News

A cyber attack on IT systems at Manchester United has led to a week-long period of disruption at the Premier League club. The National Cyber Security Centre (NCSC) is assisting the club in investigating the cause and its impact.
Posted: 2020-11-27
More than half of insurance professionals do not believe it is economically sustainable for the government to continue to step in as an insurer of last resort, according to a survey of members by the Chartered Insurance Institute (CII).
Posted: 2020-11-27
Many firms have taken action to react to the risks, challenges and stresses caused by the COVID-19 pandemic, according to KPMG’s annual Risk and ICAAP benchmarking survey. Two-thirds (65%) of firms performed additional stress tests, with these leading to 30% taking management actions to increase resources of both capital and liquidity.
Posted: 2020-11-27
Lloyd’s has received final approval from the High Court of England and Wales to transfer EEA policies to its Belgium-based subsidiary, Lloyd’s Insurance Company SA. The announcement follows previous confirmation that Lloyd’s intended to transfer the market’s existing European business which will be affected by the loss of passporting rights from Lloyd’s members to Lloyd’s Europe.
Posted: 2020-11-26
Under the new tier system announced by the UK government today, 98% of the country’s hospitality trade will now take place in tier 2 and 3 regions, according to trade organisation UKHospitality. It says that should the restrictions last the entire month of December, an estimated £7.8bn worth of trading is set to be lost, compared to 2019’s figures.
Posted: 2020-11-26
Two thirds (68%) of business leaders used automation to respond to the impact of the COVID-19 pandemic, according to new research from Deloitte on robotic and intelligent automation.
Posted: 2020-11-26
The major UK telecoms network operators face large fines if they fail to adequately tighten security to meet the requirements of the Telecommunications Security Bill, which will remove the involvement of Chinese manufacturer Huawei in the country’s 5G network.
Posted: 2020-11-25
The biggest concern over outbound communications for UK public sector organisations is reputational damage, according to a survey of healthcare and local government IT and risk professionals.
Posted: 2020-11-25
Technological advancements, such as hydrogen and artificial intelligence (AI), will have a critical role to play in reaching net zero in a post-COVID-19 world, according to the 56th EY Renewable Energy Country Attractiveness Index (RECAI). The Index highlights that climate change and renewables must stay at the top of the global agenda if the low-carbon transition is to be accelerated but notes that grid stability remains a significant barrier to faster renewables adoption.
Posted: 2020-11-25
Retail sales volumes fell in the year to November, but online sales rose at the fastest pace in two years according to the latest CBI quarterly Distributive Trades Survey. The survey of 114 firms – including 57 retailers – found that overall retail sales volumes fell in the year to November at a similar pace to the previous month.
Posted: 2020-11-24
The financial cost of climate change risk, estimated to be upwards of US$1 trillion, poses a significant threat to businesses and requires an improvement in skillset according to a survey by Eversheds Sutherland and KPMG. Responses from 113 UK directors and executives from major global companies revealed that company boards and management recognise the need to upskill to confront climate-related risks.
Posted: 2020-11-24
Ground risk assessment specialist Terrafirma has launched National Ground Risk Model (NGRM): Climate, designed to help insurers understand how ground risk may impact their properties they insure in a changing climate.
Posted: 2020-11-24
COVID-19 has re-shaped the risk landscape for chief audit executives (CAEs), as they highlight IT governance to be the top risk for 2021 according to research by Gartner. A survey to identify the ‘hot spots’ facing boards, audit committees and executives found that a rapid shift to working from home has led organisations to jump years forward with their digital roadmaps in the space of just a few weeks.
Posted: 2020-11-23
Almost half (47%) of UK charities expect their reserves to run out within the next year, according to new research commissioned by Ecclesiastical Insurance. Over 250 charities were surveyed as part of a YouGov poll to assess the impact of COVID-19 on the sector, and over half (55%) of respondents said they were concerned about a loss of funding, with seven out of ten (71%) charities citing COVID-19 as a reason for their increased concern.
Posted: 2020-11-23
Businesses which import and export goods are facing rising costs as a result of global pressures on shipping demand that have caused major delays at the UK’s largest container port at Felixstowe, Suffolk. The port’s owner has warned of further delays, leading to concerns over shortages as stockpiling of goods such as PPE and post-Brexit orders have caused major backlogs.
Posted: 2020-11-20
Liability emerging risk modeling firm Praedicat has developed a suite of scenarios for the casualty insurance market that allows insurers to track exposures, establish reserves, and manage aggregations to help combat the impact of COVID-19 pandemic.
Posted: 2020-11-20
The CBI is calling on the government to establish a clear pathway out of lockdown ahead of the ending of the current restrictions on 2 December. With England halfway through its second national lockdown, the CBI is urging the government to publish a detailed exit strategy and guidance with at least seven days warning which it says is vital to help business prepare, strengthen supply and boost consumer confidence.
Posted: 2020-11-19
External attacks on companies result in the most expensive cyber insurance losses but it is employee mistakes and technical problems that are the most frequent cause of claims by number, according to a new report from Allianz Global Corporate & Specialty (AGCS).
Posted: 2020-11-19
UK companies saw levels of home working nearly quadruple from one-in-five employees (20%) in 2019 to nearly three-quarters (73%) in 2020 due to the COVID-19 pandemic, according to research from Willis Towers Watson.
Posted: 2020-11-19
Ransomware is the most common cyber threat to small and medium size enterprises, with remote working during the COVID-19 pandemic adding to the potential exposure, according to a survey of over 1,000 managed service providers by cloud software and technology provider Datto.
Posted: 2020-11-18
Catastrophe modelling firm AIR Worldwide has released its 2020 Global Modelled Catastrophe Losses report, detailing key loss figures from AIR’s global industry exceedance probability curve. Based on the report, AIR estimates that the global modelled insured average annual loss from catastrophes worldwide is nearly US$100bn.
Posted: 2020-11-17
Aerial mapping company Bluesky is releasing its entire catalogue of geographically referenced oblique aerial images of UK cities via a new subscription-based streaming service. Working with Geoxphere, a specialist in cloud-based geographic information systems, Bluesky will offer the MetroVista imagery via web viewer which also includes measurement tools for detailed analysis of building features, façade details and street furniture locations.
Posted: 2020-11-17
Recent measures to combat the spread of COVID-19 have seen consumer sentiment fall from -1 in September to -10 according to new data from PwC. This is the sharpest decline since the first lockdown began in March 2020 and undermines the progress made over the summer to pre-pandemic levels.
Posted: 2020-11-17
Trading on the Australian shares market was halted for most of Monday due to a technical problem. The Australian Securities Exchange said that the issue was a software error which showed inaccurate market information. In a statement, ASX and its technology provider Nasdaq said it had identified the root cause and a resolution path to fix it. A software issue limited to the trading of multiple securities in a single order (combination trading) created inaccurate market data.
Posted: 2020-11-16
Many large organisations have ignored or downplayed the potential impact of pandemics or epidemics on their business, leaving them hugely exposed to such events. A report by insurance buyer and claims resolution company Mactavish has revealed major flaws in the presentation of risk analysis and mitigation by FTSE 100 companies when it comes to assessing the potential impact of a pandemic.
Posted: 2020-11-16
Specialist insurer HSB is expanding its engineering services to offer consultancy services aimed at enabling businesses to improve efficiency and meet their compliance obligations. Using the technical knowledge of its engineers, HSB’s new range of consultancy services will provide businesses with improved analysis of their equipment and health and safety practices, with the aim of helping companies to understand and maximise operational efficiencies, reduce breakdown and risk, as well as lessen maintenance and energy costs.
Posted: 2020-11-16
Large business and financial institutions will be required to detail their exposure to climate risks under new regulations to be implemented within the next five years. In a statement to MPs, UK chancellor Rishi Sunak described a new post-Brexit chapter for the financial sector.
Posted: 2020-11-13
The mental health of employees in the UK continues to be at risk, with declining workplace productivity and the need for mental health support adding to the ongoing mental strain of the pandemic. The latest figures from the Mental Health Index, produced each month by wellbeing and mental health service provider Morneau Shepell, suggest a continuation of the decline in the rate as the pandemic continues.
Posted: 2020-11-13
The Information Commissioner’s Office (ICO) has fined Ticketmaster UK £1.25million for failing to keep its customers’ personal data secure. The ICO found that the company failed to put appropriate security measures in place to prevent a cyber-attack on a chat-bot installed on its online payment page.
Posted: 2020-11-13
The increasing sophistication of cyber criminals, coupled with the rapid shift to digital technologies brought about by the coronavirus pandemic has reinforced awareness of the importance of cyber security according to a survey by PwC.
Posted: 2020-11-12
The manufacturing sector is looking to overcome the many challenges caused by the coronavirus situation by turning to cloud-enabled digital transformation projects. This is ushering in the new era of smart and sustainable manufacturing at a pace faster than was predicted prior to the pandemic, according to software firm InfinityQS.
Posted: 2020-11-12
AXA XL Risk Consulting has introduced Risk Scanning, a new risk assessment service. The solution combines the knowledge of AXA XL’s risk consultants with data mining capabilities and probabilistic algorithms to carry out multi-peril assessments of a company’s physical locations.
Posted: 2020-11-12
Ministers will today introduce the National Security and Investment Bill to enhance the government’s powers to investigate and intervene in potentially hostile foreign direct investment that threatens UK national security.
Posted: 2020-11-11
The web applications used by US retailers are at risk than those of EU firms, despite being more modern.
Posted: 2020-11-11
Thomas Miller Americas has set up Fairlead Group to provide investigation and surveillance reports for personal injury cases.
Posted: 2020-11-11
Understanding and predicting human behaviour is a major challenge in creating effective cyber and pandemic risk models.
Posted: 2020-11-10
The UK government has secured agreement from social media firms including Facebook, Twitter and Google to minimise the spread of fake news relating to a vaccine for COVID-19. The platforms have agreed to follow a number of principles.
Posted: 2020-11-10
Research from the Chartered Institute of Internal Auditors and The Climate Group has found the majority of businesses are doing little to no internal audit work related to climate change.
Posted: 2020-11-09
The government has increased the risk level of an avian flu outbreak in poultry from low to medium.
Posted: 2020-11-09
The government has named 20 aviation projects that will receive £7m in funding to accelerate solutions for problems ranging from COVID-19 to climate change.
Posted: 2020-11-09
Shares in RSA shot up by 46% yesterday after the insurer confirmed it had received a joint takeover offer from Canadian insurer Intact Financial Corporation and Scandinavian insurer Tryg A/S.
Posted: 2020-11-06
Zurich has announced plans to retrain two thirds of its workforce, or roughly 3,000 of its UK employees, over the next five years to upskill in-house assets in specialist areas such as robotics, data science and cyber security.
Posted: 2020-11-06
The BIBA has welcomed a report into the experiences of businesses and residents affected by last year’s floods in Doncaster. It association said it was pleased that the detailed report presents positive recommendations which if implemented will benefit those most impacted by flooding, if they are used alongside repair and prevention measures.
Posted: 2020-11-05
Lloyd’s has today published the second part of its transformation strategy, comprising a schedule for delivery over two-years of its ambitions set out in September 2019, promising "tangible solutions that will radically shift the market to a digital ecosystem, powered by data and technology".
Posted: 2020-11-05
Aon is working with Athenium Analytics to build enhanced modelling capabilities for severe convective storms, as insurers tackle growing losses associated with this peril.
Posted: 2020-11-04
The cost and design of employer-provided health benefits are set to change considerably as a result of COVID-related disruption to healthcare and working patterns, according to a report by Mercer Marsh Benefits. The company's latest Health Trends: 2020 Insurer Survey suggests that 68% of insurers expect increased medical claims driven by COVID-19 diagnostics, care and treatment.
Posted: 2020-11-04
More than a quarter of UK cyber security incidents from the past year were COVID-related, despite the first lockdown starting about half way through the period, with ransomware the main attack vector. The agency defended the UK from 723 cyber incidents in the year to August 2020 -- an average of 60 attacks a month.
Posted: 2020-11-03
The British Insurance Brokers’ Association has announced its 2020 conference will be digital and based on the theme of strengthening resilience.
Posted: 2020-11-03
Refinitiv is to acquire digital identity, payments verification and fraud prevention solutions provider, Giact Systems.

Giact Systems was founded in Texas in 2004 and now has over 100 employees supporting more than 1,000 companies, payment merchants, financial and insurance customers across the US.
Posted: 2020-11-03
Businesses face tougher national restrictions in England this week as the country enters a second national lockdown. A 'WFH where you can' rule will be in place, along with a raft of other, specific instructions for different types of organisation. There were 23,254 new cases of the virus reported in the 24 hours to Sunday, taking the total to 1,034,914.
Posted: 2020-11-02
The Information Commissioner’s Office has fined Marriott International Inc £18.4m over a 2014 hack which saw records of 339 million guests stolen by hackers
Posted: 2020-11-02
Broker body LIIBA has said that a straw poll of London-based insurance brokers conducted in August reveals a marked uptick in premium volumes flowing into London from the US this summer. Total premiums for US P/C business were 25% higher in in July 2020 than they were a in July 2019. US reinsurance business was 40% higher over the same period.
Posted: 2020-11-02
Coronavirus cases continue to soar worldwide, with UK numbers reaching 23,065 in just one day. Both France and Germany have chosen to enforce second national lockdowns, and in the US, an unprecedented daily rise of 90,000 new infections has been recorded. With almost 9 million cases in total, the US is the worst affected country in the world.
Posted: 2020-10-30
The Financial Conduct Authority has reminded insurance firms to review the value of their products in light of the impacts of coronavirus.
Posted: 2020-10-30
Over a third of small businesses admit to having had to address a legal issue within the last 12 months, over a fifth more than once. Despite this, nearly seven in ten do not consider third-party legal advice a priority.
Posted: 2020-10-29
The vast majority of fast moving consumer goods companies have suffered reputation risks at hands of social media influencers, and a proportion of these on multiple occasions. Still, nearly half of these firms plan to spend up to 50% of their marketing budget on these online ambassadors post-COVID-19.
