News
The Financial Conduct Authority has named Therese Chambers and Steve Smart as joint executive directors of enforcement and market oversight to co-lead the division. Their appointment follows the departure of Mark Steward. Chambers will take up her role on 1st April 2023. Smart will join on 21st June 2023. Steward will leave the FCA on 13th April 2023.
Posted: 2023-03-27
Individuals suffering with Long Covid are experiencing unfair treatment at work, according to a new TUC and Long Covid Support Employment Group report published today. Their survey of more than 3,000 people with Long Covid found that two in three had been unfairly treated in a UK workplace.
Posted: 2023-03-27
The UK government has today launched a review of the laws that support workers who blow the whistle on wrongdoing in the workplace. Workers who blow the whistle are entitled to protections, which were introduced through the Public Interest Disclosure Act 1998 (PIDA). It is also intended to provide a route for employees to report unsafe working conditions.
Posted: 2023-03-27
Professional services and technology firm Davies has signed an agreement with Empower Development that will see the training provider deliver specialised learning content to Davies’ apprentices. Davies has 1,750 apprentices enrolled across its programmes and is certified by the Department of Education to offer flexi-job apprenticeships.
Posted: 2023-03-24
Freedom of Information requests submitted to 14 government departments into the security of devices held by public sector employees have revealed that the Home Office has declared 469 lost and stolen devices between September 2021 and September 2022, with the Ministry of Defence not far behind with 467 mobiles, tablets and USB devices unaccounted for.
Posted: 2023-03-24
Figures from Swiss Re show that UK losses from natural catastrophes were approximately £730m in 2022 with insured losses totalling £650m. The protection gap of 17% was below the 25% registered for the 10-year period between 2013 and 2022.
Posted: 2023-03-23
Tomorrow sees the final release of the Office for National Statistics' weekly Covid Infection Survey - the de facto source of data on infection rates and new strains for medical professionals.
Posted: 2023-03-23
European banks have a potentially amplified vulnerability to cyber attacks due to the complex mix of new and legacy tech, common to the sector.
Posted: 2023-03-23
Axa XL has today published an insights report highlighting the underappreciated risk of water security. According to the international non-profit CDP, the cost to businesses of inaction on water risks is five times higher than the cost of action, yet water security is currently under-represented in the public debate on climate change.
Posted: 2023-03-22
Employee tracking, monitoring and safety solutions provider Vismo has announced a partnership with intelligent safety platform RapidSOS, which will enable Vismo’s customer employees who are feeling unsafe or at risk, including being in a life threatening situation, to get advice - and direct, emergency help if required, across the US, 24/7.
Posted: 2023-03-22
Almost half of global business leaders consider energy price increases as their biggest challenge this year, according to a survey conducted by Dun and Bradstreet amongst 3,396 business in 18 countries. Weakening customer demand, cyber security, increased taxation and access to talent were cited as the subsequent major challenges for 2023.
Posted: 2023-03-22
Flood Re will be sharing its knowledge in the US as part of a UK government trade delegation arranged by the Department of Business and Trade, as part of its remit to promote exports and attract inward investment for infrastructure.
Posted: 2023-03-21
The UK's new national emergency public alerting system is being powered by Everbridge’s Public Warning Cell Broadcast technology.
Posted: 2023-03-21
Davies has announced the launch of a new forensic accounting service.
Posted: 2023-03-21
Re/insurer Chaucer has said that continuing inflation in construction costs is leaving homes and businesses underinsured in the event of a fire or catastrophic event. The carrier said cost inflation had combined with a desire from policyholders to save money and maintain sums insured at the same level, exacerbating the issue.
Posted: 2023-03-20
A UK-wide emergency alerts service will be in operation from today, in a move that is hoped will transform the country’s warning and informing capability when there is a risk to life. It is understood that, using mobile broadcasting technology, the Emergency Alerts system will transmit urgent messages quickly to nearly 90% of mobile phones in a defined area, with instructions about how best to respond.
Posted: 2023-03-20
Gallagher has expanded its presence in the education sector with the acquisition of FE Protect, a broker specialising in providing cover to further education colleges, UK universities and independent schools. The business was founded in 2016 and also operates under the brands Education Protect and Education Protect Scotland.
Posted: 2023-03-16
The global electronics industry is at threat from semiconductor supply chain issues caused by geopolitical tensions, nat cats and manufacturing location risk. The industry is estimated to have a market value of almost US$600bn and supports a US$2.2trn electronics sector that in turn drives almost US$90trn of global GDP.
Posted: 2023-03-16
The Association of Medical Insurers and Intermediaries has expressed disappointment at the lack of tax breaks for Private Medical Insurance announced in this week's Budget.
Posted: 2023-03-15
Following a successful pilot in Q4 2022, Hiscox UK has officially launched its underwriting academy.
Posted: 2023-03-15
DB schemes urged to look more closely at insurers’ TCFD reports
Posted: 2023-03-14
The purchase of transactional risk insurance is now so common that is has become a mainstream feature of mergers and acquisitions worldwide.
Posted: 2023-03-14
Following the launch of the Global Climate Change Resilience Services at group level, Zurich UK is now rolling out a full range of services and solutions for its domestic customers (operating locally and internationally) to help them better manage current and future hazards associated with climate change.
Posted: 2023-03-14
Aon has updated its Impact Forecasting Europe Windstorm and Severe Convective Storm catastrophe models to incorporate emissions scenarios that inform current and future projections of climate and storm activity across the continent.
Posted: 2023-03-13
Allianz Group has announced plans to combine its large corporate client business, AGCS, with its division serving mid-sized country-based accounts.
Posted: 2023-03-13
Coalition is to enter the excess cyber insurance market in the UK. The insurer will extend its reach to provide full-follow form coverage and protection of up to £10m above a primary layer from another carrier for both cyber and technology professional indemnity.
Posted: 2023-03-13
The winners of the 2023 National Insurance Awards were announced last night at a gala dinner and awards ceremony at the London Marriott Hotel, Grosvenor Square. Hosted by the brilliant Suzi Ruffell and attended by a record 500 guests, the fastest growing awards in the insurance industry highlight the very best in general insurance provision and management.
Posted: 2023-03-10
Cyber risk management provider, Kynd has partnered with French broker, Filhet-Allard, to offer cyber resilience solutions to the firm's client base.
Posted: 2023-03-09
Charles Taylor Adjusting has bolstered its Australia teams with eight new members, taking its team of technical adjusters
Posted: 2023-03-09
The credit and political risk insurance market has access to more capacity than ever before, with notional maximum capacity increasing across the board, according to WTW's Credit and Political Risk Insurance Capacity Survey and Market Update.
Posted: 2023-03-09
Brivo is to deliver advanced access control services to Sanico USA locations across the US.
Posted: 2023-03-08
Efforts tied to Sedgwick’s international claims fraud strategy saved £1.23m for clients in 2022, the firm has said.
Posted: 2023-03-08
Placing Platform Limited today celebrates the binding of the first risk on the new Next Gen platform. Placed by Lockton’s Profin team and underwritten by Duncan Sinnott of Markel International, the news follows just days after Monday’s live launch.
Posted: 2023-03-08
Chubb Global Markets has gone live with commercial re/insurance and reinsurance software provider, AdvantageGo’s Underwriting Workbench platform.
Posted: 2023-03-07
Knight Frank Finance enters into partnership with Gallagher
Posted: 2023-03-07
Zeaborn Ship Management is to implement ShipIn Systems’ visual fleet management platform, FleetVision, across a large part of its diverse vessel portfolio.
Posted: 2023-03-07
Annual damage caused by flooding in the UK could increase by more than a fifth over the next century due to climate change unless all international pledges to reduce carbon emissions are met, according to new research led by the University of Bristol and Fathom.
Posted: 2023-03-07
Nation-state cyber threat actors are expected to acquire and flex new offensive cyber capabilities in an increasingly polarised world, according to cyber risk analytics specialists at CyberCube. Healthcare companies especially remain under-secured relative to inherent exposure, it adds, with more attacks are expected in 2023.
Posted: 2023-03-06
The Alliance for Sustainable Building Products has been awarded a grant from the Accelerator Fund from Built by Nature to create guidance for developers, investors and designers around the challenges of securing insurance for mass timber buildings.
Posted: 2023-03-06
Risk advisory and response firm, Inherent Risks, is to lead a risk and damage assessment on behalf of Lloyd’s underwriters following recent earthquakes in Turkey. Estimates suggest insured losses will top £1bn although underwriters and syndicates do not yet have comprehensive details of which insured properties and assets have been affected.
Posted: 2023-03-03
International SOS is partnering with Airbus Helicopters to launch an emergency medical system improvement programme.
Posted: 2023-03-03
FloodFlash has announced a new capacity agreement with Munich Re Syndicate. The insurance technology company uses smart sensors to offer parametric flood insurance. The announcement extends an existing partnership that began in 2020.
Posted: 2023-03-02
The government has announced the creation of a specialist panel to support the survivors and bereaved families of major disasters in England and Wales. The new panel will act to represent families as a new Independent Public Advocate with the goal of ensuring that the voices of victims and their families are “better heard, right from the immediate aftermath of a tragedy until all inquiries and inquests have concluded”.
Posted: 2023-03-02
Global Insurance Law Connect has welcomed Polish law firm WKB Lawyers to its network. WKB is the 14th European member, alongside firms from the UK, the Netherlands, Norway, Denmark, Finland, Turkey, Italy, Switzerland, Belgium, Luxembourg, France, Germany and Spain.
Posted: 2023-03-02
Improving the wellbeing of employees can enhance company performance by at least 11%, and potentially by as much as 55%, according to a new report by Aon.
Posted: 2023-03-01
Strikes, riots and civil commotion around the world are likely to continue to be fuelled by anger over growing social inequality and the cost-of-living, foundering faith in governments and institutions and increasingly polarized politics, together with a rise in activism and environmental concerns, according to a new report from insurer Allianz Global Corporate & Specialty.
Posted: 2023-03-01
Three in five (59%) UK construction companies that have been hit by supply chain issues over the past year have seen once profitable projects turning unprofitable, according to research by insurer QBE.
Posted: 2023-03-01
Nearly half of cybersecurity leaders are likely to change jobs by 2025, 25% for different roles entirely due to work-related stress, according to research by Gartner.
Posted: 2023-02-28
Computers specially configured to make cyber criminals think they were small businesses operating in London were attacked by hackers over 2,000 times every minute this January. The computers – called honeypots – were operated by cyber insurer Coalition as part of an exercise to assess the scale of cyber attacks directed against businesses in the capital.
Posted: 2023-02-28
Those responsible for the safety of high-rise residential buildings in England have six months from April to register with the new Building Safety Regulator. The rules cover around 12,500 buildings in England and the new regulator will require all of them to be registered from April 2023, with a named person responsible for maintaining their safety
Posted: 2023-02-28
Companies are increasingly using carbon targets as part of their executive pay, according to a joint study by PwC UK and the London Business School which analysed the carbon targets in executive pay at 50 major European companies. The research showed that the vast majority (78%) of companies have now adopted some measure of carbon target in senior pay structures.
