News

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
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 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: 2020-05-26
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
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
Baroness 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
Willis Towers Watson has launched a community group aimed at providing data, knowledge and solutions to its business aviation clients. Called A Class, the group focuses on data analytics and risk strategy, equipping business aviation operators with data and expertise to help them analyse and mitigate risks.
Posted: 2020-03-20
The Financial Conduct Authority has set out its expectations for insurance firms in the context of the current COVID-19 crisis and published guidance for consumers on the service levels they should receive.
Posted: 2020-03-20
The combined impact of increased home working and the closure of schools across the UK could place a severe burden on internet infrastructure, with the EU asking the main video streaming platforms to adapt the way they deliver their service in order to help reduce the load.
Posted: 2020-03-20
Ratings agency AM Best is developing stress testing to gauge the impact of the COVID-19 virus fallout on insurers risk-adjusted capital levels, investment portfolios and reserve adequacy.
Posted: 2020-03-19
A new bill amends the Fire Safety Order 2005 to clarify that the responsible person or duty-holder for multi-occupied, residential buildings must manage and reduce the risk of fire for the structure and external walls of the building, including cladding, balconies and windows; and entrance doors to individual flats that open into common parts.
Posted: 2020-03-19
Supermarkets have had to temporarily suspend their online shopping operations due to an extreme surge in demand for the service over the past week as a result of the COVID-19 crisis.
Posted: 2020-03-19
Responding to the government’s announcement of a series of measures to help protect the economy from the full fall-out from coronavirus, Mactavish says insurers, too, should be supported by emergency measures to ensure they can still offer cover to businesses which are struggling financially.
Posted: 2020-03-18
Cyber protection provider, Acronis is making its Cyber Files Cloud enterprise-grade file sync and share solution, free to all service providers through to 31st July 2020, so they can help their clients quickly transition to working remotely while keeping vital data secure.
Posted: 2020-03-18
With the current widespread impact on global supply chains, supply chain leaders should focus on three impact areas for their initial crisis management, according to Gartner. "As COVID-19 spreads globally, we are seeing increased supply chain disruption, but also changes in consumer spending habits,” said Sarah Watt, senior director analyst with the Gartner Supply Chain practice. “Supply has been impacted in three primary ways: limited access to employees due to quarantines; factory closures or manufacturing slowdowns; and limited access to logistics to move goods. Most supply chain organisations are in crisis management, assessing impacts and response on a daily, if not hourly basis.”
Posted: 2020-03-18
As more and more businesses start to implement remote working practices, BSI's Cyber Security and Information Resilience team has put together a series of tips for businesses and workers as to how to best prepare for working away from their offices efficiently and securely – from protecting confidential business information to effective working patterns and environments.
Posted: 2020-03-17
In a statement the trade body said: “Irrespective of whether or not the government orders closure of a business, the vast majority of firms won’t have purchased cover that will enable them to claim on their insurance to compensate for their business being closed by the coronavirus.
Posted: 2020-03-17
Organisations need to be alert to a wide range of potential risks as a result of additional employees working from home due to the measures being taken to address the COVID-19 outbreak.
Posted: 2020-03-17
The Lloyd’s Market Association has called on all its staff to work from home from tomorrow as it invokes is business continuity plan in response to the coronavirus pandemic. It has also postponed all its events and academy programmes from today until the end of April.
Posted: 2020-03-16
To help address the impacts of the COVID-19 outbreak, Ventiv Technology is currently offering its clients free access to its Ventiv Analytics platform, which features global COVID-19 data, in a bit to help them to make faster risk mitigation decisions.
Posted: 2020-03-16
"This is the time for the organisational resilience community to unite"
Posted: 2020-03-16
As the focus on sustainability credentials intensifies, companies are increasingly being held to account by consumers, investors, regulators and other stakeholders; and increasingly face reputational damage or legal liabilities if they fail to make the grade when it comes to ESG issues.
Posted: 2020-03-13
Lloyd’s closed its underwriting room at midnight last night for 24 hours in order to test alternative trading protocols. The stress test is part of the corporation’s business continuity preparations in the wake of the coronavirus pandemic.
Posted: 2020-03-13
A report launched today by the British Standards Institution highlights the ongoing risks relating to the coronavirus outbreak, widespread protests and climate change as key drivers of global supply chain disruption. Using data from its SCREEN tool, BSI predicts these trends will dominate the global supply chain throughout the year ahead.
Posted: 2020-03-13
The lessons and intelligence from natural catastrophe models built over the past 20 years may provide a template for cyber modellers, but should not be expected to produce a complete picture, For that, cyber modellers must develop their own solutions.
Posted: 2020-03-12
Charities are being urged to check the most up to date advice from Public Health England amid ongoing coronavirus uncertainty, as it may result in incidents which should be reported as a serious incident to the Charity Commission.
Posted: 2020-03-12
The Lloyd’s Market Association has today published policy language to ensure customers’ coverage continues beyond a specified renewal date if the Lloyd’s market is inaccessible, and Emergency Trading Protocol fails.
Posted: 2020-03-12
The UK government has produced guidance for employers and employees on dealing with coronavirus, as the World Health Organisation has declared the outbreak a pandemic.
Posted: 2020-03-11
Among the items on the agenda are cyber risks, the implications of capital withdrawal from the sector and the promotion of education and training resources for specialist practitioners.
Posted: 2020-03-11
The British Insurance Brokers’ Association has welcomed the new chancellor's approach to Insurance Premium Tax. Not changing the current rate, which is already at a significant 12 pence in the pound of every premium paid, will help businesses and consumers to afford the insurance protection they need, it said
Posted: 2020-03-11
Increased consumer demand for hygiene products and long-life items has emptied shelves in some supermarket aisles, as shoppers stockpile amid the coronavirus outbreak. To address the issue, the government is to extend the hours that deliveries can be made to food retailers to help the industry move stocks and replenish shelves more quickly.
Posted: 2020-03-10
The number of digital accessibility lawsuits filed in the US between 2017 and 2018 increased by 183%, and with increased scrutiny, that number is expected to have risen substantially in 2019. In one of the more high-profile cases, Domino’s Pizza was found guilty of not making its website app accessible for use by people with visual impairments, and was forced to make adjustments to improve user experience.
Posted: 2020-03-10
As technology increasingly takes over more routine, manual tasks, risk professionals must upskill and constantly reinvent themselves, or risk being made redundant by technology. Risk professionals that can combine digital literacy with a creative mindset, strong influencing skills and the ability to translate technological output into meaningful insights will be best positioned for success, based on an analysis of workplace trends among the Airmic membership.
Posted: 2020-03-10
More than 100 countries have now reported laboratory-confirmed cases of COVID-19, as the global total reaches 105,586, of which 3,656 in the last 24 hours. Just 46 of these new cases were from China, demonstrating the extent to which transmission there has slowed.
Posted: 2020-03-09
According to research from Pool Re, 43% of businesses surveyed after the Manchester Arena bombing in 2017 did not have any continuity, disaster recovery or crisis plan in place.
Posted: 2020-03-09
Poor employee health has overtaken IT and telecoms outages to become the most frequent cause of disruption to businesses globally, according to the latest global survey of 665 businesses by the British Standards Institution and the Business Continuity Institute in their ninth annual Horizon Scan Report.
Posted: 2020-03-09
A surge in the number of people working from home amid the coronavirus pandemic is likely to see some firms cut corners in their rush to enable remote access to their office IT systems -- leading to warnings around confidentiality, and a call to firms not to bypass usual security measures.
Posted: 2020-03-09
The coronavirus epidemic could cost airlines some £87bn in lost revenue this year, according to the International Air Transport Association. This is over three times its projection made only a fortnight ago. This warning follows the collapse of embattled British regional carrier, Flybe.
Posted: 2020-03-06
The winners of the 2020 National Insurance Awards were revealed at last night's gala dinner and awards ceremony.
Posted: 2020-03-06
The Financial Conduct Authority has published proposals outlining new climate-related disclosure requirements for listed companies.
Posted: 2020-03-06
Domestically, much of the focus of the past couple of days has centered on how best to deal with the situation from a labour and employment perspective, as employers seek to balance the need to protect their workforce from uncertainty, while conducting BAU as far as possible.
Posted: 2020-03-05
Envoy Group has teamed up with maritime and regulatory technology provider, Pole Star to offer compliance screening and vessel tracking using Pole Star’s PurpleTRAC technology.
Envoy uses blockchain technologies to bring efficiencies to global supply chain and trade finance. Built on enterprise software firm R3’s Corda blockchain platform, Envoy handles over £13trn in annual global trade flows.
Posted: 2020-03-05
Negligent data management at Virgin Media has exposed the personal details of 900,000 of its customers, after a database was left unsecured for ten months, and during which period was accessible online.
Posted: 2020-03-05
Mactavish has issued a call for radical reform of the insurance industry, which has for too long put price of cover ahead of value, it says. This, it says, has depleted contract quality, increased opacity around broker fee structures and and led to a prevailing attitude of one-size-fits-all on even complex risks. This, Mactavish says, has led many clients to see insurance as a commodity purchase rather than a complex and vital financial instrument.
Posted: 2020-03-04
The Eastern Mediterranean Region is the focus of most concern for the World Health Organisation today, as it reiterated the need to enhance surveillance and response activities in relation to the outbreak of COVID-19 there.
Posted: 2020-03-04
The Financial Conduct Authority has said it expects all firms to have contingency plans in place to deal with the COVID-19 outbreak, as it would any major event, and, along with the Bank of England and the Treasury, is working with a number of firms to assess operational risks and business continuity measures.
Posted: 2020-03-04
The government is today expected to set out in detail its action plan to tackle the spread of coronavirus, as the World Health Organisation focuses on containment. Management for COVID-19 globally, it says, is not a one-size-fits-all approach; it must be tailored to the transmission scenario faced in each country. Four more cases in the UK bring the country to 40 patients, some of which have recovered.
Posted: 2020-03-03
The government has today published its official coronavirus action plan. With the current focus on containing the spread, the next stage of the plan involves delaying the outbreak until warmer months to avoid overlapping with seasonal flu and other winter pressures on the NHS.
Posted: 2020-03-03
Millions of SMEs are exposed to the fall-out following a cyber attack, according to research published today. A third of SMEs which have been offered cyber insurance have opted to go without -- the key barrier a belief that they are too small to be targeted.
Posted: 2020-03-03
Prime Minister Boris Johnson will today chair a meeting of the government emergency COBR committee to agree a "battle plan" and detailed set of countermeasures to deal with the outbreak of the coronavirus. In the UK, whilst 11,750 people have been tested for the virus, only 35 have come back positive. This is still a very low number, albeit an uptick from last week.
Posted: 2020-03-02
A study of the non-life insurance market since the introduction in 2004 of Solvency I has found the capital adequacy regime to have been effective in reducing the number of company failures.
Posted: 2020-03-02
Risk management body Airmic has warned the insurance market that it must improve on its service to corporate clients or risk triggering a long-term change in insurance buying habits. The warning follows the publication of two surveys conducted by Airmic and its German equivalent, GVNW.