Posted: 2020-10-29
Sungard Availability Services has today announced a new partnership with Megaport that will enable its datacentres worldwide with software-defined cloud interconnection capabilities.
Posted: 2020-10-29
Social engineering techniques are becoming increasingly sophisticated, with phishing attempts the most prevalent type, followed by malware and web hack, according to analysis conducted by BSI.
Posted: 2020-10-28
Specialist travel insurance product for high risk destinations, High Risk Voyager Travel Insurance, has enhanced its product by providing emergency medical, repatriation, funeral expenses and hospital benefit cover for COVID-19.
Posted: 2020-10-28
TT Club has launched a Brexit guidance resource for the freight supply chain to help address the many and complex challenges relating to Brexit, and relevant to drivers, haulage companies, freight forwarders, customs agencies, logistics operators and port operators in both and UK and the EU.
Posted: 2020-10-27
The IUA says drivers should not be able to take their eyes off the road when using a proposed new assisted driving system. The IUA supports the roll out of automated vehicles which have the potential to reduce traffic accidents and greatly improve road safety. It believes, however, that ALKS cannot be considered as automated driving.
Posted: 2020-10-27
Flooding could impact more than 1.2 million properties across Great Britain in the next 30 years, with potential insurance liabilities reaching £122bn. A further 1.9m properties are predicted to be newly at risk of subsidence by 2050, a development which is thought might double insurance claims.
Posted: 2020-10-26
Assurance Software, Avalution Consulting and ClearView Continuity have together rebranded as Castellan Solutions.
Posted: 2020-10-26
Specialist environmental schemes provider, Oil Spill Insurance Services, has teamed up with Touchstone Underwriting to develop an environmental insurance policy for commercial above ground oil storage tanks -- of which there are over one million in Great Britain.
Posted: 2020-10-26
The Financial Conduct Authority and Prudential Regulation Authority have fined Goldman Sachs International £96.6m for risk management failures associated with Malaysia Development Berhad and its role in three fund raising transactions for 1MDB.
Posted: 2020-10-23
The COVID-19 pandemic has brought about complex and varying responses by governments and businesses, in turn wreaking havoc on supply chain continuity. This week, BSI's latest quarterly review reveals that cargo theft, smuggling, and child labour are all persistent themes in global supply chain threats and trends.
Posted: 2020-10-23
UK security provider, Stanley Security has this week launched its new Remote Guard service, combining CCTV, access control, intercoms and remote monitoring.
Posted: 2020-10-22
DAC Beachcroft has been appointed to act for Network Rail to handle public and employer’s liability claims. The owner and infrastructure manager for most of the UK's railway networks has appointed the law firm on a sole supplier basis, for three years.
Posted: 2020-10-22
Sungard Availability Services has today opened its newly expanded Technology Centre 3 data hall, the latest of its Connected Infrastructure Hubs offering high-performance, low-latency connectivity to public cloud environments and other global destinations. The launch marks a significant expansion of its datacentre footprint in Surrey, enabling incremental growth of 1.5MW of resilient power.
Posted: 2020-10-21
CFC has launched coverage for IP infringement risks associated with acquisitions.
Posted: 2020-10-15
AI-powered video analytics firm, Ipsotek has today launched a new tool that detects whether or not employees are adhering to COVID-related social distancing measures. Proximity Detection analyses shape, appearance and trajectory to identify individuals anonymously -- rather than face recognition or mobile phone signal tracking, deploying tailored algorithms to analyse camera footage in real-time.
Posted: 2020-10-15
London, Essex, York, Elmbridge, Barrow-in-Furness, North East Derbyshire, Erewash and Chesterfield will be moved to tougher, Tier 2 COVID measures from midnight tomorrow, Friday. Under this high alert level, there is a ban on households mixing indoors, including in pubs and restaurants.
Posted: 2020-10-15
FM Global has created a forest products and chemical industries division. James P. O’Brien, a 31-year veteran of the company, and current senior vice-president and central US division manager, has been promoted to oversee the newly created Canada and specialty industries division.
Posted: 2020-10-14
The IRM has been granted supporting training provider status to deliver the professional qualification element of the Modern Apprenticeship in Risk and Compliance from the Register of Apprenticeship Training Providers.
Posted: 2020-10-14
The TRUMPF Group is entering into a strategic partnership with Munich Re to develop a pay-per-part model for factory machines, making production processes more flexible and enabling user companies to scale up or down more easily. The offering includes insurance against the financial impact of potential production downtime.
Posted: 2020-10-14
A new survey reflects rising levels of confidence amongst general insurers, despite expectations of another challenging year in 2021. Optimism amongst life insurers remains flat, which is still a significant improvement on recent quarters.
Posted: 2020-10-13
A new report highlights South Africa's ongoing vulnerability to cargo theft, with the hijacking of vehicles in transit the primary theft type in H1 2020. Historically, there is an inverse relationship between crime and economic growth in South Africa. This year, COVID-19 has contributed to a worsening of the issue, with theft from facilities on the rise, as well as thefts of food, beverages and medical supplies.
Posted: 2020-10-13
From midnight tonight, UK businesses will be subject to new rules aligned with the the new three-tier COVID alert levels system introduced this week by the Government. Local COVID alert levels set out information for local authorities, residents and workers about what to do and how to manage the outbreak in their area.
Posted: 2020-10-13
Zurich Insurance has expanded its business travel offering through broader insurance coverage, a larger international servicing network, and new technological capabilities to support both travellers and risk managers, including a simplified CO2 emission self-assessment calculator.
Posted: 2020-10-12
Case studies of London, New York City, Miami, Mexico City, Johannesburg, Riyadh and Shanghai aim to help risk managers, as well as Lloyd’s market insurers and brokers, understand the risks that will influence the design and function of cities in the coming decades. More than half of the global population now live in urban areas.
Posted: 2020-10-12
Businesses struggling during the second wave of COVID-19 are urged to adopt the principles of agility that saw other organisations through the first.
Posted: 2020-10-12
Liz Kendall, a Labour shadow minister and MP for Leicester West has written to several institutional investors asking them to remove the Boohoo CEO and chair. The call comes after the revelations into labour within Leicester’s garment industry and particularly in factories owned by Boohoo.
Posted: 2020-10-09
The High Court has handed down its much-anticipated judgment in the COVID-19 Business Interruption insurance test case of the Financial Conduct Authority v Arch and Others. Following the unprecedented disruption of many businesses caused by the COVID-19 pandemic, many brought claims under the business interruption clauses contained within their insurance policies.
Posted: 2020-10-07
The National Fire Chiefs Council has redoubled its efforts to have all schools fitted with sprinklers following recent blazes at two schools in Derbyshire. According to figures from the Association of British Insurers, the most expensive school fires cost in the region of £2.8m to address. Over a four-year period, an average of 24 large loss fires occurred every year, totalling £67.2m.
Posted: 2020-10-07
More than half of the UK's construction companies have altered their procurement processes, placing a greater emphasis on risk management to tackle pandemic-related operating challenges. This is according to contractors' accreditation organisation, Chas' survey of almost 900 construction businesses.
Posted: 2020-10-07
Swiss Re Corporate Solutions is working with Hitachi Europe to roll out integrated insurance-based solutions for the manufacturing machinery and transport industries. Designed to help accelerate digital transformation while minimising the risk of downtime to critical processes and operations, the solution aims to maximise productivity and insure against disruption.
Posted: 2020-10-06
Aon is working with predictive analytics company, Athenium Analytics to develop a next-generation claims quality platform to enable insurers to identify high-risk claims.
The insurer hopes the collaboration will produce around 4% to 6% improvement in claims indemnity and expenses.
Posted: 2020-10-06
AXA XL's Jason Harris has taken over from Richard Pryce as CEO of QBE's International Division, which includes European Operations. A well-known insurance industry figure, Mr Harris has held a number of senior global roles within the industry and is an underwriter by background, having started his career working in offshore energy.
Posted: 2020-10-05
Direct Line has today launched its new Legal Essentials and Tools Essentials services for small businesses and tradespeople. Legal Essentials aims to provide SMEs with a comprehensive legal documents service and 24/7 helpline through a partnership with DAS UK's Businesslaw division, while Tools Essentials has been set up to protect tradespeople’s equipment within 24 hours. Farillio provides the technology behind this new platform.
Posted: 2020-10-05
The Hamburg Commissioner for Data Protection and Freedom of Information has fined Swedish retailer H&M €35.3m (£32m) after the company was found to have monitored several hundred employees in a Nuremberg service centre.
Posted: 2020-10-02
Government investment in transport and infrastructure must evolve alongside changing commuter habits, according to a report published today by the CBI. Significant interventions have been needed to maintain commuter routes amid the decline in public transport demand resulting from the coronavirus pandemic, including grant support for bus services and emergency funding for railways.
Posted: 2020-10-02
As businesses race to digitise processes and work with a remote or hybrid workforce in response to the pandemic, they are exposing their IP to a range of new risks.
Posted: 2020-10-02
Pool Re is offering members and other stakeholders an opportunity to put forward their views on the future scope of the terrorism pool's activities and operating model.
Posted: 2020-10-01
The CII has urged brokers to ensure public liability insurance policies account for legionnaires' disease. When a building has been closed or had reduced occupancy, as has been the case during the coronavirus pandemic, water system stagnation can occur due to lack of use, increasing the risks of the disease.
Posted: 2020-10-01
The Financial Conduct Authority has published an updated set of rules that will apply at the end of the transition period, including details of how it intends to use its Temporary Transitional Power. The TTP gives the FCA flexibility as to how and when changes to its rules apply following the end of the transition period, allowing firms to transition to the new regime. Where it applies, the TTP means that regulated entities can continue to comply with their existing requirements for a limited period.
Posted: 2020-10-01
Claims resolution firm Mactavish says the rise of standardised commercial policies will increase disputes over claims and reduce trust in the insurance sector. Bruce Hepburn, CEO at Mactavish said clients are being let down by policies that are not fit for purpose.
Posted: 2020-09-30
Businesses are being urged to prepare for the introduction of the UK’s new points-based immigration system, as free movement ends and the way businesses hire from the EU changes.
Posted: 2020-09-30
Lloyd’s has launched a new business interruption policy designed to protect SMEs against IT disruption or downtime. Led by Tokio Marine Kiln and supported by RenaissanceRe, Parametrix Insurance is the first off-the-shelf parametric policy of its kind.
Posted: 2020-09-30
More than 1,000 devices were either lost or stolen from government departments between April 2019 and March 2020, of which 139 devices went missing from the Department for Education (up 50% on the previous year) and 35 from NHS Digital (almost double on the previous year).
Posted: 2020-09-29
Underlining its commitment to decarbonising its operations, AXA XL has today revealed the details of its Carbon Management Strategy, and its contribution to the transition towards a more sustainable economy by 2050.
Posted: 2020-09-29
Nexus Specialty has added a new excess and surplus offering to to its professional liability product range.
Posted: 2020-09-28
So far, 2020 has certainly been a challenging year. Risk managers have been at the forefront of managing the COVID-19 crisis response from organisations around the world. There is no doubt that lessons have already been learned in respect of approaches to enterprise risk management -- lessons which will be assessed in the coming months and perhaps even studied for many years after.
Posted: 2020-09-28
AIG CEO, Anthony Baldwin takes office today as the new president of the Insurance Institute of London for 2020-21. Mr Baldwin succeeds Charles Berry FCII, chair, BPL Global, and is joined by new deputy president, Julian Enoizi (CEO of Pool Re) and deputy president designate, Christopher Lay ACII (CEO, Marsh UK & Ireland).
Posted: 2020-09-28
Following an outbreak of the disease in the Midlands, the Health and Safety Executive is reminding employers and others in control of premises, such as landlords, to identify and control the risks associated with legionella.
Posted: 2020-09-25
Amazon has launched its Climate Pledge Friendly programme, which identifies sustainable products on the internet retailing site.
Posted: 2020-09-25
AXA XL has officially launched its recently piloted Digital Risk Engineer proposition, a connected solution designed to monitor the 'health' of buildings and assets. Digital Risk Engineer uses IoT tech to capture energy, water (including sprinklers), heating, ventilation and air conditioning data.
Posted: 2020-09-24
The long-awaited NHS COVID-19 app has finally launched in England and Wales, featuring Bluetooth-enabled contact tracing, risk alerts based on postcode, symptom checker and test booking tools.
Posted: 2020-09-24
UK retail sales volumes grew at the fastest rate since April 2019 in the year to September, according to data from the CBI. Grocers were the primary driver. On average, retail sales are still considered 8% lower than would have been expected in ‘normal’ conditions (without a pandemic).
Posted: 2020-09-24
Insurance buyers' dissatisfaction goes beyond hard market prices, an Airmic study has revealed, with two thirds of respondents to the association's survey having suffered poor and late communication from insurance partners, and 70% either using or considering setting up a captive. One fifth of respondents saw D&O rate rises of more than 400%.
Posted: 2020-09-23
As companies react to the ongoing challenges relating to the coronavirus pandemic, Airmic and Aon have published a guide to the key risk, insurance and human capital factors that risk professionals should consider as part of mergers and acquisitions.
Posted: 2020-09-23
Patrick Tiernan, managing director of UK Commercial Lines & Global Corporate & Specialty at Aviva, has been elected chairman of the International Underwriting Association.
Posted: 2020-09-23
A new initiative aimed at promoting the importance of resilience has been launched by Airmic, ASIS International, the BCI and the Institute of Workplace and Facilities Management.
Posted: 2020-09-23
People who are able work from home have this morning been advised to do so, in a change to the Government's call in July for more staff to return to COVID Secure workplaces. In a response to the recent rise in the number of coronavirus cases, the move is part of plan to avert "more serious action" later.
Posted: 2020-09-22
As the country faces a second spike in the coronavirus, crisis management teams have been urged to look after themselves so that they are fit to look after their organisations. Speaking to press on the first day of Airmic's annual conference, deputy CEO and technical director of the risk association, Julia Graham, said the second spike comes at a time when businesses are still trying to recover from the first.
