The Financial Conduct Authority has reminded insurance firms to review the value of their products in light of the impacts of coronavirus.
The watchdog has asked firms to complete their reviews by 3rd December 2020. This follows guidance published in June and setting out its expectations for insurers and intermediaries to consider the value of their products in light of the exceptional circumstances arising from COVID-19.
The guidance highlighted that the impact of the coronavirus pandemic could affect the value of insurance products for customers. In particular, where firms have been unable to provide benefits or where changed circumstances mean the product now provides little or no utility.
Financial institutions were early adopters of cyber security and insurance. Are they still on top of the game?
Managing huge amounts of sensitive data online makes financial institutions a prime target for hackers. As such, the sector was an early cohort for insurers in creating cyber cover. Since then, the market has evolved almost beyond recognition. It continues to challenge itself to this day, complying with rigorous regulatory demands and implementing avant-garde enhancements to keep abreast of the ever-changing risks. Published June 2021
Manufacturing: An industry at risk amid great technological change
Of the many sectors of business, manufacturing companies are among the most at risk from cyber threats. How has the sector evolved to make it so vulnerable and what does the task of managing cyber exposure in a manufacturing company look like? CIR’s latest podcast with Tokio Marine HCC sought to answer all these questions and more. Published April 2021
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