Posted: 2023-02-27
Although a minority of ransomware victims pay their extorters, those that do are directly enabling attacks on other organisations, according to research by cybersecurity firm Trend Micro.
Posted: 2023-02-27
Only one in four (25%) of ethics and compliance professionals at major companies around the globe say that they plan to enhance their trade controls and training around sanctions, suggesting a gap between escalating sanctions and compliance readiness.
Posted: 2023-02-24
Cases are increasing of the H5N1 strain of avian influenza spreading to mammals, and new figures suggest that over half of human infections of the virus over the past 20 years have proved fatal.
Posted: 2023-02-24
Employee theft has jumped by a fifth (19%) as the rising cost of living triggers a wave of workplace crime, according to new police data.
Posted: 2023-02-24
Business leaders must take action and undertake scenario planning to be ready for future geopolitical incidents, warns a new report from the Chartered Institute of Internal Auditors and Airmic. With Friday 24 February marking the one-year anniversary of the start of the war in Ukraine, the two industry bodies are urging businesses to prioritise action to prepare for further geopolitical disruption.
Posted: 2023-02-23
Bullying in the workplace is often dismissed as ‘banter’ according to a survey by law firm Irwin Mitchell, which found that 32% of employees have experienced such a situation.
Posted: 2023-02-23
The total economic cost of the devastating earthquakes to hit Turkey this month could exceed US$25bn, with potential insured losses of over US$5bn, according to risk modeling firm Moody’s.
Posted: 2023-02-23
In the world's first climate lawsuit against a commercial bank, Friends of the Earth (Les Amis de la Terre) France, Notre Affaire à Tous and Oxfam France, who had given BNP Paribas formal notice to comply with its due diligence obligations on 26th October, has sued the bank over its support to fossil fuels and for its contribution to climate change.
Posted: 2023-02-23
The NCSC has published a new addition to its supply chain guidance with a focus on the process of supply chain mapping.
Posted: 2023-02-22
Enterprise risk management teams are struggling to effectively mitigate third-party risk in an increasingly interconnected business environment, according to research by Gartner.
Posted: 2023-02-22
Insurtech WhenFresh has developed a new cladding dataset aimed at helping insurers to better understand property risk across their policy portfolio, along with all the other data available via API, to drive more accurately priced, instant quotes for new insurance applications.
Posted: 2023-02-22
Resilience First has announced the appointment of Rick Cudworth as its new chair.
Posted: 2023-02-21
Reskube has launched a new funding round. Early interest in the company, which provides power and internet in a smart, portable box, had £688,000 already committed pre-launch.
Posted: 2023-02-21
Product tests conducted by the British Safety Industry Federation highlight a large number of non-compliant PPE and other safety equipment. Between December 2021 and December 2022, the BSIF completed tests on 127 non-member products which included checking their compliance with relevant standards and testing whether they perform as advertised. Only 18 (15%) of these products were fully compliant.
Posted: 2023-02-21
Enstar Group has reached an agreement for a ground-up loss portfolio transfer with a number of QBE Insurance Group subsidiaries on a diversified portfolio of business, covering international and North America financial lines, European and North American reinsurance portfolios, and several US discontinued programmes.
Posted: 2023-02-20
The University of Gloucestershire is partnering with the Institute of Strategic Risk Management to become the first ISRM University Chapter, allowing students to participate in knowledge and information exchange through webinars and networking events, along with opportunities to share and publish academic work with peers, academics and professionals.
Posted: 2023-02-20
With a total of 201 captives domiciled in the island at the end of 2022, Guernsey is now the largest domicile for captive insurance in Europe.
Posted: 2023-02-20
ServCity has concluded its final testing phase of its electric robotaxi service in London. The autonomous mobility research project has for the past three years been working to understand how to help cities successfully incorporate autonomous vehicle technologies into a complex urban environment.
Posted: 2023-02-17
A report published this week by the Geneva Association has outlined how insurers are boosting their efforts in addressing mental health issues. Incidents of mental illness soared during the pandemic as a result of social restrictions, isolation and, in some cases, financial insecurity. Poor mental health can lead to loss of wages, gaps in employment and increased risk of mortality.
Posted: 2023-02-16
WTW has launched the Aviation Safety Partnership, a new initiative designed to deliver dedicated safety risk mitigation advice to general aviation and rotor wing clients.
Posted: 2023-02-16
FM Global has been awarded a licence to establish a branch in Korea, after 25 years of working with clients there.
Posted: 2023-02-15
As companies continue to adopt hybrid working practices, security professionals are increasingly using access data to understand trends and space usage; and find and prioritise unusual activity, according a benchmark study published this week.
Posted: 2023-02-15
The Institute of Risk Management has announced a partnership with NHS Providers – the membership organisation for the NHS hospital, mental health, community and ambulance services that treat patients and service users in the NHS.
Posted: 2023-02-15
Co-op is making a £100,000 donation to the Disasters Emergency Committee in support of its appeal following the earthquakes that hit Turkey and Syria.
Posted: 2023-02-14
DWF has been reappointed to RSA's defence legal panel, covering the insurer's motor, casualty, property and complex claims.
Posted: 2023-02-14
Chaucer has updated its ESG strategy, including plans to decarbonise its business and embed ESG into the underwriting decision-making process.
Posted: 2023-02-14
Hickman Shearer has launched an online reinstatement costs calculator. Free to use, the tool provides an indication of reinstatement costs for companies in the agriculture, mining, broadcast, power, manufacturing and transport industries.
Posted: 2023-02-13
Risk Solved is partnering with GWTInsight to bring the latter’s real-time commercial property data to the risk management platform provider’s suite of tools. GWTInsight uses patented technology to capture a range of real-time data sources helping users mitigate risk, reduce cost and carbon usage, and actively address ESG commitments across property portfolios.
Posted: 2023-02-13
Safeguarding actions are needed to combat the evolving risk landscape in the delivery of telemedicine, according to research conducted by Bayes Business School (formerly Cass Business School) and insurance broker, Lockton. The specific risks cyber and ethical risks posed by telemedicine to care homes could even outweigh its value unless they are urgently addressed, the report’s authors assert.
Posted: 2023-02-13
Open-source catastrophe modelling platform, Oasis Loss Modelling Framework, has released the Open Exposure Data standard for cyber.
Posted: 2023-02-10
Sedgwick is entering the Finnish insurance market, following sustained growth across the Nordic region.
Posted: 2023-02-09
CFC has appointed Scott Bailey as cyber underwriting leader.
Posted: 2023-02-09
MNK Re Group has established a branch in Poland. The new MNK Re branch will focus on insuring difficult risks in a variety of areas including financial and specialty, chemical, industry, energy and terrorism, and will also offer parametric solutions.
Posted: 2023-02-09
FM Global has today released its new Worldwide Freeze Map - the latest addition to the insurer’s climate solutions portfolio.
Posted: 2023-02-07
Allianz Commercial has refreshed its fleet policies to prescribe the fitting of green parts and encourage the use of approved repairers. Amid double-digit claims inflation, these new terms aim at delivering swifter sustainable repairs for customers.
Posted: 2023-02-07
Axa XL has today published its new three-year sustainability strategy.
Posted: 2023-02-07
The Ardonagh Group has completed its acquisition of Australian insurance firm, Envest.
Posted: 2023-02-06
The Institute of Risk Management has today released its Global Student Rankings for the International Certificates in Enterprise Risk Management, and Financial Services Risk Management. Students who have passed both papers of their exams are now entitled to use the globally recognised IRMCert designation (Certificate Member).
Posted: 2023-02-06
The Worldwide Broker Network has chosen Zurich Resilience Solutions as preferred supplier of risk management and sustainability services to WBN’s network of 120 members in 100 countries.
Posted: 2023-02-06
WTW has launched a new analytics platform designed to generate insights into companies’ climate, sustainability and wider ESG risks. ESG Clarified draws on multiple data sources to create a comprehensive picture of exposures, in real time.
Posted: 2023-02-03
Even well-established industries in stable democracies must be prepared for the possible impact of increasingly disruptive and potentially violent activism. This is the message from risk advisory, CHC Global, whose latest annual Malicious Risk Report highlights the growing risks from grassroot movements, strikes and civil commotion – which look set to disrupt organisational resilience for some time to come.
Posted: 2023-02-03
British law firm Beale & Co has become the latest member of the Global Insurance Law Connect network, joining 12 members in its European group, and bringing the number of territories reached by the network to 21.
Posted: 2023-02-03
Cyber insurance rates are continuing to rise, albeit at a slower pace, according to data published today by Marsh. Financial and professional rates fell for a second quarter, according to the company’s quarterly Global Insurance Market Index, which shows that, in Q4 2022, prices increased 4% across the board.
Posted: 2023-02-02
An estimated 2 million people in the UK (3% of the population) reported experiencing Long Covid symptoms, as at 2nd January 2023, according to data published today by the ONS.
Posted: 2023-02-02
Shifting geopolitical alignments are contributing to a division amongst opposing blocs across the globe, according to the latest WTW/Oxford Analytica Political Risk Index. Of the 61 countries and territories analysed, 25 lean West, towards the US and/or Europe; 18 lean East, opposing the Western powers on many key issues; and another 18 are “attempting to remain neutral”.
Posted: 2023-02-01
Global cyber crime stakes were raised significantly throughout 2022, with entire governments falling victim to regular and sometimes devastating attacks.
Posted: 2023-02-01
The UK government has detailed its plans to regulate cryptoasset activities, promising a broad approach that is consistent with its approach to traditional finance, and which “mitigates the most significant risks, while harnessing the advantages of crypto technologies”.
Posted: 2023-02-01
McGill and Partners has expanded its marine offering to include a dedicated ports and terminals team.
Posted: 2023-01-31
Post-Covid recovery is far from complete for companies in the leisure and hospitality sectors, as they struggle with a wide array of strategic risks in the aftermath of the pandemic. Around half the US$300m+ firms polled by WTW as part of its inaugural Global Leisure and Hospitality Risk Outlook 2023 report are still some way from business as usual.
Posted: 2023-01-31
Liberty Global Transaction Solutions has launched its Contingent Legal Risk Insurance M&A product into the Asia-Pacific market.
Posted: 2023-01-31
Cyber protection company Acronis and EveryCloud UK have signed an agreement with Fulham FC, to provide London´s oldest professional football club with cyber protection and cloud backup solutions.
Posted: 2023-01-30
RSA Insurance has signed the Armed Forces Covenant, a government-backed scheme that advocates for the needs of those within the armed forces community.
Posted: 2023-01-30
WTW has launched a new excess layer cyber facility.
Posted: 2023-01-30
Claims across all business lines are set to increase in frequency and severity over the next 12 months due to the coalescing forces of a number of macro factors, including but not restricted to recessionary pressures, and growing geopolitical instability.