Posted: 2020-09-22
The Prime Minister today laid out in a Commons statement the details of new coronavirus measures in England, including renewed advice to work from home for those that can, and 22:00 closures for the hospitality industry.
Posted: 2020-09-22
Misconceptions around the suitability of timber as a major project construction material is hampering progress in in sustainable development, according to campaign group, the Time for Timber. It says insurers and investors must be more open to dialogue with the timber construction industry for the good of the economy and the environment.
Posted: 2020-09-21
Local lockdowns in the North of England and the Midlands do not mean that coronavirus is "someone else's problem" and that care to stop the spread of the virus should not be taken elsewhere. This was the message from Professor Chris Whitty, who this morning confirmed that cases are doubling every 7 days.
Posted: 2020-09-21
Over half of UK local authorities responding to a Freedom of Information request said COVID-19 had got in the way of planned fire door maintenance and replacement in the first half of 2020.
Posted: 2020-09-21
Captives are growing in popularity as organisations struggle with the increasingly difficult insurance landscape. The impact of the pandemic has been a contributory factor.
Posted: 2020-09-18
A survey of UK firms carried out by the CBI shows that the majority of firms expect to maintain or increase their permanent recruitment in the next 12 months.
Posted: 2020-09-18
Zurich Insurance has launched a dedicated climate resilience services division aimed at helping businesses better prepare for current and future risks associated with climate change. The company say the new service offering reaffirms its commitment to limiting global temperature increase to 1.5°C above pre-industrial levels, as set out by the UN Business Ambition Pledge.
Posted: 2020-09-17
Businesses in the North East will from Friday be subject to new lockdown measures, the Government announced this morning. The decision to impose new measures on the area was made in response to the recent rise in coronavirus cases in the UK to a daily high not seen since the beginning of May. Some 3,991 new cases were reported in the last 24 hours.
Posted: 2020-09-17
Hannover Re expects to see significant price increases across property and casualty reinsurance in the forthcoming January treaty renewals.
Posted: 2020-09-16
Chief executive officers and senior representatives of 30 European companies today said they will take the opportunity to reduce their carbon footprint and to embrace new production and work models as part of their recovery from COVID-19.
Posted: 2020-09-16
Foreign secretary Dominic Raab has this week condemned Chinese cyber attacks on telecoms, tech and governments, following announcements by the US Department of Justice and Malaysian law enforcement of criminal charges against Chinese nationals and arrests of Malaysian nationals.
Posted: 2020-09-16
Traditional insurance players are being warned to keep an eye out for the Big Techs and other non-traditional players as they continue their march towards the space. In line with other sectors, increasing digitisation amid COVID-19 represents an opportunity for insurers and Big Tech alike.
Posted: 2020-09-15
Grievances stoked by protests including Black Lives Matter and Extinction Rebellion are at risk of being exploited by extremists and terrorists looking for opportunity in increasingly fragile and fractured societies. Former Scotland Yard chief, Sir Mark Rowley QPM, says the situation is exacerbated by mounting COVID-related pressures.
Posted: 2020-09-15
The High Court has this morning handed down its much anticipated judgment in the Financial Conduct Authority’s business interruption test case, finding in favour of the arguments advanced for policyholders on the majority of the issues.
Posted: 2020-09-15
From today, CFC cyber insurance policyholders will have immediate access to cyber security risk mitigation experts through the insurer's cyber incident response app. The latest tech upgrade also features proactive and targeted cyber security alerts to aid attack prevention.
Posted: 2020-09-14
After decades of steady growth, the tourism sector has taken a substantial hit from lockdown and quarantine measures imposed in the global fight to stem the coronavirus, with the Southern European economies bearing the brunt in the euro area.
Posted: 2020-09-14
Willis Towers Watson is embarking on a research programme with the University of Oxford focused on the cost of equity arising from severe cyber breaches. Conducted by the Willis Research Network, the work will focus on the systemic risk brought about by breaches within publicly listed companies; the nature of cyber attack resilience; and the current risk landscape of AI-facilitated impersonation, or phishing, which has consequences for insurers.
Posted: 2020-09-11
The Institute of Risk Management has revised its International Diploma in Risk Management to incorporate an online learning platform and a revised syllabus. Developed in conjunction with academics and risk management experts, the revised qualification is designed to help practitioners master the principles of ERM in a turbulent time.
Posted: 2020-09-11
The UK has secured a free trade agreement with Japan, in its first major trade deal as an independent trading nation. UK businesses will benefit from tariff-free trade on 99% of exports to Japan in a deal which could deliver a £1.5bn boost to the UK economy, with manufacturers, food and drink producers and the tech sector key beneficiaries.
Posted: 2020-09-11
The value of divestment deals plunged to record lows in the first six months of 2020, according to the Willis Towers Watson/Cass Divestment Performance Monitor, and, following a dramatic nosedive in performance in the first half of 2020, companies are now looking set to recalibrate their strategies to help them recover and thrive post-crisis.
Posted: 2020-09-10
A new law may give businesses greater control of customer data under proposals which the Government says will improve competition, and give customers more choice and lower prices.
Posted: 2020-09-10
This week brings more new measures from the Government as it reacts to the recent rise in COVID-19 infections in the UK. From Monday, individuals will not be permitted to meet with those from other households socially in groups of more than 6 -- indoors, outdoors, and in private homes.
Posted: 2020-09-10
With less than four months until Singapore’s revised Work Injury Compensation Act comes into effect, Charles Taylor Claims Services has today announced the availability of a bespoke workers' comp claims solution for the market.
Posted: 2020-09-09
Sedgwick has announced its acquisition of Nationwide Appraisals, a US-based auto damage appraiser and inspection provider.
Posted: 2020-09-09
The Centre for the Protection of National Infrastructure and the National Counter Terrorism Security Office are inviting security professionals to the table.
Posted: 2020-09-09
Class actions are on the rise in the UK, Europe and elsewhere, as growing litigation funding reduces the barriers for consumers seeking collective redress. It is one of five major liability trends for corporates and insurers already under pressure from the ongoing coronavirus pandemic and an uncertain economic outlook.
Posted: 2020-09-09
Hiscox has launched a new crisis management division within its London Market business. The new launch will include K&R, terrorism, product recall and personal accident lines, as well as the insurer's Security Incident Response offering.
Posted: 2020-09-07
The Government has stepped up preparations for a no deal outcome to protracted Brexit negotiations, in what is expected to be a pivotal week for the ongoing talks. The UK will be leaving the EU’s customs union and single market on 31st December 2020, regardless of the outcome of negotiations.
Posted: 2020-09-07
As coronavirus cases in the UK yesterday saw the the biggest jump in cases (almost 3,000) since the middle of May, insurance industry leaders are warning businesses and governments to prepare more rapidly and vigorously for other systemic risks, such as cyber attacks and climate risks.
Posted: 2020-09-07
An extensive new study of English schools suggests they face twice the fire risk of other buildings due to a combination of high-risk construction, poor fire detection and a lack of fire prevention measures. The analysis also reveals that firefighters have been called to nearly 2,000 school blazes in the last three years.
Posted: 2020-09-04
The Government is to conduct a review into the effectiveness and strategic direction over the next five years of Pool Re. Changes made since the last review in 2014 comprised the inclusion of cover for non-damage business interruption resulting from terrorist activity, the extension of cover to include physical damage caused by cyber terrorism and pricing improvements to better reflect policyholder risk.
Posted: 2020-09-03
Small businesses made bold decisions to diversify their service offerings during lockdown, with over a third moving their business operations online (from either a partial or absent online presence beforehand) -- spending anywhere between £1,000 and £5,000 doing so.
Posted: 2020-09-03
Anvil Group has launched a new app to help organisations protect employees on their return to the workplace.
Posted: 2020-09-03
Sungard Availability Services has unveiled seven new Serviced Workplaces across the UK, offering flexible access to secure infrastructure and resilient facilities at a number of strategic locations across the country.
Posted: 2020-09-02
The largely prompt response of APAC insurance regulators to the coronavirus crisis will help insurers weather the storm, according to Fitch Ratings, which says industry watchdogs in the region introduced measures both to safeguard policyholder interests while ensuring the industry's resiliency.
Posted: 2020-09-02
The shift towards flexible working as a result of COVID-19 has prompted some re-evaluation among financial services workers, with almost half (44%) considering a career change as a result of the pandemic.
Posted: 2020-08-28
Trading at New Zealand’s stock exchange was temporarily halted on Friday due to a fourth consecutive day of cyber attacks on its website. The ‘distributed denial of service’ attacks forced operator NZX to delay opening for three hours after crashing due to network connectivity issues.
Posted: 2020-08-28
Pledges made by members of the Association of British Insurers to support customers during the COVID-19 crisis have been extended to 31st October 2020. It remains the case that office-based workers who are working from home or employees who are driving to their workplace as a result of the pandemic do not need to contact their insurer to update or extend their cover arrangements.
Posted: 2020-08-28
The Financial Ombudsman Service has received more than 3,500 complaints relating to COVID-19, including wide-ranging issues raised from SMEs and consumers over commercial lending, business protection insurance, and personal finance.
Posted: 2020-08-27
Hundreds of thousands of homes have been left without power and there is widespread flooding and damage across the US state of Louisiana in the wake of Hurricane Laura which made landfall overnight and is one of the strongest storms ever to hit the US Gulf Coast.
Posted: 2020-08-27
Retail employment fell at the fastest rate since February 2009 in the year to August, with an even sharper decline anticipated in the year to September, according to a survey by the CBI.
Posted: 2020-08-26
Plans to clamp down on illegal deforestation and protect rainforests have been announced by the government as it consults on a new law intended to clean up the UK’s supply chains. The proposals would prohibit larger businesses operating in the UK from using products grown on land that was deforested illegally.
Posted: 2020-08-26
39% of UK business decision makers have admitted to dismissing staff members due to a breach of company cyber security policy since the start of the COVID-19 outbreak according to a survey of 200 UK firms.
Posted: 2020-08-26
Businesses across the UK are concerned about a wide range of ways in which COVID-19 could affect their organisations, from health & safety, bad debts, employee wellbeing, and cybercrime, according to a survey of over 1,000 owners and directors.
Posted: 2020-08-25
Travel association ABTA estimates over 90,000 UK jobs could be at risk across the industry and its related supply chains as a result of the pandemic and the restrictions put in place to control its spread.
Posted: 2020-08-25
UK towns and cities will undergo an inevitable transformation as a result of COVID-19 with 68% of CEOs believing there will be a long-term shift towards low density office usage and 35% expecting a similar move towards de-urbanisation according to PwC’s latest CEO survey.
Posted: 2020-08-25
A single disruption in an organisation causes an average culture of quality to drop 9%, according to a survey by Gartner. The research, conducted among more than 1,200 respondents, found that the primary tools quality leaders use to maintain a culture of quality during a disruption – reinforcing the importance of quality and ensuring access to quality tools such as trainings and knowledge hubs – have little to no impact.
Posted: 2020-08-24
UK retail sales rose back above the levels seen before the COVID-19 pandemic during July according to figures from the Office of National Statistics. Retail sales volumes were up 3% on February’s figures, with food and online retailing higher than before the pandemic, and non-food and fuel below pre-pandemic levels.
Posted: 2020-08-24
A series of massive wildfires in California continue to pose a major challenge for emergency services, amid fears that weather conditions over the coming days could make the job of tackling the blazes even more difficult. The US National Weather Service issued a red flag warning for the drought-stricken area today, as further lightning, high temperatures, and wind gusts of up to 65mph could make fire behaviour even more unpredictable.
Posted: 2020-08-24
Countries in the G20 will experience a two-track recovery from the economic and public health crisis resulting from COVID-19. Whilst initially hit the hardest by the pandemic, Western Europe and East Asia have the ability to recover much quicker than their emerging market counterparts in India, South Africa and Brazil.
Posted: 2020-08-20
Martin Bryant, founder of the consultancy Big Revolution, has filed a data protection group action against Marriott International in the High Court of England and Wales. Announcing the move in his company’s newsletter, Bryant said the action sought compensation on behalf of millions of hotel guests.
Posted: 2020-08-20
The Government has launched a call for evidence on Automated Lane Keeping Systems and the legal liabilities that attach when these systems are engaged. ALKS technology enables drivers to delegate the task of driving to the vehicle.
Posted: 2020-08-19
Following a spate of arson attacks on 5G mobile phone masts, forensic marking company, SmartWater has extended its partnership with Mobile Broadband Network Limited to include the protection of their assets from criminal damage.
Posted: 2020-08-19
CFC has extended its life sciences insurance offering to mid-market companies and is now offering excess products liability, E&O and clinical trials solutions for global clinical research organisations manufacturing or selling medical devices, functional food and dietary supplements with a revenue threshold of £2.5bn.
Posted: 2020-08-18
The Willis Research Network is partnering with risk analytics organisation Metabiota.It is hoped that the partnership with the specialist in infectious diseases modelling will help clients in both the public and private sectors improve their structural resilience to pandemics by better navigating the related human resources, insurance and investment issues.
Posted: 2020-08-18
CyberCube has released an updated version of its cyber risk modelling platform, Account Manager. Incorporating a revamp of its scoring methodology and a broader collection of threat information, the solution now evaluates risks through the lens of security and exposure from an insurance perspective.
Posted: 2020-08-17
Torrential rain has caused widespread damage to properties across the UK, with the annual cost of flood damage estimated to be in excess of £1 bn. Emergency services across the country have been responding to calls linked to the weather -- with floodwater affecting businesses and forcing many people to evacuate their homes.
Posted: 2020-08-17
Financial services firms are pumping 3% of annual revenues into financial crime compliance programmes and strategies, equating to almost £60 million a year for the larger banks. In addressing the problem, they also appear to be spending twice as much on human resources compared with technology.
