asia and for those affected by Hurricane Irma and is urging City firms to join it in donating.


2017-10-05

The US National Hurricane Center reported that September 2017 was the most active month ever recorded for tropical cyclones in the Atlantic Ocean when measuring the combined strength and duration of storms in the basin. Hurricane Irma crossed through the northern Caribbean as a Category 5 hurricane, before making landfall in the United States to become the first Category 4 landfall in Florida since 2004’s Hurricane Charley. At least 124 people were killed or missing and hundreds more were injured, following periods of exceptionally gusty winds, high surf, storm surge, torrential rains and inland flooding. Major damage was noted in the United States, Cuba, Barbuda, the Virgin Islands, and the northern Leeward Islands.


2017-10-04

Willis Towers Watson has launched a new hub to focus on facultative reinsurance business across the German-speaking ‘DACH’ region of Germany, Austria, and Switzerland.
Gerhard Hurek will lead the hub as the Head of DACH Facultative Reinsurance. Previously, Hurek led the facultative business at MAPFRE RE for Germany, Austria, and the Central and Eastern European (CEE) region – a position he held for over a decade.


2017-10-04

Ventiv Technology has purchased Effisoft's risk management information system, Webrisk. As part of the acquisition, COO of Webrisk Paris, Edouard Lefebvre and London director, David Thomas, will both be joining Ventiv, as well as all current Webrisk personnel. Following the acquisition, Ventiv will continue to support and invest in the Webrisk platform as well as its existing risk management technology solutions.


2017-10-03

The latest business confidence survey conducted on behalf of DAS UK Group has found that 80% of UK insurance brokers expect London to retain its place as a leading global insurance market, despite the country’s decision to leave the European Union. The ‘DAS Market Barometer’ of 250 brokers also found that a similar number were bullish about business prospects over the next two to three years, with 79% expecting their company to grow. Almost half (49%) of those surveyed were even more optimistic, expecting revenues to grown by more than 10% over the next two to three years.


2017-10-01

The criminal law provisions relating to online copyright infringement have changed. The maximum sentence that can be levied is now ten years. This change brings the law in line with what is already available for physical copyright infringement.


2017-09-29

Insured losses from Hurricane Maria will be between US$15bn and US$30bn, according to the latest estimate from RMS, the vast majority of which will be driven by wind damage, and also includes storm surge and inland flood damage across the Caribbean, with Puerto Rico and Dominica suffering the most widespread destruction.


2017-09-29

InfluenceMap has released a report that ranks global corporations by their climate influence. Currently companies are generally judged by their direct carbon footprint, but the report highlights how constructive and obstructive lobbying by companies can have a significant impact on climate policy.


2017-09-28

The soft market, Brexit and regulatory compliance are the top three issues faced by London Market companies, according to a survey of International Underwriting Association members. IUA members also cited the IT/cyber revolution, the challenge of innovating new products and the recent change in the UK discount rate as major business challenges.


2017-09-28

Beazley has partnered with Generali to offer, to create a new cyber insurance offering for its corporate and commercial clients operating in the Brazilian market. As part of the arrangement, Beazley will coordinate the breach response for policyholders, including IT experts, legal services, identity monitoring, notification and call centre services, and public relations.


2017-09-28

Pen Underwriting has entered into a long-term capacity deal with Zurich in the area of hazardous and tanker transportation. The agreement will see Zurich provide capacity for up to £150m in premiums over the next five years for Pen’s hazardous goods and environmental motor fleet solution (formerly OAMPS) which is tailored to the specific needs of different segments of the high hazard transportation and distribution sector including fuels, chemicals and liquid waste as well as non-hazardous tanker operators.


2017-09-27

Ecclesiastical is launching enhanced cyber and reputational risk covers for the charity and faith sectors. The updated Charity and Community and Faith and Community products feature increased limits on standard cover, including property on an all risks basis.
Brokers will be able to create a policy bespoke to their clients’ needs, with options including protection against cyber risks, business interruption cover including donations and grants, and a crisis helpline to support organisations in the event of an incident.


2017-09-26

RMS predicts that economic shake losses resulting from the 19th September Puebla earthquake will be between US$4bn and US$8bn. This is based on current building damage information from the Mexican authorities. RMS has also analysed data on ground motion, and examined how property exposures are distributed across the region.


2017-09-26

Islamist extremists remain the principal source of terrorism risk to the UK, with Daesh and al Qaeda associates the key threat actors, and likely targets crowded places, national infrastructure and police and military institutions and personnel. This is according to the latest analysis from Pool Re, whose Terrorism Threat and Mitigation Report, released today, outlines the key themes and emerging trends in the broad spectrum of terrorist threats faced by the UK and Europe.


2017-09-22

A government audit shows that the South of England is the hub of the UK’s digital economy. The eight counties, including Dorset, Kent and Berkshire, represent a total economic output of £225.3bn, accounting for 13.7% of the country's economic output. The audit report, released today by the Department for Business, Energy, and Industrial Strategy (BEIS), presents evidence to illustrate that the area is at the forefront of advances in digital innovations across a wide range of industrial sectors, developing new technologies including augmented reality devices, robotics and automated vehicle innovations.


2017-09-22

Uber’s application for a new licence in London has been rejected by Transport for London. TfL said that the renewal was not forthcoming because it had concerns over the taxi firm's lack of effective corporate responsibility. This is linked issues of the reporting serious criminal offences and driver background checks. Furthermore the software that Uber uses can be used to prevent regulatory bodies from seeing information.


2017-09-21

The President of Mexico has declared a state of emergency following Mexico’s second quake in two weeks. In the capital Mexico City yesterday, dozens of buildings were toppled; about two million people have no electricity; telephone lines are down; gas mains may have ruptured; and at least 200 people have been killed in Mexico City and the states of Puebla, Mexico, and Morelos.


2017-09-20

Hurricane Maria took direct aim at Puerto Rico on Wednesday thrashing some islands already left in ruins by Hurricane Irma, and razing areas that had previously escaped damage. According to AIR Worldwide, this is Puerto Rico’s first direct landfall from a Category 4 storm in 85 years since the notorious 1932 San Ciprian storm. Maria’s winds are causing widespread and severe damage, reportedly ripping roofs and nonstructural elements from buildings and launching debris left from Irma’s destructive rampage the week before. Maria brought a storm surge of 6 – 9 feet to Puerto Rico, and is inundating the country with between 12-18 inches of rain, with isolated amounts of up to 25 inches.


2017-09-19

Practitioners often find themselves at a loss when it comes to dealing with conduct risk. Nonetheless, history has shown that it is an important topic to get to grips with. And with that, here is an engaging guide to understanding how regulators think and getting ahead of the elusive issue of conduct risk.


2017-09-18

As an ex-police officer, I am acutely aware of the importance of definitions in the pursuit of clarity. In law, definitions and their subsequent points to prove enable law enforcement officers to ensure that people do not get prosecuted unless their activities have met a certain criterion. Inconsistent terminology can lead to confusion, and the same is the case in organisational resilience.


2017-09-18

The public sector continues to go through organisational change programmes in order to meet significant saving targets due to loss of external funding and budget reductions whilst delivering services more efficient and effectively – all this against a backdrop of ever-changing risk dynamics.


2017-09-15

Police were called to a London Underground station at 08:20 today following reports of an explosion on a train. The incident, which resulted in a number of injuries, has since been declared an act of terrorism and is being investigated by the Met Police’s Counter Terrorism Command unit.


2017-09-11

Back in February, the Ministry of Justice unveiled a dramatic cut to the discount rate used to calculate lump-sum personal injury compensation from 2.5% to minus 0.75%, following a review of the Ogden tables. The unexpected change took effect from March and was the source of widespread concern across the industry, and began a narrative that included the British Insurance Brokers’ Association calling for urgent changes in the law used to set the rate.


2017-09-08

Hurricane Irma, one of the most powerful Atlantic tropical cyclones on record, has devastated a string of Caribbean islands and is currently impacting the Dominican Republic and Haiti, and is forecast to turn northward on Saturday towards Florida. Cat modellers at AIR have said that by every measure, the cat 5 hurricane is a huge and powerful storm system; its 300-mile diameter is twice as wide as Florida and is roughly equivalent to the area of the state.


2017-09-08

Equifax has announced that a data breach could potentially have affected 143 million consumers in the US. Hackers exploited a vulnerability in a US website application to gain unauthorised access to files from between May and July. The company said the exposed data include names, birth dates, Social Security numbers, addresses and some driver's licence numbers.


2017-09-06

A new eight stage action programme has been launched by the Building Research Establishment to support the responsible and ethical sourcing of materials, products and people. The Action Programme on Responsible and Ethical Sourcing programme, or APRES, was created in partnership with Loughborough University and presents eight pathways to best practice to combat modern slavery and unethical practices in supply chains.


2017-09-06

DAC Beachcroft partner and head of strategic litigation, Andrew Parker, has led a major new initiative for the Civil Justice Council (CJC) to resolve noise-induced hearing loss claims more cost-effectively. NIHL claim numbers rose dramatically between 2010 and 2015, reaching over 87,000 in early 2015.


2017-09-05

Fiducia MGA has today launched a suite of engineering products following the appointment of an engineering underwriting team.The team consists of Tony Sturmey who was previously engineering underwriter with Fusion and prior to this senior head office underwriter at HSB Engineering and CGU; senior engineering underwriter Chris Rooke formerly with NMU and Aviva; and Peter Milner, regional underwriting manager at W/R/B Underwriting.


2017-09-05

The economy of the city of Houston, Texas could lose up to US$60 billion of GDP in the next year as result of flooding following Hurricane Harvey. The loss of economic output could potentially exceed the physical damage costs and insurance loss estimates, according to analysis from the Centre for Risk Studies at the Cambridge Judge Business School.


2017-09-05

Last month saw the first anniversary of the Insurance Act 2015, a ground-breaking piece of legislation that was welcomed by all. But with the draconian Marine Insurance Act 1906 consigned to history, has the new Act achieved its objectives? The answer depends which objective you are talking about.


2017-09-04

The Foresight Williams Technology EIS Fund has invested £500,000 into Southampton-based intelligent gas grid solutions provider, Utonomy. Established in 2015, Utonomy has developed an innovative technology for reducing leakage in gas distribution networks. Its IoT solution automatically optimises gas distribution pressures through electro-mechanical actuators retrofitted to the network and controlled by intelligent, cloud-based software.


2017-09-01

Losses anticipated from Hurricane Harvey are unlikely to exceed the top reinsurance limits of insurers writing business in Texas, according to figures from AM Best. The recent soft reinsurance market, it says, has allowed primary insurers to obtain favourable terms from reinsurers, including higher limits on catastrophe programmes and extended hours clauses.


2017-08-30

BackupAssist has announced the launch of its CryptoSafeGuard ransomware protection for SMEs. CryptoSafeGuard protects backups from ransomware by stopping infected files from being backed up and prevents backups from being encrypted. It is designed to complement existing anti-malware solutions by adding an extra layer of detection at the data level, while also providing extra shielding around backups.


2017-08-29

For the first time listed companies will have to publish pay ratios between chief executives and their average UK worker under reforms to boardroom accountability outlined by the government today. Business Secretary Greg Clark set out how the government’s package of corporate governance reforms intend to enhance the transparency of big business to shareholders, employees and the public.


2017-08-29

Cat modelling firm AIR Worldwide estimates that industry insured losses resulting from Hurricane Harvey’s winds and storm surge in Texas could reach US$2.3bn, without taking account of the impact of the ongoing torrential rain and catastrophic flooding from Hurricane Harvey’s unprecedented precipitation.


2017-08-25

The government announced today that partially driverless lorries will be tried out on major British roads by the end of next year. Some £8.1m in government funding is behind the drive to bring accelerating, braking and steering in sync through wireless technology a step closer.


2017-08-25

Beazley has launched a new excess policy for the US market that expands the protection available to firms that fall victim to impersonation scams. Social engineering attacks have proliferated in recent years, costing some companies millions of dollars. Insurance coverage to address the risk has largely failed to keep pace with the larger attacks, typically providing between US$100,000 and US$250,000 of protection.


