Augmented and virtual reality to create US$20bn risk by 2020
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.
London company market records £21.6bn in premium income for 2015
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.
Cost of two weeks’ disruption to small businesses revealed
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).
IUA calls for bilateral trade deal for reinsurance
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.
Standalone cyber policy take-up in US jumps 30pc
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.
Aon launches new cat model for Iceland’s most disastrous peril
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.
BridgeHead Software accepted on G-Cloud 8
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.
Arup and Lloyd’s Register Foundation launch £10m resilience programme
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.
Zurich launches supply chain cover for Asia
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.
CIR speaks to FM Global’s Simon Baker-Chambers about business resilience in the waste-to-energy sector
Deborah Ritchie provides a summary of some of the latest stories in business risk, insurance and resilience
AGCS partners with BAE Systems on cyber risk solution
Biggest risk to confidentiality and IP integrity revealed
2017 risk predictions: Legal eagles cast their eyes over insurance industry
Risk Management Awards – host announced
Construction industry at greatest risk of modern slavery
London Market insurers team up to address terrorism risks
Modern slavery rife as companies struggle to track supply chains
Swiss Re launches cyber insurance product for German market