Posted: 2020-08-14
France, The Netherlands, Monaco, Malta, Aruba and the Turks & Caicos Islands will from early tomorrow morning be removed from the Government’s exempt list for travellers returning to the UK. Travellers who visited or made a transit stop in a country or territory that is not on the list -- regardless of the mode of transport they used -- need to self isolate for 14 days.
Posted: 2020-08-14
The latest red flag from Mactavish concerns companies operating in the food and beverage sector. The consultant is warning that risk management process and operational changes made as a result of COVID-19 may place them in breach of their insurance policy terms and therefore render them unable to access cover in the event of a claim. The situation is exacerbated by a gradual worsening of hard market conditions.
Posted: 2020-08-13
Although lockdown has lifted in many parts of the UK and businesses are returning to work, the ongoing pandemic is still causing disruption and presenting challenges for businesses -- from social distancing to changing customer demands. To help businesses develop a risk-based strategy to cope in the “new normal”, specialist insurer Ecclesiastical has created a planning framework to help organisations set out their next steps as they return to work.
Posted: 2020-08-13
As office-based workers continue to work remotely amid the ongoing pandemic, longer working hours have become the new normal in both the UK and US, while Canada and EU countries are back to their pre-quarantine working regime. This is according to data compiled by NordVPN Teams Analytics between April and August.
Posted: 2020-08-13
The UK Government has begun carrying out research to gain an understanding of the current AI labour market, to help direct future strategy and policy in the field. The research will examine the skills relating to AI and data science that organisations need; businesses' approach to employing and training AI and data science professionals; and the issues they face during this process.
Posted: 2020-08-13
The Health and Safety Executive is contacting businesses in Greater Manchester to ensure workplaces are COVID-secure. Employers found to fall short of the expected level of risk management may face action and even prosecution.
Posted: 2020-08-11
RMS has rolled out significant updates to its suite of HWind forecasting products, part of its HWind Real-Time Analysis solution. Launched in 2019, the first version of these forecasting products for Atlantic tropical cyclones offered a product suite including an ensemble of forecast tracks, track and gust probability metrics, and individual wind hazard and corresponding loss scenario footprints for the following five days.
Posted: 2020-08-11
Global economic losses from both natural catastrophes and man-made disasters in the first half of 2020 totalled £57bn, according to preliminary estimates from the Swiss Re Institute -- well below the average of first-half economic losses of the previous 10 years (£85bn).
Posted: 2020-08-11
Global average commercial insurance prices increased by 19% in the second quarter of this year, according to broker Marsh. The broker said it was the largest increase since at least 2012 when it began tracking the figures. This follows year-on-year average increases of 14% in the first quarter and 11% in the previous quarter.
Posted: 2020-08-10
Specialty MGA Fiducia has partnered with Lloyd's Syndicates Ascot and Chaucer to offer CBRN terrorism insurance for UK businesses. The new policy can be purchased alongside the MGA's current terrorism policy and offers a significant aggregate limit, with clean-up / decontamination costs automatically covered. The policy can be extended to provide denial of access resulting from any CBRN event within a 5-mile radius
Posted: 2020-08-10
The way digital data is collected, owned and used must urgently be reviewed, to prevent big tech firms "dominating people’s lives for decades to come". This from UK think tank, the Institute for Public Policy Research, which this week set about highlighting the need for a new digital regulator in the UK as the 'Covid effect' sends tech stocks soaring.
Posted: 2020-08-07
Conditions are in the Atlantic are primed to fuel an “extremely active” season, according to forecasters with NOAA’s Climate Prediction Centre, the division of the US National Weather Service. Its latest forecast is one of the most active in its 22-year history.
Posted: 2020-08-07
A research study into the long-term health impacts of COVID-19 on hospitalised patients has been launched in the UK. Backed by £8.4m in funding, around 10,000 patients are expected to take part.
Posted: 2020-08-07
As the Office for National Statistics continues to chart the impact of the lockdown and social distancing on the UK economy, figures show that, overall, retail footfall continued to increase gradually between 27th July and 2nd August, driven by retail parks. Commensurate with other reports, the proportion of adults wearing a face covering continued to increase.
Posted: 2020-08-06
Lloyd’s of London has published a joint report with KPMG examining the evolution of business assets towards those that are less tangible, and therefore harder to spot, assess and manage. COVID-19, it says, has brought intangible assets into the spotlight.
Posted: 2020-08-06
There has been an increase in the theft of medical devices including PPE and ventilators, according to the BSI's latest supply chain report. Additionally, theft of consumer goods such as cleaning solutions have risen in Mexico, alcohol and tobacco thefts have increased in South America, food and beverage thefts continue to lead in Asia; and electronics remain the top target for cargo theft in Africa and the Middle East.
Posted: 2020-08-06
Almost half of British office workers are currently working from home all week, whereas roughly the same proportion in France, Germany, Italy and Spain have returned to the office for the full five days
Posted: 2020-08-05
The construction insurance market is growing increasingly distressed as already rising premiums see further hikes as a result of COVID-19. This is the warning from Mactavish, which is urging construction companies to be vigilant through upcoming insurance renewals as it foresees considerable erosion in the quality and extent of cover.
Posted: 2020-08-05
The cost of rural crime is at an eight year high, and has risen almost 9% in just 12 months, according to NFU Mutual. The insurer's 2020 Rural Crime Report suggests that rural crime cost the UK £54m in 2019, and shows no sign of abating amid gloomy economic forecasts.
Posted: 2020-08-05
Just a few months after COVID-19 was declared a pandemic, several countries and economies around the world are already seeing the secondary consequences of this unfortunately successful virus.
Posted: 2020-08-04
Sanofi Aventis France has been charged by prosecutors in France with manslaughter over birth defects related to a drug prescribed around the world to treat epilepsy -- charges it denies and is challenging.
Posted: 2020-08-04
The first global standard for financial institutions to measure and track the climate impact of their lending and investment portfolios has been released by the Partnership for Carbon Accounting Financials.
Posted: 2020-08-04
QBE European Operations has deployed Artesian Solutions’ client intelligence platform in a multi-year deal across the insurer’s UK underwriting division.

The platform will provide a central resource of externally-derived insight with historical and real-time analysis.
Posted: 2020-08-03
Axon Underwriting has acquired the renewal portfolio of Allianz Global Corporate & Specialty’s US Contaminated and Consumer Products Recall insurance business.
Posted: 2020-08-03
Schreider draws on his vast experience to take the reader on a ‘world tour’ of privacy and data protection laws
Posted: 2020-07-31
A major flood loss can lead to a 5% drop in the average share price of a company, according to analysis of 71 of the world’s largest publicly-traded companies following recent flooding after Storms Desmond, Eva and Frank struck the UK and Ireland in 2015. Twelve months later, these companies’ shareholder value had fallen by an average of 5% -- equivalent to £62bn.
Posted: 2020-07-31
International SOS and Singapore-based Energy Drilling have successfully piloted a blockchain-enabled app which provides trusted recognition of personnel health status. The app, which is designed to provide businesses with a safe, efficient and controlled return to work, has also been successfully tested with International SOS' own employees.
Posted: 2020-07-30
Eleven people have been arrested in relation to illegally facilitating migrant crossings of the Channel. Led by Immigration Enforcement Criminal and Financial Investigations in conjunction with the Metropolitan Police, the National Crime Agency, Border Force and French law enforcement counterparts, the joint operation also seized £150,000 in cash and two vehicles.
Posted: 2020-07-30
Human trafficking, and the forced labour that often comes with it, continues to present a threat to people and to supply chains around the world. Whilst the issue of creating more sustainable supply chains is one that organisations face in any year, 2020 has presented unique challenges with the pandemic creating significant supply chain disruptions and increasing risks to business operations.
Posted: 2020-07-30
As global travel sputters to a start, air transport technology network, SITA is rolling out a solution for contact tracers to quickly find and notify potentially COVID-exposed passengers.
Displaying aeroplane seating charts to contact tracers, the software helps identify potentially exposed airline crews and passengers by pinpointing travellers who booked tickets with, or sat in proximity to, a person diagnosed with COVID-19.
Posted: 2020-07-29
The drive towards a greener economy, energy transition and its challenges, and recent shifts in market prices are just the tip of the iceberg of risks faced by the energy and renewables sector. Cyber and digital innovation and the COVID-19 pandemic bring even greater disruption to the sector, at a time when it is already under immense pressure.
Posted: 2020-07-29
Aon has partnered with Skytek on a hurricane tracking system to help re/insurers evaluate the impact across risk cargo, hull and offshore assets. The tool is released at a fragile time for businesses; and with the global economy already in bad shape, fragile supply chains and further insurance claims would do little to improve the outlook.
Posted: 2020-07-29
European risk association, FERMA has welcomed insurance authority, EIOPA's report on a pandemic resilience approach based on public-private partnerships. The risk association is urging European institutions to act on EIOPA's ideas.
Posted: 2020-07-29
Lindy Cameron will this month take over from Ciaran Martin as chief executive officer of the National Cyber Security Centre.
Posted: 2020-07-29
Cyber attacks do not necessarily lead to a loss of data if they can be adequately defended or if data can be restored from backups and, if the findings of a poll released today are anything to go by, investment in that area of information security may be starting to pay off.
Posted: 2020-07-28
Crises Control has created a series of pandemic response toolkits to help customers reach out to employees and stakeholders with critical messages and company announcements as offices reopen and furloughed staff return to work.
Posted: 2020-07-28
A new cross-sector consortium is working on a solution to the challenge of data access for regulated industries. The new platform is designed to deliver intelligence from previously inaccessible data whilst preserving privacy. So convinced they are of its potential, that its developers say it could do for data what the internet did for communication.
Posted: 2020-07-28
The National Police Chief's Council has today announced a new cyber resilience support network for small businesses. Part of the National Crime Programme, the launch will see regional Cyber Resilience Centres established in all regions of the country, as well as the roll-out of a free tool to help businesses identify malicious cyber activity.
Posted: 2020-07-27
The FCA has proposed an extension until 31st October 2020 of the temporary measures it put in place to help customers who hold insurance and premium finance products and who may be suffering from COVID-related financial difficulties.
Posted: 2020-07-27
More than 200 complaints have already been filed in US courts alleging corporate defendants are responsible for introducing and spreading COVID-19 there. This is according to data taken from liability risk analytics software firm, Praedicat's newly-developed litigation tracker which monitors US courts for casualty-relevant COVID-19 litigation.
Posted: 2020-07-27
Face coverings are now mandatory in shops and supermarkets and in enclosed public spaces in England. A covering is also required when buying food and drink to take away from cafes and shops, though eat-in restaurants and pubs, hairdressers and salons, health clubs, cinemas, concert halls and theatres will be exempt.
Posted: 2020-07-24
If they're good enough for shops, they're good enough for our transport network. This was the message from transport union boss, Manuel Cortes, as he welcomed the mandatory use of face coverings across indoor transport hubs in England as of today.
Posted: 2020-07-24
Following a spate of terrorist attacks using vehicles, the International Underwriting Association developed a new model clause for clarifying motor terrorism coverage.
Posted: 2020-07-24
As lockdowns are lifted, the time could be right for AI technology to transform the retail experience at the same time as meeting the challenges of social distancing requirements and infection control. As retailers work to rebuild public confidence in visiting stories, rapid adoption of new technology could be conducive to recovery.
Posted: 2020-07-24
Claims adjusting and environmental risk management specialist Global Risk Solutions has bought William Kramer & Associates for an undisclosed amount.
Posted: 2020-07-23
There is a very real risk that post-Brexit migration restrictions will cause skill shortages and recruitment challenges for UK-based employers at a critical time during their post-lockdown recovery. For most organisations, their overwhelming focus during the past three months has been on the pandemic and how to deal with the acute short-term challenges it has presented. However, this has come at the expense of longer-term planning.
Posted: 2020-07-23
Lloyd’s has announced the creation and in principle approval of its newest “syndicate in a box” Syndicate 1796, set up to insure the storage and transportation of a COVID-19 vaccine to emerging economies. The creation of a public-private syndicate to address a global health emergency is a first in Lloyd’s 330-year history.
Posted: 2020-07-23
Disruption is the new norm. This was true before the COVID-19 pandemic and will be exacerbated as businesses seek to reinvent themselves after lockdowns. This context creates new risks and new opportunities, and demands a shift in emphasis for the risk professional to ensure they are better aligned with business priorities, be fit for the future professionally, and be more effective in stakeholder engagement.
Posted: 2020-07-21
IRM Honorary Fellow and statistician Prof Sir David Spiegelhalter (an expert in risk from the University of Cambridge and government adviser), was recently reported by the BBC as saying: “Coronavirus, in effect, has become a game of risk management”. So there’s never been a better time to build resilience for your organisation and engage with the IRM.
Posted: 2020-07-20
Although the coronavirus pandemic is still very much at the top of the agenda, thoughts are beginning to turn back to issues that were set in train before lockdown, and not least the UK’s departure from the European Union at the end of the year.
Posted: 2020-07-20
Business events and conferences will be allowed to resume from 1st October, as long as rates of infection remain at current levels. The sector is worth approximately £32.6bn to the UK each year, and represented a quarter of the 38 million international visits to the UK in 2018.
Posted: 2020-07-20
The International Underwriting Association has backed the development of market clauses that aim to eliminate the practice of forced labour. The Joint Cargo Committee, which comprises IUA member companies and Lloyd’s, has published a clause stating that claims payments are conditional on policyholders having undertaken due diligence on modern slavery legislation.
Posted: 2020-07-17
Castel Europe has acquired the renewal rights for Navigators Europe in an agreement which includes a book predominantly of Dutch marine cargo, inland hull, land-based equipment and liability business.

The Navigators Europe marine underwriting team based in Rotterdam will transfer to Castel Europe and will continue to be led by Duco Teijema, as marine manager, Netherlands. Duco will report into Gert van Middelkoop, head of Castel’s Marine Centre of Excellence.