2017-08-25

The first hurricane to strike Texas since 2008, Hurricane Harvey is expected to make landfall as a Category 3 storm Friday evening or Saturday morning bringing the threat of strong hurricane winds, life-threatening storm surge, and days of heavy rain. According to catastrophe modelling firm AIR Worldwide, Harvey could cause dangerous inland flooding to Texas, Louisiana and possibly Mexico.


2017-08-24

Munich Re Syndicate has launched a new cyber product specifically for the independent oil and gas sector. This new cover encompasses both traditional data breaches and any physical loss or expense associated with a potential cyber attack. The operational and financial complexity of this particular sector presents growing threats to cyber risk due to increased connectivity, sensitivity of data, unmanned operations and complex royalty payment structures for onshore operators. The likely recurrence of cyber attacks is expected to intensify as the link between technology and business continues to evolve.


2017-08-21

The shortlist for the 2017 Risk Management Awards has been published. The winners will be announced at a black tie gala dinner and ceremony on 9 November at The Millennium Hotel in London's Mayfair. Now in their 8th 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.


2017-08-18

Thirteen people have been killed and dozens injured in a terrorist attack in Barcelona in which a van ran over pedestrians on the city's busy Rambla boulevard Thursday. People were told to avoid central Barcelona following the attack which occurred at around 1700 local time. Three people have so far been arrested in connection with the incident, with the perpetrator of the attack still at large.


2017-08-17

Preliminary estimates for the first half of 2017 suggest that catastrophes caused global total economic losses of some US$44bn – significantly less than the US$117bn in losses for the same period last year. Of the total losses in the first half 2017, US$23bn were covered by insurance. A series of severe thunderstorms in the US caused some of the largest losses in the first half of 2017. Globally, around 4,400 people lost their lives or went missing in disaster events, compared with 4,800 in the first six months of 2016.


2017-08-17

Global insurance renewal rates fell for the 17th consecutive quarter in the second quarter of 2017, according to figures from Marsh. Rate decreases moderated globally in the second quarter of 2017 across property and financial and professional lines. Meanwhile, global property rates declined on average by 2.8% in the second quarter compared to a decrease of 3.6% in the first quarter, while financial and professional lines declined by 2.1%, compared to 2.6% in the previous quarter.


2017-08-17

Several people have been injured after a van crashed in Barcelona's city centre, according to local police. The area around Plaza Catalunya has been closed by emergency services.


2017-08-16

Expiration of the US National Flood Insurance Program (NFIP) would leave many businesses with significant lapses in flood coverage, difficulty in procuring affordable coverage and uncertain of current and future flood regulation within their jurisdictions. This is the warning from US risk management society, RIMS, which is calling on its members to support its push for the reauthorisation of the government backstop due to expire on 30th September 2017.


2017-08-15

Despite ongoing uncertainty regarding Britain’s negotiations to leave the EU, regulatory pressures are continuing to drive demand for specialists in risk and compliance, with a third of UK companies polled by specialist recruiter Robert Walters stating that they are planning to grow their risk and compliance teams plan grow in the second half of the year.


2017-08-14

The number of retail businesses reporting data breaches to the Information Commissioner's Office has doubled in just one year, jumping from 19 in 2015/16 to 38 in 2016/17, according to law firm RPC. It says that the risks involved in data breaches are increasing in the retail industry, as retailers accumulate more and more personal information on their customers as part of their big data initiatives.


2017-08-10

Asia recorded a US$10bn economic loss following severe and continuing flooding in July. According to Aon Benfield’s latest cat report, relentless seasonal flooding that began in mid-June resulted in continued fatalities and damage across parts of Asia throughout the month. The greatest impacts were recorded in China, where nearly 200 people were left dead or missing and hundreds of thousands of homes were damaged or destroyed.


2017-08-10

Modern slavery risks have risen in nearly three quarters of the 28 member states of the European Union over the last year. Compared with other countries around the world, the EU fares badly in terms of the strength of laws, enforcement effectiveness, and the severity of violations over the course of the year, with the slavery situation in Romania deemed as deteriorating worse than any country globally. Along with Italy, it has some of the worst reported violations in the bloc, including severe forms of forced labour, such as servitude and trafficking.


2017-08-10

Premium Credit has launched a set of digital services, including a new mobile app and an enhanced customer portal. The mobile app, available on iOS and Android, allows Premium Credit’s retail broker customers to manage their Credit Agreement. The enhanced customer portal allows both retail and commercial broker customers to manage their Credit Agreement.


2017-08-09

The World Health Organisation has launched a new e-learning platform with video courses on epidemics, pandemics and health emergencies. OpenWHO transforms complex scientific knowledge into easy to understand introductory video lessons, using a smaller bandwidth so that people in any country can access them.


2017-08-09

New research suggests confidence in disaster recovery plans among UK companies has fallen for a second consecutive year, due to factors including lack of testing, budgetary constraints and the growing cyber threat. These are the findings Databarracks' seventh Data Health Check report, released today. The survey questioned over 400 IT decision makers in the UK about their IT, security and continuity practices over the last year, and what they expect to change in the next 12 months.


2017-08-09

The 2018 Commercial Insurance Awards are now open for entries! 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 celebrate the very best in commercial insurance.


2017-08-09

Views are being sought from industry, regulators and other interested parties on the UK government’s plans to transpose the Security of Network and Information Systems Directive into UK legislation. The NIS Directive is designed to help make sure UK operators in electricity, transport, water, energy, transport, health and digital infrastructure are prepared to deal with the increasing numbers of cyber threats. It will also cover other threats affecting IT, such as power failures, hardware failures and environmental hazards.


2017-08-08

Schneider Electric and Claroty have announced a joint venture aimed at addressing safety and cybersecurity challenges for industrial infrastructure. As part of the arrangement, Claroty will market its real-time OT/ICS network monitoring and detection solution to Schneider Electric’s customers through the company’s collaborative automation partner programme (CAPP).


2017-08-04

The difference between ‘assisted’ and ‘autonomous’ driving could prove to be a challenging battleground for the insurance industry in the development of self-driving vehicles. So says law firm Clyde & Co, explaining that there is a legal grey area between a car fully under its own control and a car which was nominally driving under its own control but still required driver supervision – even though the driver is not playing an active role.


2017-08-04

According to an independent survey of SME insurance customers, commissioned by Lorega, there remains a clear gap between the experiences and expectations of SMEs in the UK when it comes to making a commercial insurance claim, with almost 70% of SMEs saying interim and final claims amounts not agreed promptly.


2017-08-03

Bob Mackenzie, the former executive chairman of the Automobile Association has been dismissed for ‘gross misconduct’, leaving shares in the company 14 per cent lower at one point. There is no clear picture of the circumstances for the parting of ways, other than references to workload and stress; Mackenzie held the dual roles of chief executive and chairman at the company and it has been suggested that the workload affected the good governance of the organisation.


2017-08-03

BP expected to offer battery re-charging across its global network of service stations as the company positions itself as a provider of cleaner energy. Following moves to ban the sale of new petrol and diesel vehicles in the UK and France – a move likely to be copied elsewhere – and a surge of interest in creating electric cars from manufacturers (Tesla, BMW Mini and Volvo have all recently made announcements), BP is preparing for a ‘post-petrol’ world. By 2030 the demand for fossil fuel for road transport is predicted to have reached a plateau.


2017-08-02

Dame Inga Beale, ACII, Chartered Insurer has been elected the 121st president of the Chartered Insurance Institute (CII). Dame Beale is the first female chief executive officer at Lloyd’s and has held a number of senior positions at Canopius, Zurich, Converium and GE Insurance. She succeeds John Moore MBE, Chartered Insurance Broker and Chairman at Thomas Carroll Group. CII members also voted Jonathan Clark, ACII, Chartered Insurance Practitioner as CII deputy president.


2017-08-01

UK prosecutions for cybercrime fell last year as under-resourced police struggle to get to grips with the growing threat, according to law firm RPC. It says that there were only 57 prosecutions under the Computer Misuse Act last year, down from 61 in 2015 -- representing the first time prosecutions under the Act have fallen this decade. This fall comes despite the UK experiencing 1.9 million computer misuse crimes in 2016.


2017-07-31

Electric cars can now be said to be on the brink of widespread acceptance, with both the UK and France seeking to remove new petrol or diesel vehicles in the medium term, Volvo announcing an all-electric (or part electric) range, BMW committed to building an electric Mini and Tesla announcing that its newly released Model 3 has nearly half a million pre-orders.


2017-07-31

Health and safety has moved up the risk agenda following the introduction of new sentencing guidelines. The value of fines collected for breaches of the Health and Safety at Work Act has doubled in a year, according to a research report from global law firm Clyde & Co.


2017-07-31

At Airmic’s annual conference in Birmingham, there was a real sense that risk management is at a crossroads – that it is a profession in transformation. The risks businesses face are changing in fundamental ways and at an unprecedented pace, as they grapple with cyber threats, business model disruption and reputational crises in a social media era. Indeed, an in depth survey of Airmic members reveals that almost all of the top ten risk concerns are now non-traditional or intangible in nature.


2017-07-28

Have you mastered the art of beekeeping, guitar and quilting? Then why not try blockchain. Despite the wide variety of general interest topics for which the Dummies series may be best known, the vast collection of ‘how to’ guides boast numerous titles providing in depth analysis on a variety of business topics – including a few for risk professionals. As some readers will know, along with the Cabinet Office and the Business Continuity Institute, CIR was consulted in the preparation for the series’ Business Continuity guide. Now, the beloved brand has turned its attention to blockchain.


2017-07-28

Cat risk modelling firm AIR Worldwide has released a comprehensive severe thunderstorm model for Australia that explicitly captures all three sub-perils - hail, tornado, and straight-line wind to help companies assess and manage severe thunderstorm risk.


2017-07-27

UK SMEs are under prepared to respond to a crisis scenario, despite their awareness that security threats are rising and 44% expecting to face some form of attack in the near future. This is the key finding of research commissioned by Arthur J. Gallagher, focused on evaluating business resilience, which identifies a perception gap between the level of preparedness of UK SMEs and the growth in security threats.


2017-07-27

The Supreme Court ruled today that employment tribunal fees formerly introduced by the government were unlawful. The impact of today’s judgement could see the volume of claims increase, according to employment law firm DAS Law. Partner at the firm and head of employment and commercial, Allison Whiston, said the ruling came as a complete surprise to many. “The fees attracted a great deal of negative attention when they were introduced, with many claiming the fees restricted access to justice for many thousands of people,” she explained.


2017-07-27

Allianz is working with InsurTech company Flock on digital insurance solutions for the growing UAS market. The partnership’s first product, which is scheduled to be launched in the UK later this year, is a mobile app for Android and iOS that enables operators to purchase ‘pay-as-you-fly’ drone insurance.


2017-07-26

What is the difference between risk management and good management? In my humble opinion, these are broadly similar – in order to be a good manager you need to ensure you have complete oversight of a situation or process, together with a robust understanding of where things might go wrong and how these pitfalls can be avoided. Risk management is an integral part of project management, from planning to application, and from options appraisal to ultimate decision making. Failure to take risk seriously can lead to disastrous consequences. It is very rare in life that a situation is risk free; things can, and invariably do, go wrong from time to time and more often than not, issues are clearer with the benefit of hindsight.


2017-07-25

The BCI launched its annual Cyber Resilience Report earlier this month, once again highlighting the global increase in cyber vulnerabilities. The top three risks were found to be phishing, malware and social engineering, with new entrant ransomware only just making the top five. But will new legislation like the GDPR, state of the art anti-hacking software or staff security awareness training stop all future attacks? Not on their own.


2017-07-25

In these uncertain political and economic times, risk management is, as Nik Gowing said at the Airmic show last month, “about thinking the unpalatable not the unthinkable”. With that in mind, the work of the CII Claims Faculty New Generation Group supporting the Riot Compensation Act could not be more prescient. If the UK was to face major civil unrest, would claimants fair better than in the 2011 riots in England which resulted in huge claims being made against the police under 100-year-old legislation? To say the claims handling was chaotic would be an understatement.