Posted: 2023-01-27
CEO of Direct Line Group, Penny James, is to step down from her role with immediate effect. The company has appointed COO Jon Greenwood as acting CEO whilst it identifies and appoints a successor to James
Posted: 2023-01-27
Swiss Re's group chief underwriting officer, Thierry Léger, is stepping down from his role with immediate effect.
Posted: 2023-01-27
Beazley has announced the launch of a new private equity liability insurance product, designed to focus on inherent D&O risks within the long-term lifecycle of portfolios – from the purchase of an asset through to the exit strategy.
Posted: 2023-01-26
Lockton has announced the opening of a new office in Stockholm, Sweden, as part of its expanding proposition to clients in the Nordic region, serving clients across all specialty and general commercial insurance lines.
Posted: 2023-01-26
Insurance valuation specialist, Charterfields, says traditional approaches to updating declared values, including the use of the Consumer Price Index, are out of sync with how prices have changed for many assets. Its own analysis of commercial locations assessed over the last four years suggests that as many as 88% of them were underinsured.
Posted: 2023-01-26
Food and beverages remain the most commonly stolen commodities, according to the British Standards Institution’s latest annual Supply Chain Risk Insights Report. Thefts from hijacking have fallen as a proportion of cargo theft from 24.4% to 17.0%. These are now second to theft from facilities, which now account for more than a quarter of total thefts.
Posted: 2023-01-25
US economic losses from the recent California flooding could reach US$5-7bn, according to estimates from Moody’s, whose forecast reflects inland flood impacts for the US and includes damage to infrastructure.
Posted: 2023-01-25
Zurich’s commercial risk advisory unit is joining forces with climate solutions provider and carbon project developer, South Pole to help clients define and execute their short- and long-term climate resilience objectives. The new offering will focus on measuring physical climate risk and emissions, helping to establish a strategy to reduce each, and oversee the implementation of proportionate solutions.
Posted: 2023-01-25
Hiscox has partnered with Verisk Specialty Business Solutions to implement Sequel Claims.
The new partnership will provide Hiscox London Market with an electronic claims file write-back enabled claims management solution.
The new partnership will provide Hiscox London Market with an electronic claims file write-back enabled claims management solution.
Posted: 2023-01-24
Healthcare insurer, AdvanceCare, is to roll out claims automation tools from Sprout.ai.
Posted: 2023-01-24
North and Standard Club have received legal, regulatory and competition approvals from the relevant authorities ahead of their proposed merger on 20th February 2023.
Posted: 2023-01-24
Steady progress can be shown amongst insurers, reinsurers and brokers, the organisation convened by the University of Cambridge Institute for Sustainability Leadership said in its fourteenth year of reporting against the ClimateWise Principles – which have been aligned with TCFD recommendations since 2019.
Posted: 2023-01-23
Howden Tiger has announced the creation of a new broking division, Howden Tiger Fac, which aligns the firm's facultative, consortia, facilities and specialty reinsurance capabilities in a newly combined entity that that places in excess of US$1bn of facultative reinsurance premiums into the market.
Posted: 2023-01-23
Specialist insurer Ecclesiastical has launched its latest Heritage Risk Barometer to help brokers communicate with heritage clients about the risks they face in the short, medium and long-term.
Posted: 2023-01-23
According to the UK Government’s Cyber Security Breaches Survey 2022, 41% of primary schools and 70% of secondary schools had suffered at least one cyber attack in 2021.
Posted: 2023-01-20
An onslaught of well-documented risks are weighing on confidence amongst UK businesses, with economic concerns topping the list of boardroom woes, according to Aviva’s third annual Risk Insights Report. Confidence in the UK economy has plummeted amongst the 1,200 participants in the study.
Posted: 2023-01-20
Crossword Cybersecurity has partnered with BCS to support the Chartered Institute for IT’s members with cyber security awareness training.
Posted: 2023-01-20
Abacus Group has acquired cyber security consulting companies, Gotham Security and its parent, GoVanguard, allowing Abacus to offer a range of information security capabilities to provide clients with actionable insight, including penetration testing, red teaming, tabletop exercises, risk and compliance gap assessments and threat hunting services.
Posted: 2023-01-19
NTT Data UK & Ireland has today released the Blueprint Two Foundational Playbook for the Company Market, on behalf of Lloyd’s of London and the IUA, following the release of playbooks for brokers and managing agents in 2022 and the new playbook will share advice and guidance as carriers prepare for the coming changes enforced by Blueprint Two.
Posted: 2023-01-19
Risk managers can expect multiple challenges arising from a ‘trilemma’ in the renewables industry in the year ahead. This is the view of WTW, whose Renewable Energy Market Review 2023, published today, points to the challenges emanating from the convergence of a need for net-zero energy security, unsettled global macroeconomics and rising demand for renewable energy in an era of squeezed supply.
Posted: 2023-01-19
Sompo International has opened a new office in Birmingham, England – the insurer’s second office in the UK after London.
Posted: 2023-01-18
Business continuity, resilience and disaster recovery specialist, Databarracks, has launched a new business continuity incident response service, aimed at guiding customers through the non-IT aspects of incident response.
Posted: 2023-01-18
SME insurance provider, Superscript, has launched a customisable and flexible insurance product for online retailers, ecommerce businesses and dropshippers.
Posted: 2023-01-18
Cyber incidents and business interruption rank as the greatest concerns for the second year in succession, according to Allianz’s latest Risk Barometer, with macroeconomic developments such as inflation, financial market volatility, a looming recession and the impact of the energy crisis the fastest risers in this year’s list.
Posted: 2023-01-17
Nine UK law firms have closed in the last three months as a result of their inability to obtain PI cover, according to Hazlewoods chartered accountants. In the preceding 12 month,s a further 37 law firms had to close amid the rising cost of PI.
Posted: 2023-01-17
Dr Luke Carrivick has been appointed executive director at operational risk association, ORX.
Posted: 2023-01-17
Greater clarity for businesses and insurers around what can be expected from a business interruption policy has resulted in a growing demand for cover globally. So says GILC, whose Business Interruption Report finds that, as a result of the pandemic, and despite the backdrop of high inflation, increased scrutiny on wordings and higher premia, the outlook for this class is more positive than it has been for years.
Posted: 2023-01-16
Driverly Insurance has teamed up with the University of South Wales’s Centre of Excellence in Mobile and Emerging Technology, CEMET, to develop an AI-powered risk map that combines real-world driving conditions and accident data with driver and vehicle profiling.
Posted: 2023-01-16
Axa Climate’s e-learning arm, The Climate School, has teamed up with sustainability consultants at Blunomy to develop a new 10-syllabus curriculum designed to support the decarbonisation of the global economy.
Posted: 2023-01-16
The UK government has this week accepted a recommendation put forward by Axa UK to mandate sustainable drainage systems for new home developments.
Posted: 2023-01-12
Howden has today announced the appointment of Federico Casini as CEO, Howden Italy.
Posted: 2023-01-12
Clyde & Co has announced the hire of partner Leonardo Giani and the opening in a few months’ time of an office in Italy.
Posted: 2023-01-12
Industry veteran Alex Hindson has been snapped up by Crowe.
Posted: 2023-01-11
Conflict and geo-economic tensions have triggered a series of deeply interconnected global risks, amongst them energy and food supply crunches, which are likely to persist for the next two years, as well as strong increases in the cost of living and debt servicing.
These are among the risks highlighted in the WEF's latest Global Risks Report.
These are among the risks highlighted in the WEF's latest Global Risks Report.
Posted: 2023-01-11
Allianz Commercial detected £70.7m worth of insurance fraud in 2022, up from the £63.6m in 2021 - an uptick of 11.2%.
Posted: 2023-01-11
Global property risk management data analytics provider, Tensorflight, has announced a partnership with risk management platform provider, Risk Solved, to provide the insurance industry with enhanced global residential and commercial property risk management solutions.
Posted: 2023-01-10
The Financial Conduct Authority has fined Guaranty Trust Bank UK £7,671,800 for serious weaknesses in its anti-money laundering systems and controls.
Posted: 2023-01-10
TMK has launched its first life science insurance product, combining intellectual property and cyber coverage, product liability, professional indemnity, medical malpractice, public liability and clinical trials – all under one policy.
Posted: 2023-01-10
The British Insurance Brokers' Association has extended Jonathan Evans’ tenure as chair for a further three years.
Posted: 2023-01-09
Duck Creek Technologies has reached a definitive agreement to acquire Switzerland-based payments platform, Imburse Payments.
Posted: 2023-01-06
Live flood alert insurtech, Previsico, is set to connect with the new Meteosat Third Generation satellite system for the rapid detection and nowcasting of severe weather events.
Posted: 2023-01-06
New public health rules apply to people travelling to England from mainland China. Passengers aged 12 and above will need to take a Covid-19 test no more than two days before their travel, and will need to show airlines notification of a negative result when departing mainland China for England.
Posted: 2023-01-06
Clyde & Co has announced the appointment of Peter Barnes and Charlotte Kelly as partners in its global insurance practice. The two join from DWF, together with 17 team members.
Posted: 2023-01-05
CFC has created a dedicated fintech team within its financial institutions practice. The insurer has grown its fintech book by 100% over the past year, serving fintech businesses globally.
Posted: 2023-01-05
Insurtech MGA Loadsure has received capacity backing from specialist insurer Tokio Marine Kiln.
Posted: 2023-01-04
The global economic outlook for 2023-24 is weak, with an increase in corporate risk and insolvencies forecast, and the UK anticipated to experience the deepest recession amongst the large economies.
Posted: 2023-01-04
Inflation, skills and training, and contract clarity are amongst the issues being targeted by the
International Underwriting Association in its 2023 business plan.
International Underwriting Association in its 2023 business plan.
Posted: 2023-01-04
Soaring cyber premiums are contributing to cutbacks in other areas for UK businesses. This is among the conclusions drawn by insurance and risk consultant, Mactavish, whose latest survey reflects “inaccessibly high” cyber premiums at a time when businesses are at their “most fearful of a cyber attack”.
Posted: 2023-01-03
Crises Control has partnered with customer engagement platform, Unifonic, as part of its expansion in Saudi Arabia.
Posted: 2023-01-03
The convergence of geopolitical and macroeconomic shocks, as well as the second most expensive natural disaster ever (Hurricane Ian), has introduced significant volatility into the insurance market, according to Howden’s annual market report, published today.
Posted: 2023-01-03
LRQA is set to acquire Sustainable Assurance Solutions, a Syndey-based provider of sustainability audit, consulting and training services.
Posted: 2022-12-22
Howden has reached an agreement to acquire Assimovie, the Italian TV, film and advertising insurance broker.
Posted: 2022-12-22
Arthur J Gallagher & Co has agreed to acquire the partnership interests of BCHR Holdings, LP, dba Buck, a provider of retirement, HR and employee benefits consulting and administration services with over 2,300 employees, including more than 220 actuaries.