Posted: 2020-07-17
BSI has launched a Kitemark for face coverings. The new Kitemark assesses face coverings to a technical specification that requires 70% particle filtration and breathability tests. Whilst a vast number of face coverings are already available on the market, their performance and design may differ significantly. Face coverings differ from PPE and medical grade face masks in that they are intended to protect those in close proximity to the wearer, not the wearer themselves.
Posted: 2020-07-17
The FCA has today published a consultation paper on making changes to its rules following the extension to the Certification Regime implementation deadline. Due to COVID-related impacts, the Treasury announced in June that the deadline by which firms must have first assessed the fitness and propriety of their Certified Staff will be delayed until 31st March next year.
Posted: 2020-07-17
Insurance claims from widespread flooding in China, along with slower premium growth due to the coronavirus pandemic are expected to undermine the underwriting results of Chinese non-life insurers and squeeze margins there, according to Fitch Ratings.
Posted: 2020-07-16
Cryptoasset insurer Evertas has secured seed stage funding of US$2.8m. The funding round was led by Morgan Creek, and joined by Plug n Play, Kailash Ventures, RenGen, Vy Capital and Wavemaker Genesis.
Posted: 2020-07-15
Criminal organisations involved in cargo theft have changed their business models since the UK went into lockdown. Restrictions on free movement have led to an increase in local activity and involved thefts from warehouse facilities, something that was not common in the UK before the entire country was sent home back in March.
Posted: 2020-07-15
CNA has transitioned to AIR’s Touchstone catastrophe risk modelling platform, as part of which the insurer will access the AIR Cloud and will also be licensing its web services to connect to its cloud infrastructure for real-time acess to hazard and loss analysis output.
Posted: 2020-07-14
Figures released today by the Office for National Statistics confirm the significant and wide-ranging negative impact of the lockdown and social distancing on the UK economy in May, as well as some green shoots of recovery.
Posted: 2020-07-14
Allianz has closed its acquisition of the automobile and other P/C business from SulAmérica, in the insurer's largest investment to date in Brazil and for a purchase price is BRL 3.2bn (£0.5bn).
Posted: 2020-07-13
The government has again come under attack for mixed messages over the phased return to work. Its online self-assessment checker will help clarify whether or not staff should go into work at this stage of the coronavirus lockdown. The guidance, which applies to England only, states that the usual rules on feeling unwell still apply.
Posted: 2020-07-13
Leaders that took organisations into the current COVID-19 crisis may not be the right ones to lead organisations out of it, according to Professor of Risk Management, Denis Fischbacher-Smith.
Posted: 2020-07-13
Legal insurer ARAG has signed a deal with law firm Hugh James to provide after the event insurance to its clients. It is expected ARAG will provide thousands of policies annually as a result of the deal.
Posted: 2020-07-10
Late payments are have soared in the US, Mexico and Canada, as businesses struggle with the impact of COVID-19, compromising cashflows and increasing reliance on bank finance.
Posted: 2020-07-10
The insurance industry will overcome the recent COVID-19-induced pull back, with rate hardening in commercial lines supporting profitability and a general COVID-related risk awareness expected to support premium growth -- seeing off the sharpest economic contraction since the 1930s.
Posted: 2020-07-09
The Chartered Governance Institute has today published updated guidance on shareholder meetings under the Corporate Insolvency and Governance Act 2020, to reflect the temporary flexibility given as part of COVID-19-related allowances.

Drafted by a working party comprising professionals from the Company Law Committee of the City of London Law Society and the CGI, with the support of GC100, the Investment Association and the Quoted Companies Alliance, this latest guidance supercedes that published in March.
Posted: 2020-07-09
Flood Re is pushing for a ‘build back better’ approach after reporting gross claims costs of £160m for 2019/20. The payouts for 2019/20 are ten times higher than the previous year.
Posted: 2020-07-08
The UK is currently woefully unprepared for national-scale disasters and needs a new 'civil resilience force' to bolster preparedness, according to Resilience First. Educating citizens and fulfilling new compliance requirements for business could also be considered in a forthcoming UK Government’s Integrated Review, it suggests.
Posted: 2020-07-08
The cost of a third-party risk incident is thought to have risen to as much as £783m per incident, according to figures released today by Deloitte, which says the impact on share price could be as much as 10%. More than half of companies in the study estimate the cost of a supply chain failure, data privacy breach or disruption to IT services to be somewhere between £391m and £783m, or even more. This represents a marked increase since 2015, when large multinational businesses estimated the cost of a third party failure at between £1.6m and £40m.
Posted: 2020-07-08
There has long been a tension between the local and the global within multinational firms; and in recent years the latest front in this war within insurance has seen the development of more multinational policies. Driven by the desire of large global clients to buy insurance on a single global basis, this approach delivers great benefits to clients and insurers, but also requires significant global claims handling scale.
Posted: 2020-07-07
Canopius has launched a range of cyber property products for medium to large corporations. In addition to replacing cyber cover excluded from property policies, the new Canopius Cyber Property Damage Product Range is also designed to protect insureds against risks associated with the continued reliance on technology and automation, 5G and the IIoT.
Posted: 2020-07-07
The proportion of small business leaders that cite barriers to growth has jumped from 75% to 91% in the last six months, according to a study released today by YouGov and Hitachi Capital Business Finance ahead of Chancellor Rishi Sunak's economic statement. This correlates to the sharp fall in the percentage of small businesses that predict growth (falling from 39% to 14% in the last three months).
Posted: 2020-07-07
The topic of SOIs was brought to the fore once again when Libyan asylum-seeker Khairi Saadallah killed 3 civilians and injured a further 3 in a bladed weapon attack in Reading in June.
Posted: 2020-07-07
British and Swiss mathematicians and statisticians believe they have found a way of managing the risk of unethical bias in artificial intelligence systems. AI is increasingly being deployed in commercial situations. In insurance, for instance, while there may be legitimate reasons for using AI to set different prices for different people, but it may also be profitable to "game their psychology or willingness to shop around".
Posted: 2020-07-06
Charles Taylor has developed a tool for managing COVID-19 risk assessments for employees returning to work or resuming international travel. Designed to help businesses demonstrate that they have taken adequate measures and implemented precautions to protect staff, Venture specifically identifies individual members of staff who are likely to develop severe symptoms of COVID-19, placing them on a scale according to predictive variables. Beyond COVID-19, Venture can also identify globally mobile employees who may be susceptible to wider medical risks.
Posted: 2020-07-06
Technology and manufacturing businesses operating in the UK can now apply for funding to develop innovative digital technologies with the potential for transforming supply chains to make them more efficient, productive, flexible and resilient.
Posted: 2020-07-06
The Financial Conduct Authority and the City of London Corporation are to pilot a digital sandbox initiative to help support firms tackling pandemic-related challenges such as preventing fraud and scams, supporting vulnerable customers, and improving access to finance for SMEs.
Posted: 2020-07-06
The UK standards body has updated its guidelines to help organisations protect staff from coronavirus, mitigate outbreaks and build long-term resilience. Amongst the guidelines, prepared with hundreds of contributions from industry experts, academia and governments globally, is the advice to treat all sick staff as COVID-19 carriers.
Posted: 2020-07-03
It is three weeks since the UK Government announced quarantine measures, but promised to look into the viability of international "travel corridors" with countries with low rates of infection, and with which quarantine rules may be relaxed.
Posted: 2020-07-03
Businesses in the hospitality and leisure sectors have been asked to take the names and numbers of staff, visitors and guests as they reopen from this weekend. NHS Test and Trace boss, Dido Harding said they should “play their part in new national effort” by keeping a secure, short-term record.
Posted: 2020-07-03
Organisations have been caught off-guard by the scale and velocity of COVID-19, and insurers find themselves at risk of "flight to alternative risk transfer", according to a study published today by Airmic with QBE, Control Risks, KPMG, Willis Towers Watson and AIG.
Posted: 2020-07-02
Building resilience to climate change cannot be achieved without a systemic shift in the way projects are financed. This is according to the financial sector-led Coalition for Climate Resilient Investment, which stresses the need for robust climate risk data and analytics, as well as greater collaboration, if global climate goals are to be met.
Posted: 2020-07-02
CFC has enhanced its transaction liability suite by simplifying and speeding up the process for private equity firms and businesses pursuing a portfolio of add-on acquisitions for existing or newly acquired platform companies.
Posted: 2020-07-01
Following the imposition by China of a controversial national security law on Hong Kong, the UK has confirmed that new arrangements will be put in place for British nationals there. The new, bespoke immigration rules will allow British nationals overseas citizens the right to live and work in the UK for longer and offer a path to full British citizenship.
Posted: 2020-07-01
Economists at trade credit insurer, Atradius forecast a 5% contraction in global GDP in 2020 followed by a recovery circa 6.5% in 2021, the pace of which remains highly uncertain and directly linked to the lifting of lockdown measures.
Posted: 2020-07-01
Global Insurance Law Connect has launched a detailed review of some of the common themes of coverage, legal and regulatory issues observed by its specialist insurance lawyers in the wake of COVID-19. The report also looks at potential emerging claims and their impact on the local insurance industry.
Posted: 2020-07-01
A Europe-wide survey of risk managers reflects a profession that is growing in strength despite the challenges of COVID-19, but which also has serious concerns about the hardening insurance market.
Posted: 2020-06-30
A new survey of MGAA members shows that the vast majority are ready for a return to face-to-face client and broker meetings following the economic shock of lockdown and negative headlines circling the industry.
Posted: 2020-06-30
Business sentiment about the three-month outlook for the global economy has improved markedly but not at such a rate that would suggest a recovery any time soon, according to a study released this morning by the Economist Intelligence Unit.
Posted: 2020-06-29
The Prime Minister announced on Sunday the appointment of David Frost as national security adviser. The UK’s chief negotiator will succeed Sir Mark Sedwill who has served in the role since April 2017.
Posted: 2020-06-29
The California Consumer Privacy Act, which came into effect in January this year, will be enforced from 1st July. The new rules are expected to change the privacy landscape in the US, as other states prepare to follow suit with their own regulations.
Posted: 2020-06-26
More than 10,000 security specialists and workers in crowded places have subscribed to the Action Counters Terrorism application for business. The ACT App shares invaluable real-time information direct from Counter Terrorism Policing.
Posted: 2020-06-26
As I write, reports of an attack in Glasgow city centre are unfolding. Although it is not yet known whether it is terror-related, it is still shockingly violent. There are many signs that these will not be isolated cases – but rather just the beginning, with the real hardship yet to come.
Posted: 2020-06-26
Further to warnings from the National Crime Agency around coronavirus-related cyber exploitation schemes, commercial insurer, NFU Mutual has today launched a free three-month cyber helpline service.
Posted: 2020-06-25
EasyJet is facing a legal claim brought by thousands of its customers following a data breach involving the personal details of about 9 million passengers.
Posted: 2020-06-25
An early emphasis on cyber security will pay dividends for entrepreneurs as start-ups mature, according to cyber risk experts at CyberCube. This is the analytics firm's key message in a new World Economic Forum report published today.
Posted: 2020-06-25
Standards group, BSI has today launched a new Workplace Hygiene Solution to help organisations embed a culture of good practice in health, safety and hygiene throughout their operations as they prepare to return to work amid the COVID-19 pandemic.
Posted: 2020-06-24
Businesses carrying out cryptoasset activity in the UK have this week been urged to register with the Financial Conduct Authority by the end of this month, or risk falling foul of new regulations in the sector.
Posted: 2020-06-24
Securing corporate supply chains should be the number one priority for CISOs over the next 12 months, according to business resilience group, Resilience First, as the COVID-19 crisis has brought our reliance on the internet into sharp focus, and raised serious questions about China’s role in digital supply chains.
Posted: 2020-06-24
Pubs, restaurants and hairdressers in England have been given the green light to reopen from Saturday 4th July -- providing they adhere to COVID Secure guidelines. Enthusiasts are warned, however, that the new measures are under constant review and will be reversed should the virus begin to "run out of control".
Posted: 2020-06-23
Fidelis, Aon and Marsh have developed a clause which makes it a condition of marine cargo policies that the insured complies with applicable legal and regulatory obligations in respect of forced and child labour, with the aim of keeping the products of modern slavery out of the export supply chain.
Posted: 2020-06-23
The Bank of England has published its own climate-related financial disclosure for the first time, setting out the Bank’s approach to managing the risks from climate change across its entire operations.
Posted: 2020-06-23
Arc Legal has entered into an agreement to provide commercial legal expenses cover for Optis Insurance. The new product will be offered as standard as part of the Optis commercial insurance offering, providing policyholders with legal expenses cover for employment disputes.
Posted: 2020-06-22
The UK Government will from today be able to scrutinise certain foreign takeovers to ensure they do not threaten the UK’s ability to combat a public health emergency, such as coronavirus. The changes will also expand powers to scrutinise and intervene in mergers in some companies engaged in AI, cryptographic authentication technology and advanced materials.
Posted: 2020-06-22
Nikhil Rathi has been appointed the new permanent chief executive of the Financial Conduct Authority. The current chief executive of London Stock Exchange will start the role in the Autumn, taking over from interim chief, Christopher Woolard.
Posted: 2020-06-22
The fatal terrorist attack in Reading on Saturday, killing three people and injuring others, must act as a wake-up call to the security risks that COVID-19 is exacerbating.
Posted: 2020-06-22
Google has been handed a record €50m (£45m) fine by France’s data watchdog for failing to provide users with transparent information on its data policies. Regulator CNIL said the fine was levied on the tech giant as a result of its failure to provide transparent and easy to access information on its data consent policies and opt-ins and opt-outs for use of personal data.
Posted: 2020-06-22
Following recent roll-outs in the US, Canada and the UK, specialist insurer Beazley has launched its healthcare liability offering in Spain. Available through brokers, Beazley Virtual Care provides protection against a range of risks associated with the provision of technology-enabled healthcare and wellness services.
Posted: 2020-06-19
Analysis of the early Solvency II disclosures of 50 insurers across the UK and Ireland has revealed considerable shifts in the risks of most concern in the industry. According to the figures, 30% of insurers identified Brexit is a key risk, down from 60% last year, while climate change and cyber risk are both rising in priority at 46% and 52% respectively.