2017-07-24

We live in a very noisy communications age; and one in which public and private debates can be heated and blurred (social media, take a bow). Now, more than ever, there are many business benefits to getting internal communications right. Internal communications, employee engagement and cultural integration are as important in peace time as they are in a crisis.


2017-07-18

CFC Underwriting has added the option of patent infringement cover to its proposition for UK-based technology companies. Success in the tech sector often depends on the ability to create unique products and build on older ideas to develop new solutions. This means there is the risk of inadvertently trespassing on to others’ intellectual property (IP) which can result in costly legal proceedings.


2017-07-17

Nearly half of UK consumers plan to activate new rights over their personal data, according to a poll of 2,000 UK adults commissioned by SAS. The poll explores the nation’s sentiment towards upcoming legislative change that empowers consumers with new rights over how their personal data is handled by organisations. Fifteen per cent of adults polled even expressed their intention to activate their new rights in the same month that the General Data Protection Regulation (GDPR) comes into force on 25 May 2018.


2017-07-17

A major global cyber attack has the potential to trigger US$53 billion of economic losses, roughly the equivalent to a catastrophic natural disaster like 2012’s Superstorm Sandy, according to a scenario described in new research by Lloyd’s and cyber risk analytics modelling firm Cyence.


2017-07-17

The deadline for entering the 8th annual Risk Management Awards has been extended until 4 August 2017. The awards recognise those individuals, organisations and teams that have significantly added to the understanding and practice of risk management.


2017-07-17

Schroders has launched a ‘climate progress dashboard’ to give investors insight into the progress being made towards meeting the 2C temperature rise target. The dashboard, developed by the Schroders’ Sustainability team, identifies the long-term temperature rise the world is on course for, according to a framework of indicators spanning politics, business, technological progress and energy. According to the dashboard, the indicators are currently predicting a temperature rise of 4C.


2017-07-14

The Federation of European Risk Management Associations’s European Certification programme is now live, with the first online examinations scheduled to start in September. "This is a major step forward in giving access to FERMA Certification to risk professionals throughout Europe," said FERMA President Jo Willaert. "Application, registration, all educational materials and examinations are now open to any qualified risk professional through the internet."


2017-07-13

More than a fifth of UK companies whose employees drive for work purposes have no road safety policy in place, new research has revealed. The study, carried out by TomTom Telematics, polled senior managers at 400 UK businesses found a further four per cent did not know whether their organisation had a defined policy. It found that 60% of respondents said staff members had been involved in road traffic accidents while on business duty, with 78% claiming this resulted in lost productivity due to injury or time off work.


2017-07-12

BLM partner and occupational disease specialist Michelle Penn has been appointed chief assessor for a new Occupational Injury accreditation being implemented by the Law Society of England and Wales. Penn, who has specialised in occupational disease claims for over 20 years, put forward a formal proposal to the Law Society to introduce a stand-alone accreditation for disease specialists.


2017-07-11

When it comes to data compliance matters, one in five business decision makers within the UK admit they do not know which compliance regulations their company is subject to, while a worrying number do not believe the forthcoming General Data Protection Regulation (GDPR) applies to them. The findings are part of the 2017 Risk:Value report commissioned by NTT Security.


2017-07-11

The European Insurance and Occupational Pensions Authority (EIOPA) has today published an opinion on supervisory convergence in the light of the UK's withdrawal from the EU. Mathew Rutter, insurance advisory partner at international law firm DAC Beachcroft, who leads the firm's Brexit Advisory Team, said the opinion is a warning to supervisors against lowering the thresholds to entry in order to attract insurers to their jurisdiction. "It is also a warning to UK insurers looking to set up EU operations that they can't just have a 'letterbox' operation, with all of the decision makers back in London.


2017-07-10

Aon Benfield’s catastrophe model development team's latest Global Catastrophe Recap report reveals that worldwide economic and insured losses during the month were once again largely driven by several major severe weather outbreaks in the United States. Large hail, tornado touchdowns, straight-line winds and isolated flash flooding all contributed to an aggregated economic loss that was expected to exceed US$3bn.


2017-07-10

Ten fire engines and around 70 firefighters were called to a fire in Camden Lock Market, North London at just before midnight on Sunday evening, 9 July. According to the London Fire Brigade, the first, second and third floors, plus the roof, of a building within the market were damaged by the blaze. LFB Station Manager Andy Walton said: "The hard work and aggressive actions of the crews ensured the fire was contained to the area of the building which was alight when the Brigade arrived. The main road has re opened and the unaffected parts of the building have been handed over to the building managers."


2017-07-07

Travelers has launched a new online system that enables UK brokers to receive Management Liability quotes and bind coverage in minutes. Accessed through the My Travelers e-trade platform, the Management Liability Package uses four steps to streamline the quoting process and help brokers bind D&O, employment practices liability, pension trustees liability and commercial crime coverage.


2017-07-06

The LMA’s Claims Committee has agreed to fund a satellite imagery and intelligence service for Lloyd’s managing agents, designed to improve claims processes and exposure management both pre and post natural catastrophe.
Managing agent representatives from LMA Sector Groups, the LMA and Lloyd’s have worked with McKenzie Intelligence Service (MIS) to develop an imagery and intelligence service that supports the market before and after an event and across multiple classes of business.


2017-07-05

A meeting of the global Microinsurance Network in Luxembourg has called on the global insurance industry to deepen its engagement in inclusive insurance in support of the UN Sustainable Development Goals (SDGs).


2017-07-05

Speciality MGA Fiducia and Lloyd’s insurer, Atrium Underwriting have developed the terrorism and sabotage policy which takes account of the changing risks associated with the latest types of terror threats.


2017-07-04

Chubb has launched a new solution for technology companies. The first and third party policy is designed specifically for the unique insurance needs of technology developers, producers and distributors in the UK and Ireland operating in the middle market either domestically or on a multinational basis.


2017-07-04

EC3 Consultants has today launched a General Data Protection Regulations (GDPR) review and audit service to support insurance companies, brokers and MGAs in addressing the new data requirements. GDPR will apply to all organisations that control or process relevant personal data. Insurance companies, brokers and MGAs hold large amounts of this kind of data so will be widely affected.


2017-07-03

Disaster recovery and business continuity services company, Databarracks has announced the appointment of Mike Osborne, former managing director of business continuity at Daisy Group, as new chairman. In this role, Osborne will work with the senior management, with a remit focused on driving business growth as well as helping to expand and broaden the firm’s existing recovery and business continuity service offerings.


2017-07-01

As Brexit secretary David Davis completes the first substantive rounds of talks in Brussels, the business community is turning its attention to Brexit contingency plans, to ensure they can respond as best they can, whatever the outcome of discussions at the Commission’s headquarters. And that’s as it should be; that’s sound enterprise risk management. But there is more that businesses can do at this important time for the UK, and as some take care of their own plans and response, others are looking outward, and asking what they can do to support the government in its goals.


2017-06-29

There is a pressing need to improve cyber security in Industrial Control System (ICS) environments to avoid future breaches that could impact critical national infrastructure. This is the view of CREST, the not-for-profit accreditation body representing the technical information security industry.


2017-06-29

More than half (51%) of UK workers claim their workplaces are affected by a culture of negative judgement around sickness absence, research has revealed. The study of 1,123 workers, carried out by Willis Towers Watson, also found 54% of workers believe they are put under pressure to return to work before they have fully recovered from illness or injury. This could contribute to greater levels of presenteeism – turning up for work when unwell - which affects productivity, morale and recovery from illness.


2017-06-29

The impact of climate change is most evident for inland and coastal floods -- both of which will overall see more frequent and more intense floods -- according to analysis from cat risk modelling firm AIR Worldwide. Its latest analysis, released today, examines climate change and its effects on atmospheric perils of relevance to catastrophe modelling and the insurance industry. Projections reveal that the earth is likely to see an increase in the frequency and intensity of most of the other weather phenomena reviewed (severe thunderstorms, wildfires, inland floods, coastal floods).


2017-06-28

Companies across the world are reporting another wave of ransomware attacks, thought to be created by an updated version of the WannaCry virus of last month. This is the tactic of choice for cyber criminals at the moment.


2017-06-27

How many risk managers and commercial insurance buyers outside of the major corporate really value their brokers? How many see them as business advisers rather than just a mechanism for getting a decent deal on their insurance once
a year? A new report from the CII Insurance Broking Faculty looks at this question from the perspective of small and medium sized businesses as part of a wide ranging analysis of the present and future state of the UK’s SME commercial insurance broking market. It looks forward ten years to how the market, and those working within it, will need to adapt and change to be both relevant and successful in 2027.


2017-06-26

Businesses are pressing ahead with digital transformation plans, despite fears of being hit by a cyber attack or data protection regulations according to a new report. The independent research commissioned by IT and software provider Advanced questioned over 500 senior executives in UK organisations about their attitudes to using the cloud as part of their digital plans. Most organisations surveyed are concerned about security (82%) and data protection (68%) in the cloud but 80% of them are not put off from adopting the cloud following recent high-profile cyber attacks such as WannaCry.


2017-06-23

Almost one fifth of the population of the Middle East – approximately 30 million people – are now living in areas at risk of earthquakes, according to a new Oasis earthquake risk model released by CATRisk Solutions and sponsored by Lloyd’s.


2017-06-23

The United Nations Office for Disaster Risk Reduction (UNISDR) has claimed that climate change is greatly increasing the likelihood of devastating wildfires, such as the one that caused such devastation across Portugal last weekend but is now reported to be under control.


2017-06-22

GDPR comes into force in a little less than a year, with marketers’ awareness of the new rules remaining high, but confidence in current levels of preparedness has reduced as the deadline looms. According to figures released back in February 2017 by the DMA, (Direct Marketing Association), 68% of marketers said their business was on course or ahead of plan to be ready for the GDPR. But in May, this dropped to 55%, with a further 24% of companies yet to start a GDPR plan.


2017-06-20

Many organisations do not devote enough attention to mission-critical applications when creating disaster recovery plans, and a new report has concluded that one of the biggest reasons is the ‘resiliency perception gap’ - the gap between executives’ perceptions of the effectiveness of their resiliency strategies and how successful these plans actually are at protecting against application outages or downtime.


2017-06-20

The nature and effects of the recent terrorist attacks in London and Manchester are broadening the industry’s understanding of terrorism insurance, and could result in a permanent shift away from policies based on damage to property.


2017-06-16

There is still time to submit your winning entries for this year’s Risk Management Awards. Now in their 8th 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.


2017-06-16

AIG has piloted what it says is the first multinational insurance policy using blockchain. The pilot solution was built for Standard Chartered Bank by IBM and is based on Hyperledger Fabric – a blockchain framework and one of the Hyperledger projects hosted by The Linux Foundation. AIG, Standard Chartered and IBM converted a multinational, controlled master policy written in the UK, and three local policies in the US, Singapore and Kenya, into a ‘smart contract’ that provides a shared view of policy data and documentation in real-time


2017-06-15

My last contribution to this column highlighted the challenges to the public sector in times of continuing financial cuts. Since then we have seen the Spring Budget which provided extra grant funding for social care with £2bn pledged for the next three years, of which £1bn will be available in 2017/2018; £320m for schools; and further devolved powers to local authorities. This was welcome news, of course, but there are still hurdles for our member risk managers to jump, namely the triggering of Article 50 and the economic uncertainty it brings, the increase in Insurance Premium Tax and the change to the Discount Rate – all of which will present challenges for risk managers.


2017-06-15

Theresa May has said there is to be a full public inquiry into the Grenfell Tower fire that claimed the lives of 17 people in West London this week. The fire in the 24-storey block began in the early hours of Wednesday morning. It took forty fire engines and over 200 firefighters just over 24 hours to tackle the blaze. The Fire Sector Federation says there are early indications of problems with the fire and smoke alarm volumes, that only one stairwell was available, that Fire Safety messages told people to stay in their homes, and the ‘rain cladding’ to the exterior of the building was a major contributing factor.


