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Established 1996
Monday 23 January 2017

BREAKING NEWS

Study reveals finance’s perception of operational risk

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.

Rise of new professions to create new PI demands

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.

Digitisation drives new wave of insurer M&As

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.

Other News Stories...

British businesses advised to prepare for Arctic conditions

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?

BIBA calls for a halt to further IPT hikes

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.

Non-physical risks of growing concern among businesses, says Allianz study

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.

Aon launches loss estimating tool for oil and gas sector

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.

Business resilience
Description
CIR speaks to FM Global’s Simon Baker-Chambers about business resilience in the waste-to-energy sector

Business resilience
Description
CIR speaks to FM Global’s Simon Baker-Chambers about business resilience in the waste-to-energy sector
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Industry News
Deborah Ritchie provides a summary of some of the latest stories in business risk, insurance and resilience
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