Posted: 2020-06-19
A country’s culture has been found to dramatically impact industrial buying habits during COVID-19, according to research published this week by the ESMT business school in Berlin, Germany.
Posted: 2020-06-19
The deadline for the 2020 Risk Management Awards is approaching. Celebrating excellence in the field of risk management, these awards are the pinnacle of achievement in your sector – recognising the people, products and programmes to have excelled the most over the past year.
Posted: 2020-06-18
Software Solved has secured an Innovate UK grant to develop enhancements to its property survey technology, SurveyorTech. SurveyorTech Connect has received a full funding award from the government-led fast-track scheme launched in April and designed to accelerate development of innovations borne out of the coronavirus crisis.
Posted: 2020-06-18
As companies prepare for a proportion of the workforce to return to the office, a study conducted by global recruiter Robert Walters presents the varied experiences of 5,000 professionals from 2,000 global firms during lockdown.
Posted: 2020-06-18
Corporate chiefs believe they are neither prepared for, nor have any control over the adverse financial impacts on their companies of a changing climate. This is among the conclusions of a global survey conducted for FM Global of CEOs and CFOs at companies with £800m or more in revenue.
Posted: 2020-06-18
Allianz Global Corporate & Specialty has launched a new cyber product in the UK providing third party and first party cover for businesses suffering from a data breach or cyber security incident.
Posted: 2020-06-17
The Financial Conduct Authority has today fined the London branch of Commerzbank the sum of £37,805,400 for failing to put adequate anti-money laundering systems and controls in place between October 2012 and September 2017. Effective risk-based AML control frameworks are a requirement for all firms operating in the UK, including branches of overseas firms.
Posted: 2020-06-17
Mactavish is calling on Herbert Smith Freehills, which is representing the Financial Conduct Authority in the COVID-19-related legal review of failed business interruption claims, to disclose if it also represents any of the insurers or brokers whose wordings will be subject to scrutiny.
Posted: 2020-06-17
F24 has integrated its emergency notification and crisis management solutions to offer a combined SaaS solution.
Posted: 2020-06-16
Pen Underwriting has become the first insurance provider to partner with the Police Digital Security Centre on a new national certification scheme designed to boost the cyber security resilience of UK SMEs.
Posted: 2020-06-16
FOIL and London FOIL have launched two new sector focus teams to address some of the key issues faced in the marine and environmental sectors.

Among the initial areas of focus for both groups will be the large number of marine vessels that are decommissioned and recycled in ways contrary to international law and the damage this causes to the environment.
Posted: 2020-06-16
From this week, everyone using public transport in England will be required to wear a face covering. Under the new rules, transport operators will have the power to prevent passengers who refuse to heed the new protocol from travelling. Police will also be able to issue those people with fines of up to £100.
Posted: 2020-06-15
An increase in the occurrence of ransomware attacks during 2019 was felt across the US cyber insurance market as a whole, with the small commercial segment bearing the brunt, resulting in a loss ratio increase of 10%. Despite this, it was still a profitable year for the sector.
Posted: 2020-06-12
Studies undertaken for Beach Analytics' Pre-Season Hurricane Outlook highlights the risk of an above average 2020 hurricane season. This follows three consecutive active years for hurricanes, of which two led to considerable losses.
Posted: 2020-06-12
The government is seeking views on a proposal that would give broadband firms access to more than a million kilometres of underground utility ducts to help them expedite the roll-out of next-generation broadband, in a move that could deliver cost-savings of as much as 80%.
Posted: 2020-06-12
TT Club has prepared guidance for UK ports and terminals designed to support their risk assessment and management efforts during the COVID-19 outbreak. UK ports have demonstrated impressive levels of resilience by continuing to facilitate 95% of the UK's trade throughout lockdown including half of the country’s food imports, and medicines, energy and fuel.
Posted: 2020-06-11
Beazley has launched a new occurrence media liability policy targeted at US-based small to medium-sized media outlets and publishers. The new policy provides professional indemnity cover, focused on defamation, libel and slander and infringement of copyright and trademark. It also includes unintentional breach of contract with a client, and mitigation costs (sub-limited) to minimise claims escalation.
Posted: 2020-06-11
Just over 10% of insurance professionals and financial advisers expect to return to pre-pandemic ways of working after Covid-19 restrictions are lifted, according to the CII and the PFS.
Posted: 2020-06-10
The most pressing business continuity concern of the day is further disruption from a second wave of the COVID-19 pandemic. Around 70% of companies polled in a study released today said this was their key focus in the coming days and weeks.
Posted: 2020-06-10
A former Bank of New York Mellon trader has been awarded a US$50m in the largest award of its kind made by the US Securities and Exchange Commission. Whilst the UK has not yet gone down the road of rewarding whistleblowers, compliance experts are warning companies not to rule out having a comprehensive whistleblowing programme in place.
Posted: 2020-06-09
The global push for electric cars will bring fundamental change in risk for manufacturers, suppliers and insurers as government policies on climate change and consumer demand could see some 100 million vehicles on the road by start of the next decade, compared with just seven million today.
Posted: 2020-06-09
A ransomware attack has halted production of some of car maker Honda's factories. The company confirmed today that a cyber attack on its IT infrastructure brought some of its global factories to a standstill and hampered its access to computer servers and email.
Posted: 2020-06-09
As the rate of transmission of the coronavirus has now been shown to have fallen significantly from its peak and shops and schools start to reopen, the Government is beginning to focus efforts on preventing an overwhelming second wave of infections.
Posted: 2020-06-08
International clandestine migration has long been a persistent threat to the supply chain and the transport sector in Europe. And now, freight insurer TT Club is warning that it could be about to get worse as restrictions on movement begin to ease. And the current COVID crisis is no deterrent.
Posted: 2020-06-08
Praedicat has launched nine realistic COVID-19 litigation scenarios and a COVID-19 litigation tracker. Designed to help manage casualty lines exposures, the scenarios represent a range of ultimate pandemic outcomes, including fully-specified causes of action, numbers of plaintiffs, and defendant industries.
Posted: 2020-06-08
Global risk management firm, Anvil Group, has published a new pandemic recovery guide to aid organisations in their return to the workplace.
Posted: 2020-06-05
The Insurance Fraud Enforcement Department, which is funded by the Association of British Insurers and Lloyd’s, has appointed detective chief inspector Edelle Michaels as head of the City of London Police operation. She replaces outgoing head DCI, Andy Fyfe.
Posted: 2020-06-05
Jonathan Milford-Cottam has been promoted to head of aviation for Allianz Global Corporate & Specialty’s London unit. He succeeds Tom Fadden, current global head of aviation, who has had a dual role since June 2019.
Posted: 2020-06-05
International loss adjuster Global Risk Solutions has today launched its London-based major and complex loss operation. Led by Mike Reeves in his role as the company’s director, Complex Claims Solutions will be supported by industry veterans, David Brocklehurst, as director of its global specialty markets division; Sarah Reynolds, as global head of cyber risks and Beverley Black as forensic accountant.
Posted: 2020-06-04
In the last two weeks of April and early May, consumer spending recovered a little each week in anticipation of a move into a ‘normalisation’ phase, as countries lift lockdowns and begin to show signs of economic recovery. Spend that was at first focused on essentials, such as groceries, is now being extended to home improvements and clothing.
Posted: 2020-06-04
UK businesses will continue to benefit from credit cover as economy emerges from lockdown, following the agreement between the Government and private sector insurers of a landmark £10bn support scheme.
Posted: 2020-06-04
US-based risk management association, RIMS, has voiced its support for the Pandemic Risk Insurance Act of 2020 which was introduced in May. The association is calling on the risk management community to contact their member of Congress to support the proposed bill.
Posted: 2020-06-04
Axon Underwriting has launched a crisis management division offering product recall and foodborne illness and contamination products for US-domiciled clients.
Posted: 2020-06-03
Arthur D Little has acquired US-based tech research firm, Cutter Consortium, and French innovation platform, Presans, accelerating its investment in artificial intelligence and machine learning.
Posted: 2020-06-03
E-scooters should be restricted to roads in regulation that is unique to this particular type of micromobility vehicle, according to the International Underwriting Association. Further, the association says "blanket approval" for such vehicles is not appropriate and that they should each be considered on a case-by-case basis.
Posted: 2020-06-03
The power sector is struggling with COVID-19-related pressures, as workforce availability and supply chain continuity prove challenging. This comes at a time when the sector is already under pressure to fulfil its ESG commitments. On the plus side, some have taken advantage of the current decrease demand to proactively advance maintenance.
Posted: 2020-06-02
The COVID-19 pandemic and subsequent lockdown has changed the business landscape "irrevocably" and there will be "no return" to business as usual. This is the stark warning from business resilience group, Resilience First, which is urging businesses to use the 'forced reset' to reformulate responses to newly recalibrated systemic risks.
Posted: 2020-06-02
Guy Carpenter has entered into an exclusive multi-year agreement with tech firm, Synthetik to enhance the reinsurer's proprietary terrorism modelling product, Sunstone.
Posted: 2020-06-02
Axa UK is to expand its use of live video from household to commercial property claims following the renewal of its contract with software provider Verisk.

The ClaimXperience app is already being used by Axa’s household customers for escape of water claims. The claims handler can record the video or take stills and then evaluate the damage immediately and offer a cash settlement.
Posted: 2020-06-01
The renewable energy sector is expanding rapidly in established markets in the US, Europe and China, as well as in new hotspots in South East Asia, South America, the Middle East and Africa.
Posted: 2020-06-01
Traveller Assist has this morning announced the sale of its assets and intellectual property for an undisclosed amount to an as yet unknown insurer as part of a number of 'growth purchases'. Included in the sale is the firm's payment and insurtech platform, Payr, which was launched just two years ago.
Posted: 2020-06-01
The Chartered Governance Institute has published new Terms of Reference for risk committees, to help companies adapt to their needs following the decision to have a separate risk committee.
Posted: 2020-06-01
The UK P&I Club has published a guide for ship owners to ensure compliance with the Inventory of Hazardous Materials legislation. Covering the technical aspects, concepts, processes and requirements of the IHM, the guide aims to ensure compliance with the existing regulations and reduce the likelihood of reputational risks.
Posted: 2020-05-29
Centrica Business Solutions and AVK have this week agreed to work together to develop solutions for the datacentre market using gas engine power generation systems and other energy technologies, to combat the shortage of available grid capacity and to overcome changing environmental legislation around the use of diesel generation.
Posted: 2020-05-29
The International Standards Organisation has approved the first international standard on the management of legal risk. The new standard provides an international framework outlining good practices, supplementing the general risk management standard ISO 31000, and is designed to guide companies in the management of legal risk in relation to all their operations and activities.
Posted: 2020-05-29
Standards body, BSI has published new safe working guidelines to help businesses manage a safe return to work and facilities post-lockdown.

Version one provides a framework for business owners, senior leaders, managers and workers to protect people at work from the ongoing risks related to the coronavirus. Comments are invited on this version until 12th June.
Posted: 2020-05-28
Following today's official launch of the NHS Test and Trace programme, people in England testing positive for coronavirus will be contacted by NHS Test and Trace and will be asked to share information about their recent interactions. This may include household members, people with whom they have been in direct contact, or within 2 metres of for over 15 minutes.
Posted: 2020-05-28
Supply chain and international travel restrictions have serious implications for the maritime industry and its insurers, according to a report issued by Allianz.

While the threats faced at sea have reduced due to the number of vessels waiting at anchorage or being in lay-up, other risk challenges have replaced them, including the difficulty in relieving crews, resulting in growing seafarer fatigue -- a key cause of human error on board. Delays in inspections and maintenance or supply of oils have additional, potentially wide-ranging implications for technical safety.
Posted: 2020-05-28
The number of dedicated online safety tech firms in the UK has doubled in the last five years and investment has increased more than eight-fold in 2019, in a record year for the sector. UK providers currently hold around 25% of the global market share.
Posted: 2020-05-27
The Lighthill Risk Network has today called upon the global re/insurance sector to support a coordinated effort to establish and improve links with academia to improve understanding of systemic risks.
Posted: 2020-05-27
The pandemic environment is changing the profile of security risk, and will continue to do so as lockdowns are relaxed around the world. Three new major security challenges have emerged, alongside the expected underlying security issues that the pandemic environment brings about.
Posted: 2020-05-27
Rolls-Royce Plc and Daimler Truck AG have announced plans to develop stationary fuel-cell generators as CO2-neutral emergency power generators for safety-critical facilities, such as datacentres. Promising emission-free alternatives to diesel engines, which are currently used as emergency power generators or to cover peak loads, a comprehensive agreement is expected by the end of this year.
Posted: 2020-05-26
Global Insurance Law Connect has today announced that independent Luxembourg law firm MOLITOR Avocats à la Cour has become a member of its legal network, taking the insurance law network of specialists to 16 members.
Posted: 2020-05-26
The Federation of European Risk Management Associations has today called on the European Commission to create an EU resilience framework for catastrophic risks to address the severe shortage of business interruption insurance without physical damage, or NDBI.
Posted: 2020-05-26
Following a number of potential concerns raised internally, Tesco has discovered several breaches of the anti-slavery policy within its supply chain. Last year the supermarket giant commissioned a report from Impactt, an independent human rights consultancy, to conduct an assessment of migrant workers’ rights stores and distribution centres in Thailand and Malaysia. The findings in Malaysia, based on interviews with 168 migrant workers, identified several serious allegations, including cases of passport retention and illegal wage reductions.
Posted: 2020-05-22
As recovery begins in the wake of Cyclone Amphan in India and Bangladesh, and with the Atlantic hurricane season fast approaching, businesses with an international presence are urged to consider continuity plans to safeguard employees whilst taking into account the unique challenges caused by COVID-19.
