Data security deciding factor for 9 out of 10 customers
New research from the CBI demonstrates just how much consumers value information security today. The way companies treat personal data is the top concern for potential customers and business partners, with almost 9 out of 10 people identifying good data security and the protection of personal information as the key characteristic they look for when deciding where to spend.
High-profile business failures take toll on public confidence
High-profile failures, such as the recent collapse of Carillion, have contributed to a decline in public confidence in businesses. This is according to a CBI / Porter Novelli survey, which notes a 9% fall in confidence since the previous survey in October 2017. Business reputation declined in 10 out of the 12 regions in the UK, it said.
VIEW: The upside of austerity?
It will soon be ten years since David Cameron declared that the “age of irresponsibility is giving way to the age of austerity”. The austerity programme was initiated in 2010, since which time organisations delivering vital services to communities have faced tough challenges and difficult decisions. At the same time, it has also led them to embrace the risks posed by large funding cuts and to take forward some ambitious change programmes.
AIR: Hurricane Florence insured losses could reach US$4.6bn
AIR Worldwide estimates that, to date, industry insured losses resulting from Hurricane Florence’s winds and storm surge will range from US$1.7bn to US$ 4.6bn. “Hurricane Florence, once a Category 4 storm, made landfall near Wrightsville Beach, North Carolina, at about 0715 on Friday, as a Category 1 storm with 90 mph winds,” said Dr. Peter Sousounis, vice-president and director or meteorology, AIR Worldwide. “As Florence approached the East Coast, it grew in size and exhibited multiple wind maxima, which are found in storms with abnormally low central pressure for a given maximum wind speed. As a consequence, strong winds extended well north of the landfall location up to the Outer Banks and into Pamlico Sound, which caused a high storm surge in this area.”
IPT income up 22pc to £6bn
The government’s income from Insurance Premium Tax increased to £6bn for the year ending July 2018, up 22% on £4.88bn collected the previous year – a far bigger impact on businesses and consumers than had been predicted by the government, according to accountants UHY Hacker Young.
VIEW: Intangible risks: A new frontier for underwriters?
What is the point of corporate insurance? Until recently that would have seemed a strange question. However, against a backdrop of disruption to business models, a shift from tangible to intangible assets and associated changes to risk profiles, businesses are seeking new insurance solutions and services appropriate to the digital age.
VIEW: Public opinion and the risk manager
Every risk manager measures conduct risk with more than half an eye on the regulator, and for good reason. However, regulators do not always have the last word in how their rules are interpreted; they are accountable to politicians, and politicians are accountable to the public.
Marsh acquires JLT
Marsh & McLennan is to acquire Jardine Lloyd Thompson Group. Under the terms of the transaction, holders of JLT’s common shares will receive cash consideration of £19.15 pounds per share. Total cash consideration equates to US$5.6b in fully diluted equity value, or an estimated enterprise value of US$6.4bn. The transaction will be funded by a combination of cash on hand and proceeds from debt financing.