Posted: 2022-12-21
Geospatial data provider, Geosite, is partnering with live flood alert insurtech, Previsico, to provide US carrier clients with live actionable flood alerts.
Posted: 2022-12-21
Threats from phishing and malicious emails increased by 60% between July and October of this year, according to analysis from cyber protection firm, Acronis. It expects the average cost of a data breach to reach US$5 million by next year.
Posted: 2022-12-20
Pool Re has today welcomed the UK government’s announcement of its upcoming Protect Duty legislation, also known as Martyn’s Law.
Posted: 2022-12-20
CREST has this week launched a new report focused on Security Operations Centres, the latest in a series designed to help build capacity and consistency in the cyber security industry.
Posted: 2022-12-20
The government has today announced details for the Protect Duty, otherwise known as Martyn’s Law - in tribute of Martyn Hett, who was killed alongside 21 others in the Manchester Arena terrorist attack in 2017. Martyn’s Law aims to deliver better protection against the continued and evolving threat that the UK faces from terrorism, scaling up preparedness for, and protection from, attacks.
Posted: 2022-12-19
Allianz Global Corporate & Specialty has established a dedicated in-house team to lead its ESG activities.
Posted: 2022-12-19
Safe Security has launched a cyber security MGA that uses API-based cyber risk telemetry to underwrite cover.
Posted: 2022-12-19
Artificial intelligence could become a significant factor in cyber attacks in the future and investment in security to counteract the threat is needed, according to a new report from cyber security specialist WithSecure.
Posted: 2022-12-16
The number of registered companies in England and Wales going insolvent was 21% higher in November than a year ago, according to the latest data from The Insolvency Service. There were 2,029 company insolvencies in November across England and Wales, against 1,676 in November 2021.
Posted: 2022-12-16
Almost a third of UK hospitality businesses have been forced to cut opening hours over the Christmas period due to a shortage of labour, with many also choosing to close altogether on some days they would otherwise have opened.
Posted: 2022-12-15
Alongside macroeconomic risks such as inflation and insolvency, cyber and ESG-related risks are likely to pose the biggest potential threats to companies and their boards in the year ahead, according to the annual D&O report from Allianz Global Corporate & Specialty.
Posted: 2022-12-15
Cyber security firm Cybereason has issued a global threat alert warning public and private sector organisations about the emergence of the Royal Ransomware Group and the unique tactics, techniques and procedures they are deploying in attacks to evade detection.
Posted: 2022-12-15
Worsening global risks have the potential to decrease productivity levels as the cost-of-living crisis and difficult security situation affect employees, according to the 2023 International SOS risk outlook report and global risk map.
Posted: 2022-12-14
One in four small firms plan to close, downsize or restructure if energy relief comes to a sharp end in April next year, according to research by the Federation of Small Businesses.
Posted: 2022-12-14
MSCI has announced plans to launch new tools to help investors identify companies at risk of contributing to biodiversity loss and deforestation. The new screening tools combine thousands of ESG and climate data points, overlayed with MSCI’s proprietary geolocation data that helps pinpoint a company’s operations.
Posted: 2022-12-14
The number of DDoS attacks globally is on the rise and it is a trend likely to continue throughout 2023, according to cyber defence solution provider Corero Network Security.
Posted: 2022-12-13
New analysis shows that a flood as extensive as 2015’s Storm Desmond, Eva or Frank would result in insurance losses of up to £1.6bn in today’s terms according to PwC. Despite protection from schemes such as Flood Re, restrictions – which apply to commercial properties and some homes – would mean that these groups may still be at risk of adverse weather conditions.
Posted: 2022-12-13
Satellite monitoring provider ICEYE has announced the start of a multi-year framework contract with the European Maritime Safety Agency to support its efforts in managing various aspects of maritime operations with SAR data.
Posted: 2022-12-13
The FCA has fined Santander UK almost £108m after what it says were “serious and persistent gaps” in its anti-money laundering controls. It found that between 31 December 2012 and 18 October 2017, Santander failed to properly oversee and manage its anti-money laundering systems, which significantly impacted the account oversight of more than 560,000 business customers.
Posted: 2022-12-12
The British Insurance Brokers’ Association and specialist cyber insurer CFC have published a new guide to help insurance intermediaries and small businesses understand cyber risks and the protection and support given by cyber insurance.
Posted: 2022-12-12
Next year could see increased risk of ransomware attacks according to digital security firm Avast. As well as conventional ransomware incidents, research by the brand suggests that there could be optimization of social engineering used in scam attacks, taking advantage of economic hardships and energy crisis fears.
Posted: 2022-12-12
KPMG UK has launched a new tool to extract and report personally identifiable information and personal data, enabling organisations to perform data subject access requests and PII identification and review. The app aims to simplify regulatory compliance and reduce costs.
Posted: 2022-12-09
Two in five (40%) commercial properties in the UK are currently underinsured, according to research by risk management and insurance broker Gallagher. Research amongst business owners and commercial property claims managers found that the shortfall of underinsured properties was an average of 43% against the rebuild value covered by their insurance.
Posted: 2022-12-09
The Insurance Institute of London has launched a new publication detailing the benefits of delay in start up insurance. Produced with both technicians and academics in mind, content aims to inform insurance brokers and underwriters, as well as loss adjusters, risk engineers and lawyers.
Posted: 2022-12-09
The CBI has urged the government to extend the energy bill relief scheme for significant energy users beyond the end of March 2023 and provide additional cashflow support for vulnerable businesses, especially SMEs. It says that the scheme – in operation since September – has been crucial in shielding business from rising wholesale gas and electricity costs after Russia’s invasion of Ukraine
Posted: 2022-12-08
Specialist MGA Fusion Specialty and io.insure have launched Mio, a M&A insurance online for small- to mid-sized businesses, to address the significant risk protection gap in the SME market.
Posted: 2022-12-08
UK insurers are facing an unprecedented number of cyber security threats, with the increased risk having a wide impact on premium prices, according to a report by cloud computing specialist iomart.
Posted: 2022-12-08
The British Insurance Brokers’ Association has worked with specialist cyber insurance provider CFC to publish a new guide to help insurance intermediaries and small businesses understand prevailing cyber risks and the protection and support offered by cyber insurance.
Posted: 2022-12-07
Kroll has announced the acquisition of Appraisal and Valuation Consultants Ltd, an independent firm that specialises in the valuation of oil, gas, petrochemical, chemical, power, mining, metals processing and offshore facilities for insurance and other purposes.
Posted: 2022-12-07
Crossword Cybersecurity has announced the integration of its real-time credential checking service, Arc, with secure password vault, Sticky Password.
Posted: 2022-12-07
The strength of policy wording continues to be tested in courts around the world, and while US state and federal court rulings on Covid-related business interruption claims having been found overwhelmingly in favour of insurers, outcomes have been less favourable for insurers in other jurisdictions.
Posted: 2022-12-06
Staff in the UK will able to request flexible working on day one of their employment, following new legislation announced this week.
Posted: 2022-12-06
The UK has a reputation for strong product safety regulation, but with the ascent of the digital economy, these standards have proved increasingly challenging to uphold.
Posted: 2022-12-06
Charles Taylor has acquired TPA and risk specialist, Matrix.
Posted: 2022-12-02
Howden has increased its shareholding in Sydney-based AlphaXO Risk Partners to 100%.
Posted: 2022-12-01
Climate risk insurance platform Yokahu has collaborated with flood parametric insurtech FloodFlash, and fintech Vitesse to create an adverse weather claims payments system for SME policyholders.
Posted: 2022-12-01
Hurricane Ian and other extreme weather events have resulted in an estimated US$115bn of natural catastrophe insured losses this year to date, according to data from the Swiss Re Institute. These events include the winter storms in Europe, flooding in Australia and South Africa as well as hailstorms in France and in the US.
Posted: 2022-12-01
WTW has announced the launch of a research programme, coordinated by the WTW Research Network, focusing on the geopolitical risk drivers and management.
Posted: 2022-11-30
Sedgwick has announced the launch of resource division to help clients with both temporary and permanent placements across various claims-handling units. Developed in response to a post-Covid increases in claims volumes and skills shortages in the market, the new resource solutions team has grown from nine to 24 members in the UK.
Posted: 2022-11-30
NTT Data has launched a complimentary Cybersecurity Posture Evaluation report.
Posted: 2022-11-30
The FCA is becoming increasingly concerned about the impact of the rising cost of living on consumers. Early analysis from the FCA’s 2022 Financial Lives Survey indicates that in May 2022,12.9 million (or 1 in 4) of all UK adults had low financial resilience , this was up from the 10.7 million reported in the 2020 survey. Over the coming months, insurers will face several financial and non-financial resilience issues as a result of this shocking decline in consumer financial resilience.
Posted: 2022-11-29
Facctum has today launched an open access search version of its FacctView platform, an enterprise grade risk detection technology for sanctions and financial crime risk management.
Posted: 2022-11-29
Instanda has been chosen by MGAM as technology partner on the new government-backed professional indemnity insurance scheme for EWS1 assessors.
Posted: 2022-11-29
Newcastle University and the Met Office have collaborated on a study, published in the journal Environmental Research Letters, pointing to a picture of changing weather patterns, including more frequent storms with more energy.
Posted: 2022-11-28
CyberCube has launched Version 4.0 of its Account Manager solution for single risk re/insurance underwriters.
Posted: 2022-11-28
2022 was certainly a time of change for the cyber insurance market and it’s looking like more of the same over the next 12 months. However, in my view, 2023 should see a number of positive changes that will benefit insureds and deliver a more sustainable market that will attract new capacity and deliver even greater choice.
Posted: 2022-11-28
Fire, collision and sinking and damaged cargo are the top causes of marine insurance losses by value, according to Allianz Global Corporate & Specialty’s analysis of over 240,000 claims worth €9.2bn.
Posted: 2022-11-25
The Chartered Institute of Internal Auditors has this week raised concerns about serious audit and corporate governance shortfalls at regulated energy suppliers.
Posted: 2022-11-25
The winners of the 2022 Risk Management Awards were revealed at last night's gala dinner and ceremony. Hosted by comedian Suzy Ruffell, the awards were attended by over 350 guests at the London Marriott Hotel in Grosvenor Square. Congratulations to everyone shortlisted, and particularly to...
Posted: 2022-11-24
The UK arm of international defence and security company, Leonardo, has selected Rizikon, Crossword’s supplier assurance and third party risk management platform, to assist in its assessment of cyber risk in the supply chain.
Posted: 2022-11-24
Marsh has placed insurance cover for the first space rocket launch from UK soil. Arranged on behalf of Space Forge and placed with Beazley, the policy covers risk of loss to the Forgestar payload. The launch will carry Space Forge’s Forgestar-0 prototype space factory that can create materials that cannot be made on Earth.
Posted: 2022-11-23
Experian has launched a new tool designed to provide lenders with an understanding of ESG risks within their SME portfolios.