Posted: 2020-02-28
Crises Control has created a series of pandemic response toolkits to help its customers prepare their own businesses to mitigate and respond to the potential disruptions presented by the COVID-19 outbreak.
Posted: 2020-02-28
Marine and energy insurers and brokers with interests in the eastern Mediterranean will be on alert after the EU elected to impose economic sanctions on Turkey in relation to its oil and gas exploration in disputed waters off Cyprus. This is the warning from law firm, Elborne Mitchell, as the EU affirms its solidarity with Cyprus.
Posted: 2020-02-28
Two further patients in England have tested positive for COVID-19, which brings the total number cases in the UK to 15, after the virus was passed on in Italy and Tenerife. This as Public Health England and the NHS announce that they have established a new surveillance system to detect cases of COVID-19, to strengthen existing systems and to prepare for and prevent wider transmission of the virus.
Posted: 2020-02-27
The proposed third runway at Heathrow Airport now faces more time in the courts as the Court of Appeal has ruled that the previous government's Heathrow's expansion decision was unlawful because it did not adequately take into account climate change commitments.
Posted: 2020-02-27
The World Health Organisation has warned that restricting the movement of people and goods during public health emergencies is "ineffective in most situations and may divert resources from other interventions".
Posted: 2020-02-27
As the spread of the virus continues globally, interrupting supply chains along the way, Marsh has issued a four-step action plan to help organisations prevent, respond and recover.
Posted: 2020-02-26
Zurich Insurance has teamed up with cyber security company, CYE to help businesses addresses the full spectrum of cyber risks with a combination of specialist cyber insurance and risk engineering capabilities and artificial intelligence-based technology and services.
Posted: 2020-02-26
Regulatory activity under the European Union’s General Data Protection Regulation certainly increased during 2019, but not quite to the ‘mega-fine’ degree that was expected. The most notable outcome from a year with the GDPR was instead the considerable variance in penalties issued by different regulators throughout the bloc.
Posted: 2020-02-25
The volume of risks facing schools has increased for almost two-thirds of teachers in the past five years – with both pupils and teachers suffering from poor mental health as a result.

Questions were asked of teachers from both the public and private sectors.
Posted: 2020-02-25
Guy Carpenter has entered into a global, multi-year agreement with Karen Clark and Company to license its catalogue of natural catastrophe models, execution software and analytics.
Posted: 2020-02-25
The number of patients in England to have tested positive for coronavirus has increased from nine to 14. In these four new cases, the virus was passed on in the Diamond Princess cruise ship. Chief medical officer, Chris Whitty said the patients are being transferred from Arrowe Park to specialist NHS infection centres.
Posted: 2020-02-24
Robotic process automation, machine learning and artificial intelligence will drastically speed up manual processes in the London Market, and form part of the market's plans for modernisation, as it seeks to ensure it maintains its competitive edge.
Posted: 2020-02-24
Tokio Marine Kiln has launched an enhanced cyber insurance policy designed to protect clients against the threat of physical damage stemming from cyber attacks.
Posted: 2020-02-24
A week after Windstorm Ciara, Windstorm Dennis brought flood- and wind-related damage across parts of Europe, with Germany, France, Belgium and the UK bearing much of the brunt, and killing at least six people.Total economic losses from these events are expected to exceed £78m, and ongoing flooding continues to effect transport infrastructure.
Posted: 2020-02-21
Manufacturing supply chains are being slowed by the coronavirus outbreak, as factory closures in China hamper deliveries of components and parts. This is the conclusion of analysts at ING following the publication of the latest UK purchasing managers indices from IHS Markit/CIPS.
Posted: 2020-02-21
The number of patients in England to have tested positive for coronavirus remains at 9, as it has been for over a week. According to the Department of Health and Social Care and Public Health England, as of 19th February, a total of 5,216 people have taken themselves to be tested for the virus.
Posted: 2020-02-20
The personal details of more than 10.6 million MGM Resort guests are reported to have been published on a hacking forum. Amongst them, personal and contact details for a number of high-profile individuals including celebrities, tech CEOs and government officials.
Posted: 2020-02-20
The number of patients in England to have tested positive for coronavirus remains at 9, as it has been for a week. According to the Department of Health and Social Care and Public Health England, as of 18th February, a total of 4,916 people have been tested for the virus.
Posted: 2020-02-19
Home secretary Priti Patel is today launching a new points-based immigration system for the UK, in a move that seeks to put to an end the reliance on cheap, low-skilled labour coming into the country, and ceasing free movement from 1st January 2021.
Posted: 2020-02-19
The clock is ticking! It's time to finalise your entries for the 22nd annual Business Continuity Awards -- the industry's best-loved event and the pinnacle of achievement in business continuity and resilience.
Posted: 2020-02-19
Riskline has expanded its collection of City Safety Maps to cover 250 cities, detailing city-specific threats and other local knowledge down to street-level and including data on high crime zones, protest flashpoints and other areas of concern.
Posted: 2020-02-18
Everbridge has introduced a new specialist risk intelligence package to assist organisations in managing the impact of the coronavirus on their people, assets, facilities, supply chains and brands.
Posted: 2020-02-18
The oil, mining, metals and extractive industries continue to make up the most significant proportion of demand for specialist credit and political risk insurance coverage. This is according to data from broker, BPL Global, whose annual Market Insight report points to an increase in enquiries from OECD countries – a continuing development from historical demand for CPRI to cover emerging market risk, it said.
Posted: 2020-02-18
The number of patients in England to have tested positive for coronavirus remains at 9, as it has been for almost a week. According to the Department of Health and Social Care and Public Health England, at 16th February, a total of 3,109 people have been tested for the virus.
Posted: 2020-02-17
The business of kidnap for ransom is complex and fascinating. Millions live and work in areas with significant kidnap risks and a number of security consultancies closely monitor kidnaps around the world to help clients manage the risk. Looking at the outcomes of situations where the kidnappers have demanded a concession of some kind in return for the hostage, around 90% of those hostages are returned alive, and according to one of the better-known consultancies (Control Risks) in 2016, 81% of kidnaps lasted less than a week and only four per cent exceeded four weeks.
Posted: 2020-02-15
As the second weekend of severe winter storms threatens the UK, businesses are being urged to take additional precautions to ensure buildings and other physical assets are secure during the anticipated winds.
Posted: 2020-02-14
Willis Towers Watson has launched an internal programme aimed at supporting staff in need and engendering a culture of respect in the workplace.
Posted: 2020-02-13
Control Risks is to partner with Everbridge to offer a new technology-driven solution to crisis management challenges. In a significant alliance, two of the market’s best known names aim with this alliance to “digitally transform how businesses achieve organisational resiliency” by managing the full lifecycle of a critical event.
Posted: 2020-02-12
The number of patients in England to have tested positive for coronavirus has reached 9, as the World Health Organisation announces the official name for the disease caused by the coronavirus as COVID-19.
Posted: 2020-02-12
CFC has launched new cover for event organisers, combining cancellation coverage, general liability and commercial property. The policy protects organisers against various liability exposures and includes cover for contents lost or damaged in transit as well as additional expenses like temporary repairs.
Posted: 2020-02-11
Emergency legislation introduced in Parliament today will end the automatic early release of terrorist offenders, in a move that sees the government taking decisive action following the recent attack in South London.
Posted: 2020-02-11
According to WHO’s latest Situation Report, published 9th February 2020 and covering the last 24 hours, there were 37,558 confirmed cases globally (of which 2,676 were new). It may be too soon to draw conclusions from this data, but meantime disruption resulting from the outbreak is ongoing, and will be for some time.
Posted: 2020-02-10
Commercial property insurance policies are leaving businesses exposed to technology risks such as data loss, according to Mactavish, which reports a significant increase in policies that have removed this element of cover, even if the loss arises from a ‘traditional’ property loss, such as fire.
Posted: 2020-02-10
An independent advisory body for the ethical use of data-driven technology has concluded that existing regulation falls behind the public’s expectations, bringing the issue of social media regulation under fresh scrutiny once again.
Posted: 2020-02-07
The recent and quite rapid spread of the novel coronavirus (nCoV) throughout China has become a cause for concern in global markets. Domestic demand in China, where the outbreak is at its most concentrated, has already been affected.
Posted: 2020-02-06
Many businesses are struggling to adapt to the challenges of a digital workplace as senior management admit that they may not be doing enough to address their digital skills shortage, according to a new report by the Open University (OU).
Posted: 2020-02-04
The Marine Climate Change Impacts Partnership (MCCIP) has released a report on the current and future impacts of climate change in the UK warning of disruption to operations – especially ports – from the effects of climate change.
Posted: 2020-02-04
Several countries have closed their borders to travellers from China in response to the coronavirus outbreak. The US, Australia and Singapore announced that they are denying all foreign visitors who have recently been to China, while New Zealand and Israel have closed to foreigners travelling from mainland China.
Posted: 2020-02-03
Chubb has launched a new insurance package aimed at bridging gaps in traditional terrorism business interruption policies. Non Damage Terrorism Solutions is a single policy offering non damage business interruption, with employee and customer care assistance as a result of a terrorism loss. The policy also provides event cancellation coverage following an act or threat of terrorism, including an extension for War.
Posted: 2020-02-03
Despite higher levels of investment in advanced cybersecurity technologies over the past three years, less than one-fifth of organisations are effectively stopping cyber attacks and finding and fixing breaches fast enough to lower the impact, according to a new report from Accenture.
Posted: 2020-02-03
Three days after the UK exited the European Union and attention now turns to the future trading relationship between the two, as well as to the near-term economic impacts on businesses resulting from over three years of frustrated negotiations. In terms of fortunes, the picture is mixed.
Posted: 2020-02-03
One third (32%) of UK firms were victims of data theft in the last 12 months, which is higher than the global average of 29%, according to a recent report by risk consultancy Kroll. The study also revealed that two thirds (66%) of UK firms view large-scale, coordinated cyberattacks as a significant future business risk, but despite this fear, almost a quarter (23%) do not have confidence in their cyber security controls, and 30% don’t feel their risk management processes are effective.
Posted: 2020-01-31
Only one in five UK financial services firms have a well-developed strategy to manage the potential risks of climate change, according to a new report.
Posted: 2020-01-31
The death toll from the coronavirus outbreak in China has risen to 170, with more than 7,700 confirmed cases within the country as heath authorities report that the virus has now reached every region in mainland China.
Posted: 2020-01-30
CEOs have expressed high levels of concern regarding the increasing sophistication of cyber-attacks, as almost half have taken action to personally protect themselves from malicious actors by deleting social media apps.
Posted: 2020-01-30
Foreign exchange company Travelex has announced that its IT systems are back up and running following a crippling ransomware attack that forced the firm to disconnect its service from the internet.