2017-06-14

Companies operating in France are being urged to take note of the increased environmental responsibilities resulting from a new biodiversity law which came into force in August 2016. AXA Corporate Solutions has launched an awareness campaign informing large corporates about their new responsibilities in terms of the environment and their rising risk exposure.


2017-06-13

The risk management profession is undergoing unprecedented transformation in terms of its strategic influence and scope, as well as the nature of risks it is facing. This is according to research conducted by Airmic. Its study shows the profile of risk management within most organisations as higher than ever, with its importance now widely recognised at board level -- a trend that is set to continue, according to the majority of risk and insurance managers polled


2017-06-13

Reduced market access, regulatory fragmentation, the return of inflation, cloud risk accumulation, but also emerging liability legislation for artificial intelligence, are some of the key risks identified in this year's SONAR report, published by Swiss Re today.


2017-06-09

The Business Continuity Awards winners were revealed last night at a Gala Dinner and Ceremony held in London's Mayfair. This year's Lifetime Achievement award was presented to Mike Osborne; the Business Continuity Manager of the Year, Sean Deadman of Barclays; and Best Contribution to Sungard Availability Services. More...


2017-06-08

A salary benchmarking study conducted by the Business Continuity Institute points to a considerable gender pay gap within the business continuity industry. The institute's study of over 1,000 business continuity and resilience professionals sought to discover the remuneration packages that those in the industry receive, including salary, bonus and other benefits. The report provides deep dives into regional specifics for Australasia, Europe, the US and the UK.


2017-06-08

New guidance has been launched intended to give protective security advice to those responsible for managing the security of crowded places. The new guidance is primarily aimed at those with a responsibility for security at crowded places and those who own or run businesses, organisations, amenities or utilities.


2017-06-05

Seven people have been killed and 48 injured following a terrorist attack at London Bridge on Saturday night. ISIL has claimed responsibility for the attack in which a vehicle mowed down pedestrians on London Bridge before the attackers stabbed patrons of bars nearby.


2017-06-05

Airmic's outgoing chief executive, John Hurrell, considers the ways in which the profession has changed over the course of his nine years at the helm of the UK's association for insurance and risk managers, and offers his view on what might be in store moving forward


2017-06-05

Even five years ago the term ‘organisational resilience’ was heard relatively infrequently; now it inevitably crops up in any conversation amongst business continuity, security, risk management and other professionals tasked with ensuring that the physical and operational integrity of an organisation is maintained no matter what challenges it may face.


2017-06-01

Getting an ERM system up and running is complex and time-consuming. The question of where to start is, therefore, a valid one. How might common implementation issues and cultural barriers be overcome? How can ERM be leveraged in all three lines of defence? These are among the topics tackled in this impressive new title.


2017-06-01

Global insurance rate decreases moderated for the fifth consecutive quarter, according to Marsh’s own measure of global commercial renewal rates.
It says global insurance rate decreases moderated on average for the fifth consecutive quarter, down 2.3% (compared to the previous quarter’s decrease of 3.1%).


2017-06-01

Millions of businesses and individuals in the UK will be hit with increased insurance bills as the government’s increase in Insurance Premium Tax (IPT) takes effect. This rapid and unprecedented increase now means the rate of tax paid on most insurance policies has doubled in a period of just 19 months (from 6% in 2015 to 12%). Between 1997 and 2015, a period of 18 years, there were only two rate rises, taking the rate from 4% to 6%.


2017-06-01

The world has experienced a political earthquake since the financial crisis of 2008. Increasing distrust in political and business institutions coupled with economic distress produced by the Great Recession has given rise to new populist movements elevating hopes of change, and at the same time fears of instability. The system of representation offered by political parties seems incapable in this environment of addressing emerging popular demands


2017-05-30

Allied World Europe has launched a commercial division in the UK. The main products covered by the UK Commercial Division are commercial combined, property owners, contractors all risks and combined liability.


2017-05-27

The threat level to the UK from international terrorism has today been lowered to severe. The threat level had been raised to critical on Tuesday in the aftermath of the terrorist attack in Manchester.


2017-05-26

Businesses trading with customers in Eastern Europe are being warned to expect a potential increase in payment defaults, according to a report from trade credit insurer Atradius. Its Payment Practices Barometer analyses payment behaviours of businesses with the latest report focusing on Eastern Europe, including the Czech Republic, Hungary, Poland, Slovakia and Turkey. The report reveals that 86% of Eastern European customers have paid their B2B invoices late over the last year. For 58%, the reason was attributable to customers’ liquidity issues – compared to 52% of Western European businesses. The report highlights Hungary as experiencing the highest number of liquidity related late payments at 78%.


2017-05-26

McDonald’s and L’Oréal are shifting to deforestation-free commodity supply chains alongside six other companies who make up a newly-expanded supply chain platform of CDP, the environmental data body. Working with CDP the companies are collating information from their suppliers on any links and risk management relating to deforestation, and with deforestation responsible for 10-15 per cent of greenhouse gas emissions the issue is becoming more pressing to both policymakers and consumers.


2017-05-25

New statistics show businesses across the UK are being targeted by cyber criminals every day and the scale and size of the threat is growing. The government’s latest study of cyber preparedness among UK companies suggests that nearly seven in ten large businesses identified a breach or attack in the past year, and puts the average cost to large businesses of all breaches over the period at £20,000 and in some cases millions. The Cyber Security Breaches Survey 2017 also shows businesses holding electronic personal data on customers were much more likely to suffer cyber breaches than those that do not (51% compared with 37%) – figures that may serve to crystallise thoughts and preparatory work for new EU General Data Protection Regulation.


2017-05-25

EU GDPR is a “game-changing” piece of data protection legislation that comes into effect one year from today. While the legislation includes various components related to how organisations collect, store, manage and protect customer data, the ‘right to be forgotten’ gives individuals the right to have personal data erased. But if most organisations cannot locate where their customer data is stored (both on-premise and offsite), it will be difficult to fulfil ‘right to be forgotten’ requests.


2017-05-25

IBM Resilient has launched a new offering aimed at helping companies address the new General Data Protection Regulation (GDPR). GDPR may require significant changes to the way organisations respond to consumer data breaches. For example, any organisation that does business in Europe will have 72 hours to notify the supervising authority and data subject of a breach, or risk being fined €20 million or up to 4% of their global annual turnover. A recent Ponemon Institute study found that 75% of organisations admit they lack a formal cyber security incident response plan applied consistently across the organisation, meaning that GDPR response could prove to be challenging.


2017-05-23

Twenty-two people have been killed and scores injured following an explosion at a pop concert in Manchester last night. The incident is being treated as a terrorist attack. Suspending election campaigning, Theresa May is set to hold a COBR committee meeting this morning.


2017-05-23

The Joint Terrorism Analysis Centre has advised that the UK threat level be increased from severe to critical. This is the highest level of security preparedness in the UK. The change comes after 22 people were killed in a terrorist attack at Manchester Arena Monday night. Fifty-nine people were also injured, and some are still missing.


2017-05-22

EOS Risk has joined red24 and S-RM on CFC’s panel of security companies specialising in global kidnap and extortion incidents. K&R team leader at CFC, Mark Baker, says: “Highly skilled, swift response is of the utmost importance if something does go wrong in this area of insurance. Our cover provides a 24/7 emergency hotline in the event of an incident with no limit to consultant fees incurred. I’m delighted that we have been able to add EOS Risk to our existing panel, providing our insureds with an exceptional choice of experts able to help them when they need it the most.”


2017-05-18

The UK discount rate must better reflect investment strategies, be subject to regular review and set by a politically accountable minister, according to recommendations set out by the International Underwriting Association. Responding to a Ministry of Justice consultation on how courts determine lump sum compensation payments for personal injury claims, the association stated that reform of the current methodology is essential. It pledged support for the ‘100% compensation principle’ which states that claimants should neither be overcompensated nor undercompensated.


2017-05-18

With Emmanuel Macron now installed as president, France has for now defused the run of electoral bombshells that have buffeted geopolitical stability over the last year. However, the global outlook remains rocky according a new report from global risk consultancy Verisk Maplecroft, which identifies the Trump administration’s unpredictability in the foreign policy arena as a major geopolitical wildcard.


2017-05-16

The recent ransomware attacks in over 150 countries reveals the widening scope of cyber risk exposures and is likely to increase demand for cyber insurance protection. This is according to Fitch Ratings, which prescribes a cautious approach to adding cyber exposures due to a considerable uncertainty in pricing and underwriting this risk. Aggressive expansion by individual underwriters into the segment, it warns, could be credit negative.


2017-05-16

BIBA believes that urgent changes are needed in the way the damages discount rate is set. In its response to the Ministry of Justice’s Damages Discount Rate consultation, the British Insurance Brokers’ Association (BIBA) outlined some current deficiencies in the law to set the rate and called for urgent changes and for experts to be involved.


2017-05-15

Lloyd’s has welcomed the Arctic Council Ministerial Declaration establishing the Arctic Shipping Best Practices Information Forum, which will hold its first meeting in London on June 5-6. The Declaration was made at a Ministerial Summit this week in Alaska, attended by the foreign ministers of the eight Arctic states, including US Secretary of State, Rex Tillerson.


2017-05-12

Issues relating to the office environment are behind a growing number of invocations, according to analysis from Sungard Availability Services. Some eight in ten of their customers’ invocations in 2016 largely stemmed from an increasingly vulnerable physical workplace environment. The analysis suggests that companies may be in danger of neglecting their physical surroundings, as they focus efforts on ensuring a more robust and secure virtual infrastructure.


2017-05-12

According to NHS Digital, a number of hospitals and trusts in England have been affected by a large-scale ransomware attack. Trusts and hospitals in London, Blackburn, Nottingham, Cumbria and Hertfordshire have been affected. IT and telephone systems have been shut down. Some hospitals are reported to be diverting emergency patients, and there are reports of ransom demands. The NHS has not said that any patient data has been accessed.


2017-05-11

The Insurance Act 2015 came into force almost a year ago and the Enterprise Act 2015 took effect on 4 May 2017 impacting both the placement of commercial insurance and the way claims are considered. To help bring about clarity around some of the more challenging adaptation issues, BIBA, in conjunction with insurance governance specialist, Mactavish has launched its Insurance Act 2015 & Enterprise Act 2016 Adaptation Guide


2017-05-11

Payment delays and insolvencies are predicted to rise in the consumer durables retail sector this year, reveals a new economic report from trade credit insurer Atradius. While payment delays and insolvencies have remained relatively stable over the last six months, the Atradius Consumer Durables Market Monitor reports a weaker picture for the six months ahead. Growing economic uncertainty, expected to impact consumer spending, and higher import costs are the primary factors behind the deteriorating outlook and Atradius is warning manufacturers, suppliers and retailers to take extra measures to protect themselves.


2017-05-11

Allianz Global Corporate & Specialty SE (AGCS) has announced a partnership with US-based analytics company, Praedicat to better predict catastrophe liability risks. Praedicat’s modelling engine uses machine learning technology to scan large volumes of data from peer-reviewed science publications and profile the likelihood that products or substances will generate litigation risks over their lifecycle.


2017-05-10

According to FM Global's latest annual index, oil-rich Saudi Arabia has emerged as a country with above-average inherent cyber risk. Its high internet penetration, combined with a limited cyber security industry, make it a more vulnerable target. Developing India, by contrast, with its growing information technology industry, emerges as a country with below-average inherent cyber risk.


2017-05-10

The CPNI, the UK government authority for providing security advice to the UK national infrastructure, has published the Passport to Good Security, a best practice guide for senior executives to help create an effective risk management strategy, which Pool Re considers a valuable tool for risk management and insurance professionals working to improve the resilience of businesses against domestic and international terror threats.


2017-05-10

British Insurance Brokers' Association chief Steve White used his opening address at the association's annual conference today to warn the industry to be wary of current turmoil affecting the sector. He said that in political and economic terms, there are storm clouds on the horizon that BIBA is tracking.