Posted: 2022-11-22
There is certainly never a dull moment in Westminster. After a series of scandals that culminated in the departure in September of Boris Johnson from Downing Street, and the subsequent appointment of not one, but two new prime ministers since, the furore surrounding Suella Braverman’s on-the-go Gmails may seem like small fry in comparison.
Posted: 2022-11-22
A lack of alignment between business-critical risks and the insurance cover purchased for them is leaving food and drinks companies exposed at a time of already heightened supply chain risks, according to research from Lloyd’s and WTW.
Posted: 2022-11-21
Over the course of 2023, application programming interface security will come into focus as more organisations continue their digitalisation journeys. Today's organisations rely on APIs to deliver digital services and key business initiatives.
Posted: 2022-11-21
As we enter 2023, my hope and prediction is that the global insurance industry is about to undergo an exciting shift in perception through the fusion of talent and technology. For years, our reputation has been tarnished with stereotypical claims of being staid, conservative and faceless, but today we are seeing a new spirit of restless ambition that is challenging this and empowering us to punch above our weight and shake things up.
Posted: 2022-11-18
Databarracks has been accepted as a supplier on the G-Cloud 13 framework.
Posted: 2022-11-18
Disruption within the global supply chain continues to drive up the risk of cargo theft. Electrical goods are the biggest target for cargo theft globally, with the US reporting over 70% of these losses. The split in general between theft from vehicles and depots is in the order of two-thirds versus one-third. This is a consistent finding, though vehicles ‘at rest’ as opposed to hijackings are more prevalent targets.
Posted: 2022-11-18
Inflation continues to be insurers' key concern, according to Swiss Re Institute's latest sigma report. The effect of inflation on the global economy has led to total global insurance premium falling slightly by an estimated 0.2% in real terms in 2022. The silver lining for the industry lies in anticipated investment results due to central bank rate rises.
Posted: 2022-11-17
The northern hemisphere’s summer of 2022 left one certainty: the impacts of climate change have become more acute, and they will feed into the pre-existing inflationary pressures that have driven a rise in civil unrest risks worldwide.
Posted: 2022-11-17
Charles Taylor Adjusting has expanded its natural resources capability in Asia with the opening of a new office in Vietnam.
Posted: 2022-11-17
Businesses face an “historically broad and deep set of risks in 2023” which will pose interconnected and even existential threats, sector-wide, according to risk consultancy, Control Risks. Launching its annual RiskMap forecast today, Control Risks identifies the top risks for business as fractious geopolitics, armed conflict, disrupted energy systems, economic strife and disarray in digital networks during the coming year.
Posted: 2022-11-16
'Once a century’ climate events now occur yearly due to the global impact of climate change, presenting a major threat to businesses in 2023, both operationally and in terms of protecting personnel.
Posted: 2022-11-16
AI-related intellectual property insurance claims are outpacing traditional healthcare incidents, making up nearly a fifth of digital healthcare claims, while 70% of claims come from areas that would not be covered under a traditional medical malpractice solution.
Posted: 2022-11-16
Employees are reporting low levels of well-being, regardless of working in a hybrid or non-hybrid environment, according to research from the International SOS Foundation. Some 40% of staff are experiencing burnout, the report’s authors say.
Posted: 2022-11-15
The Managing General Agents’ Association has partnered with Searchlight Insurance Training, part of the UKGI Group, to deliver face-to-face and online training solutions for members.
Posted: 2022-11-15
From attacks on critical infrastructure to individual businesses, it’s clear that in today’s threat landscape no systems are safe and there are no signs of cyber criminals slowing down their efforts.
Posted: 2022-11-15
Digital commercial insurance platform, Aurora, has today launched its Global Specialist Health offering for UK SMEs.
Posted: 2022-11-14
Three more UK insurers have joined Flood Re’s Build Back Better Scheme. Covea, Hiscox and RSA have joined initial participating insurers, Ageas, Aviva, NFU Mutual, Lloyds Banking Group (Bank of Scotland, Halifax, and Lloyds Bank home insurance products) and LV= General Insurance.
Posted: 2022-11-14
Medical and safety technology firm, Dräger, is calling for increased regulation and more detailed safety guidance within the tunnelling industry, following recent research highlighting safety as a major concern.
Posted: 2022-11-14
The first ever pay-out by the Mesoamerican Reef Insurance Programme was triggered on 2nd November, when the Turneffe Atoll, off the coast of Belize, was hit by Hurricane Lisa. The cat 1 hurricane event triggered a US$175,000 pay-out under the programme’s parametric policy and will finance immediate reef recovery and restoration.
Posted: 2022-11-11
Nicola Critchley, a partner at DWF, has been elected as president of the Forum of Insurance Lawyers.
Posted: 2022-11-11
As stakeholder expectations around sustainability grow, a new Geneva Association report highlights the insurance industry’s “abundant, inherent social benefit in providing financial stability and peace of mind” to people and businesses, estimating that insurers contribute between US$5-5.5trn a year to global financial resilience through insurance claims and benefit payouts.
Posted: 2022-11-11
Large UK businesses are most concerned about cyber-attacks, potentially leaving them open to other types of fraud including insider and supplier fraud, according to research by fraud prevention service Cifas.
Posted: 2022-11-10
Over a third (36%) of companies who paid a ransom to cyber criminals went on to be targeted for a second time, according to a new report by Hiscox, which also found that 41% of those that paid ransom demands to cyber criminals failed to recover all their data.
Posted: 2022-11-10
The impact of rapid inflation, debt crises, and the cost of living crisis are the biggest threats to doing business over the next two years in G20 countries, according to new data from the World Economic Forum.
Posted: 2022-11-10
FM Global has opened its first experiential risk management facility in Asia Pacific. Designed to meet the complex and diverse needs of the Asia-Pacific region, the FM Global Centre aims to help clients and prospects in the region to protect their assets while increasing their longer-term resilience.
Posted: 2022-11-09
Digital asset custody provider Copper.co has acquired US$500m of insurance for digital assets in cold storage. Cover has been arranged by Aon, using a panel of insurers led by re/insurer and Lloyd’s syndicate Canopius.
Posted: 2022-11-09
Tesla is recalling around 40,000 cars in the US over concerns for a power-steering assist problem which may cause it to fail on rough roads.
Posted: 2022-11-09
Workers at packaging firm DS Smith have voted for industrial action, raising the prospect of a shortage of supplies at one of retail's busiest times of the year. Almost 1,000 GMB members at the firm – which makes corrugated packaging for Amazon, Chivas, Princes and Seabrooks Crisps among others – are balloting for industrial action over a real terms pay cut.
Posted: 2022-11-08
Marine markets face a profusion of ‘total loss’ claims for trapped ships early in 2023, one year after the shut-down of Ukrainian ports, a London audience of practitioners was told.
Posted: 2022-11-08
Global society is heading towards a ‘ruin scenario’, even under the current targets set out in the Glasgow Pact, according to a new report by the Institute and Faculty of Actuaries written in collaboration with The Climate Crisis Advisory Group. It says policymakers need to take a risk management approach to identify, measure and mitigate the effects of further temperature rises.
Posted: 2022-11-07
Business leaders have been urged to consider the importance of the voluntary carbon market to help protect rainforests and limit global temperature rise. Josh Tosteson, President of Everland, signalled to business leaders that a scalable solution for protecting threatened forests is readily available to help meet the ambitions of the Paris Climate Agreement.
Posted: 2022-11-07
The Information Commissioner’s Office has issued a reprimand to the Department for Education following the prolonged misuse of the personal information of up to 28 million children. An investigation found that a database of pupils’ learning records was ultimately used by Trust Systems Software UK (trading as Trustopia), an employment screening firm, to check whether people opening online gambling accounts were 18.
Posted: 2022-11-07
Liability risk analytics company Praedicat has launched Nekomodel X, the next generation of its probabilistic casualty catastrophe model. It is designed to expand on the underwriting applications of previous model releases and to facilitate exposure-based pricing and reserving.
Posted: 2022-11-04
The Chartered Institute of Internal Auditors has urged the government to move forward with plans to revamp the audit industry. In letters to the Prime Minister, Business Secretary and Chancellor of the Exchequer, the Chartered IIA said the government needs to provide a “clear schedule” for its intentions to reform the country’s audit industry to secure long-term economic resilience and stability.
Posted: 2022-11-04
Insurers TT Club and UK P&I Club have teamed up with scientific consultants Brookes Bell to issue a whitepaper highlighting the continuing safety threat created by the transportation of lithium-ion batteries.
Posted: 2022-11-04
Business confidence among UK’s SME manufacturers has fallen sharply, as output and the volume of new orders declined in the three months to October 2022, according to the CBI’s latest SME trends survey.
Posted: 2022-11-03
To support its work in helping organisations meet their duty of care responsibilities, International SOS has launched a new learning module to help provide security and privacy advice for mobile workers.
Posted: 2022-11-03
The interconnected challenges of global security partnerships, financial integration, supply chain resilience, and migration are now top of the agenda and will likely continue to stay there in the year ahead, according to a new S&P Global Market Intelligence report.
Posted: 2022-11-03
The first global knowledge platform dedicated to climate and health has been launched by the Joint Office of the World Health Organization and World Meteorological Organization, with support from the Wellcome Trust. It aims to provide actionable information to protect people from the health risks of climate change and other environmental hazards.
Posted: 2022-11-02
More than a third of the UK’s hospitality sector is at risk of business failure in early 2023 due to the cost of doing business crisis, according to a new survey by UKHospitality, the British Beer and Pub Association, the British Institute of Innkeeping, and Hospitality Ulster. It found that 35% of respondents were expecting to be operating at a loss or be unviable by the end of the year.
Posted: 2022-11-02
Businesses are overlooking remote working in their data backup and recovery plans, leading to a failure to ensure operational compliance and business continuity when faced with fragmented data and dispersed technology, according to a survey of IT decision makers by backup and storage provider Arcserve.
Posted: 2022-11-02
Converge is rolling out CyberCube’s platforms to strengthen cyber protection across its ecosystem.
Posted: 2022-11-01
Specialist international freight transport insurer TT Club has signed up to the UN’s Principles for Sustainable Insurance Initiative.
Posted: 2022-11-01
Brokerslink has added a new German affiliate, Gossler, Gobert and Wolters to its global network.
Posted: 2022-10-31
Biodiversity determines the capacity of an environment to mitigate and adapt to the effects of climate change, according to climate experts at Zurich Insurance Group. The group’s fifth annual Climate Change Scorecard also suggests that voluntary carbon markets have a much greater potential for positive impact on climate change if they factor in biodiversity.
Posted: 2022-10-31
Fraudulent instruction as a form of cyber attack is on the rise, according to Beazley’s new Cyber Services Snapshot report.
Posted: 2022-10-31
Chaucer has partnered with K2 Parametric to provide coverage for US mid-size corporates and municipalities against hurricane and earthquake damage.
Posted: 2022-10-28
Business email compromise incidents are on the rise in the ‘deep fake’ era, while ransomware remains a top cyber risk for organisations globally.