Posted: 2020-01-30
The UK will leave the European Union on 31st January 2020 at 11pm, entering into an implementation period which is due to last until 31st December 2020, and during which time, EU law will continue to apply. The UK’s Financial Conduct Authority has said that during this time firms and funds will continue to benefit from passporting between the UK and EEA; and that consumer rights and protections derived from EU law will also remain in place.
Posted: 2020-01-30
The UK government has announced that UK operators should put in place additional safeguards and exclude high risk vendors from parts of the telecoms network that are critical to security. But it has stopped short of total block on the use of Huawei within the country’s 5G network, despite pressure from the US to do so.
Posted: 2020-01-29
Appliance manufacturer Whirlpool has been forced to add three additional washing machines to its recall list of fire-prone products. A fault caused by an overheating door mechanism on some of its Hotpoint and Indesit branded models has been the cause of a problem that is believed to have led to 79 fire incidents.
Posted: 2020-01-29
Insurer Hiscox has added new extensions to its technology insurance offering. UK-based companies with a turnover of under £2m can now get coverage for unlimited business interruption, with the technology insurance product offering to cover loss of income and loss of gross profit and increased cost of working.
Posted: 2020-01-28
Worries over the continued spread of the coronavirus have shaken the financial markets with stocks from Wall Street, London and Tokyo all seeing a decline. Airlines and other businesses with major sales or operations in China saw their shares dip as the scale of the issue became clear.
Posted: 2020-01-28
The latest catastrophes annual report from Aon reveals that the 409 natural catastrophe events of 2019 resulted in economic losses of US$232bn – 3% below average annual losses for this century, but 20% lower than the previous decade. Of that total, private sector and government-sponsored insurance programmes covered US$71bn of the total. This means the protection gap, which is the portion of economic losses not covered by insurance, was 69% in 2019 – the fifth-lowest since 2000.
Posted: 2020-01-27
Mental-health-related issues are costing UK employers up to £45bn each year – a rise of 16% since 2016 – according to research from Delotte.
Posted: 2020-01-27
The number of businesses in significant financial distress has risen to 494,000, with the real estate and property, support services, construction and retail the sectors particularly badly affected, according to research by insolvency firm Begbies Traynor.
Posted: 2020-01-27
Fourteen people have been tested for the China coronavirus in the UK, according to Public Health England, amid increasing fears the virus may have already spread to Britain from China. However, there are no confirmed cases of the disease, and the World Health Organisation says it is too early to declare an international public health emergency. While the risk to the public remains low, universities in the UK have followed Foreign Office advice warning people not to travel to the affected region.
Posted: 2020-01-24
The cyber criminals responsible for disrupting high-street banks and the foreign currency exchange chain Travelex for over three weeks have launched another cyber attack on a German automotive parts supplier.
Posted: 2020-01-24
Greece is feeling the effects of the migrant crisis with over 3,000 migrants landing on its shores in the first few weeks of 2020. Approximately 75,000 people crossed illegally to EU member Greece from Turkey last year according to a UN refugee agency, an increase of nearly 50% on the previous year.
Posted: 2020-01-23
Firstly, as this is my inaugural column for CIR, I’d like to thank outgoing chairman Socrates Coudounaris for his unerring work in this post over the last couple of years. I am in the fortunate position of being able to build on the good work done by the CEO, staff and the immediately preceding chairs in stabilising the Institute’s financial position, building a strong board and starting the next phase of our growth. We are now in a position where we can capitalise on that financial strength to drive towards fulfilling the Institute’s vision.
Posted: 2020-01-23
A coalition of public and private sector organisations has launched an initiative to galvanise investors to tackle the issue of antimicrobial resistance. The Investor Year of Action on AMR is backed by the UN-Supported Principles for Responsible Investment, FAIRR, the Access to Medicine Foundation and the UK Department of Health and Social Care.
Posted: 2020-01-23
The World Health Organisation, which was first alerted to cases of pneumonia in Wuhan City, Hubei Province of China on the 31st December 2019, has recently published its first Situation Report 2019-nCoV.
Posted: 2020-01-23
Technology disruption, coupled with businesses expecting higher returns on investment, has generated demand for cloud infrastructure, with hybrid cloud still considered the ideal IT model for enterprises, and in the UK in particular, according to the second Enterprise Cloud Index Report by Nutanix.
Posted: 2020-01-22
Enhanced monitoring will be put in place for all direct flights from Wuhan, the area of China at the centre of the coronavirus outbreak, landing in the UK according to the Department of Health and Social Care.
Posted: 2020-01-22
Over two weeks after the ransomware attack that forced Travelex staff offline to calculate foreign currency exchanges, the company has said that some systems are back up and running.
The firm has released a number of short statements since cyber criminals held the firm to ransom on 31st December 2019, causing chaos for New Year holidaymakers and business travellers seeking online currency services.
Posted: 2020-01-21
A suburban pharmacy in London has become the first UK company to be issued with a fine under the General Data Protection Regulation rules. Doorstep Dispensariee Ltd, a pharmacy based in Edgware, was handed a £275,000 penalty by the Information Commissioners Office for its “cavalier attitude to data protection”.
Posted: 2020-01-21
An outbreak of a new pneumonia-like illness was first reported to the World Health Organisation on the 31st December 2019, and as confirmed cases of the coronavirus increase, fears of major global outbreak are growing.
Posted: 2020-01-20
EU regulators are considering a ban of facial recognition technology in public places until a technique of measuring the impact risk of its use can be fully understood. The EU already has some of the strictest regulations in the world when it comes to personal data and its use, so similarly strong standards are being sought for biometric data.
Posted: 2020-01-20
The last decade has been confirmed as the warmest on record by three global agencies. By 2035 it is forecast to reach a critical level of 1.5°C above pre-industrial levels. According to NASA, NOAA and the UK Met Office, last year was the second warmest year, coming in around 1.7 degrees Fahrenheit above the 20th-century average, just shy of the record set in 2016.
Posted: 2020-01-17
Ignite Insurance Systems has created a gateway with LexisNexis Informed Quotes platform, giving insurer and broker clients access to a wide range of personal and commercial risk data to support risk decisions at the point of quote. This includes the Lexis Nexis No Claims Discount Module, allowing insurance providers to see their own data in context with the rest of the market, improving the customer experience and delivering more accurate first time quotes.
Posted: 2020-01-17
Virsec has partnered with ProtectedIT to offer advanced cyber security protection to its customers in the US. With the dramatic rise in cyber attacks, companies are struggling to maintain visibility over critical applications and stop attacks that bypass standard security tools.
Posted: 2020-01-17
Analysts and researchers at Verisk Maplecroft say civil unrest in Hong Kong and Chile is unlikely to improve over the next two years. These countries are amongst those to have seen the greatest increases in risk over the last year. A further 73 are projected to see an increase in civil unrest during the next six months.
Posted: 2020-01-16
A major report has called for collaboration between leaders, businesses and policymakers if threats to the climate, environment, public health and technology systems are to be tackled. The WEF’s Global Risks Report points to growing economic and political polarisation as the greatest short-term risk, and one that is leading to an “unsettled unilateral world of great power rivalries”.
Posted: 2020-01-15
Beazley has introduced a flexible suite of D&O liability products, ranging from a single policy to cover the organisation and its directors, through to policies addressing the specific needs of individuals.
Posted: 2020-01-15
Specialist insurer, Beazley has entered into an agreement with cyber protection firm, Kynd, that will extend enhanced cyber risk management services to international policyholders.
Posted: 2020-01-14
Hiscox and CyberCube have entered into an agreement that will give the insurer access to the provider’s Portfolio Manager product to stress test its book of global commercial insurance business against a range of cyber-related catastrophe scenarios, generating better insight into potential systemic cyber risk.
Posted: 2020-01-13
Business continuity and disaster recovery provider Databarracks has bid farewell to Windows 7 with a Viking funeral. After 10 years, Windows 7 support ends tomorrow, 14th January 2020.
Posted: 2020-01-13
Recent tensions in the Middle East will lead to insurers and reinsurers imposing “draconian conditions” in policies and raising rates “exponentially” in the coming months, according to specialist law firm DWF. That all UK flagged ships in the Strait of Hormuz are being escorted by UK navy vessels has done little to restore the status quo in the region, or confidence among politicians or businesses with assets there.
Posted: 2020-01-10
The problems plaguing foreign exchange firm Travelex reflect a trend among cyber criminals to deploy ransomware attacks. This is according to cyber analytics firm, CyberCube, which is warning that ransomware attacks could become so widespread they may stifle economic growth.
Posted: 2020-01-09
While southeastern Australia saw both cooler temperatures and even rain Monday, fire risk is still expected to intensify as temperatures of more than 40°C, dry conditions and strong winds are forecast for today and tomorrow.
Posted: 2020-01-09
Following the death of Qassem Soleimani, arguably the second most powerful man in Iran, there are a number of potential scenarios in the surrounding region over the coming months. While Iran’s response is unpredictable, it is most likely that direct conflict between the US and Iran on Iranian soil remains unlikely. Proxy attacks will increase significantly over the coming months, which will trigger American drone and airstrikes on Iranian proxy groups’ positions.
Posted: 2020-01-09
The Chartered Insurance Institute has warned data alone won’t prevent future consumer detriment, as it responds to the Financial Conduct Authority and Bank of England proposals for improvements across the UK financial sector.
Posted: 2020-01-08
The already high risk of oil supply disruption in the Middle East has risen further on the back of Iranian attacks on US assets in Iraq. Several rockets were fired overnight -- the Pentagon confirming that two US assets were targeted in retaliation for the killing of Qasem Soleimani last week.
Posted: 2020-01-08
In 2019, 820 natural catastrophes caused overall losses equivalent to £115bn. A smaller portion of losses was insured compared with 2018: about £40bn. This is according to data from Munich Re, whose CEO, Torsten Jeworrek, says buildings and infrastructure must be made more resistant if the increasing trend in losses is to be reversed.
Posted: 2020-01-08
The Financial Conduct Authority and the Bank of England have today detailed plans to develop their data and analytics capabilities. A new data strategy outlines the FCA’s increased focus on the use of advanced analytics and automation techniques aimed at deepening the regulator's understanding of how the markets are functioning.
Posted: 2020-01-07
CFC has today released its new cyber excess solution, giving small and medium sized businesses access to up to £10m of excess cyber capacity. Offered globally and built for organisations with up to £1bn in revenue, the policy also provides an automatic reinstatement of the excess limit as standard.
Posted: 2020-01-07
Artificial intelligence has been a staple of dystopian sci-fi for decades. Who could ever forget HAL’s starring role in Kubrick’s 1968 classic, 2001: A Space Odyssey? But it’s only in recent years – thanks to the advent of machine learning, secure cloud storage, low-cost mobile devices and cheap high-speed internet – that the incredible possibilities of the past are now a reality.
Posted: 2020-01-06
The deployment of 5G wireless networks is likely to be the single biggest technological change for society over the next few years, according to predictions from the International Underwriting Association’s Developing Technology Monitoring Group. It says that, because 5G will lay the foundations for so many other new developments – from communication using 3D holograms to augmented reality glasses – the associated risks and exposures are numerous and complex.