Posted: 2020-05-22
The number of cases of COVID-19 could reach 50 million over the next four weeks, with a potential for 644,000 deaths, according to low scenario estimates modelled by AIR Worldwide. WHO figures from this morning show 4,864,881 confirmed cases of COVID-19 and 321,818 deaths worldwide, with the US accounting for 2,166,003 confirmed cases.
Posted: 2020-05-21
Risk management society, RIMS has launched a professional advisory programme designed to bring together highly-qualified, recognised and society-vetted risk management leaders with professionals seeking support and guidance.
Posted: 2020-05-21
The Department for Business, Energy and Industrial Strategy has this week announced new measures designed to help relieve the burden on businesses during the COVID-19 outbreak.
Posted: 2020-05-21
Younger employees seem to be struggling the most with work/life balance under lockdown as they put in extra hours and at the same time struggle with motivation and focus. Fear of losing their jobs (36%) and the impact this current period could have on their careers (42%) are the driving forces, according to research published this week by QBE.
Posted: 2020-05-20
The Association of British Insurers has robustly defended the industry’s refusal to pay out for the vast majority of coronavirus-related business interruption claims in response to an open letter to chairman Jon Dye from the hospitality sector. The open letter called on insurance companies’ senior executives to "agree to meet with us to discuss and lead a constructive way forward at the earliest possible opportunity".
Posted: 2020-05-20
Serco has today apologised for a data breach involving the email addresses of almost 300 individuals, in a blunder that has potentially greater consequences than doubts over the firm's approach to data security. The outsourcing giant is among the companies appointed by the government to hire and train 15,000 contact tracers.
Posted: 2020-05-20
As lockdowns are eased and economies restart, leaders and policy makers are at a crucial stage in shaping the outcome following the COVID-19 pandemic, according to the World Economic Forum. It points to the opportunity leaders now have to embed "greater societal equality and sustainability" into the recovery, thereby unleashing a "new era of prosperity".
Posted: 2020-05-19
Amid easing lockdowns, the focus is now firmly on resuming business activity safely and securely, but also quickly. But just how quickly can it be done? And which countries are most likely to lead the charge? Insurer FM Global says its Resilience Index might have the answers to these questions.
Posted: 2020-05-19
The British Insurance Brokers’ Association has re-appointed Premium Credit for another five years as the premium finance facility provider for its members.
Posted: 2020-05-19
EasyJet has fallen victim to a cyber attack that led to theft of the personal information of some nine million customers. The budget airline said that email addresses and travel details had been stolen and that the credit card details of over 2,000 customers were also taken.
Posted: 2020-05-19
Cyber criminals are becoming more and more innovative, and are increasingly automating attacks, with manufacturers the most attacked sector in the UK by some way, and the tech sector the most attacked at the global level. As widely reported, some look to gain from the ongoing COVID-19 pandemic. Despite their best efforts, many organisations are unable to stay ahead of attackers, while others are still struggling with basics like patching old vulnerabilities.
Posted: 2020-05-19
BDO Guernsey has launched a new actuarial non-life offering to Guernsey-based captive insurance managers. The merger between Moore Stephens and BDO in the UK gave BDO access to an actuarial practice team with detailed knowledge of the insurance industry gained through years of consulting with insurance companies, captive managers and Lloyd's syndicates.
Posted: 2020-05-18
Global reinsurance, wholesale and specialty broker, Ed has announced the launch of its TradEd portals for carriers and clients in Bermuda – taking the etrading platform that is used in-house by BGC insurance companies to clients and carriers on the island.
Posted: 2020-05-18
Specialist re/insurance broker, BMS Group has concluded its Preferred Partner agreement with independent Chilean reinsurance broker, Insurex Re. The long-term agreement will see the two targeting facultative and treaty reinsurance placements, spanning property cat, financial lines, surety and construction.
Posted: 2020-05-18
Supermarkets are being called upon to address human rights abuses in their Spanish supply chains. Campaigning group, Ethical Consumer says that COVID-19 has pushed to crisis point the situation for migrant workers employed on farms that supply fruit and vegetables to the UK's major brands.
Posted: 2020-05-15
Atradius has welcomed the government's intention to develop a treasury-backed temporary reinsurance scheme to aid the commercial and economic recovery from the impacts of COVID-19. It says the scheme should allow continued access to cover against the risk of supply chain insolvencies, but that to do so, it has to be implemented correctly.
Posted: 2020-05-14
An increase in remote working amid lockdowns is leading to a sharp rise in presenteeism as employees feel the need to prove their worth by going above and beyond working hours. And with no real end to the current situation in sight, and the risk of a second wave of the virus beyond that, employers are being urged to take steps to ensure employees are not risking burn-out.
Posted: 2020-05-14
Airmic is to host a three-day virtual festival, designed to provide members with a combination of webinars, sessions, high-profile speakers, panel debates, networking opportunities and a 'festival floor' of exhibitors.
Posted: 2020-05-14
Government plans to develop a state-backed temporary reinsurance scheme to provide trade credit insurance for businesses impacted by the coronavirus pandemic have been backed by the Association of British Insurers.
Posted: 2020-05-13
CFC has released a bespoke insurance solution for licensing agreements. With the COVID-19 pandemic halting and rescheduling events worldwide, the impact for promotional partners, licensees and businesses involved in merchandising could be significant, if not worse.
Posted: 2020-05-12
Global average commercial insurance prices increased 14% in Q1 2020, representing the largest increase since the index was launched in 2012 -- despite the minimal impact of the COVID-19 global pandemic on pricing. During the tenth consecutive quarter of average price increases, pricing for property risks increased 15%; financial and professional lines rose nearly 26%; and casualty increased 5%.
Posted: 2020-05-12
Airmic has warned insurers they are risking long-term damage to trust and reputation in the market if they don't adopt a more responsible and business sensitive position on the COVID-19 pandemic. Act now or loss of customers will follow, the UK association for risk and insurance professionals, warned.
Posted: 2020-05-12
The Financial Conduct Authority has called on the financial services sector not to make any changes in the wake of the Prime Minister’s statement broadcast on Sunday over the easing of the UK lockdown. In a statement the FCA said: “The financial services industry has continued to operate during the coronavirus (COVID-19) crisis with homeworking and some workers operating in locations such as branches and call centres.
Posted: 2020-05-11
Dido Harding has been appointed to lead the programme of testing and tracing as part of the government’s response to coronavirus. In this cross-government role, Harding will report directly report to the Prime Minister and Cabinet Secretary.
Posted: 2020-05-11
Work from home if you can but if not, go to work. And social distancing rules still apply for all. These were the headline changes to lockdown measures announced by the prime minister yesterday. The changes will be hugely significant to the manufacturing and construction industries, but much less so for most office-based businesses.
Posted: 2020-05-11
Lockdown measures may have inhibited terrorist attacks but propaganda – particularly connected to far-right extremism and with a focus on conspiracy theories connected to COVID-19 – represents an ongoing risk. This, according to a new report, has already inspired plots for attacks. Islamist extremist propaganda, it says, is more focused on the vulnerability of government opponents distracted by the pandemic and the opportunities this presents.
Posted: 2020-05-11
Cyber insurance claims shows that the likelihood of companies falling victim to scams post-COVID-19 has escalated. Insurer, CFC Underwriting says the new era of home-working "couldn’t be a better situation for cybercriminals", as employees are working on potentially insecure devices and businesses may not have implemented any additional training to help them spot things like phishing links that play on, for example, human curiosity about coronavirus.
Posted: 2020-05-07
The Federation of European Risk Management Associations has launched a taskforce to tackle the issue of BI cover for catastrophic risks and is inviting dialogue with all relevant stakeholders, including companies, insurers, brokers and government bodies.
Posted: 2020-05-07
After almost eight weeks since lockdown measures were enforced in the UK, the country is now past the peak of this coronavirus pandemic and the government is gearing up to announce a very gradual easing of those measures from Monday.
Posted: 2020-05-07
Research published today points to fundamental failures in business continuity planning amongst UK companies, as it suggests that before the coronavirus outbreak, two-thirds of organisations polled had no plans in place for responding to a pandemic, despite the same number having what they considered to be an "up-to-date business continuity plan".
Posted: 2020-05-06
The Willis Research Network has partnered with Cloud to Street, a global flood-mapping and monitoring platform to develop a tool to manage flood risk. Cloud to Street delivers high-resolution satellite and machine learning flood monitoring technology to provide near real-time flood monitoring and high-cadence flood mapping to build and implement reliable and scalable risk transfer solutions.
Posted: 2020-05-06
Site security inspections and dedicated loss prevention measures will help ensure a successful and safe reopening after shutdown, as businesses are warned that fires, machinery breakdowns and faulty workmanship or maintenance are among the most expensive causes of insurance claims. This is the advice of AGCS, in a back-to-work checklist for businesses now preparing to reopen.
Posted: 2020-05-06
Legalised cannabis sales in the US totalled £6.4bn ($8bn) in 2018, in a market that, were it insured to levels normal for other businesses, would pay about $1bn in annual premiums. And with that figure projected to rise to over £32bn ($40bn) by 2025, a report from New Dawn Risk argues the need for insurance in this fledgling industry, with its untried legal and societal framework.
Posted: 2020-05-05
Everbridge has today launched its COVID-19 Return to Work software solution, designed to help organisations navigate the complexity of operating during the return to the workplace – as countries in Europe begin to enter this phase, and the UK mulls a return to work in the coming weeks.
Posted: 2020-05-05
An increase in the severity of recall events in the consumer and automotive sectors.
Posted: 2020-05-05
Tokio Marine Kiln has announced the appointment of Matthew Shaw as chief underwriting officer.
The former divisional president of global markets at Chubb joins TMK at a "transformational time" for the company.
Posted: 2020-05-04
PwC has partnered with Cognite and OutSystems to develop a digital transformation offering for manufacturing, energy and utilities companies. The offering is targeted at industrial data scientists and engineers, and extends OutSystems' longstanding partnership with PwC building business apps. The first project for the trio of companies is already in motion through the PwC Energy Experience Centre in Norway where Cognite, OutSystems and PwC serve a common manufacturing customer Aarbakke.
Posted: 2020-05-04
Allianz has launched a digital platform and app for brokers and motor fleet customers to report and track all types of motor claims.
Posted: 2020-05-01
Specialist insurer, CFC Underwriting, has appointed Shannon Groeber to the newly created role of executive vice-president.
Posted: 2020-04-30
As the risk community grapples with the pandemic response, it must not allow the magnitude of the current crisis to obscure the other major risks faced by all businesses. This is the advice from the Institute of Risk Management as it publishes a report into the pandemic response, highlighting both the positive factors and realistic concerns of over 1,000 risk managers from amongst the Institute's membership.
Posted: 2020-04-30
Appliance manufacturer, Whirlpool is to recall an additional 55,000 washing machines after identifying possible faults in a further 21 models. This comes almost five months after its original recall of 500,000 units due to fire risk.
Posted: 2020-04-30
Specialist insurer, Beazley is introducing a new product recall policy for private enterprises in the US, scheduled for launch this Summer. The company has appointed a new underwriting team specifically to support the offering. Based in Connecticut, the team includes Florian Beerli as product lead and Angela Ives, Jae Pak and Alex Marti as underwriters.
Posted: 2020-04-29
The total number of deaths reported by PHE is 17% higher than previous data showed. The news comes as the government announced the roll-out of a major home testing programme designed to track levels of infection in the community. Businesses will be waiting for these results as the focus shifts towards a gradual easing of lockdown measures.
Posted: 2020-04-29
Willis Towers Watson has launched cyber insurance cover specifically designed for shipowners, addressing their increasing reliance on technology for all aspects of their operations and their unique risks.
Posted: 2020-04-28
AXA XL Risk Consulting has launched a virtual risk assessment service to help maintain client service continuity amid COVID-19 restrictions. Remote Risk Dialogue enables the insurer's risk engineers to perform remote analysis not seen in traditional loss prevention programmes and provide risk managers, underwriters and brokers with an up-to-date view risks.
Posted: 2020-04-28
Corporate insurance claims are amongst the most likely to succeed in the UK's courts, according to analysis from law firm Herbert Smith Freehills, amid a renewed scrutiny of insurers brought about by COVID-19-related complexities.
Posted: 2020-04-28
Assurance Software has completed its acquisition of Avalution Consulting, in the latest M&A deal in the business continuity software market. The combined company serves more than 850 customers in 30 countries, offering business continuity consulting, software, staffing and data analysis.
Posted: 2020-04-28
Just eight factors are thought to influence an organisation’s level of risk aversion, and therefore its likely demand for insurance – the most decisive factor of which is the decision-maker’s individual attitude towards risk. So says Cass Business School, whose latest study sought to identify the variables that influence both demand for cover, and an organisation’s decision-making process in its purchase.
Posted: 2020-04-27
Three UK-based cyber security firms have received a total £1 million in funding to develop new approaches to defending UK military systems and networks from cyber threats. Marking the second phase of the of the Defence and Security Accelerator's ‘Predictive Cyber Analytics’ competition, the three lead organisations, in collaboration with three additional organisations, will develop, adapt and merge the novel approaches explored in Phase 1 of the competition, to proactively defend deployed UK military systems and networks from the rapidly growing threat of offensive cyber action from aggressive adversaries.
Posted: 2020-04-27
The University of Leicester has teamed up with aerial mapping provider, Bluesky International to develop geospatial data solutions for insurers. The project combines ML and AI with satellite imagery and aerial survey data to improve the analysis of urban environmental data such that it automatically recognises building classifications and structure detail.
Posted: 2020-04-24
The Information Commissioners' Office has made clear that there is nothing within current data protection and electronic communication laws to prevent the government or the NHS moving ahead with its COVID-19 tracing app, as long as a proportionate approach is adopted, and they don't collect more data than they need.
Posted: 2020-04-23
The Newcastle Building Society has appointed Chris Keay as its new chief risk officer. Keay has over 30 years’ experience in financial services, and joined Newcastle Building Society in May 2018 as deputy CRO after previously working in a number of senior roles in the field of risk management across a variety of sectors including retail lending, life and pensions, wealth management, mortgages and savings.