Posted: 2022-10-28
Refinitiv has launched a a global digital onboarding solution to help businesses streamline their approach to onboarding customers.
Posted: 2022-10-28
Inflationary pressures, monetary tightening, the global energy crisis and supply chain disruptions are jeopardising cash flows. And after two years of decline, Allianz Trade expects a broad-based acceleration in global business insolvencies.
Posted: 2022-10-27
Rolls-Royce and Neste have signed an MOU to build a strategic partnership on the implementation of sustainable fuels for diesel engines.
Posted: 2022-10-27
SentinelOne has announced the launch of the WatchTower Vital Signs Report app.
Posted: 2022-10-27
The Financial Conduct Authority is seeking views on the potential competition benefits and harms from Big Tech firms’ entry into financial services. The watchdog said Big Tech firms have clearly demonstrated their potential to disrupt established markets, drive innovation and reduce costs for consumers, developing “transformative new products” in payments, deposits and consumer credit.
Posted: 2022-10-26
Global commercial insurance prices were up 6% in the third quarter of 2022 (down from an 9% increase in Q2), according to Marsh’s latest Global Insurance Market Index.
Posted: 2022-10-26
International law firm RPC has welcomed this week’s announcement by the Financial Conduct Authority that it intends to crack down on greenwashing in the market.
Posted: 2022-10-26
Nestle has been fined after an employee suffered life-changing injuries at one of its UK factories, when in November 2020, the man was drawn into a roller mechanism on a conveyor machine.
Posted: 2022-10-25
JBA Risk Management has launched a comprehensive set of global climate change tools designed to help re/insurance market, risk managers and lenders understand future flood risk.
Posted: 2022-10-25
SCOR has announced the appointment of David Guest as head of crisis management for SCOR UK and the SCOR Syndicate. Based in London, Guest’s remit includes terrorism and political, and he will report to Marie Biggas, CUO of SCOR UK and active underwriter of the SCOR Syndicate.
Posted: 2022-10-25
European boutique MGA, Alta Signa Europe, has announced its move into the directors’ and officer’s liability market, providing tailored primary D&O insurance for SMEs with revenue of EUR50 to EUR500m.
Posted: 2022-10-24
Opinions on the UK's risk outlook have converged amongst the general public and the risk management community, as both groups have been found to consider geopolitical instability and energy risks among the top three risks on the horizon. This is among the findings of AXA’s Future Risks Report 2022, published today.
Posted: 2022-10-24
Interest in sustainability across the IT industry is at a record high, and continuing to grow. So says sustainability certification company, TCO Certified, which has this week reached a milestone of 1,000 certified new product models, as defined by strict environmental and social sustainability criteria.
Posted: 2022-10-21
Leaders that grapple with risk are better prepared to navigate through and succeed during highly volatile times and economic uncertainty. This is among the findings of a new Aon study, which found that while 79% of business leaders expect a recession this year, a select group of leaders – just 35% – report feeling very prepared for it.
Posted: 2022-10-21
The financial impacts of extreme weather and natural catastrophe events are outpacing the development of mitigation strategies in the North American renewables market, whilst a combination of supply chain and inflation challenges are exacerbating the complexity of nat cat claims.
Posted: 2022-10-19
Insurer Allianz is calling for greater efforts and higher sustainability standards in motor repairs. Increasing the green repair rates by 2 percentage points could reduce annual Europe-wide CO2 emissions by 30,000 tons, the insurer has said.
Posted: 2022-10-19
After seven years at the Financial Conduct Authority, Mark Steward is to step down as executive director of Enforcement and Market Oversight. Since joining the FCA in 2015, Steward has led the delivery of some of the watchdog's most high-profile and precedent-setting enforcement cases, with many notable successes against major global financial institutions and individuals.
Posted: 2022-10-18
Swiss Re estimates preliminary claims from Hurricane Ian at around US$1.3bn, resulting in an expected group net loss of approximately US$0.5bn for Q3 of 2022. While the 2022 target of 10% group ROE is unlikely to be reached given the impact from natural catastrophes, the Ukraine war and financial market volatility, the group says it remains confident in the mid-term outlook and committed to its 2024 profitability goals.
Posted: 2022-10-18
Lloyd’s re/insurer MS Amlin has won key parts of a case against the Stonegate Pub Company.
Posted: 2022-10-18
The pandemic, global warming and now the war in Ukraine have forced organisations to rethink how they keep up with the speed of new risks emerging, the profile of risks changing, and how risk management practices must adapt as a result
Posted: 2022-10-17
There is a growing familiarity with the trends driving developments in the global cyber insurance market; rapid digitalisation accelerated by the pandemic, the shift to remote work and cyber attacks that are ever more sophisticated and localised.
Posted: 2022-10-17
Pool Re has announced the appointment of Jonathan Gray (pictured) as chief underwriting officer-elect.
Posted: 2022-10-17
In just under two weeks’ time, Airmic will be holding its inaugural Island of Ireland Forum, a one-day event of presentations, panels and sessions – including a keynote from Seán Fleming TD, Minister of State with responsibility for financial services, credit unions and insurance.
Posted: 2022-10-14
The only way to stay relevant is to keep on unlearning, learning and relearning. The pandemic continues to shape our lives; the climate emergency is upon us; war in Europe threatens energy security and inflation undermines our economic stability. What skills do you and your organisation need to meet and succeed against such radical challenges?
Posted: 2022-10-14
Rishi Sunak has been named the UK’s next prime minister. He will replace Liz Truss, who resigned last week after a mere 45 days in office. Welcoming the news, CBI director-general, Tony Danker, said Sunak has a track record of seeing the economy through difficult times and comes in at a time of "great uncertainty with tough choices ahead".
Posted: 2022-10-14
Global data analytics provider, Verisk, has launched its new Building Identification Numbering System, which uses geospatial data and proprietary technology to create an inventory of commercial and residential structures.
Posted: 2022-10-13
The insurance industry is being urged to help customers build greater resilience against the long-term effects of the war in Ukraine. Whilst a number of specific solutions are already addressing some of the key concerns, more needs to be done to bolster resilience, according to a report published today.
Posted: 2022-10-13
Demand for sustainable goods and services is becoming increasingly important in consumers’ purchasing decisions, according to a major study published this week.
Posted: 2022-10-13
FM Global has this week unveiled two new climate resilience tools.
Posted: 2022-10-12
Mortality in the third quarter of 2022 was 9% higher than in the same quarter of 2019, before the pandemic, and higher than in any third quarter since 2010. This contrasts with the first half of 2022, which had similar mortality to 2019.
Posted: 2022-10-12
Schneider Electric has announced a new strategic alliance with Munich Re and subsidiary HSB to develop new solutions for the global electrical and equipment risk markets. The new alliance will blend uptime guarantees and unwarned failure warranties with IoT technology services.
Posted: 2022-10-12
Whilst the potential for an increase in occurrence of natural disasters remains high in China, government support should mitigate the negative credit impact on issuers’ profiles, according to Fitch Ratings.
Posted: 2022-10-11
Organisations that adopt and embed ESG factors into their business strategy are more likely to create value and accelerate growth, while minimising legal and regulatory risks, according to a joint report from law firm, Dechert, and global advisory business, StoneTurn.
Posted: 2022-10-11
Fusion Risk Management has today announced a multi-region alliance with PwC to support clients in achieving their organisational resilience objectives.
Posted: 2022-10-11
WTW has today launched its new Risk Intelligence Quantified, or Risk IQ, portal.
Posted: 2022-10-10
Lloyd’s is working with the LMA and other experts from industry on the development of the Earth and Space Sustainability Initiative kitemark.
Posted: 2022-10-10
The Department for Levelling up has taken the first step in legal action against Grey GR Limited Partnership, a freeholder of a fifteen-storey tower block in Stevenage, which has been given 21 days to commit to remediating the tower’s fire safety defects before an application will be made to the courts.
Posted: 2022-10-10
Lockton has expanded the remit of its employee benefits practice to incorporate wider workforce engagement.
Posted: 2022-10-07
Amid concerns that electricity and other sources of energy could become scarce in Europe this winter, companies are being advised to draw up thorough plans to address any threats to business continuity.
Posted: 2022-10-07
The range of security vulnerabilities that cyber attackers are exploiting continues to amplify, as does the level of threat across all geographies and industries. But while the increased demand has led to growth of capacity in the insurance market, the severity of attacks means that insurers are becoming warier about risks they are willing to insure.
Posted: 2022-10-07
Raul Vargas has been appointed chief executive officer of Farmers Group.
Posted: 2022-10-06
Caroline Stone has been appointed as Dual UK’s chief risk officer.
Posted: 2022-10-06
Carbon metrics on their own lack the necessary forward-looking insights for a full assessment of the financial risks and opportunities of transitioning to a low-carbon economy, according to a survey of investment professionals conducted by WTW.
Posted: 2022-10-06
Aon has bolstered its data and analytics capabilities for reputational risk with the acquisition of Pentland Analytics' 'reputation crisis database', proprietary modelling algorithms and a cloud-based web app.
Posted: 2022-10-05
A new study has revealed the impact and return on investment of the property flood resilience measures promoted by Flood Re's recent Build Back Better initiative. JBA Risk Management’s review modelled flood risk impacts up to 2050 on residential properties in the UK.
Posted: 2022-10-05
French mutual Macif has migrated its largest business line to Guidewire’s InsuranceSuite.
Posted: 2022-10-05
A Financial Conduct Authority review of business interruption claims handling has applauded insurers for quickly paying out interim payments, reallocating resources quickly and proactively communicating with policyholders to help them with claims, following last year’s test case judgment handed down by the Supreme Court.
Posted: 2022-10-04
Chartered insurance broker Verlingue has achieved bronze accreditation for its environmental, social and governance approach from independent assessor, EcoVadis.
Posted: 2022-10-04
Specialist insurer CFC has taken on new premises in Leadenhall to accommodate its growing research and development team.
Posted: 2022-10-04
Global law firm Ashurst has established a risk advisory business in the UK. Led by a team of three partners, Ashurst Risk Advisory will provide consulting services that complement the firm's core legal services, initially focusing on financial services.
Posted: 2022-10-03
In Simon Ashby’s preface to his latest book, he writes that, whilst he began his risk management studies in 1991, it was not until 1999 that he first heard the term ‘operational risk’; and that in those early days, research and practice in the field was “like the Wild West”.
Posted: 2022-10-03
US risk management society, RIMS, has welcomed Friday's extension of the National Flood Insurance Program, as the expiring legislation was included in Congress’ Continuing Resolution.
Posted: 2022-10-03
Tokio Marine HCC International has today issued a new whitepaper detailing the exposures of three key industries – manufacturing, financial institutions, and transport and logistics – to cyber security risks.
Posted: 2022-09-30
Premium income for the London company market has risen by over 7%, according to figures published by the International Underwriting Association. Inflationary claims pressures were a principal driving factor behind premium growth. The year saw increased nat cat costs and companies reported strengthening market conditions across multiple lines.