Posted: 2020-01-06
Terrorism reinsurer, Pool Re has expanded its definition of SME to encompass businesses with assets up to £5m – more than doubling the previous figure of £2m. This means that cedant insurers can more easily integrate cover within their automated SME offerings; making the cover more affordable and accessible.
Posted: 2020-01-06
It is my prediction that 2020 is going to be perhaps one of the most interesting years to be in the assistance and claims industry as unexpected partnerships and major acquisitions are announced, and for the first time ever; agencies assess how to regulate a previously unregulated industry in a move which has been a long time coming.
Posted: 2019-12-20
Total global economic losses from natural and man-made catastrophes fell to around £107bn in 2019 from £134bn last year, with insured losses estimated to be around £43bn, down from £71bn in 2018 and below the annual average (£57bn) of the previous 10 years. As in recent years, secondary perils accounted for over half of the insured losses.
Posted: 2019-12-19
On January 14th, Windows 7 will reach its end, and applications on legacy Windows operating systems will no longer be supported. And, according to recent research from Cloudhouse, this could expose over 90% of UK FTSE 250 and 100 companies to security vulnerabilities.
Posted: 2019-12-19
Three quarters of SME senior decision makers in the UK and Ireland believe their businesses can help tackle climate change, according to research conducted by Close Brothers. Some 94% of SMEs say they have policies in place to reduce their impact on the environment. The most popular steps they are taking to help tackle climate change include recycling, being energy efficient, and going paperless.
Posted: 2019-12-18
Eurobase has become a Licensed Integrator Partner of ACORD Solutions. ACORD Data Standards are widely used throughout the insurance industry, with members accounting for half of global GWP.
Posted: 2019-12-18
The insurance industry must address the issue of silent cyber risks hiding within traditional cyber insurance products. This is among the conclusions of a report published today by cyber risk analytics firm, CyberCube. It says that pressure from reinsurers to remove ambiguity from primary contracts will force the hand of cedants.
Posted: 2019-12-17
The CBI has welcomed the government’s plans to add a new clause to the Brexit Bill to rule out any extension to the transition period beyond the end of 2020, adding that firms stand ready to support the government in getting a good trade deal agreed as quickly as possible.
Posted: 2019-12-17
Uptake of M&A insurance across EMEA has risen over the last 18 months, despite a fall in overall deal activity in the region. This is according to a joint report from Aon and Mergermarket which highlights a fall in deal value in EMEA of almost a quarter over the first six months of 2019, from £521bn in H1 2018 to £403bn in H1 2019.
Posted: 2019-12-17
A big year for insurtech.
Posted: 2019-12-16
Thomas Miller Specialty has concluded the purchase of Lodestar Marine’s book of business.
Posted: 2019-12-16
The Conservative Party has won a staggering majority in the UK general election, returning Boris Johnson to Downing Street with a mandate to push his Brexit deal through parliament, and to bring to an end a period of deep uncertainty for businesses and the public -- not just in the UK, but also in trading nations.
Posted: 2019-12-13
The value of GDP at risk from commodity price shocks, extreme weather, power outages and pandemics has risen, according to research published today by Cambridge University. It suggests that as much as £443bn, or 1.55% of GDP, could be wiped off the global economy by catastrophic events in 2020.
Posted: 2019-12-12
An influx of established aerospace, automotive and technology companies into the urban air mobility market, backed by technological advancements and government initiatives, is expected to drive the market for air taxis, according to research from Frost & Sullivan.
Posted: 2019-12-12
Industry research suggests environmental and climate change remains a top of mind risk for global insurance CEOs. This is not a surprise given the number of severe disasters in recent years, from floods, hurricanes, typhoons, droughts and wildfires. So, the sector must continue to be heavily involved in managing the risk.
Posted: 2019-12-11
Will 2020 remain a period of change and instability, and will that bring significant challenges? I believe it will, and there are many drivers for this.
Posted: 2019-12-11
Insurtech futurologist at Guidewire Software and TedTalk speaker, Laura Drabik has these thoughts on how 2020 will see closer relationships between insurers and insurtechs focused on customer convenience:
Posted: 2019-12-10
Willis Towers Watson has launched an out-of-the-box software solution designed to help P/C insurers implement one of the most significant and complex changes to insurance accounting requirements for a generation.
Posted: 2019-12-10
Working with operational risks is not a tick-in-the box exercise. A structured team works with operational risks and incidents leads to a better risk culture, increased efficiency in the organisation and creates business value. The Financial Conduct Authority is increasingly undertaking independent reviews of regulated firms which are focused on risk culture. However, while the FCA guidelines on risk culture set out the principles to be followed and how to define, measure and manage it, there is no practical guidance on how to embed a sustainable risk culture in operational systems.
Posted: 2019-12-09
Flooding and storms in Europe result in significant economic losses in November, with the impact in Italy alone expected to near the equivalent of £1.5bn. This is according to Aon’s Global Catastrophe Recap report, evaluating the impact of the natural disaster events that occurred worldwide during November 2019.
Posted: 2019-12-09
Confidence is predicted to remain low among UK-based professional services firms in 2020. Only 34% (just over one third) expect to feel confident in their ability to grow and prosper in 2020, while 80% believe they will be operating in a moderate to high risk environment.
Posted: 2019-12-06
The Institute of Risk Management has announced the appointment of Iain Wright, chief risk officer for Europe at Great-West Lifeco, as chairman. Mr Wright has served as deputy chairman since May 2018 and as chairman of the Audit & Risk Committee since December 2016. He takes over from Socrates Coudounaris, executive director of ERM at the Reinsurance Group of America.
Posted: 2019-12-06
New safety measures for drone operators, including registration requirements and the introduction of an online test, have been welcomed by the International Underwriting Association, which has long campaigned for change in UAV regulation. Now, anyone responsible for operating a drone weighing more than 250g must register their details with the Civil Aviation Authority and answer a series of multiple choice questions or face a fine of £1,000.
Posted: 2019-12-05
The use of non-payment insurance by banks should be recognised in regulatory capital calculations, according to the Lloyd’s Market Association. This was the core message in the association's response to the European Commission’s consultation on implementation of the Basel III reforms.
Posted: 2019-12-05
The Bank of England, Prudential Regulation Authority and Financial Conduct Authority this morning published a shared policy summary and coordinated consultation papers on new requirements to strengthen operational resilience in financial services.
Posted: 2019-12-05
With the onset of climate change, flooding is no longer considered to be a once in 100 year event for many communities. This was demonstrated earlier this year with the flooding in Fishlake, South Yorkshire and the surrounding area. It is now clear that around 5 million people live within flood risk areas in England and Wales with one in six homes in England at risk of flooding.
Posted: 2019-12-04
Hampshire County Council has been fined £1.4m after a six-year-old girl playing on an unsecured street bollard suffered a life-changing head injury. The child climbed onto the cast iron hinged bollard, which then fell to the ground taking her with it. As a result, she suffered serious, life-changing head injuries -- the full extent of which will not be known until her brain has matured.
Posted: 2019-12-04
My prediction for 2020 is that we will see a rise in the regularity and impact of climate change protests. This protest movement is here to stay and will only get more regular and more militant as the climate emergency deepens over time. From a resilience point of view, organisations will need to review their risk assessments. Recognise any threat of being targeted because of how your business might impact on climate change, and consider the possibility of being caught up in a protest occurring in your area (in particular if you have offices in a large city), or affecting a supplier. The internet and social media make protests easier to organise and easier to target specific organisations.
Posted: 2019-12-03
Public Health England has urged people to prepare for the cold weather and look out for individuals most at risk, as temperatures have struggled to reach double digits in the last few days.
Posted: 2019-12-03
Confidence among business leaders in organisational resilience has fallen for the first time since 2017, according to figures from the BSI, which concludes that businesses are struggling to adapt to new technology amid political and economic uncertainty.
Posted: 2019-12-02
Just one in five UK companies employs a chief risk officer, according to research amongst 250 UK business leaders by Gallagher. Where there isn’t a CRO in place responsibility for managing risks most often falls to the CEO, despite their lack of specialist risk knowledge.
Posted: 2019-11-29
A number of people have been injured following a stabbing at London Bridge today. A knife-wielding man was shot by officers on the bridge following the attack, after having been wrestled to the ground by members of the public.
Posted: 2019-11-29
Climate risk is becoming a major concern for the airport sector, with flooding also a key area of risk. This is according to a poll conducted by Willis Towers Watson at its recent Airport Risk Community conference, and which highlighted the top 20 risks faced in the sector.
Posted: 2019-11-28
The adoption of fully automated shipping could take decades, not years. This is according to a poll conducted by law firm, Kennedy's among 6,000 people, including industry leaders in the transport and insurance sectors.
Posted: 2019-11-28
Finance and insurance firms invested the most on cyber security to 2019, at an average of £22,050 – a 23% increase on the previous year.

This is according to figures from Specops, which show that businesses in health/social care/social work spent the second highest amount (£16,800) on cyber security – a staggering 506% rise on the year before
Posted: 2019-11-28
Industrial insurer, HDI Global has launched a new system for end-to-end support of the underwriting process. The Underwriting Workbench is a central application that takes underwriters through the process, supports pricing and consistently records relevant data.
Posted: 2019-11-27
Origami Risk has expanded its operations in the UK and EMEA with the London appointments of Mary Upshaw as head of Professional Services, EMEA and Daniel Efting as client executive.
Posted: 2019-11-26
Lloyds Banking Group, Bank of America and Société Générale are among the poorest performers in human rights considerations according to a report published today.
Posted: 2019-11-26
The ten most serious GDPR breaches this year led to a total £345m in fines, with the three highest penalties making up almost 90% of the total. This is according to research from PreciseSecurity.com, which is warning organisations to protect consumer information to the letter.
Posted: 2019-11-26
The aviation team at Willis Towers Watson has entered into a partnership with the Airport Operators Association, in an industry that faces complex and fluid risks.
Posted: 2019-11-25
VPS Highway Solutions has developed an integrated safety solution for highway maintenance personnel. The system alerts road workers to the danger of an approaching vehicle, using a high-definition camera system mounted on self-powered VPS Smart Towers, and linked wirelessly to sounders fitted on traditional cones.
Posted: 2019-11-25
Government and business must work together after the general Election to restore trust in how British companies are run, according to the Institute of Directors.

Publishing a manifesto paper the IoD has set out a ten-point plan and called on government to support the establishment of a Code of Conduct with ethical standards for directors and a minimum requirement of governance knowledge and skills.
Posted: 2019-11-22
Businesses need to be cognisant of their working practices and aware of every link in the supply chain and the impact if something goes wrong. Can you safely say you know every link and its provenance? The UK’s Modern Slavery Act 2015 includes an innovative transparency and reporting clause (section 54; Transparency in Supply Chains) requiring larger organisations to make an annual ‘slavery and human trafficking report’ setting out what they do to ensure that slavery and human trafficking is not taking place in any of its supply chains, nor in any part of its own business.
