Climate change could impact D&O, lawyers warn
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.
Databarracks unveils cost of IT downtime initiative
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.
Willis Towers Watson to acquire France's OAAGC
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.
UK Corporate Governance Code under review
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.
Business Continuity Awards: deadline extended
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...
IRM welcomes government’s cyber curriculum move
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.
Terrorism risk in 2017: Key developments
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.
Negative media reports found to ‘dramatically’ exacerbate operational losses
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”.