2017-05-09

Companies across the UK have been forced to pay out over £61m in health and safety fines throughout 2016 – almost 2.5 times that seen in 2015, according to BLM’s health and safety tracker. Research conducted by the insurance and risk law firm found that there were a total of 292 incidents recorded during 2016, with an average pay-out of almost a quarter of a million pounds. This is four times the £69,500 average cost seen the previous year, where 358 cases were brought.


2017-05-05

This is a timely analysis of the increasing intrusion into strategically important cyber networks. “To assure their own cyber security, states will sometimes intrude into the strategically important networks of other states and will threaten – often unintentionally – the security of those other states, risking escalation and undermining stability,” the author writes. “This concept is hereafter referred to as the cyber security dilemma.”


2017-05-03

Since its formation in 2004 the Institute of Operational Risk has expanded internationally through a number of chapters in the UK and Europe, Hong Kong and Nigeria. Throughout this period our mission has been solely focused on developing the discipline of operational risk. In 2016 we set our future strategy towards becoming the professional body of choice for operational risk practitioners.


2017-04-28

Companies are paying lip-service to compliance and putting themselves at risk by failing to appropriately prioritise and resource it. The extent to which compliance functions are stretched contrasts with the increasingly aggressive and joined-up activity of enforcement agencies across the world and the punitive fines imposed on companies for non-compliance.


2017-04-27

Police insurance specialist George Burrows, part of Arthur J. Gallagher, has won a tender to secure a three year partnership with the British Transport Police Federation, providing a suite of personal insurance covers. British Transport Police protects the railway and light-rail systems throughout England, Wales and Scotland, with 3,069. Important aspects of the programme include life insurance without exclusions, accident / sickness / counselling and legal expenses benefits.


2017-04-27

Difficulty in quantifying losses tops the list of challenges to business interruption claims, according to a survey carried out by US-based risk and insurance association, RIMS. By taking control of their data, establishing a team and developing plausible business interruption figures before losses occur, risk managers can do much to lessen the confusion and frustration common to these claims process, according to the society's Business Interruption Survey 2017.


2017-04-26

RMS has expanded its range of cyber models to include a new class of what it calls ‘cyber physical’ models. These explore a range of cyber attack scenarios that can cause physical damage to property, aimed at helping property re/insurers to manage this growing risk.


2017-04-25

Swiss Re estimates its claims burden from Tropical Cyclone Debbie in Australia at approximately US$350m, net of retrocession and before tax. Swiss Re expects Cyclone Debbie to have resulted in a higher share of large commercial and corporate losses compared to similar events in the past. The total insured market losses for wind, flood and storm surge damages are estimated to be approximately US$1.3bn.


2017-04-24

Cat modelling firm AIR Worldwide has released a cyber risk modelling application for the insurance and reinsurance markets. ARC (Analytics of Risk from Cyber) has been designed to evaluate any commercial policy (including those vulnerable to silent cyber), measure and monitor aggregations of cyber risk within a portfolio, and estimate potential insured cyber losses for portfolios.


2017-04-21

National security is at the top of the agenda in France following the murder of a policeman by a suspected terrorist in Paris yesterday. Two others were wounded in the incident in the busy Champs Elysées area of the capital on Thursday. The incident takes place just days before the first round of voting begins for the presidential election. According to the Foreign Office, there continues to be a high threat from terrorism across France. Due to ongoing threats to France by Islamist terrorist groups, and recent French military intervention against ISIS, the French government has warned the public to be extra vigilant and has reinforced its own domestic and overseas security measures.


2017-04-20

The newest entrant to the UK business continuity market is opening the doors to its first work area recovery centre. The new, 4000 sq ft Crossharbour Crisis Management Centre is the first independent recovery centre to open in the UK in over a decade, and was designed and built specifically to meet the needs of London businesses.


2017-04-19

The government’s latest study of cyber preparedness among UK companies suggests that nearly seven in ten large businesses identified a breach or attack in the past year, and puts the average cost to large businesses of all breaches over the period at £20,000 and in some cases millions. The Cyber Security Breaches Survey 2017 also shows businesses holding electronic personal data on customers were much more likely to suffer cyber breaches than those that do not (51% compared with 37%).


2017-04-19

Geopolitical instability and workforce management issues are the biggest challenges facing construction sector executives, according to new research released by Willis Towers Watson. It surveyed 350 C-suite executives across the globe to look at the most significant megatrends and critical risks facing the sector.


2017-04-18

Crises Control has released two new modules on its platform and a new business solution. A new Task Manager Module allows the delegation and tracking of completed tasks and the creation of complex task work flows using predecessor logic; while the iSOP Wizard module allows users to quickly create their own bespoke business continuity action plans.


2017-04-18

We live in uncertain times and how organisations respond to those times will determine the winners and losers in an environment in which risks are emerging faster and with more complexity. Those organisations that deliver or commission public services are no different.


2017-04-12

The Lloyd’s Market Association (LMA) has submitted a detailed response to the Department for Transport’s (DfT) Technical Consultation on Motor Insurance. The UK government called for input from those involved within the motor insurance industry following the 2014 Vnuk judgement, a European Court of Justice decision that broadened the scope of compulsory motor insurance.


2017-04-12

Corporate culture is increasingly coming under the spotlight as an important factor for gaining a competitive edge. And for good reason: culture may be a hard-to-define concept but its tangible benefits are clear. For example, an EY survey of FTSE 350 board directors found that 92% of respondents believe that investing in culture has improved their financial performance.


2017-04-11

Can you estimate the financial value of your organisation’s reputation? Do you understand the advantages and disadvantages that flow from it? Do you understand how much reputational damage the organisation is prepared to risk, and how much it could comfortably survive?


2017-04-11

The change to the discount rate announced by the Lord Chancellor – and the subsequent volte face and announcement of another review – wiped millions off insurers’ balance sheets, is likely to result in a hike in reinsurance rates and has created an expectation of premium rises for higher risk business. Even risk management body Airmic, not traditionally the first to jump to insurers’ defence, chipped in that this was a sorry state of affairs.


2017-04-11

UKCloud has announced the launch a self-service replication and recovery solution powered by software provider, Zerto. Disaster Recovery to the Cloud is based on a pay-as-you-use cloud model; organisations can select applications that are crucial for the provision of public services, and therefore only pay for the disaster recovery or business continuity that is needed.


2017-04-10

A strategic alliance has been formed between RQA and Security Exchange to provide consultancy support to product recall underwriters, brokers and their insured clients. RQA president, Lawrence Platt said, “We are pleased to be working with Security Exchange in this highly specialised field. Their services will add a whole new dimension to our own insurance market offering, enabling us together to provide clients with a truly comprehensive risk management portfolio on a global basis”.


2017-04-07

The risk of human rights tainted tungsten, tin, tantalum and gold (3TG) entering the supply chains of tech firms is extending well beyond the traditional home of ‘conflict minerals,’ DR Congo and the Great Lakes Region of Africa, according to research from global risk consultancy Verisk Maplecroft. The company’s newly released Commodity Risk Service reveals that workers involved in the mining of 3TG, which are vital to the production of smartphones and computers, are exposed to a range of human rights abuses in many of the world’s biggest producing countries. Crucially, many of the risks posed by 3TG minerals outside of DR Congo and its neighbouring countries are overlooked by many companies, despite the fact their supply chains could be linked to armed groups and serious social and environmental impacts.


2017-04-06

Airmic has announced the appointment of John Ludlow as chief executive of the association. Ludlow has over 15 years’ experience in senior risk management positions and has been a director of Airmic since 2012, including a year as senior deputy chair.
Clive Clarke, Airmic’s chairman, commented: “We are delighted to welcome John as the next chief executive. John has a fantastic record as a risk professional and is extremely well-regarded within the risk management community. Having worked closely with Airmic for years, he not only understands the needs of our members, but also has the experience and vision to continue the excellent progress made under John Hurrell’s pioneering leadership.”


2017-04-06

BSI has published the second draft of ISO 45001 Occupational health and safety management systems – Requirements. The yet-to-be launched international standard specifies requirements for an occupational health and safety (OH&S) management system, with guidance for its use, to enable an organisation to provide safe and healthy working conditions for the prevention of work-related injury and ill health.


2017-04-05

Verisk Analytics’ Property Claim Services has launched its first solution outside the P/C sector. The new loss aggregation service provides industry loss estimates for ocean marine and offshore energy events likely to exceed U$250m worldwide.


2017-04-05

MetricStream has announced the release of its M7 platform and apps. The new platform and apps are designed to support GRC through enhanced mobility and layering, and sophisticated reporting and analytics. The MetricStream M7 Platform supports dozens of apps and solutions for risk management, compliance, audit, IT security, third party management, and other GRC professionals.


2017-04-04

Willis Towers Watson has launched a cyber insurance solution specifically tailored to cover exposure across the global airline industry. Failure of critical IT systems is the most significant risk facing the global aviation industry.


2017-04-03

The 2016 Riot Compensation Act takes effect this week -- good news for insurers, according to international law firm Clyde & Co. Repealing the 130 year old Riot (Damages) Act, it creates a new scheme that allows compensation to be claimed from local police authorities for property that is damaged, destroyed or stolen in the course of a riot.


2017-04-03

Credit and political risk MGA, Anvil One has signed a partnership with AXA Corporate Solutions that will allow Anvil with AXA to underwrite credit and contract frustration risks, both trade and non-trade, as well as political risks.


2017-03-31

Modern corporate liability exposures can arise from a growing number of sources and have the potential to result in larger and more complex losses for businesses than ever before. Plus, some rather unusual claims…


2017-03-30

Lloyd’s of London has announced a profit of £2.1bn for 2016 despite the combined ratio moving from 90.0% to 97.9%. Conditions over the course of the year were extremely challenging with continued downwards pressure on pricing whilst traditional and alternative capital remained attracted to the insurance industry.


2017-03-30

AIG has entered into a partnership with UK software technology provider VUEcloud, to offer customers a cloud-based motor fleet application. The new service enables policy holders to upload files directly to the cloud, such as photos and video footage from any internet enabled device including smartphones, laptops and dashcams.


2017-03-29

The shortlist for the 2017 Business Continuity Awards has been announced.
Now in their 19th 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, organised by CIR Magazine.

The winners will be announced at a Gala Dinner on 8 June 2017 at the London Marriott Hotel Grosvenor Square.


2017-03-29

After months of uncertainty, Brexit has begun in earnest. The triggering of Article 50 started a two-year negotiation period, during which the UK will agree terms of its separation and future trade access with the EU. The commencement of negotiations does not, however, mean an end to the uncertainty. While negotiations for divorce may have begun, they are likely to be difficult and the timetable pressured. This could manifest on the insurance industry in a number of ways, and insurers, reinsurers and brokers are putting contingency plans in place in the event that a trade deal with the EU is not finalised at the end of the two year period.


2017-03-28

Findings released today by the International Renewable Energy Agency (IRENA) show that energy-related carbon dioxide (CO2) emissions could be cut by 70 per cent by 2050 and completely eradicated by 2060 – and with a positive economic benefit. Perspectives for the Energy Transition: Investment Needs for a Low-Carbon Energy Transition, presents a scenario in which increased use of renewable energy and energy could achieve the emissions reductions required to limit temperature rises to two degrees, avoiding the worst of climate change.


2017-03-27

THB, CNA Hardy and cyber security specialist Waterfall Security Solutions have entered into a partnership to provide a new cyber security protection package for industrial businesses.


2017-03-24

Violent political events are up dramatically over the last year with one in four global organisations feeling the impact, according to the latest edition of the 2017 Clements Worldwide Risk Index (CWRI), released this week in Washington. The survey, compiled twice each year, found the number of organisations suffering the effects of a political violence event nearly doubled from a year ago, up 90% over the previous report issued last spring.


2017-03-23

Organisations considering stand-alone cyber coverage should carefully evaluate their risk profile and determine whether more traditional policies provide adequate coverage according to some of the tips offered in a newly released RIMS Professional Report 'Cyber Insurance: Considerations for Businesses'.