Posted: 2022-09-30
Crawford and Company has introduced a new soil management policy designed to promote sustainable soil management in the aftermath of a polluting incident.
Posted: 2022-09-30
Professors at the Toulouse Business School and Audencia have observed a direct link between CEOs' exposure to abnormally high temperatures, and the decrease in carbon emissions from their companies. Professors Alexandre Garel and Arthur Petit-Romec’s analysis builds on an emerging body of research on the 'local warming' effect.
Posted: 2022-09-29
Mott MacDonald has teamed up with the Coalition for Climate Resilient Investment to develop a tool that aims to help asset owners and investors understand the exposure of critical infrastructure to climate risks.
Posted: 2022-09-29
The Lloyd’s Market Association has begun its Graduate Wording Training Scheme, its new initiative designed to produce qualified and technically trained solicitors for the London insurance market.
Posted: 2022-09-29
Marsh McLennan has appointed John Q. Doyle as president and CEO.
Posted: 2022-09-28
Hurricane Ian made landfall near Cayo Costa in Florida on Wednesday as a Category 4 hurricane, with winds of 150mph – the first major hurricane to make landfall since Hurricane Ida in 2021.
Posted: 2022-09-28
Optio Group is to establish an MGA and reinsurance broker in Dubai, subject to final approvals from the UAE regulatory authorities.
Posted: 2022-09-28
Apex Group has expanded its ESG offering with the launch of an EU Taxonomy Solution to ensure clients’ alignment, ahead of growing disclosure requirements.
Posted: 2022-09-27
Guy Carpenter has entered an agreement with location-based traffic-crash intelligence and predictive analytics firm, TNEDICCA, to provide enhanced auto analytics to its insurance carrier clients.
Posted: 2022-09-27
A new professional indemnity insurance scheme for EWS1 (external wall fire review form) assessors is now available, after many months in development. Initially announced in February of this year, and scheduled for delivery in September, the new scheme is delivered by MGAM through an insurance provided by SCOR UK, and reinsured by the government.
Posted: 2022-09-26
Small and medium-sized companies across the UK are most concerned about the impact of employee mental health and well-being, financial uncertainty and health and safety on their businesses over the next 12 months.
Posted: 2022-09-26
Research from Axa UK has found that 48% of business owners find it hard to know who to speak to about business troubles, leaving 44% of the 500 SME owners questioned believing they are unable to do the best job for both them and their staff.
Posted: 2022-09-26
Fidelis is implementing extended ESG underwriting guidelines, with four umbrella groups (environmental, human and labour rights, animal welfare, rule of law) and six industry-specific guidelines (defence and armaments, forestry and agriculture, mining, coal, oil and gas, nuclear).
Posted: 2022-09-23
Plexus Law has announced a new partnership with Expert.ai to use its natural language capabilities to automate document processing of medical reports.
Posted: 2022-09-23
Kwasi Kwarteng’s so-called 'mini-budget' has received mixed reviews today, as the Chancellor detailed a series of tax cuts, including a U-turn on plans to raise corporation tax to 25%, major changes to SDLT, and further cuts to income tax and NI.
Posted: 2022-09-23
WTW has teamed up with the University of Cambridge’s Centre for Risk Studies to develop an Airport Risk Index. The new index compares 110 of the world’s busiest airports by passenger volumes, against 19 identified threats.
Posted: 2022-09-22
Liberty Specialty Markets has teamed up with REIN to provide Sony Electronics with an insurance product to offer drone purchasers and operators an instantly accessible coverage option.
Posted: 2022-09-22
Clyde & Co has today announced the launch of a new end-to-end international offering to help organisations manage and respond to cyber risk.
Posted: 2022-09-22
The Health and Safety Executive is joining forces with workplaces up and down the country in a study designed to better understand respiratory virus transmission risk in the workplace.The Wear-It Study aims to better understand and control the risk of transmission of SARS-CoV-2 as we adapt to living with the disease.
Posted: 2022-09-21
EigenRisk has launched a new version of its catastrophe risk management platform that integrates traditional catastrophe modeling capabilities with climate change impact analysis.
Posted: 2022-09-21
Extreme biodiversity loss, widespread pollution and the over-consumption of natural resources present direct challenges for key industries and exacerbate critical challenges associated with climate change, societal health, supply chain reliability and food security.
Posted: 2022-09-21
Howden has completed its acquisition of Théorème, a family-owned corporate insurance broker headquartered in Paris.
Posted: 2022-09-20
A new business risk survey, released today, has found that the war in Ukraine, coupled with the cost-of-living crisis, has significantly changed business attitudes on the risks they face with geopolitical tensions exacerbating and intensifying a wide range of business-critical risks.
Posted: 2022-09-20
The Personal Finance Society and the Chartered Insurance Institute have this week reached an agreement in principle on a range of matters, aided by the appointment of new CEOs at both organisations.
Posted: 2022-09-20
UK retail sales fell significantly more than forecast during August, as the cost of living reduces households’ disposable income. Sales volumes dropped 1.6% month-on-month according to figures from the Office for National Statistics, the biggest fall since December 2021.
Posted: 2022-09-16
The world is facing an unprecedented rise in civil unrest as governments grapple with the impacts of inflation on the prices of food and energy, according to a report from risk intelligence firm Verisk Maplecroft.
Posted: 2022-09-16
Natural catastrophe data provide ICEYE has partnered with If P&C Insurance on a pilot scheme for the use of its Flood Insights product.
Posted: 2022-09-15
Lloyd’s today hosted a ceremony to remember Queen Elizabeth II and to mark the accession of King Charles III. Beginning with a single ring of the Lutine Bell to mark the death of the Queen, and ending with two rings to acclaim the new King, the ceremony took place in the Underwriting Room at One Lime Street.
Image: Shaun Jeffers / Shutterstock.com
Image: Shaun Jeffers / Shutterstock.com
Posted: 2022-09-15
Data analytics firm EXL has collaborated with cyber risk specialist CyberCube to jointly develop cyber insurance solutions for the property and casualty (P&C) insurance industry.
Posted: 2022-09-15
Falls from height remain one of the biggest causes of injury and fatalities in the workplace, with sometimes even relatively small drops causing significant harm, warns freight transport liability insurer TT Club.
Posted: 2022-09-14
Risk managers in the power sector must tackle an entirely new risk landscape brought about by war in Ukraine, global inflation, the energy transition, and climate change, according to WTW.
Posted: 2022-09-14
The price of a smart device is a greater priority for homeworkers than its security credentials, potentially putting home and business cybersecurity at risk, according to a survey by Blackberry.
Posted: 2022-09-13
The reinsurance sector could grow between 2-3% during the next two years according to research by Munich Re, despite extreme inflation, rising interest rates and asset slumps currently posing challenges for the entire insurance industry, alongside burdens from the war in Ukraine.
Posted: 2022-09-13
Global geopolitical tensions, macroeconomic developments and climate change are resulting in heightened demand for risk protection warns Swiss Re, outlining possible implications for renewals season. It said the re/insurance industry needs to focus on modelling and contract certainty to ensure pricing is adequate for the risks taken and thereby increasing its capacity.
Posted: 2022-09-12
300 hospitality CEOs have signed a letter asking the chancellor to urgently deliver a package of support to help the sector as it faces estimated cost increases of 238%.
Posted: 2022-09-12
Following the death of Her Majesty Queen Elizabeth II, businesses are paying tribute to Britain’s much loved and longest reigning monarch, who passed away peacefully at Balmoral yesterday at the age of 96, having reigned for 70 years.
Image: Shaun Jeffers / Shutterstock.com
Image: Shaun Jeffers / Shutterstock.com
Posted: 2022-09-09
The confluence of secondary peril losses, geopolitical turmoil and reset macroeconomic fundamentals have led to a US$46bn reduction in capital at 1H22 and a projected year-end decline for the first time since the global financial crisis, according to a report from Howden.
Posted: 2022-09-08
Sedgwick has acquired full ownership of Sedgwick Leif Hansen in Denmark, or which the firm was previously a minority shareholder
Posted: 2022-09-08
TUI Group is rolling out F24’s CIM solution as its core global system for incident and crisis management.
Posted: 2022-09-08
Law firm DWF has acquired Manchester-based Acumension, which provides costs management services to a number of DWF clients, including NHS Resolution and NFU Mutual.
Posted: 2022-09-07
Moody’s has today launched a new ESG insurance underwriting solution for P/C insurers, borne out of a collaboration with global specialty re/insurer, Chaucer Group.
Posted: 2022-09-07
Markel International has launched a new solution for brokers and policyholders operating within the media and entertainment space.
Posted: 2022-09-05
Liz Truss has won the race to become the UK's next Prime Minister, following a two-month leadership contest that ended with the foreign secretary defeating Rishi Sunak by securing the backing over 81,000 Conservative Party members to become their new leader.
Posted: 2022-09-05
Praedicat has teamed up with Experian to create a portfolio analysis tool for underwriters of D&O in the US.
Posted: 2022-09-05
Beazley has announced the launch of a new online portal, created in partnership with Paragon, for its Weather Guard clients.
Posted: 2022-09-02
A lack of climate risk expertise and data are the main obstacles for climate financial disclosure in the Philippines and Singapore, according to a new report published this week by WTW. With Southeast Asia being one of the most vulnerable regions to climate change, companies in two of its markets, Singapore and the Philippines, are increasingly aware of the financial impact of climate change but are falling behind schedule with TCFD preparations.
Posted: 2022-09-02
Cyber security services firm, Bridewell, has opened its new 24/7 Security Operations Centre in Wales.
Posted: 2022-09-02
Lithium-ion batteries are an increasing cause for concern in shipping, as reflected in the number of fires on roll-on roll-off car carriers and container ships. The risks of Lithium-ion battery fires in cargo that is not stored, handled or transported correctly means loss prevention is vital for the industry, particularly given the difficulties involved in extinguishing battery fires at sea.
Posted: 2022-09-01
The International Underwriting Association has worked with the UK Government’s Department of Levelling Up, Housing and Communities to develop a new model insurance clause for residential tower repairs.
Posted: 2022-09-01
Introducing 3D printing technology in the clothes manufacturing industry will reinforce, not change, current power dynamics weighted in favour of retailers, research from ESCP Business School suggests. The report's authors predict that retailers will likely react to increased production speeds and higher market competition by decreasing purchasing prices and the duration of fashion trends.
Posted: 2022-08-31
Operational risk association ORX has today launched a Controls Library for operational risk.
Posted: 2022-08-31
DARAG Group has today announced the conclusion of a new agreement with an undisclosed captive insurance company.
Posted: 2022-08-30
Baldwin Risk Partners has partnered with cyber risk analytics specialist, CyberCube, as part of which the independent insurance distribution firm will roll out Broking Manager, CyberCube’s consulting service Concierge, and learning platform CyberCube Academy.
