UK mid-market boards ignoring £30bn cyber risks
The cost of cyber security breaches to UK mid-market business has reached at least £30bn and yet many boards have yet to take steps to directly address the issue according to a new report. Research by Grant Thornton found that more than half (53%) of the companies interviewed reported losses equivalent to 3-10% of revenue following a cyber-breach. For those businesses hit most severely, losses can reach up to 25%.
Consumers hold businesses accountable for environment
Research by KPMG has found that over two-thirds (67%) of Brits say they care more about the environmental impact of the consumer goods they buy today compared to five years ago, but they mainly feel it is the responsibility of manufacturers and producers to tackle the issue. In the poll of over 2,000 consumers, when asked who they feel should be most responsible for ensuring the goods they buy are environmentally-friendly, over half (53%) of respondents said the companies producing or manufacturing products
Ecclesiastical and HSE produce risk prevention guide for brokers
Ecclesiastical is encouraging brokers to speak to their clients about how best to protect themselves and the people who work, visit or volunteer at their heritage property by releasing a series of risk prevention guides. Slips and trips are the single most common cause of injury in the UK workplace and account for over a third of liability claims. Historic properties can present unique challenges in comparison to modern buildings when preventing slips and trips due to design constraints and the aesthetic of the building. For example, modern solutions like modern handrails, concrete repairs and infills to worn stone steps are often impractical and out of character with the rest of the building.
Data breach whistleblower reports to ICO increase by 175% since GDPR
The number of whistleblower reports to the ICO over data breaches has risen 175% in the year since the introduction of GDPR, from 138 in 2017/18 to 379 in 2018/19, according to figures obtained by law firm RPC. It says that the introduction of GDPR in May 2018 has made people significantly more vigilant and aware about the handling of personal data, and more likely to report potential data breaches. The firm adds that the sudden increase in whistleblower reports will be worrying for businesses, especially given the £283m in data breach fines recently issued by the ICO to British Airways and hotel group Marriott International.
COMMENT: Tables turned
The Lord Chancellor, David Gauke, this month announced the outcome of the first discount rate review under the new methodology provided for in the Civil Liability Act 2018 – an outcome met with huge disappointment around the insurance industry. From 5 August 2019, the rate applicable to personal injury lump sum compensation payments will be minus 0.25%. Whilst not a complete surprise, the rate is considered to be at the low end of expectations, may still result in overcompensation to claimants, and, at the same time, may damage insurers’ balance sheets.
Booming economy and human element behind increase in equipment-related property losses
Equipment breakdown now rivals fire loss in both frequency and severity of claims, according to an analysis of large risk losses reported in 2018 to FM Global. Of the company’s 232 large risk losses last year, 65 were the result of equipment breakdown resulting in 28% of FM Global losses across all industries in 2018.
DroneBase purchases Betterview’s aerial inspection software
Drone services company, DroneBase, has acquired Betterview’s drone roof inspection software and services, establishing the company’s first foray into analytics. The new software aims to help insurers and property managers assess damage and mitigate risk for commercial properties, and is currently in use by Berkshire Hathaway Homestate Companies. DroneBase Insights gives customers access to years worth of aerial data.
VIEW: On the latest change to the personal injury discount rate
The principle of 100% compensation for personal injury claims is something that BIBA, along with others in the insurance sector, have been campaigning for since the Ogden rate – the multiplier used by insurers to calculate payments was reduced to -0.75% in 2017.