2017-03-23

A fire at a high voltage electrical substation left 45,000 properties in Leicester without power this week. The blaze at the substation in Leicester forced businesses to evacuate and roads to be closed. A high-risk asset, if damaged, transformers pose a serious threat to life, property and the environment. Yet the play a critical role in delivering energy efficiently and safely across networks.


2017-03-23

Major global brands have pulled hundreds of millions in advertising spend from Google-owned YouTube following a scandal that has emerged over inappropriate content.
More than 250 organisations including the UK government, Johnson & Johnson, Verizon, Toyota, Tesco and McDonald’s and media including the Guardian and The Times -- which broke the news -- are among the growing number of customers angered by the activities of the internet giant which saw advertising placed next to extremist material, and the groups responsible receiving payouts from them.


2017-03-23

The Metropolitan Police have detained at least eight suspects following counterterrorism raids in London and Birmingham, in connection with the attack in Westminster this week in which three people, plus the assailant, were killed.


2017-03-22

A man was shot by armed police this afternoon outside the Houses of Parliament in central London after a police officer was attacked with a knife outside Parliament. The incident took place following reports of a number of people being hit by a car on Westminster Bridge. Police are asking people to avoid: Parliament Square; Whitehall; Westminster Bridge; Lambeth Bridge; Victoria Street up to the junction with Broadway and the Victoria Embankment up to Embankment tube. This is to allow the emergency services to deal with the ongoing incident.


2017-03-21

JLT Re has joined forces with flood modelling firm, KatRisk, to provide flood risk modeling capabilities across Canada. KatRisk's suite of flood risk modelling tools includes both flood inundation maps at multiple return periods and software to generate location level probabilistic flood losses.


2017-03-21

Brands such as Dyson, Aston Martin and Lego have topped the rankings for reputation among the UK general public, in a year that corporate governance – and the perceptions of fairness, ethics and transparency – have had a significant impact on company reputation. Some of the results may surprise our readers.


2017-03-20

The insurance profession needs to prepare for the impact that increased levels of onshore fracking could have on UK households and businesses, according to a thought-leadership report from the Chartered Insurance Institute’s Claims Faculty New Generation Group. The group found that while existing products appear to provide adequate cover for households and small businesses, and no insurer specifically excludes fracking, there are no insurance policies that specifically cover it either.


2017-03-17

RSA has expanded its SME book with the launch of an e-traded Business Combined product. Available via RSA Online and the Acturis platform, the new product comes with a range of features to enable brokers to tailor cover for business customers across a range of risks and sectors including manufacturing, wholesaling, supplying, retail, administration and leisure.


2017-03-16

A report from the National Crime Agency and National Cyber Security Centre this week revealed the growing impact of ransomware attacks directed at businesses and households. The use of ransomware has increased dramatically in the last two years and this trend is continuing. Considering the implications for both consumers and businesses, Tim Smith, partner and head of technology and cyber at insurance law and risk firm BLM, said that with an average of four internet-connected devices per person, it was only a matter of time before cyber criminals looked to take advantage of such devices.


2017-03-15

Guidewire’s claims management system, Guidewire ClaimCenter, has passed market acceptance testing for the London Market Electronic Claims File Write-Back (ECF). The new Write-Back functionality is designed to provide London Market businesses with greater flexibility when managing and handling claims. It removes duplication and inefficiencies by offering enriched claims data, transparency and management information while giving near real-time claim notifications.


2017-03-15

The Stochastic modelling of liability accumulation risk report published by Lloyd’s and Arium marks a valuable milestone in the development of solutions to model and quantify casualty downside risk, according to Willis Re. The methodology is the culmination of a three-year project between Lloyd’s and Arium to improve insurers’ understanding of liability risk exposure.


2017-03-14

A commercial vessel, thought to be an oil freighter, has been hijacked by suspected Somalia-based pirates in the Indian Ocean. According to reports from Red24. the vessel, with eight crew members, has been taken to the Alula area of Puntland.


2017-03-10

The winners were announced last night by host, Holly Walsh at the 4th annual Commercial Insurance Awards gala at the Millennium Hotel, London Mayfair. Over 200 guests attended the ceremony to celebrate industry achievements of the past year. Congratulations to all of the winners and we look forward to another spectacular event in 2018!


2017-03-09

Markel has launched a surety offering, following the appointment Damian Manning to head up the new team and David Chandler as senior underwriter.
The business will initially focus on the UK, Ireland and Continental Europe with the intention to expand to other regions outside North America.


2017-03-08

AIG has today announced plans to locate an insurance company in Luxembourg to ensure continued smooth operation of its business across the European Economic Area and Switzerland once the UK leaves the European Union. From 2019, AIG will have two AIG subsidiary insurance companies in Europe – one in the UK to write UK business and one in Luxembourg to write EEA and Swiss business, which will have branches across the EEA and Switzerland. AIG currently writes business in Europe from a single insurance company based in the UK, AIG Europe Limited, which has branches across the EEA and Switzerland.


2017-03-07

Willis Towers Watson has released an updated version of its Radar pricing software. Radar 3.0 features new analytical techniques, now implementing a wider range of machine learning models. Processing speed is also up to five times faster.


2017-03-06

CFC Underwriting has launched a cyber incident response app, designed to allow policyholders to notify a claim and receive specialist support from its global cyber incident response team within minutes. The app also provides global cyber news and can be configured such that excess insurers and other members of the policyholder’s incident response team are notified at the same time.


2017-03-06

Law firm Eversheds Sutherland has launched two e-learning modules, developed to train businesses to understand and manage their risks related to modern slavery. Thought to be among the first interactive tools launched to educate employees on modern slavery, the solution is designed to help staff better recognise what modern slavery is and help with compulsory reporting relating to how they are tackling it.

This new reporting duty applies to commercial organisations carrying on business in the UK, with a turnover of over £36m and supplying goods or services, many of which will be required to publish their first statement by June this year.


2017-03-03

PwC has created a working blockchain prototype for the London Market Target Operating Model (TOM) Innovation Exchange. The project is aimed at exploring the degree to which blockchain technology can reduce costs and speed up the payment process in the specialist insurance market.


2017-03-02

CFC has increased the available limits of its transaction liability insurance product suite across all territories, and now has the capacity to offer limits up to £30m in the UK and €35m in eurozone countries. Transaction liability practice leader, Matthew Giddings, said transaction liability insurance continues to gain traction with an increasing proportion of M&A deals using this type of cover as both a risk management and deal facilitation tool.


2017-03-02

FM Global has developed a new design for automatic fire sprinkler protection, with enhanced sensitivity to thermal radiation from flames and suitable for applications including spaces where sprinkler protection is required beneath grated mezzanines, and special fire hazards such as covered open yard storage.


2017-03-02

Pool Re has increased its commercial reinsurance cover to £2bn, an increase on its previous limit of £1.95bn. The two-layer programme, brokered by Guy Carpenter and placed with a stable and secure panel of reinsurance companies (which includes Members of Pool Re as well as global reinsurers) led by Munich Re, mirrors the cover currently provided to Pool Re members and includes chemical, biological, radioactive and nuclear terrorism risk.


2017-03-01

While many organisations continue to focus on the technology aspect of cyber defence, which is crucial, it is people risks which represent the largest source of data breach claims. According to Willis Towers Watson, businesses must focus more on employees and company culture in efforts to manage cyber risk. Their own claim data show that employee negligence or malicious acts account for two-thirds (66%) of cyber breaches, where by contrast only 18% were directly driven by an external threat, and cyber extortion accounted for just 2%.


2017-03-01

Markel UK has extended the cover on its charities and community group’s product to cater to a wider range of organisations, including those with incomes of up to £1m, providing sector-specific insurance for small charities and community groups on modest budgets. The new policy includes such specialist risks as damages arising from abuse.


2017-02-28

Companies operating in China are being urged to familiarise themselves with a new cyber security law that takes effect in June 2017. The new rules, designed to tighten state control over information flows and technology equipment, means foreign companies doing business in China will be required to localise any data that may contain sensitive privacy data or state secrets. The penalty for not doing so can result in fines for organisations or civil and criminal penalties including imprisonment or death penalty for individuals.


2017-02-28

A risk and safety consultancy that provides services to safety critical industries has been awarded an R&D grant worth almost £70,000 which will be used by the company to help improve the safety and operations of civil nuclear power plants. Using the grant, UK-based Corporate Risk Associates (CRA) will be conducting a research project aimed at enhancing the industry’s understanding of potential system failures in nuclear power plants, aiding both plant safety and the uninterrupted supply of electricity.


2017-02-28

Airmic has expressed concern over the impact on commercial policyholders of the reduction in the Ogden rate announced by the Ministry of Justice (MoJ) this week. Deputy CEO Julia Graham said the association supports the need for the discount rate to reflect a fair compensation system, but that it is “deeply concerned about the timing and scale of the change” and the impact on businesses. “Not only has the industry not been appropriately consulted, the decision is based on a formula in desperate need of reform,” she said.


2017-02-27

Dow Jones Risk and Compliance has completed its acquisition of RiskAverter from US-based Compliance Strategies International. The RiskAverter product will be fully integrated within Dow Jones’s workflow application, providing a solution that enables user companies to automate risk scoring to more effectively assess third parties in relation to anti-corruption and other regulatory compliance risk areas.


2017-02-23

The insurance industry could face asset-stranding and liabilities on a global scale as a result of climate change, according to a new report published today by Lloyd’s. The study, carried out in partnership with the University of Oxford Smith School of Enterprise and the Environment, looked at the impact of climate change-related regulation and taxation policies and how they could create stranded assets, or assets that are subject to a sudden or unexpected write-down or devaluation. The report found this to be especially relevant for insurers and reinsurers exposed to vulnerable carbon-based assets and liabilities in the energy, commercial property and shipping sectors.


2017-02-23

With Article 50 due to be triggered by the end of March, UK brokers remain resilient despite initial post-Brexit uncertainty, according to the findings of the Q4 Broker Pulse survey from insurance and risk law firm BLM. Of those questioned, 97% said that they had not seen a drop in appetite for UK insurance products since the EU referendum vote last June. This was the key finding from the most recent Broker Pulse, a quarterly poll which questions UK brokers on issues affecting their community.


2017-02-23

Cyber attack is once again the top threat perceived by businesses, according to research published this week by the Business Continuity Institute (BCI) in association with BSI (British Standards Institution). Eighty eight per cent of organisations are concerned about the possibility of a cyber attack. The threat of a data breach follows (81%), while unplanned IT and telecom outage remains third greatest concern (80%).


2017-02-22

Cyber risk security controls that meet international standards like CSC20 might not be fit for purpose. This is one of the findings of a white paper produced by the University of Oxford and Novae Group. Academics, led by Professor Sadie Creese, at Oxford’s Department of Computer Science and the Saïd Business School found that the standards set by international bodies are often not backed up by objective, empirical research, and so cannot be shown to have quantifiable benefits. This shortfall weakens the value of compliance to risk control standards because a compliant organisation may not be protected from cyber-related harm.


2017-02-20

Willis Towers Watson has entered into exclusive negotiations to acquire French aviation brokerage, OAAGC. Paris-based OAAGC (Office d’Assurances Aériennes G. de Cugnac) was founded in 1898 and its team of 16 is dedicated to aviation insurance solutions. OAAGC and its team have a long-standing relationship with Willis Towers Watson.


2017-02-17

Nearly 200,000 people were evacuated in northern California this week after the Lake Oroville reservoir reached full capacity and dam operators discovered damage in the dam’s infrastructure. The substantial water level was caused by tremendous rainfall from a series of recent storms. This resulted in the first use of the auxiliary spillway in the reservoir’s history. A report from Aon Benfield's Impact Forecasting team estimates the cost of repair to the spillways at up to US$200m.