Posted: 2019-11-21
Software provider, Software Solved has launched an insurance division, offering risk management, underwriting, distribution and data visualisation solutions for the sector. Software Solved already works with a number of major UK insurers in their digital transformation projects, including RSA Group, for which it created the real-time risk data platform, RSAred.
Posted: 2019-11-21
Allianz Global Corporate & Specialty has today launched a risk consulting, captive fronting and crisis management solutions offering for its corporate clients.
Posted: 2019-11-19
End-of-life equipment is leaving organisations at high risk of security and compliance breaches. According to a study conducted by Coleman Parks and Blancco, almost three-quarters of respondents agreed that the large volume of different devices at end-of-life leaves their company vulnerable.
Posted: 2019-11-19
On the 9th December, the final phase of the Financial Conduct Authority’s Senior Managers and Certification Regime (SM&CR) comes into place. What the FCA calls ‘solo regulated firms’ – firms that are regulated by the FCA but not the Prudential Regulatory Authority – must identify senior managers who will take responsibility for consumer outcomes. The new ‘duty of responsibility’ that will fall on these managers will make them accountable not only for everything that they do, but also for everything that a reasonable person would do if they had the same responsibilities. As a result, the SM&CR is as much about the problems that people don’t have the time or energy to deal with, as it is about deliberate acts of wrongdoing.
Posted: 2019-11-18
Optio Group has today launched a political risk offering for foreign direct investors in high-risk markets.
Posted: 2019-11-18
The Federation of European Risk Management Associations has today launched three research reports on the implications of artificial intelligence for risk management, cyber risks and GDPR -- reflecting the focus on digitalisation of FERMA's 2019 Risk Management Forum.
Posted: 2019-11-18
Next year will define the UK for a generation, and, whoever is in power after the election, their priority must be to work with business to provide better answers to the challenges facing the UK. This was the message from CBI director-general, Carolyn Fairbairn, speaking at the business group's conference in London today.
Posted: 2019-11-18
A few decades ago, the value of most companies comprised hard physical assets. Turn the clock forward to today and most hold their value in intangible assets. To put some context around this, back in the 1980s the US Patent and Trademark Office received less than 100,000 utility patent applications a year. Today it receives more than 500,000 annually and while big names like Samsung and Apple are awarded patents in the thousands, small businesses are also landing new patents at record levels.
Posted: 2019-11-15
Dealing with unknowns is part of the territory as a risk manager – it is integral to the job. But the level of uncertainty surrounding the possible outcomes and timings of Brexit is proving a huge challenge for even the most seasoned risk professionals. The range of scenarios businesses must prepare for is vast. This is a huge operational challenge first and foremost, but it is also proving an obstacle to getting senior management buy-in. As such, some of our members report that the lack of clarity is making it hard to get businesses to engage with – and allocate budget for – the potential impact of Brexit on their firms.
Posted: 2019-11-15
How do the most successful companies deal with a crisis? What are business leaders really thinking and feeling whilst neck-deep in the worst crisis their companies have ever seen? Thanks to PwC (and assuming their questions were answered honestly) we now know that they include a range of feelings from ‘stressed, anxious and frustrated’, through ‘abandoned, out of control and angry’ to ‘resentful, devastated and embarrassed’. Words and feelings like ‘confident, resilient, determined and focused’ were cited much less by the respondents to the survey.
Posted: 2019-11-15
With the proliferation of social media, news of a crisis can spread instantaneously, and response tactics have a huge impact on a company’s resilience.

Crisp’s 2019 Crisis Impact Report reveals the increasing power of communications on social media, the power it holds in the wake of a corporate crisis and the impact it can have on commercial reputation.
Posted: 2019-11-14
A new method for assessing and comparing different types of risk in the consumer sector has been developed by the Centre for Risk Studies at Cambridge Judge Business School and the Institute for Risk Management.
Posted: 2019-11-14
Governments around the world must step up their preparations for a minimum sea level rise of one metre this century and be planning for up to three metres, according to a new report from the Institution of Mechanical Engineers (IMechE).
Posted: 2019-11-13
UK flood modelling firm Fathom has partnered with natural hazard and climate impact risk assessment technology company Coastal Risk Consulting, to offer flood mapping in risk reports for US property owners.
Posted: 2019-11-13
The government and the construction sector have been urged to make big changes if the UK’s 2050 zero carbon target is to be met. The National Federation of Builders’ major contractors group has called on government to act immediately to address how construction – the largest contributor to UK carbon emissions – can help the UK to meet its stated goals on carbon reduction.
Posted: 2019-11-13
Commercial insurance pricing increased 8% in the third quarter of 2019 according to figures released by Marsh. The rise represents the largest quarterly increase since the survey began in 2012, and the eighth consecutive quarter of average price increases.
Posted: 2019-11-12
A new survey commissioned by Mactavish reveals that almost a third (30%) of private equity professionals describe the due diligence that private equity firms carry out on cyber security issues of target companies as ‘average’, and 27% consider it to be ‘poor’ or ‘terrible.’ The research suggests that there is still much work to be done, with only 23% describing the current level as ‘good’ or ‘excellent’.
Posted: 2019-11-12
The Labour Party has experienced a large-scale cyber attack on its digital platforms but says it is confident that no data has been breached. As campaigning for next month’s general election gets fully underway, the party was hit with what is reported to have been a distributed denial of service attack on Monday, using botnets to bombard a server with requests and overwhelm it.
Posted: 2019-11-12
Government-backed terrorism reinsurer Pool Re has announced the creation of a specialist unit to support member insurers and their policyholders by sharing its knowledge and partnerships in the field. Called Pool Re Solutions, the new unit is made up of three teams which will cover their own risk specialisms. The Risk Awareness team will provide analysis, intelligence and expertise on all aspects of the terrorism threat, using a broad range of data from sources such as the Global Terrorism Database.
Posted: 2019-11-12
Three quarters of Japanese companies have been affected by a string of natural disasters over the past two years, suffering damage to multiple parts of their operations including factories, office buildings, distribution networks and supply chains. According to a survey by Reuters, most of those companies suffered direct or indirect effects that lasted more than a week, while the impact lasted more than a month for a third of respondents.
Posted: 2019-11-11
Sydney is facing a catastrophic fire risk for the first time as NSW’s heightened bushfire emergency worsens this week. Firefighters are battling over 100 fires in NSW and Queensland, Australia, but have warned no area is safe as high winds could send dangerous embers to the central business district.
Posted: 2019-11-11
Lloyd’s has announced the decision to merge the Council and the Franchise Board effective from 1 June 2020, after receiving widespread support from across the market. Lloyd’s says that the announcement follows five months of consultation across the market, with an overwhelming majority (over 90%) supporting the proposal to merge the Board into the Council and create a single governing body for the Corporation and the Lloyd’s market.
Posted: 2019-11-11
Despite deep autumn discounting and early seasonal promotions, high street sales collapsed in the last week of October following further Brexit delays and the announcement of a December general election. According to the BDO High Street Sales Tracker, total like-for-like in-store sales only managed a marginal +0.7% increase in October and failed to offset a negative base of -2.0% in October 2018, as consumers become increasingly sensitive to the political chaos.
Posted: 2019-11-11
Marine engineering firm James Fisher & Sons is the latest business to report a cyber breach.
On the 5th November, the Cumbrian marine services firm said that hackers had gained unlawful access to its computer systems.
Posted: 2019-11-08
November 12th will mark the deadline for Sudanese president Salva Kiir’s government and opposition groups to form a transitional unity government, in a power-sharing arrangement. The risk of political unrest and instability in the region is very high, regardless of whether an agreement is met and a government is formed, a travel risk management firm with clients’ in the region has warned. We believe a crisis is looming, regardless of whether a unity government is formed or not.
Posted: 2019-11-08
The Environment Agency is working to reduce the impact of persistent rain this week, which has led to surface water and river flooding in parts of Yorkshire, Nottinghamshire, Greater Manchester, Derbyshire and Lincolnshire. River levels have risen considerably and more flooding of properties and roads is expected. Elsewhere Northern Rail has said it expected “severe disruption” to its network. Elsewhere, transport difficulties continue amid road closures.
Posted: 2019-11-08
The winners of the 10th annual Risk Management Awards were revealed last night at a gala dinner and ceremony attended by some 400 people at the Grosvenor in Mayfair, London. Both Aviva and Nationwide took away two gongs, while the newcomer trophy was picked up by Mott MacDonald's Alex Todorova.
Posted: 2019-11-07
With the US government considering further restrictions against Turkey, insurers and brokers operating in the region will have to unpick exactly what has been imposed and whether to maintain existing ties with the country as they head into the renewals season.
Posted: 2019-11-07
The National Insurance Awards are open for entries. Celebrating excellence in the sector, the National Insurance Awards highlight the very best in general insurance provision and management. Featuring 30 categories for companies and teams that demonstrate excellence in their field – from the delivery of specialist brokerage services to the best in HNW insurance provision.
Posted: 2019-11-07
The government is appealing for businesses to get in touch after studies revealed that less than 20% of boards fully understand the true impact of the cyber threat landscape.
Posted: 2019-11-06
The international standard for business continuity management systems has been updated. Replacing the 2012 version, ISO 22301:2019 ‘Security and resilience - Business continuity management systems - Requirements’ was developed by the ISO ISO/TC 292 Security and Resilience Technical Committee, and helps organisations protect against, prepare for, respond to, and recover when disruptive incidents arise.
Posted: 2019-11-06
DAC Beachcroft has deployed Verisk’s Verify claims management platform to provide its lawyers with direct, real-time access to more quickly and efficiently resolve litigated credit hire claims.
Posted: 2019-11-05
Last year was one of the safest ever for the global airline industry in terms of fatal accidents. But, despite the good news, insurer Allianz is warning that a number of risks lie ahead for the industry, including more costly business interruption incidents from grounding, cyber and drone events and greater turbulence from climate change.
Posted: 2019-11-05
Specialty insurer NMU has extended its standalone cyber product, CyberSafe. Chief amongst the improvements are the inclusion of customer payment fraud protection and cover for BI losses resulting from reputational harm.
Posted: 2019-11-05
Fidelis Insurance has taken an equity stake in new MGA Perigon Product Recall, whose main focus will be recall and contamination coverage for food and beverage producers, restaurant operations, auto manufacturers. This will be managed through Pine Walk Capital Limited, Fidelis’ subsidiary MGA platform.
Posted: 2019-11-04
As protests in Hong Kong move into their 22nd week, some firms have opted to hold off sending staff to this important economic region. The targeting by protesters of the transportation infrastructure adds another level of uncertainty for business travellers and their employers, with many metro stations having been closed on the island.
Posted: 2019-11-04
The UK threat level from terrorism was today reduced to ‘substantial’ for the first time since August 2014, indicating positive developments in reducing the threat from terrorism.
