Civil Liability Bill brought before Parliament
The Ministry of Justice confirmed today that long awaited legislation to help genuine injury claims be settled fairly will be brought before Parliament today. The Bill will also address the problems that arose by the way in which the Personal Injury Discount Rate (Ogden Tables) is set, to create “a fairer and better system while still providing full compensation”.
Government to close terrorism insurance gap
Pool Re has welcomed government’s commitment to amend the 1993 Reinsurance (Acts of Terrorism) Act to enable it to extend its cover to include non-damage business interruption losses resulting from acts of terrorism. The reinsurer is currently restricted by the 1993 Act only to pay out if physical damage has occurred to commercial property. This means that businesses, inside a police cordon, that suffer financial loss through being unable to access their property or to trade, are only covered if there has been physical damage during a terrorist attack.
GDPR compliance a ‘cultural’ challenge, Airmic says
Airmic has published a practical guide to GDPR, which sets out to simplify the potentially complex regulatory challenge of the latest EU data protection rules. It is written primarily for risk managers who, it says, are ideally placed to co-ordinate the response because of their wider perspective and touchpoints across the organisation.
Schneider Electric reinforces supplier risk management
Schneider Electric has joined the Responsible Business Alliance (RBA), a coalition 120 companies from the electronic, retail, automobile and toy industries that promotes standards in human rights, safety and security, environmental protection and business ethics.
IRM appoints new chairman
The IRM has announced the appointment of Socrates Coudounaris as incoming chair of the board when the current chair, Nicola Crawford, steps down in May. Coudounaris is executive director of risk for the EMEA region at Reinsurance Group of America.
US$200bn of cyber crime laundered every year
An academic study into the macro economics of cyber crime and laundering estimate that US$80-US$200bn are ‘cashed out’ each year, and in total cyber criminal proceeds make up an estimated 8 to 10% of all illegal profits laundered globally. The findings, part of a larger nine-month study titled Into the Web of Profit and sponsored by Bromium, report the use of virtual currencies as the primary tool used by cyber criminals for money laundering. However, Bitcoin is now out of favour with the criminal elements who increasingly use to less recognised virtual currencies that provide greater anonymity.
CII joins Time to Change movement
The Chartered Insurance Institute (CII) is the latest signatory of the Time to Change pledge to end mental health stigma. Time to Change is a growing social movement run by charities Mind and Rethink Mental Illness, which supports people to open up to mental health problems. By signing, the CII is committing to change the way we all think and act about mental health in the workplace.
Insurance CEOs optimistic on growth
More than 90% of insurance leaders from across the globe are confident about their organisation’s revenue prospects over the next three years. This is despite the fact that insurance CEOs are more concerned about the pace of technological change than leaders in any other .