2017-02-16

The Financial Reporting Council (FRC) has announced a fundamental review of the UK Corporate Governance Code, taking on board its work on corporate culture and succession planning, and the Government’s Green Paper and the BEIS Select Committee inquiry. Responding to the Corporate Governance Reform Green Paper, linking executive remuneration with performance, extending the FRC’s enforcement powers and the importance of stakeholder views will all be underlined, and indeed the FRC is seeking input from a broad spectrum of stakeholders, including its own Stakeholder Advisory Panel on the review.


2017-02-15

Underwriters increasingly need to ask searching questions about how businesses are responding to climate change, according to lawyers at Clyde & Co. The call comes on the back of the potential for a growing volume of litigation and disputes in which corporate boards are being held to account for alleged reporting, regulatory and fiduciary failures linked to climate change and the fossil fuel sector.


2017-02-14

Negative media reports of operational losses suffered by banks and insurers can cause the market value of firms to fall by significantly more than the value of the reported loss, according to a UK university research paper. News articles that adopt a negative tone when reporting on loss events can have a reputational impact that further decreases the share price and increases default risk, the research suggests. In the case of a company’s share price, just a 10% “increase in negative tone” can lead to an additional loss in equity returns of 0.61% and an increase in Credit Default Swap spreads of 0.43 basis points. In addition, media reports that also mention a threat of litigation can lead to further equity losses of 0.21% and 0.48 basis points for a 10% increase in “litigious tone”.


2017-02-13

The Institute of Risk Management has welcomed an announcement made by the Department for Culture, Media and Sport recently that it will be providing £20m for cyber security lessons in schools, which will be designed to fit around pupils' current courses and exams.


2017-02-13

Disaster recovery provider Databarracks has launched a new initiative aimed at establishing a central source for calculating the true cost of IT downtime. The Cost of IT Downtime brings together academic research with case studies, as well as encouraging businesses to contribute to the project with their own experiences and methods of calculation.


2017-02-10

Understanding, anticipating and properly responding to reservation of rights letters is integral to risk professionals’ ability to protect their organisations and realise the full value of insurance policies, according to a new RIMS report, 'A Risk Management Guide to Reservation of Rights'.


2017-02-10

Last year saw insured loss estimates from major natural catastrophes reach US$39.5 billion -- the highest since the annual market losses of US$60bn in 2012, according to figures from Willis Re. The largest single insured loss came from the Kumamoto earthquake in Japan in April 2016 with losses exceeding US$4.8bn. Other notable events in 2016 included Canada’s Fort McMurray wildfire in May which caused insured losses of around US$3.5bn; Hurricane Matthew in early October resulted in the largest single insured loss in the United States at US$2.3bn; and the combined effects of Windstorms Elvira and Friedrike in Europe in the summer produced losses of approximately US$2.48bn.


2017-02-10

Fire safety organisation, FPA is re-launching its insurer backed LPC Training offering. Courses will be aimed at those who manage or have the legal responsibility to maintain alarm, security and CCTV systems, as well as those supplying and installing those products.


2017-02-09

Specialist lines underwriting agency CFC is expanding its presence in the UK medical malpractice insurance market. The new, Lloyd's backed product is a tailorable package suitable for a wide range of healthcare professionals and organisations including affinity groups or schemes and individual professionals


2017-02-09

Deborah Ritchie speaks to DAC Beachcroft partner Sally Roff about what she thinks is the greatest change in sentencing enforcement since the Health and Safety at Work Act 1974


2017-02-09

The deadline for entries for the 2017 Business Continuity Awards has been extended to 24th February. The winners will be announced on 8th June at the London Marriott Hotel Grosvenor Square. This year's host...


2017-02-07

Arthur J. Gallagher has developed a bespoke policy aimed at transferring cyber risks
specific to the manufacturing industry. Backed by A-rated Lloyd’s capacity and led by Brit, Gallagher has developed a custom wording in conjunction with manufacturing trade bodies and global Fortune 500 companies to ensure cover most closely matches current and emerging exposures.


2017-02-07

A number of themes are emerging that are likely to dominate the security landscape in 2017, among them the rise of a “virtual Caliphate”; the resilience of Al Qaeda and the development of CBRN expertise. These and other emerging terrorism risks have been outlined in a new report from Pool Re’s Terrorism Research and Analysis Centre.


2017-02-07

RSA has introduced its new Global Risk Solutions (GRS) operating model. Effective immediately, GRS will consist of three units, with each head reporting to Hayley Robinson, GRS managing director. Led by Richard Turner, the Europe business will be responsible for Europe specialty lines, Europe & international marine, Dubai International Financial Centre and Scandinavia hull; Specialty & Wholesale will be led by Gareth Hilton and will cover London Market construction and engineering, renewable energy, marine and wholesale international P/C; and UK & Multinational, led by Gary Long, will covers the existing UK and multinational risk managed business including real estate.


2017-02-06

The British Insurance Brokers’ Association (BIBA) has launched a new facility with Accelerate Underwriting that allows members to place non-standard and niche commercial insurance schemes business. In a change for the association, the agreement with Accelerate is not product specific, instead it provides a solution that allows brokers to create insurance schemes, or manage existing arrangements more efficiently.


2017-02-06

Marsh has announced the availability of its new CyberShield cyber risk and data breach insurance policy. Aimed at medium-sized to large organisations, the new cover is available outside the US and can provide up to £500 million in cover.


2017-02-02

While there is no one formula for designing a perfectly resilient organisation, there are many ways to build resilience capabilities; resilience is a function of an organisation’s ability to access and use resources when it needs them. This is the message from within this book’s pages; and while there are just 200 of them, each packs quite a punch.


2017-02-02

This multi-contributor title has been written by a range of authors from across the US and the UK, with chapters from risk consultants, academics and associations. As such, Operational Risk Perspectives is precisely that – a range of different views and approaches to operational risk management. The result is a set of essays that will be of most use to the seasoned practitioner.


2017-01-31

After nine years as chief executive of Airmic, the association has announced that John Hurrell is to step down. Hurrell became CEO in January 2008 following a career of almost 30 years at Marsh & McLennan. During his period in office, Airmic published several pieces of research, including Roads to Ruin and Roads to Resilience. Most notably, he was instrumental in working with the insurance market to achieve the Insurance Act 2015.


2017-01-31

Research conducted by the British Standards Institution reveals the scale of the modern slavery issue facing UK businesses. Its 'Human Trafficking and Supply Chain Slavery Patterns Index’ suggests UK businesses are at particularly high risk of modern slavery. Russia, Slovakia, India and Pakistan, according to the Index, are all ‘severe risk’ source countries. Of the G7 nations, Italy is identified as a ‘high risk’ nation – partly due to the conflict in Syria. Greece and Turkey are additionally categorised as ‘high risk’ countries.


2017-01-30

I read with interest an article by Institute for Fiscal Studies director, Paul Johnson in The Times this month, in which he referred to the essay by philosopher Isaiah Berlin, 'The Hedgehog and the Fox'. The basic premise is that people can be divided into two groups where foxes draw ideas and inspiration from multiple sources and are comfortable with ambiguity and a wide range of inputs; and hedgehogs see the world through a single lens and try to make sense of it by fitting events into this view or paradigm. Johnson was using the essay to draw parallels between Bank of England chief economist, Andrew Haldane’s recent comments on economists, and foxes.


2017-01-27

Unisys has announced the launch of a new set of cyber resilience services to help plan for crises related to cyber attacks by simulating real-world threats and using them to develop effective avoidance and response policies and procedures.


2017-01-26

The issue of consumer vulnerability has been brought into sharp focus in recent years and lots of industries and organisations have looked at the issue through their own particular lens. Insurance is one of those, and it is also one that could and should do more to help customers.


2017-01-26

BP has published its annual Energy Outlook, which sees the move from fossil fuels to sustainable energy in the Western world being outpaced by the growth in demand from Asia. The company estimates that over the next 20 years the energy transition world’s economy will almost double in size, driven by fast-growing emerging economies, as more than two billion people are lifted from low incomes.


2017-01-25

It is just over 12 months since Storm Desmond wrought havoc in many parts of the UK; an event that, according to the Centre for Ecology & Hydrology, ranked alongside the devastating flooding of March 1947 as the largest event of at least the last century. In responding to major emergencies like flooding, emergency services and local authorities play a crucial part in managing the immediate aftermath, supporting local people and businesses as well as restoring the public realm. Those organisations are well versed in having emergency plans for such circumstances and regularly test aspects of these plans to ensure they are robust. They are also under a duty to ensure that they have plans in place to respond to events that may affect their own services during an emergency.


2017-01-24

AXA has announced a partnership with resource management advisor, SUEZ aimed at improving resilience of cities and territories against flood risks. The new joint offering, available globally, will provide communities and industries with analysis of vulnerability to any form of flooding (flash flood, marine submersion, rising groundwater level, rupture of hydraulic structures, overflowing); solutions to reduce vulnerability for locations and territories through business continuity plans, education and prevention; and tools for awareness and assistance in crisis management (alert tools, material and human means, and so on).


2017-01-24

As risk professionals, we spend a lot of time considering the new and emerging risks facing our organisations. But how often do we look closer to home? What about the risks facing our own profession? The UK risk management industry is in good health, with an excellent talent pool and growing status within organisations. But it could be failing to attract young people.


2017-01-20

Aon Global Risk Consulting has launched a new modelling tool for oil, gas and petrochemical clients. The Aon Loss Estimating Risk Tool (ALERT), developed in collaboration with research agency, TNO the new tool has been designed to model the potential financial impact of a wide range of fire and explosion scenarios in the hydrocarbon processing industry.


2017-01-19

A new study of senior financial executives has identified the top operational risks that have harmed their companies in the past five years. Sixty-six per cent of financial executives surveyed say their organisations have been harmed by equipment failure, nearly 60% say their firms have been impaired by data breaches or cyber attacks, and more than half (52%) have had their operations affected by natural disasters. Yet the majority (54%) say their organisations have not developed or tested formal loss-recovery plans.


2017-01-18

The rise of ‘new professions’ and ‘hybrid businesses’ and their need for tailored Professional Indemnity (PI) insurance. This is among the major trends expected to influence the insurance market in 2017, according to the Annual Insurance Review by law firm RPC.


2017-01-17

An ambitious £3.5m hardware upgrade is being rolled out to business continuity customers of converged IT and communications provider Daisy Group. The major investment will equip all of its 13 nationwide work area recovery sites with 6,000 latest desktop computers from global hardware provider Hewlett Packard.


2017-01-17

The British Insurance Brokers’ Association (BIBA) has called for the government to commit to no further increases to Insurance Premium Tax (IPT) and to negotiate for single market access in the EU exit. BIBA has also called for the Financial Conduct Authority (FCA) to prioritise cost-effective supervision following a 70% increase in regulation costs for small insurance brokers. The calls have been made in BIBA’s 2017 Manifesto ‘Enabling the Insurance Market’ which was launched in the Houses of Parliament.


2017-01-16

Having lagged behind their financial services peers in adopting digital technologies due to regulations, reluctance and cost, an increasing number of insurers now regard investment in digitisation a priority. These are the conclusions of a survey conducted by Willis Towers Watson, which shows that almost three-quarters of insurers believe the insurance sector has failed to show leadership in digital innovation.


2017-01-15

Globalisation and trade challenges highlighted by the US election and Brexit referendum usher in a year of heightened strategic uncertainty on both sides of the pond – difficult topics which have become impossible to avoid and, according to Control Risks’ CEO Richard Fenning, may even make 2017 “one of the most difficult years for business’ strategic decision making since the end of the Cold War”. Such high levels of complexity and uncertainty will force boards to undertake comprehensive reviews of their approaches to risk management. Risk professionals at the Institute of Risk Management (IRM) echo this sentiment, citing political risk among their chief concerns for the coming year.


2017-01-12

Pardus has announced the launch of a contingency facility backed by Lloyd’s security (led by XL Catlin) and the recruitment of Wayne Paternoster. He joins the MGA with more than 20 years of underwriting experience and most recently was the divisional managing director of the specialty unit at Markel International in London. In addition to his role as contingency underwriter, Paternoster will be part of the executive management team overseeing Pardus’s underwriting activities.