Posted: 2019-11-04
The government imposed on Saturday a moratorium on the process of hydraulic fracturing for shale gas, or fracking, in England. The decision was made following the publication of a report by the Oil and Gas Authority (OGA) which concluded that current technology was not able to accurately predict the probability or magnitude of earthquakes linked to fracking operations. The news comes after a series of incidents and disturbances near Cuadrilla’s Preston New Road site in Lancashire.
Posted: 2019-11-04
Tokio Marine Kiln has launched its flagship cyber product, Cyber Ctrl, in Asia. Offering a range of first party losses including business interruption, cover also provides clients with crisis management support in the wake of a breach. Traditional liability covers to protect against breaches of third-party data are also included as standard.
Posted: 2019-10-30
The British Insurance Brokers’ Association has launched an online Brexit information hub, designed to help insurance brokers understand the potential impact of developments.
Posted: 2019-10-29
A series of measures to improve Kent’s resilience in the event of disruption to services across the English Channel were put in place this morning as planned, in preparation for a UK exit from the EU on 31st October.
Posted: 2019-10-28
The Irish Data Protection Commission has published a guidance document for data breach notification requirements under the EU General Data Protection Regulation. The note is intended to give data controllers practical advice on how to handle data breaches and navigate the mandatory data breach notification regime.
Posted: 2019-10-25
With just 46 days to go until the Senior Management and Certification Regime comes into effect, a concerning number of brokers are thought to be unaware of the new rules. Responding to research conducted in August for insurer, Ecclesiastical, just four per cent of brokers said they knew everything they needed to do ahead of implementation, compared with a third who said they had no knowledge at all.
Posted: 2019-10-24
Everbridge has won a contract to provide the multi-agency notification process for major incidents and emergencies for the Thames Valley Local Resilience Forum. The Local Resilience Forum covers an area of the 2,200 square miles of Berkshire, Buckinghamshire, Oxfordshire and Milton Keynes. Part of the TVLRF’s responsibility is to share important information and manage a joint response with its partner agencies.
Posted: 2019-10-24
Violent protests in Chile have left 18 dead and led to around 5,000 arrests so far. The protests began on 14th October over an increase in metro fares and have since developed into a broader expression of discontent over the cost of living.
Posted: 2019-10-24
Break Free From Plastics has catalogued almost 8,000 brands in this year’s global audit, the analysis of which reveals the 2019 Top 10 Global Polluters as Coca Cola, Nestle, PepsiCo, Mondelez International, Unilever, Mars, P&G, Colgate-Palmolive, Phillip Morris and Perfetti Van Mille.
Posted: 2019-10-24
The International Underwriting Association has established a new London Market committee for underwriters providing professional indemnity to the construction industry. The Construction Working Group will meet on a monthly basis and liaise closely with the IUA’s existing Professional Indemnity Forum. Of particular focus will be issues surrounding the use of cladding and fire protection.
Posted: 2019-10-23
The UK National Cyber Security Centre dealt with over 600 cyber incidents in the past year, a significant number of which were said to emanate from hostile nation states, continuing the pattern observed since the formation of the centre in 2016. Around 900 organisations were targeted during this time, it said.
Posted: 2019-10-23
Just because Millennials and Generation Z workers were born in the digital age does not necessarily mean they follow cyber security best practice. This is the message from NTT, whose recent study shows that employees over the age of 30 are on the whole more likely to adopt best practice in cyber security.
Posted: 2019-10-22
The Met Police has stepped down its policing of the Extinction Rebellion Autumn Uprising assembly, as reports emerge of the enormous cost to the force of two weeks of demos in and around London.
Posted: 2019-10-22
Total economic and insured losses from Japan's Typhoon Hagibis are expected to reach well into the billions
Posted: 2019-10-18
Today sees the launch of Davies' new Bermuda-based compliance and regulatory consulting business. Specialising in providing insurance operations and consultancy solutions for insurance intermediaries and re/insurers with operations in Bermuda, the UK and globally, the operation will mirror its established operations in the UK and its team of experienced professionals in the Lloyd’s, London and international insurance markets.
Posted: 2019-10-18
AI could contribute £12.2trn to the global economy by 2030, and could increase UK productivity by 14.3%.
Posted: 2019-10-18
The Serious Fraud Office has closed its investigation into the manipulation of the LIBOR, a seven-year long review of evidence that resulted in charges of conspiracy to defraud brought against 13 individuals.
Posted: 2019-10-18
Today brings the second wave of cannabis legalisation in Canada, and, with it, significant opportunities for insurers as a potentially vast new market is opened up in cannabis edibles, extracts and topicals. Sales are projected to grow ten-fold to reach US$40bn a year in the US by 2025 and around US$5bn in Canada within five years.
Posted: 2019-10-17
Earlier this week, US firm, Pitney Bowes was hit with a ransomware attack that it said had encrypted information on its systems. While it is reported the company is working with a third party to address the issue, it still faces the challenge of whether to pay the ransom.
Posted: 2019-10-17
The CBI has welcomed, if tentatively, the news that the UK and the EU have reached a deal.

However, whilst a deal has been done, it still needs to be approved in parliament.
Posted: 2019-10-17
FM Global has just opened its US$16m electrical hazards and gas detection laboratory, part of the commercial insurer's Rhode Island Research Campus where it carries out testing for companies operating in hazardous environments.
Posted: 2019-10-16
The Financial Conduct Authority has today published a set of proposals that will form the basis of its work on improving regulated firms' climate change disclosures. These include issuers’ climate change disclosures, regulated firms’ integration of climate change risk and opportunities into their decision-making and consumers’ access to green financial products and services.
Posted: 2019-10-16
Schneider Electric and HDI Global are to collaborate on a digital transformation programme that will see the insurer harvesting data from the recently launched cross-industry open ecosystem platform, Schneider Electric Exchange, and its EcoStruxure IoT-enabled architecture, to generate, aggregate and transform building, machinery and equipment data.
Posted: 2019-10-15
Securing the UK's departure from the EU on 31st October is the government's priority and was top of agenda in the Queen's Speech today, delivered for the first time in over two years at the formal reopening of the new parliamentary session.
Posted: 2019-10-15
Heightened geopolitical tensions are creating an extremely challenging environment for insurers and brokers, as the US imposes sanctions on Turkish ministries and senior government officials in response to the country's military offensive in northern Syria.
Posted: 2019-10-15
Keeping London moving
Posted: 2019-10-15
Climate change protesters have this morning arrived in the City of London, with disruption expected throughout the day in the areas of Broadgate, Liverpool Street Station, Bank Station, London Bridge and through Poultry to St Paul’s.
Posted: 2019-10-14
Supplier vetting policies within UK corporates are poorly understood and inconsistently applied, according to a study into third-party risk management practices conducted by Dow Jones Risk & Compliance.
Posted: 2019-10-14
Against a backdrop of heightened tensions in the Middle East, the damage to Iranian oil tanker Sinopa may drive up insurance costs in the region, experts have warned. Events leading up to and surrounding the incident are shrouded in uncertainty, with various reports of missiles striking the tanker and an accusation that Saudi Arabia had committed an act of terrorism while the vessel was carrying oil to Syria.
Posted: 2019-10-14
Tullett Prebon has been handed a £15.4m fine for failing to conduct its business with due skill, care and diligence, failing to have adequate risk management systems and for failing to be open and cooperative with the city watchdog, it has said, in serious failings that "undermine the proper function of wholesale markets".
Posted: 2019-10-11
The Financial Conduct Authority has today outlined the steps certain firms must take in the event of a no-deal Brexit. It said it was conscious that leaving the EU during the working week "could pose operational challenges for firms". It therefore expects firms to take "reasonable steps" to comply with post-exit MiFID transaction reporting and EMIR trade reporting requirements.
Posted: 2019-10-11
The International Forum of Terrorism Risk Re/Insurance Pools and the Geneva Association are launching a joint task force on cyber terrorism and cyber warfare.
Posted: 2019-10-10
Former CEO of Lloyd's, Inga Beale has joined NTT Data’s new UK advisory board. As a specialist advisor, Dame Inga will work with the firm's head of insurance, Kim Gray, advising on the challenges facing firms in the London Market as they accelerate their transformation plans.
Posted: 2019-10-10
Climate protesters have appeared at London City Airport today, although the Met Police appear again to have the situation in hand. A man was arrested on a flight on the runway, as were a number of people outside the airport. The protesters are associated with the ongoing Extinction Rebellion protests in the capital this week.
Posted: 2019-10-10
Specialist insurance provider, CFC has acquired Texas-based cyber incident response provider, Solis Security. CFC has one of the largest cyber underwriting teams in the world, with one of the largest in-house cyber claims and incident response teams, and has handled nearly 1,500 cyber claims this year alone.
Posted: 2019-10-09
A combination of geopolitical tensions, climate volatility and technological dependencies are contributing to a complex web of global supply chain pressures, the costs of which will build if they are not tackled now. This is the stark warning of a joint report from Airmic, AIR Worldwide, Gallagher, HDI, Lloyd’s and Sedgwick.
Posted: 2019-10-09
The Insurance Fraud Investigators Group has rolled out Verisk's e-alerts platform for insurance fraud prevention.
Posted: 2019-10-09
*UPDATED* Protesters have begun their fortnight-long demonstrations around the capital, with Westminster and its government departments, roads and bridges key target areas. On the other side of town, a few hundred campaigners are said to have gathered in Trafalgar Square.
Posted: 2019-10-08
The government has put forward what it calls “serious and reasonable” proposals to the EU and is waiting for an EU compromise on these. In the event that the UK leaves without a deal, however, a Brexit readiness report, published today, sets out the details of completed work, as Michael Gove says it is “time for the UK to look forward to the future with certainty and confidence”.
Posted: 2019-10-08
To prevent going climate change demonstrations from causing serious disruption to the community, the Metropolitan Police has today imposed a condition upon protesters that they may only assemble in Trafalgar Square.
Posted: 2019-10-08
Data security outfit, Egress has today launched an online Insider Breach Calculator aimed at helping businesses better determine the probability of suffering an email-based insider data breach.
Posted: 2019-10-07
The insurance industry is facing a structural shift that necessitates collaboration with insurtechs if it is to meet rising customer expectations, according to the World InsurTech Report 2019, published today.

The report, a collaboration itself between by Capgemini and Efma, has identified four fundamental shifts taking place in the industry. First, a shift from product focus to customer experience. Some 70% of insurers and insurtechs said a focus on holistic risk solutions for customers was critical to establishing a future-state insurance marketplace.
Posted: 2019-10-07
Climate change activist group, Extinction Rebellion is planning a week of demonstrations in the capital, focused mainly in and around Westminster. Businesses in the area are urged to consider continuity plans and contingencies -- particularly in relation to loss of access and especially relating to the safety of certain members of staff, such as those who are disabled or pregnant.
Posted: 2019-10-04
The effects of man upon climate change are almost universally acknowledged, if not quite. Surprisingly some the countries in which one might automatically assume few deniers, the evidence points the other way.
Posted: 2019-10-04
Private equity firms may not be placing enough focus on the quality of insurance cover in place at portfolio companies, and are generally taking on more risks as their businesses change. This according to research commissioned by Mactavish, which also suggests that, with commercial insurance policies “becoming increasingly generic”, the chances of claims being paid are reduced.