Posted: 2020-04-23
To help with the phased return to normal working in the coming months, many organisations are considering applying a split team approach to help reduce the likelihood of cross infection. This ensures that one team can continue working if the other is infected and needs to self-isolate.
Posted: 2020-04-23
So far so good for reinsurers amid COVID-19, the systemic shock of which has so far been manageable. Sufficient buffers mean the industry can withstand the impact of extreme events, but for how long? Reinsurers have naturally begun to de-risk balance sheets by holding cash, which will necessarily impact investment returns.
Posted: 2020-04-23
Information and security rarely go hand in hand, and few will be surprised to learn that ongoing lockdowns are making a bad situation worse. Over half of organisations expect their remote workers to expose them to the risk of a data breach, according to a survey conducted last month. Some even went as far as to suggest that staff do not in fact care about data security.
Posted: 2020-04-22
As the number of new COVID-19 cases begins to slow, and the first human trials for a vaccine begin this week, debate has begun to heat up around plans for easing the lockdown.
According to Resilience First, the lockdown has reinforced the contribution of neighbourhood policing to community resilience, and will be vital to community cohesion in the recovery from the impact of the pandemic.
Posted: 2020-04-22
Coronavirus is the latest and most impactful challenge faced by the global economy but trade tensions, geopolitical uncertainty and Brexit also present threats to continuity in 2020. Against this backdrop, Euler Hermes has downgraded a record 18 countries and 126 sector risk ratings due to recession risk and COVID-19-related bankruptcies.
Posted: 2020-04-22
Owners and handlers of high-value, perishable and temperature-sensitive goods are paying the price as goods perish or are damaged or stolen amid coronavirus-related disruption. Analysis of marine insurance industry losses from AGCS shows that damaged goods already account for more than one in five claims..
Posted: 2020-04-21
AXA XL has revealed its new senior management line-up, along with plans to develop its insurance business operating model -- key to which is the creation of a single global insurance underwriting function and the establishment of three geographical units across the Americas, Eurasia, and the UK & Lloyd’s Market.
Posted: 2020-04-21
Mactavish has slammed the creation of the insurance industry's new pandemic steering group, branding it little more than a "cynical ploy" and a "PR gimmick" designed to detract attention from its failings.The group, whose inaugural meeting took place Friday, was formed to examine the response to the coronavirus crisis and future pandemics. It is chaired by industry heavyweight and chairman and CEO of Convex, Stephen Catlin. Other notable names on the panel include Maurice Tulloch, CEO of Aviva; Stephen Hester, CEO of RSA; and Julian Enoizi, CEO of Pool Re
Posted: 2020-04-21
Exacerbated by climate change, the frequency and severity of extreme weather events are increasing. As such, the need for adaptation projects – those that strengthen the resilience of buildings, critical infrastructure and communities against these climate-related risks – has garnered increasing attention.
Posted: 2020-04-20
Cyber analytics provider, CyberCube has upgraded its cyber catastrophe modelling platform to take in changes to the risk landscape over the last two years, including an increased reliance on the cloud, and ransomware attacks.
Posted: 2020-04-20
The COVID-19 Personal Injury Protocol, developed by the Association of British Insurers and Thompsons Solicitors to mitigate the impact of coronavirus disruption on personal injury claimants, is to be extended until at least 20th May 2020.
Posted: 2020-04-20
We cannot avoid talking about the pandemic currently affecting the global business environment. It is, as Prime Minister Boris Johnson said in one of his many recent briefings,“the worst global health crisis in a generation”.
Posted: 2020-04-17
March was going to be a big month for us at the CII. The FCA was going to publish its discussion paper, Transforming Culture in Financial Services. We had led an insurance working group, which had carefully prepared one of its chapters. The FCA’s paper, like everything else, was swamped by the global disaster unfolding around COVID-19. But I’m still glad we did that work. It taught me some useful lessons about where the insurance sector should be heading – lessons that have been put into even more stark relief in recent weeks.
Posted: 2020-04-17
There is much debate about the extent to which we have entered a true hard market. Evidence from our own members strongly indicates that price rises in some classes have indeed been significant and renewals have been challenging.
Posted: 2020-04-17
Stanley Security has won a contract to provide safety monitoring and emergency response management services and ongoing training to Blackline Safety, a supplier of wirelessly connected gas detection and lone worker monitoring products.
Posted: 2020-04-16
Cat risk modelling firm, AIR Worldwide has today released its interactive COVID-19 Projection Tool, which provides case and death projections worldwide for the next four weeks. The data, powered by the firm's own pandemic modelling data, will be updated daily to project one day ahead.
Posted: 2020-04-16
WTW says the transition to a low carbon economy requires a fundamental reappraisal of energy company climate risk; its latest market review demonstrates that achieving a satisfactory ESG rating will be critical if energy companies are to attract and maintain stakeholder support.
Posted: 2020-04-16
Gala Dinner and Awards Presentation will now take place on Wednesday 9th December.
Posted: 2020-04-15
The Financial Conduct Authority has urged insurers to quickly assess and settle any business interruption policy where it is clear they have an obligation to pay out. This was among a series of obligations set out today by the watchdog in a Dear CEO letter to the industry.
Posted: 2020-04-15
Global Parametrics has teamed up with weather risk platform, Arbol and Propina, which works to ensure ethically sourced supply chains, to provide coverage to smallholder coffee farmers to help farmers hedge exposure to rainfall deficits and invest in resilience measures.
Posted: 2020-04-15
Hackers are thought to be moving away from 'high volume, low-value' methods of attack, opting instead to target senior managers with access to firms’ bank accounts and with the authority to sanction payments. This is the warning issued by cyber analytics provider, CyberCube, which suggests cyber criminals may even use artificial intelligence to construct algorithms to hunt for individual targets.
Posted: 2020-04-14
When it comes to disruption, we’ve seen it all. Over the decades, businesses have had to combat a growing number of threats – whether they take the form of natural disasters, terrorism, global cyber attacks, and just about any unexpected scenario you can imagine. But, as the spread of COVID-19 has shown, it’s clear that new and unprecedented threats of disruption will continue to emerge that will challenge the agility of all businesses globally.
Posted: 2020-04-14
Charles Taylor has expanded its marine capabilities with the integration of Bowditch Marine, Pilot Marine, and the marine surveyors of Charles Taylor Adjusting to form Charles Taylor Marine Technical Services.
Posted: 2020-04-14
Anvil Group has acquired airline satefy advisory, FlightSafe. Covering over 1,100 scheduled airlines operating in more than 180 countries, FlightSafe’s safety assessments and airline risk information provide a rational and quantified basis for stakeholders to determine air travel safety policies that protect the welfare and security of travellers under their care.
Posted: 2020-04-09
Cyber experts are warning of a looming rise in ransomware attacks targeting private and government hospital systems in the coming weeks amid the COVID-19 crisis.
Posted: 2020-04-08
Less than half of safety and performance improvement recommendations put forward for critical energy infrastructure are fully implemented, new research reveals, greatly increasing the risk of failure, fatality or fire posed by transformers.
Posted: 2020-04-08
Releasing young adults who no longer live with parents could be the best way out of the lockdown in the UK, and could help policymakers balance the health risks associated with COVID-19 and the need to avoid an 'extraordinary recession'. This is among the findings of a paper written by experts at the University of Warwick and Warwick Business School.
Posted: 2020-04-07
Every day is a good day to talk about preparing for the future. But yesterday is always the best time to start.
Posted: 2020-04-07
FERMA has urged insurers to grant customers flexibility as they work through the coronavirus pandemic, and begin to plan for recovery. The European risk management body further voiced its concern around the imposition of retrospective changes to coverage, flagging the risks to contract certainty and trust.
Posted: 2020-04-07
The EU has completed its first ever INSTEX transaction with Iran. The Instrument in Support of Trade Exchanges is a special purpose vehicle set up by the EU in January 2019 in response to the earlier decision by the US to reimpose heavy sanctions on Iran.
Posted: 2020-04-03
Chaotic scenes in supermarkets, tension and even brawls on public transport over mask-wearing and coughing, fake news, fake remedies, and alarming headlines around the stockpiling and resale of PPE at exorbitant prices all characterise the darker side of what can happen when people are faced with a pandemic.
Posted: 2020-04-03
Cyber risk management provider, KYND has lent its expertise to the Confederation of British Industry's online coronavirus hub.
Posted: 2020-04-02
The British Damage Management Association has stepped up its campaign calling on the Government to assign essential key worker status to its members focused on disaster restoration and repair in the wake of the coronavirus pandemic.
Posted: 2020-04-02
The coming weeks will bring continued uncertainty in the transport industry due to governments prioritising specific supplies, consumer spending decreases and personnel shortages. At the same time, the need for the supply chain of essentials – foodstuffs, pharmaceuticals and medical equipment – to remain robust and efficient remains critical.
Posted: 2020-04-02
Origami Risk has released several new solutions within its risk management information system to help employers address exposures related to COVID-19, including pandemic mapping, tracking, communication and audits.
Posted: 2020-04-01
Insurers report a significant increase in the frequency and severity of claims for damage and clear up arising from unauthorised occupations of vacant properties. Amid the current COVID-19 crisis, the Fire Protection Association has produced an online guide, exploring the trends and offering guidance for building owners and insurers.
Posted: 2020-04-01
Catastrophe risk modelling firm, AIR Worldwide projects that the number of mild to moderately symptomatic cases globally from the COVID-19 outbreak from 1st April to 15th April could range between 2,000,000 and 7,000,000; the number of severe cases between 1,000,000 and 3,000,000 -- with deaths ranging between 70,000 and 230,000.
Posted: 2020-04-01
The COVID-19 outbreak is forcing millions of employees to work from home, presenting organisations with an unprecedented challenge -- keeping as many business-critical functions running as possible whilst maintaining cyber security. According to information security experts at Veridium, this represents the greatest ever cyber security threat firms have ever faced.
Posted: 2020-03-31
BSI has today made public a suite of resilience standards to help businesses navigate the challenges associated with the coronavirus pandemic.
Posted: 2020-03-30
Each firm’s designated Senior Manager or equivalent person is responsible for identifying which of their employees are unable to perform their jobs from home, and have to travel to the office or business continuity site, according to guidance issued by the Financial Conduct Authority.
Posted: 2020-03-30
MI5 has named current deputy director-general, Ken McCallum, as its new head. He is to take the reins from Sir Andrew Parker when he retires at the end of April.
Posted: 2020-03-30
France, Germany, Iran, Italy, Spain and the US Metropolitan area of New York are all at high risk.
Posted: 2020-03-27
Insurers' capital strength may save the sector as it faces off the COVID-19 pandemic, but it will not spare them all from downgrades as the coming weeks reveal other, prior weaknesses.
Posted: 2020-03-27
Supermarkets have emerged victorious in the crisis communications race, despite facing huge challenges with supply chains and delivery services amid the coronavirus pandemic.
Posted: 2020-03-27
Hanwell Solutions has upgraded its environmental monitoring solution, which provides critical safeguards against compromised environmental conditions to avoid spoilage in the food, heritage, pharmaceuticals and healthcare sectors.
Posted: 2020-03-26
Willis Towers Watson has launched an tool that provides real-time information on confirmed global COVID-19 cases alongside clients’ property total insured values by location. Part of its Global Peril Diagnostic modelling tool, the new feature enables clients to easily track developments of the pandemic set against their property assets around the world.
Posted: 2020-03-26
Sedgwick has today reported a saving of £35.2m across home, commercial, motor and liability claims in 2019. This represents an increase of £5.4m (18%) on 2018. Commercial claims accounted for the largest proportion of this saving, at £14.8m.
Posted: 2020-03-26
Guy Carpenter has teamed up with RiskGenius to better detect and analyse silent cyber exposures, using artificial intelligence to evaluate a variety of emerging risks.
Posted: 2020-03-25
For British businesses trading internationally, government backed loans of £330bn on top of the £30bn announced in the Budget will also be available. Also, a Coronavirus Job Retention Scheme will help pay wages, Universal Credit and tax credits will be increased as part of a £7bn welfare boos,t and VAT bills from now until the end of June will be deferred until the end of the tax year to ease cash flow pressures.
Posted: 2020-03-25
Zurich is accelerating the broader roll-out of a new marine insurance platform for small and medium cargo.
Posted: 2020-03-25
A new whitepaper introduces a new approach to managing ESG risks. The World Economic Forum's new process, 'dynamic materiality', has been designed to help businesses reflect on the impact of change and how ESG factors may become financially material in the future.
Posted: 2020-03-24
As Boris Johnson ordered the closure of non-essential shops in the latest bid to slow the coronavirus pandemic, extra protection for businesses has been put in place.
Posted: 2020-03-24
All non-essential retail stores including clothing and electronics stores, libraries, community centres, playgrounds, gyms, places of worship and hotels are due to close with immediate effect as the prime minister puts new restrictions in place in an effort to tackle COVID-19.
Posted: 2020-03-24
As the profession faces a surge in claims as a result of the coronavirus pandemic, the Society of Claims Professionals has published a guide detailing how insurers could establish a 'surge Group', so as to be adequately prepared for surge events and maintain service.
Posted: 2020-03-23
From today, government support for businesses will be available to help businesses maintain continuity and manage cashflow in the face of the global economic emergency brought on by the coronavirus pandemic.
Posted: 2020-03-23
Everbridge has acquired Netherlands-based wireless 4G and 5G cell broadcast company, One2many.
Posted: 2020-03-23
Are property insurers ready for timber
The Structural Timber Association is gearing up to help all stakeholders in the construction supply chain to fully appreciate the advantages of building in timber, how to deliver such projects and most importantly to understand and manage the risks.

The changing face of BC and WAR
The working environment has changed quite dramatically for many over the last six months. With social distancing and the rise of homeworking, it is not just how businesses operate that has changed, but also how they recover. In this podcast we discuss some of the challenges created by the quick shift to home working, why the office may not have seen its last days and how the current environment can impact the ability of a business to recover.