2017-01-12

Companies are increasingly worried about the unpredictable business environment where markets are volatile and political perils, such as protectionism or terrorism are on the rise. Other growing concerns are digital dilemmas arising from new technologies and cyber risks, as well as natural catastrophes. However, what continues to trouble them most, are losses from business interruption. These are the key findings of the 6th annual Allianz Risk Barometer analysing corporate risks globally.


2017-01-11

Aon has launched a bespoke and proprietary three step solution designed to help organisations quantify the impact of Brexit risk exposures, and redesign risk management and risk financing structures. Brexit Navigator is supported by an interactive tool that presents scenario-based insights for each of the EU Four Freedoms: goods, capital, services and people, which help assess the impact of Brexit


2017-01-09

The Met Office has warned of plummeting temperatures this week, with snowy conditions expected across the UK, bringing the issue of business resilience to the fore. Is your business prepared?


2017-01-06

QBE has agreed a multi-year deal to license the RMS Cyber Accumulation Management System, supporting the insurers growing cyber business. The limited historical precedent for this peril makes it particularly challenging for insurers to set their capacity levels. Without the valuable insights into the extreme, but plausible, cyber events, many insurers have to assume a conservative view of risk as they are unable to set the Probable Maximum Loss for cyber catastrophes. This can limit growth of this potentially profitable line of business, as well as the efficient management of a firm’s capital.


2017-01-06

The Lloyd’s Market Association has welcomed the proposed reforms put forward in the Ministry of Justice’s consultation document ‘Reforming the Soft Tissue Injury (Whiplash) Claims Process’. Consultation closes today, 6 January.


2017-01-05

Figures gathered by specialist lines underwriting agency, CFC Underwriting, suggest that the fear factor was behind the growth in the cyber insurance market in 2016. Cyber insurance is the fastest growing line of cover in the world – the total written premium globally today is estimated at US$2.5bn, and Allianz estimates it will reach US$20bn by 2025.


2017-01-05

Political risk, cyber security, bribery and oil price and financial markets fluctuations are among chief concerns for businesses voiced by some of the UK’s leading risk experts as they look ahead to 2017.


2017-01-04

The Lloyd’s Market Association (LMA) has published a new guide on catastrophe modelling in response to the increasing use and complexity of today’s cat models. The new guide focuses on uncertainty in catastrophe modelling and is aimed at anyone who relies upon cat models but does not have a detailed understanding of the uncertainty contained within them.


2017-01-04

Congratulations to all of this year's Commercial Insurance Awards finalists! Now in its fourth year, these Awards are unique in rewarding commercial insurance endeavours. This year’s winners will be announced at a black tie awards gala dinner and ceremony at the Millennium Hotel, Mayfair London on 9th March 2017. Early table booking is advised.


2017-01-03

The International Underwriting Association says despite current and emerging challenges, there is much to be optimistic about for the coming year. Identifying five key priorities for the London company market in 2017, the IUA has put Brexit, central claims processing and technology all on the agenda.


2017-01-03

A new set of industry standards has been released to provide critical risk mitigation directives and support to underwriters writing marine risk in polar waters following the introduction this month of the new Polar Code, a code of practice for ships operating in the Arctic and Antarctic, which came into force on 1 January 2017.


2017-01-02

The Chartered Insurance Institute (CII) is encouraging firms in the insurance and financial advice sectors to start disclosing their gender pay information ahead of next April’s deadline, regardless of whether or not they are required to.


2016-12-21

The British Insurance Brokers’ Association (BIBA) launched a new free-to-use online facility for its members that will help with their due diligence when considering whether to use unrated non-life insurers.


2016-12-21

One year on from storm Eva, the British Insurance Brokers’ Association (BIBA) is set to meet businesses affected by last year’s floods in Cumbria to discuss the lesson learned, resilience and resistance measures and outline a new insurance product that could help protect against future storms.


2016-12-19

Brand and reputation risk protection is something that major companies and organisations are – or should be – all over; but for many small and medium sized enterprises that is just not the case. But failure to address this could have a much wider knock-on impact both up and down complex supply chains.


2016-12-19

The underlying strengths of the UK’s labour market will see jobs growth continue into 2017, according to the latest CBI figures. The annual survey – in its nineteenth year, with 353 respondents employing nearly 1.2 million people -- found that four in ten (41%) firms across the UK will grow their workforce in the year ahead. For the fourth year running, the survey shows that growth in permanent job opportunities will outstrip temporary recruitment.


2016-12-19

At least 12 people have been killed and 48 others wounded after a lorry was driven into a crowd at a Christmas market in Berlin, Germany last night. The German authorities are investigating whether there’s any link to terrorism.


2016-12-19

Underwriting confidence in the London Market continues to decline, according to PwC's latest review of market conditions for 2017. As insurers approach the 1 January 2017 renewal season, PwC anticipates premium rate reductions in 2017 will be lower than actual rate reductions in 2016; these, in turn, were lower than 2015 rate reductions, indicating increasing resistance from London Market insurers to falling prices.


2016-12-15

Just over a month since Yahoo revealed that information associated with at least 500 million user accounts was stolen in 2014, the Internet giant has admitted that hackers had successfully intruded its systems and compromised more than one billion user accounts one year before, in 2013.


2016-12-14

It is clear from the Chancellor’s Autumn Statement 2016 that there will continue to be pressure on public sector budgets. This was recognised in the Local Government Association’s response to the Autumn Statement which said that: “Many councils are faced with difficult decisions about which services are scaled back or stopped altogether.” These are challenging and uncertain times for the public sector.


2016-12-13

Challenges to globalisation and free trade highlighted by the US election and Brexit referendum usher in year of heightened strategic uncertainty for business. The distinction for businesses between perceived safe domestic markets and foreign ones rife with challenges has become marginal as risks increasingly come home through political, cyber and terrorism threats.


2016-12-12

As mobility evolves and more organisations see talent moving internationally, many businesses are facing a growing challenge to understand where in the world their people are working and what they are doing, with potential significant implications for their tax affairs and exposure to reputational risk, according to a survey by PwC.


2016-12-10

Poultry keepers across much of the UK have been told to keep their birds inside to protect them from a highly-infectious strain of avian flu in Europe. The UK’s Chief Veterinary Officer and the Scottish and Welsh Governments announced Avian Influenza Prevention Zones for England, Scotland and Wales to help protect poultry from the highly pathogenic strain of Avian Influenza (H5N8) currently circulating in mainland Europe. All zones across Great Britain will remain in place for 30 days and during that time keepers of poultry and other captive birds will be required to keep their birds indoors, or take appropriate steps to keep them separate from wild birds.


2016-12-08

The ‘protection gap’ is widening and a key role of the insurance industry is under threat as climate-related catastrophes worsen according to two reports published by ClimateWise, a network of 29 insurance industry bodies convened by the Institute for Sustainability Leadership at the University of Cambridge.


2016-12-08

A new international network of insurance regulators and supervisors has been launched to promote cooperation on critical sustainable insurance challenges, such as climate change.

Held in San Francisco, the first meeting of the Sustainable Insurance Forum included insurance supervisors and regulators from Brazil, California, France, Ghana, Jamaica, Morocco, the Netherlands, Singapore and the UK, as well as the International Association of Insurance Supervisors.


2016-12-07

Up to US$906 billion in company turnover depends on commodities that drive the majority of tropical deforestation globally according to a report by the Carbon Disclosure Project (CDP).

Some of the world’s largest companies - including Colgate Palmolive, L'Oréal, McDonald’s Corporation and Marks & Spencer - report in the study that, on average, nearly a quarter (24%) of their revenues depend upon four deforestation-linked commodities: cattle products; palm oil; soy; and timber products. As much as US$906 billion in annual turnover could be at risk according to the CDP report which highlights how vulnerable companies are to deforestation risks.


2016-12-07

James McAlister has formally taken over as chairman of the Business Continuity Institute, replacing David James-Brown whose two year term in office has come to an end.

A former police officer with over 30 years of experience in business continuity, civil protection, emergency planning, security, firearms, public order and training, McAlister has advised and contributed to many operations and exercises throughout the UK and internationally including political party conferences, major sporting events,


2016-12-07

A new survey by software firm ClusterSeven, warns that despite End User Computing (EUC) risk being widely recognised by organisations in the UK, only a small minority of businesses are even imposing manual control policies to mitigate the potential threats.

The report, entitled ‘The Spreadsheet is Here to Stay’, suggests that EUCs are one of the key contributors of financial, regulatory, operational and reputational risk.


2016-12-05

A report by commercial insurer RSA has found that Brexit is not perceived as a risk by the majority of SMEs, with 70 per cent stating that leaving the EU will either have no impact at all (43 per cent) or will have a positive effect on their business (27 per cent). However, SMEs identified a range of more significant threats which many companies are not sufficiently protected against.


2016-12-05

The British Insurance Brokers’ Association (BIBA) has announced the launch of a new commercial insurance scheme for businesses that will also include flood cover for many commercial premises located in areas at risk from flooding.


2016-12-01

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


2016-12-01

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


2016-12-01

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


2016-11-30

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


2016-11-29

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


2016-11-29

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


2016-11-28

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


2016-11-25

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


2016-11-25

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


2016-11-25

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


2016-11-24

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


2016-11-24

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


2016-11-23

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


2016-11-23

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


2016-11-22

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


2016-11-22

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


2016-11-21

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


2016-11-17

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


2016-11-16

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


2016-11-15

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


2016-11-15

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


2016-11-14

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


2016-11-14

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


2016-11-13

The digitisation megatrend is transforming consumer expectations across the globe, as internet and mobile phone usage increase year-on-year. The sheer pace and scale of this trend is forcing businesses to re-evaluate and adapt, and to engage with new ways of doing business to avoid lagging behind the curve.


2016-11-11

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


2016-11-10

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


2016-11-09

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


2016-11-08

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


2016-11-08

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


2016-11-08

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


2016-11-07

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


2016-11-04

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


2016-11-04

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


2016-11-04

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


2016-11-02

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


2016-11-01

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


2016-10-31

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


2016-10-30

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


2016-10-28

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


2016-10-26

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


2016-10-25

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


2016-10-25

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


2016-10-25

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


2016-10-24

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


2016-10-24

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


2016-10-21

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


2016-10-20

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


2016-10-20

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


2016-10-19

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


2016-10-19

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


2016-10-18

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


2016-10-18

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


2016-10-17

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


2016-10-12

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


2016-10-12

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


2016-10-11

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


2016-10-11

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


2016-10-10

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


2016-10-10

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


2016-10-07

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


2016-10-06

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


2016-10-06

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


2016-10-06

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


2016-10-05

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


2016-10-04

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


2016-10-04

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


2016-10-03

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


2016-10-03

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


2016-10-03

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


2016-09-30

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


2016-09-29

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


2016-09-29

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


2016-09-28

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


2016-09-28

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


2016-09-28

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


2016-09-28

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


2016-09-27

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


2016-09-26

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


2016-09-23

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


2016-09-23

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


2016-09-22

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


2016-09-22

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


2016-09-22

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


2016-09-21

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


2016-09-19

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


2016-09-16

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


2016-09-16

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


2016-09-15

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


2016-09-15

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


2016-09-15

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


2016-09-13

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



2016-09-12

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



2016-09-09

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


2016-09-08

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


2016-09-07

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


2016-09-06

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


2016-09-05

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


2016-09-02

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


2016-09-02

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


2016-09-01

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


2016-09-01

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


2016-08-31

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


2016-08-25

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


2016-08-25

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


2016-08-23

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


2016-08-22

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


2016-08-22

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


2016-08-18

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


2016-08-18

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


2016-08-18

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


2016-08-17

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


2016-08-17

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


2016-08-16

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


2016-08-15

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


2016-08-15

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


2016-08-12

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


2016-08-12

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


2016-08-11

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


2016-08-09

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


2016-08-09

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


2016-08-09

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


2016-08-08

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


2016-08-08

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


2016-08-05

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


2016-08-05

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


2016-08-04

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

The threat level remains unchanged.


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