Posted: 2019-10-03
As part of preparations for exiting the EU, Defra is issuing guidance for agri-food stakeholders to help them ready supply chains in advance of the 31st October. This follows an announcement earlier this week from the Department for Transport which launched a campaign to help hauliers and commercial drivers get ready for Brexit and ensure they have what they need from traders to get through border customs smoothly.
Posted: 2019-10-03
Europ Assistance has deployed machine-learning to automate customer claims analysis. Within Europ Assistance’s eClaims portal, the Travel intelligent Document System will provide instant feedback to customers, and ultimately reducing the time between claims filing and resolution.
Posted: 2019-10-02
An ambitious programme in autonomous vehicle technology and development is being showcased this week in London’s iconic Olympic Park. This major milestone in a 30-month government-supported project has seen a fleet of self-driving vehicles safely navigating the modern, urban environment – underscoring the UK’s commitment in the arena.
Posted: 2019-10-02
Sapiens has partnered with FRISS, an AI-powered fraud and risk management tool for P/C insurers. FRISS analyses policy applications, renewals, quotations and claims for high risks, fraud and compliance. An automated risk assessment helps carriers speed up the onboarding process and reduces friction during claims payments.
Posted: 2019-10-02
The situation appears to be worsening in Hong Kong as reports have emerged of a protester being shot in the chest by police during yet another violent clash, as soldiers paraded for the 70th anniversary of Communist rule in China. It is understood that this incident marks the first injury from a live round
Posted: 2019-10-01
Economic issues dominate concerns for businesses at the global level, whilst cyber risk is the number one worry for those doing business in Europe and North America. These are among the conclusions of a World Economic Forum survey of nearly 13,000 business leaders who were asked to name the top five global risks of doing business in their country over the next 10 years.
Posted: 2019-10-01
Beazley has launched cyber and financial lines cover for organisations in Italy. The new cyber offering features a combination of insurance cover and risk management services designed to help commercial clients prepare for and manage data breaches and cyber attacks. Beazley Breach Response (BBR) for SMEs and Beazley InfoSec, information security and privacy policy for larger organisations, offer cover for a range of complex first and third party risks.
Posted: 2019-10-01
Engagement with C-level execs in business continuity planning is on the rise, but IT staff are still too heavily involved. This is according to the a study conducted by Databarracks, which asked over 400 IT decision-makers in the UK a series of questions surrounding critical issues relating to IT, security, disaster recovery and business continuity practices.
Posted: 2019-09-30
Dieselgate drags on for embattled Volkswagen as the first mass lawsuit of its kind gets underway in Germany. Some 450,000 are looking for compensation having been being sold cars based on misleading emissions data.
Posted: 2019-09-30
PwC has released the results of an in-depth study into the mechanisms and dynamics of corporate crises, offering unique insight into the way companies and individuals experience and emerge from crises, and in impressive detail. With more than 2,000 global respondents, details of some 4,500 crises are unpicked, in the first in a series of deeper insights into crisis from the consultancy's risk experts.
Posted: 2019-09-27
The dense law and insurance concepts are interspersed with digressions into the history of insurance that serve not only to give a historical colour to the text but also underpin the foundations of insurance. Snippets of information grant a more holistic view of insurance – the way in which value, risk and past legal cases create the interrelated covers and duties is one such example.
Posted: 2019-09-26
The UK is expected to experience a major decline in trade levels of renewable and sustainable technologies over the coming years, continuing a downward trend that saw levels drop 65% between 2012 and 2017. At this rate, projections are for a fall of a further 75% by 2023...
Posted: 2019-09-26
North P&I Club has today launched a new interactive 3D tool providing data and analysis on maritime threats and incidents. GlobeView is available via its website, alongside a new directory tool designed to connect users to correspondents in all regions and countries covered.
Posted: 2019-09-26
Aon has launched its new AI-powered ClaimsMonitor.X platform, a system that uses natural language processing to read claims notes to identify if adjusters are following best practices.
Posted: 2019-09-26
In the ‘ideas economy’ standardisation gives way to ingenuity. Ideas (and doubts) are the drivers of almost all modern endeavours and risk mitigation, but the patterns of the past and weak management can lead directly to cultures where fear prevents ideas and fears being shared.
To create psychological safety for individuals and collaborative teams, leaders must create new organisations that recognise these barriers.
Posted: 2019-09-25
AXA XL has teamed up with Accenture to bring global cyber security expertise to AXA XL underwriters, brokers and clients, initially on an industry-basis for the manufacturing, retail, healthcare and financial services industries, with plans to expand among others to cover the full P/C spectrum by early 2020.
Posted: 2019-09-25
For the second year running, cyber security has been identified as the number one business risk faced by organisations in Europe. These are the findings of Risk in Focus 2020, our fourth annual report analysing the business risks faced by organisations across Europe. Cyber security and digitalisation have both appeared in the top three risks over the last two years. This year the number of chief internal auditors citing cyber security as a top five risk has increased by 18%, further strengthening its position as the clear number one risk.
Posted: 2019-09-23
The Insolvency Service has been asked to fast-track its investigation into the circumstances surrounding the liquidation of Thomas Cook, following the tour operator's collapse early this morning. It is understood that the investigation will also consider the conduct of the directors. The 178-year old tour operator confirmed today that it had entered into compulsory liquidation after repeated attempts to save the group failed.
Posted: 2019-09-23
Eight firms have been approved to provide freight capacity for the transport of critical goods, such as medicines, after the UK leaves the EU. Transport secretary, Grant Shapps today announced the successful appointment to the freight procurement framework of Air Charter Services; Brittany Ferries; DFDS A/S; Irish Ferries ; P&O Ferries; Seatruck Ferries; Eurotunnel and Stena Line.
Posted: 2019-09-20
Betterview is partnering with Synpulse to provide customers with consulting and implementation services for Betterview’s API in the US.
Posted: 2019-09-20
A survey conducted within heavy industry has found that more than half are using a mix of spreadsheets and even paper to coordinate contractor records, raising concerns about effective risk management within larger operations. The survey, conducted in the US, Australia, Canada, France, Germany and the UK by Verdantix and commissioned by Avetta, suggests the problem may be exacerbated as 38% expect increasing engagement with contractors moving forward.
Posted: 2019-09-19
Firstly, I would like to congratulate all of those who have been shortlisted in the CIR 10th anniversary Risk Management Awards. The Institute is proud to be supporting this prestigious event and we look forward to celebrating with you all at the dinner and ceremony on the 6th November.
Posted: 2019-09-19
Dozens of large publicly-traded companies whose annual statements reported hurricane-related financial damage collectively lost 5% of their shareholder value over the year following the storms. This is according to study of the direct impact of hurricane damage on shareholder value – offering unique insight into property risk prevention.
Posted: 2019-09-19
Standards company, BSI has published its latest standard for risk management. BS EN IEC 31010:2019 Risk management – Risk assessment techniques shows how to select and apply risk assessment techniques in a wide range of contexts, comparing their possible applications, benefits and limitations.
Posted: 2019-09-18
Despite soaring cyber losses over the past year, there has been no marked improvement in corporate defences against this risk, according to a report commissioned by Hiscox. Its study points to a sharp increase in the number and cost of cyber attacks. Some 61% of firms report having endured at least one attack in the past year, up from 45% in the previous year. The frequency of attacks also increased, with Belgian firms appearing to bear the brunt.
Posted: 2019-09-18
Betterview has signed a commercial agreement with Frederick Mutual Insurance, whereby the latter will roll out the AI firm’s property analytics throughout the policy lifecycle -- from loss control and underwriting to claims and catastrophe response.
Posted: 2019-09-17
Research published this month suggests that it is more important than ever to assess resilience in a world economy that is less resilient now than it was at the onset of the global financial crisis in 2007. Switzerland, Canada and the US enjoy the greatest economic resilience (as they have consistently for the past decade) according to the study, penned by the London School of Economics and the Swiss Re Institute; whereas resilience in the euro area has seen the most dramatic decreases since 2007.
Posted: 2019-09-17
Boardrooms are increasingly aware that changes in global politics, societal opinion and technological innovation can have a far greater impact on their business models than ever before – and at a much faster pace. Businesses have always been vulnerable to emerging risks, but in today’s volatile and uncertain environment, disruption to established businesses is becoming more widespread.
Posted: 2019-09-17
We often hear about the benefits of big data and artificial intelligence, and how they can find patterns within huge bodies of information that would overwhelm even the most brilliant human brain. However, just as every building needs to rest on strong foundations, the activity around gathering and using a huge pool of data rests on a vast and complex network of relationships of trust: if the trust isn’t there, the activity breaks down.
Posted: 2019-09-17
JBA Risk Management has today launched what is thought to be the first ever probabilistic global flood model. The Global Flood Model allows re/insurers to model river and surface water flood at 30m resolution worldwide, enabling consistent comparison of loss across country and continental borders.
Posted: 2019-09-16
Everbridge's deployment of Iceland’s national alerting system has gone live. The provider now supports four countries: Greece, Iceland, the Netherlands and Sweden as part of the EU's drive to have population-wide alerting systems in place by 2022.
Within Iceland, the Everbridge Public Warning solution is being used to provide population-wide alerting to reach Iceland’s 360,000 residents and some two million annual visito
Posted: 2019-09-13
The global risk services consulting market grew by 7.7% to £52.9bn in 2018, buoyed by rising demand across the spectrum of risks -- particularly cyber security, which now accounts for a quarter of the market. So says a report from Source Global Research, which suggests cyber security risk services are effectively "cannibalising" the more traditional areas of risk service provision.
Posted: 2019-09-13
Countries must invest to protect against the effects of climate change or pay an even heavier price later, according to the flagship report from the Global Commission on Adaptation, published this week. A boost in investment, it said, would create benefits that far outweigh the costs -- by nearly four to one.
Posted: 2019-09-12
US-based association the Risk Management Society has released its latest talent report outlining important factors for effective risk management. Only 32% of businesses are confident their risk management teams are prepared to tackle future challenges, according to the RIMS Risk Management Talent 2025 Report, with 94% declaring that new skills will be needed the next five years.
Posted: 2019-09-11
A 48-hour strike by thousands of British Airways pilots on Monday and Tuesday caused nearly 100% cancellations of its flights. The action marks first-ever strike by pilots, who want a bigger share of airline's earnings. "Unfortunately, with no detail from BALPA on which pilots would strike, we had no way of predicting how many would come to work or which aircraft they are qualified to fly, so we had no option but to cancel nearly 100 per cent our flights," BA said.
Posted: 2019-09-11
Ironshore Environmental policyholders will now have access to IronResponse, the company's new smartphone app, which offers them immediate contact with claims professionals when reporting environmental issues. The phone app allows for an instant connection with the call centre to identify the account, reaching an Ironshore claims manager in less than five minutes.
Posted: 2019-09-11
Hauliers need to be fully prepared for unfamiliar customs and border paperwork when the UK leaves the EU on the 31st October 2019, and the Department for Transport has launched a multi-million pound public information campaign to ensure businesses and the logistics industry are equipped for Brexit. Since the vote to leave the EU in June 2016, numerous questions have remained unresolved in the logistics industry.
Posted: 2019-09-10
The Association of British Insurers has published its annual detected fraud figures uncovering 1,300 insurance frauds every day, with the average valued at £12,000. The total number of fraudulent claims and applications identified in 2018 reached 469,000, up 3% on the year before.
Posted: 2019-09-10
Driverless car tech is gaining speed and the UK autonomous vehicle market is estimated to reach £62bn by 2030, and insurers need to be prepared for this transport revolution. Over the summer the UK government stated that driverless cars will be allowed on public roads from the beginning of 2020. The US, Japan and Germany are among the countries who have already trialled driverless cars, raising the issue of driverless vehicle liability and business insurance.
Posted: 2019-09-09
A recent study reveals that nearly two in five companies have lost business due to lack of cybersecurity expertise. The September 2019 study conducted by Forrester Consulting shows that cybersecurity performance is vital to achieve commercial success and a higher focus on security can make all the difference to business.
Posted: 2019-09-09
The effect of Hurricane Dorian is expected to lead to insurance payouts of up to US$3bn in the Bahamas, according to catastrophe risk modelling firm AIR Worldwide.
The figure highlights the devastation that the storm, which has left at least 43 dead and as many as 70,000 homeless, has had on the Caribbean.
Posted: 2019-09-09
The EU Whistleblower Protection Directive is expected to receive its final approval by EU ministers on Monday next week, and if so, will need to be transposed by member states within two years of its adoption, setting the deadline at September 2021.
Posted: 2019-09-06
Fusion Risk Management has secured investment from Vista Equity Partners, supplying additional funding for the business continuity and risk management solutions provider to further scale its platform and accelerate product development. The investment in Fusion is made by Vista’s Endeavor investment fund, which is focused on mission-critical, high-growth enterprise software, data and technology-enabled businesses.
Posted: 2019-09-05
New Dawn Risk has today launched a new UK cyber insurance product. Delivered through an online platform to small and medium-sized enterprises, or face-to-face to larger businesses with more complex needs, the new product boasts “low premiums and free cancellation”.
Posted: 2019-09-04
The High Court today ruled in favour of the South Wales Police to allow the continued use of Automated Facial Recognition (AFR) – the controversial technology which enables mass crowd surveillance, in response to a judicial review held in May by local man, Ed Bridges.
Posted: 2019-09-04
The Institute of Risk Management’s Carol Ouko-Misiko has been appointed to the advisory board of the World Economic Forum’s Global Risks Report. Ouko-Misiko is a senior member of the Institute and plays a key role in managing the IRM’s East Africa Regional Group; she is group chief risk officer for Britam Holdings, where she oversees risk management across seven countries (Kenya, Uganda, Tanzania, Rwanda, South Sudan, Malawi and Mozambique).
Posted: 2019-09-03
Capsicum Re and Swiss Re have today launched their new cyber reinsurance solution, Decrypt. The new product provides a single, flexible, end-to-end solution to insurers’ cyber exposure challenges, including embedded, silent and affirmative cyber risks.
Decrypt, which will be brought to the market at this month’s Monte Carlo Rendez-Vous, takes a modular approach comprised of risk identification, quantification and transfer and offers a lead line provided by Swiss Re of up to US$50m per client.
Posted: 2019-09-02
The LMG has today launched a global event monitoring and alert app that analyses over 100,000 online sources to provide information on major disruptive events across the world 24/7. Chief executive of the IUA, Dave Matcham, said the aim is to curate knowledge and intelligence from within and outside the market to create collective solutions to common problems.
Posted: 2019-09-02
Firefighters were called to an incident last night at manufacturer Whirlpool’s Peterborough site, where 52 trailer units contained washing machines and fridge parts had caught fire near the appliance manufacturer’s headquarters.
Posted: 2019-08-30
Florida is under a state of emergency as every county in the state prepares for potentially the east coast's strongest hurricane in nearly three decades. Dorian impacted the Caribbean earlier this week, mainly damaging roofs, causing power outages, downing trees and bringing minor flooding. At Friday afternoon UK time, the storm is located 260 miles east-northeast of the southeastern Bahamas and is tracking towards the northwest at a forward speed of 12 mph.
Posted: 2019-08-30
Research into the cost and implications of IT downtime points to a positive shift in understanding among businesses. The research, conducted by Databarracks, suggests that organisations are getting better at understanding what IT downtime costs their business, as just 19% of respondents to the firm’s Data Health Check survey said they were unaware of the costs, down from 35% in 2017.
Posted: 2019-08-29
An FOI request submitted to the Information Commissioner’s Office has revealed that of the 4856 personal data breaches reported in the first half of 2019, 60% were caused by human error. Of those incidents, 43% were the result of incorrect disclosure (with 20% posting or faxing data to the incorrect recipient). Of all data breaches, 18% were reported by companies operating in the healthcare sector.
Posted: 2019-08-29
The government has today launched a £30m UK-wide competition to stimulate innovation in 5G technology within rural communities. Up to ten locations will be chosen to run trials of 5G applications and stimulate commercial investment in 5G technology, which offers mobile speeds 10 to 20 times faster than previous generations.
Posted: 2019-08-27
US-based risk management association, RIMS, has urged its members to engage their local congressperson to support the newly introduced ADA Compliance for Customer Entry to Stores and Services (or ACCESS) Act, which aims to reduce frivolous lawsuits and address compliance issues with the Americans with Disabilities Act, while ensuring the rights of disabled people are protected.
Posted: 2019-08-27
Cyber technology provider, Acronis has launched a consultative offering for the smaller organisations looking to improve their risk assessment, security awareness and incident response. The new Cyber Services division aims to harden customers’ cyber protection posture with a combination of security risk assessments, vulnerability assessments, penetration testing, incident response services and bespoke awareness training.
Posted: 2019-08-27
Claims management companies must do more to ensure their promotions do not mislead potential customers the Financial Conduct Authority has said. This warning comes after the FCA has reviewed over 200 CMCs since it took over their regulation in April 2019.
Posted: 2019-08-23
UK motor claims payout inflation surged by 8.6% in 2018, taking the average cost per claim to £4,791. Analysts in Willis Towers Watson’s Claim Metrics benchmarking unit say the sharpest rise took place in Wales and the North East at 22.4% between 2016 and 2018. The region with the highest average cost per claim (at £5,403) in 2018 was for the second year running North West England.
Posted: 2019-08-22
EMC Insurance has partnered with San Francisco-based Betterview through both a Series A funding investment and a commercial agreement to use the insurtech’s predictive analytics and risk management platform.
Posted: 2019-08-21
Hardware authentication security key provider, Yubico has released a security key designed with both USB-C and Apple Lightning connectors on a single device. The YubiKey 5Ci provides authentication across iOS, Android, MacOS and Windows devices and can be used to secure the 1Password, Bitwarden, Dashlane, Idaptive, LastPass and Okta iOS mobile applications along with additional services accessed through the Brave iOS browser app.
Posted: 2019-08-21
Commercial insurers can catch up with personal lines providers by exploiting the rapid explosion in the number and breadth of structured and unstructured data sources and use analytics to an improvement in loss ratios of up to 5%. This is the view of analysts at the Swiss Re Institute, whose latest report "Advanced analytics: unlocking new frontiers in P&C insurance", suggests that technology advances will enable P/C insurers to explore new frontiers in risk assessment and mitigation.
Posted: 2019-08-21
The government has today said that an extra £9m will be made available to help ready major ports and surrounding areas for Brexit. Local government secretary, Robert Jenrick said £5m will be given to local councils which either have or are near to a major air, land or sea port and £4m will be provided to local resilience forums.
Posted: 2019-08-21
A Court of Appeal judgement over holiday pay has been brought using a group legal expenses insurance policy. The original employment tribunal claim was first raised by music teacher Lesley Brazel in 2015, for unlawful deduction from her wages, and was supported by the Incorporated Society of Musicians (ISM).
Posted: 2019-08-21
Analysis of over 13,000 engineering insurance claims over the last five years highlights seven major trends in engineering and construction projects, driving some of the largest losses ever. This is according to a new report from Allianz Global Corporate & Specialty, which shows that fire and explosions are behind the costliest losses. Meanwhile, defective product and business interruption claims are rising, as are concerns around trade disputes.
Posted: 2019-08-20
Warranty and indemnity claims have increased significantly across EMEA since 2016, according to data from Marsh JLT Specialty. Claims notifications shot up 293% from 2016 to 2018 – correlating with increasing demand for W&I insurance by buyers and sellers to protect deals.
Posted: 2019-08-19
NTT Security has signed an MoU with Europol’s European Cybercrime Centre (EC3) whereby the two parties exchange strategic threat intelligence as well as information relating to cyber security trends and industry best practice.
Posted: 2019-08-19
The government has signed into law legislation to repeal the Act of Parliament which concreted Britain’s EU membership in 1972. The repeal of the Act confirms the pending return of lawmaking powers from Brussels to the UK, and will take effect when Britain formally leaves the bloc on 31st October 2019.
Posted: 2019-08-18
The majority of financial companies have experienced a cyber security incident in the past year, highlighting the serious threat that both data breaches and malicious attacks pose to the UK financial sector. Research by data security company Clearswift found that 70% of financial companies have experienced an incident in the past 12 months.
Posted: 2019-08-16
Most third-party risks are discovered after the initial due diligence period according to a survey by Gartner. The survey of more than 250 legal and compliance leaders found that the standard point-in-time approach to risk management is no longer effective in today’s landscape of fast-paced, rapidly changing business relationships. Among organisations that engage third parties to provide business services, 83% identified third-party risks after conducting due diligence and before recertification.
Posted: 2019-08-16
There are more telematics-based car insurance products on the market than ever before as insurers look to target more drivers with technology-based products. Research from financial information firm Defaqto found that the number of telematics products available on the market has more than doubled in the last three years. Today there are 55 telematics products available compared to just 25 in 2016, with insurers looking to utilise the technology to more customers and not just younger drivers who were initially the focus for such driving monitoring devices because they are considered a high risk.
Posted: 2019-08-15
More than one in four (26%) small businesses in the UK would have to immediately close if a key person died or became critically ill, according to research on the business protection market by Legal & General. The report found that 15% of businesses which had already suffered such an event had shut their doors. The research suggests that up to 1.5m SMEs could be at risk of immediate closure should the worst happen, while a further 26% of companies in the survey said they would cease trading within a year.
Posted: 2019-08-15
First published in 2014, the annual National Risk Assessment report identifies the strategic risks facing Ireland, including geopolitical, economic, social, environmental and technological risks. Helping to classify problem areas, the most recent report covers the significant risks facing Ireland in 2019, and aims to develop techniques and strategies to tackle the main issues as soon as possible.
Posted: 2019-08-14