Posted: 2022-08-30
The government’s latest price index for the agricultural sector shows that farm input costs rose a record 33.1% in the year to June 2022, as rising energy prices set costs soaring. The agricultural output value of oats soared by 88%, wheat 54%, rapeseed by 66% and milk by 41% in the year to June.
Posted: 2022-08-30
A successful summer season for live events and festivals is cause for optimism, but the risk landscape of live entertainment also poses new challenges for event organisers, according to Allianz Global Corporate & Specialty. AGCS says many events will require new risk assessments.
Posted: 2022-08-26
Ocorian has reported a significant increase in the number of captives it supports with its Bermuda offices. The firm's insurance specialists now support over 137 Bermuda-registered captive insurance companies, as well as 93 commercial and special purpose insurers.
Posted: 2022-08-25
The four largest European reinsurers – Munich Re, Swiss Re, Hannover Re and SCOR – reported a 47% decline in combined net profits for the first half of 2022, according to figures released today by Moody’s.
Posted: 2022-08-25
After more than a decade of counter-piracy operations, the shipping industry is removing the Indian Ocean High Risk Area. Measures enacted to secure the waters by military, political, civil society and the shipping industry have reduced the threat of piracy. No attacks against merchant ships have occurred off Somalia since 2018.
Posted: 2022-08-24
The first insurance placement for the new Marine Cargo and War facility launched earlier this month by Marsh and Ascot has been secured.
Posted: 2022-08-24
Axa Climate has reached an agreement with RMA to use the modelling firm’s HWind analytics tool as a principal trigger metric for its relevant US parametric insurance policies.
Posted: 2022-08-24
Sapphire Re has selected Eurobase’s Synergy2 platform to support its end-to-end captive operations. The Synergy2 platform is a release-based solution helping captives achieve sustainable, strategic growth.
Posted: 2022-08-23
Tryg A/S, the largest non-life insurance company in Scandinavia, is joining the RSA’s Global Network as a Strategic Network Partner.
Posted: 2022-08-23
The Cyber Resilience Centre for the South East has reached a new milestone, having signed up its 1,000th business member.
Posted: 2022-08-23
As the hospitality sector gradually recovers from the impact of lockdowns and wider pandemic-related losses, businesses in the sector are urged to closely evaluate building reinstatement values to avoid being inadvertently underinsured. The risk is further exacerbated with rising inflation, according to Lockton.
Posted: 2022-08-22
Marsh has today launched a re/insurance facility that provides dedicated capacity for new and existing green and blue hydrogen energy projects. Developed with Liberty Specialty Markets and AIG, the facility provides up to US$300m of cover per risk for the construction and start up phases of hydrogen projects.
Posted: 2022-08-22
Gamma Location Intelligence has joined forces with climate data analytics provider, Sust Global, to offer clients actionable insight into the impact of climate change risks on property portfolios.
Posted: 2022-08-22
Roads in the UK could see self-driving vehicles by 2025 under government plans announced today. Some cars, coaches and lorries with self-driving features could even be operating on motorways in the next year, according to the Department for Transport. The Government has allocated a total of £100m, with £34m directed at safety developments and legislation.
Posted: 2022-08-19
The Financial Conduct Authority has fined Citigroup Global Markets £12,553,800 for failing to properly implement the Market Abuse Regulation trade surveillance requirements relating to the detection of market abuse.
Posted: 2022-08-19
The latest UK Health Security Agency data reflects a decline in the number of new cases of monkeypox being identified.
Posted: 2022-08-19
The UK Government has this week announced a series of measures aimed at bolstering the UK’s resilience, including the long awaited launch of a public emergency text alert system for the UK, as well as changes to the Civil Contingencies Secretariat.
Posted: 2022-08-18
M&A activity in the global insurance industry reached the highest growth rate for 10 years in the first half of 2022, according to Clyde & Co’s Insurance Growth Report mid-year update.
Posted: 2022-08-18
Aerial mapping company Bluesky International has been granted a contract extension from the Geospatial Commission to continue to supply aerial photography, 3D height models and colour infrared imagery, to public sector organisations across Britain.
Posted: 2022-08-17
As the wildfire season enters its peak, International SOS is advising organisations on the preparations that will best protect their people and ensure business continuity through to October.
Posted: 2022-08-16
Shipping company A.P. Moller-Maersk has opted for full-scale implementation of the HydroPen firefighting system, designed for direct firefighting in stacked shipping containers onboard commercial vessels.
Posted: 2022-08-16
The threat of attacks on public surface transportation and staff in countries with advanced economies has changed so significantly in the past two decades, that a fresh approach to security strategies is needed.
Posted: 2022-08-16
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 in the UK.
Posted: 2022-08-15
Compre has acquired the hospital liability portfolio of German insurer Basler Sachversicherungs-AG, of the Baloise Group.
Posted: 2022-08-15
Whilst supply chain woes focus predominantly on cargoes on the move, safety concerns at the locations where goods are ‘at rest’ are just as critical, according to the latest TT Club Brief.
Posted: 2022-08-15
Over 100 of the UK’s retail brands have written to police and crime commissioners in England and Wales, calling on them to commit to making retail crime a priority in local policing strategies.
Posted: 2022-08-12
A software outage that has affected the running of the NHS 111 service across the UK has been confirmed as a ransomware attack.
Posted: 2022-08-12
An official drought has been declared in southern, central, and eastern parts of England. The move was announced following a meeting of the National Drought Group – made up of senior decision makers from the Environment Agency, government, water companies, and environmental protection groups. It comes after a prolonged period of dry weather and on the second day of a four-day heatwave during which temperatures are expected to reach 35C across large areas of the country.
Posted: 2022-08-12
An amber warning for extreme heat from the Met Office is now in place as another spell of hot weather is expected to last until the start of next week.
Posted: 2022-08-11
The International Air Transport Association has launched AVSEC Insight, an online platform offering users a range of open-source information to aid in identifying potential security risks and threats to their operations and businesses.
Posted: 2022-08-11
Ransomware attacks have increased by 24% in Q2 of 2022 according to the latest threat report by digital security specialist Avast.
Posted: 2022-08-11
The UK construction sector is set to face increased insolvency, exacerbating price rises while rivalling inflation as a threat to successful project delivery, according to consultants Turner & Townsend.
Posted: 2022-08-10
Integrated risk management platform RiskSmart has launched in the UK following an investment of over £1m from NPIF Maven Equity Finance and other institutional investors.
Posted: 2022-08-10
Russia’s invasion of Ukraine immediately slowed the recovery from the Covid-19 pandemic and set the global economy on a course of lower growth and rising inflation according to the OECD. In its latest economic outlook, the organisation forecasts global growth to decelerate sharply to around 3% this year and 2.8% in 2023, well below the recovery projected in the previous outlook issued last December.
Posted: 2022-08-10
Gallagher has acquired crisis and risk management consultancy AnotherDay. Founded in 2016, the UK-based firm aims to help organisations pre-empt and prepare for complex threats, react to crises and investigate criminality through the use of intelligence and technology.
Posted: 2022-08-09
Increases in renewable and low carbon energy generation will be constrained by a significant shortage of skilled labour which cannot be addressed from the existing UK energy sector workforce alone, according to research by PwC.
Posted: 2022-08-09
Insurer FM Global has announced that it will allocate approximately US$300m to clients in the form of a ‘resilience credit’ intended to help them to invest in climate resilience solutions.
Posted: 2022-08-09
The UK Health Security Agency has published its latest technical briefing which suggests early signs that the outbreak is plateauing. The figures show that as of 4 August, there are 2,859 confirmed and highly probable cases of monkeypox in the UK.
Posted: 2022-08-08
The FCA has appointed Ruairi O’Connell, OBE, as the new director of international. He will be responsible for helping to shape the FCA’s international strategy as well as overseeing the organisation’s international engagement including matters arising from the UK withdrawal from the EU.
Posted: 2022-08-08
A software outage that has affected the running of the NHS 111 service across the UK was caused by a cyberattack on managed services provider Advanced. The incident, first reported early on Thursday 4 August, affected several of the firm’s healthcare customers, but it says the majority of the 140 NHS trusts that use its software were unaffected.
Posted: 2022-08-08
There is a growing disparity between the perceived and actual cost of recovering from a ransomware attack, according to analysis carried out by cloud security provider, Menlo Security.
Posted: 2022-08-05
Europe saw the highest growth in insurtech investment in 2021, with three mega-deals (Wefox, Bought by Many and Alan) totalling a combined value of US$1.2bn.
Posted: 2022-08-05
Global Secure Accreditation has developed a simple online survey to help organisations get to grips with travel risk management policies.
Posted: 2022-08-05
Former Sungard resilience lead, Chris Butler, has joined Databarracks as a managing consultant.
Posted: 2022-08-04
Digital insurance platform provider, EIS, has announced the acquisition of Metromile’s Enterprise Business Solutions, Lemonade’s SaaS-based claims automation and fraud detection solution.
Posted: 2022-08-04
Axa has selected Cognizant to operate, streamline and digitally enable part of the insurer’s legacy IT environment in its UK and Ireland businesses, with the goal of creating a more data-rich, secure and sustainable environment.
Posted: 2022-08-04
Tokio Marine Kiln has completed the sale of Tokio Marine Highland’s US construction division to Intact Insurance Group USA.
Posted: 2022-08-02
Cyber security membership organisation, CREST, has announced the release of its Defensible Penetration Test, a specification that provides recommendations on how penetration tests should be scoped, delivered and signed off.
Posted: 2022-08-02
Quotech has raised £1m from a syndicate of angel investors, including Convex Group
Posted: 2022-08-02
The global commercial insurance industry is predicted to continue its growth trajectory over the next decade, with estimates suggesting the sector could generate revenues of more than £542m by 2028 globally, compared with £287m in 2020. Despite this positive outlook, fears are growing of a number of external challenges to the industry’s success, according to KPMG’s Future of Large Commercial Insurance report.
Posted: 2022-08-01
The majority of global semiconductor businesses are still operating with “questionable” risk management strategies, with just 29% reporting supply chain risk management as embedded in strategic planning, capital allocation and other business processes, according to a new report.
Posted: 2022-08-01
Ground transport specialist CMAC Group has announced the latest in a series of initiatives to support the company's goal to become carbon neutral by the end of 2023.
Posted: 2022-08-01
The Competition and Markets Authority has today said it will be scrutinising sustainability claims made about fashion products by ASOS, Boohoo and Asda. Part of the CMA’s ongoing probe into potential greenwashing, the investigation follows concerns around the way the firms’ products are being marketed to customers as "eco-friendly".
Posted: 2022-07-29
Technology provider to the global maritime, defence, and government, energy and aerospace and maritime sectors, Survitec, has been placed on the Yorkshire Purchasing Organisation’s Dynamic Purchasing System for the provision of public sector emergency response and rescue equipment.
Posted: 2022-07-29
Spatial data provider, EarthDefine, has added over 27 million new commercial and residential structures to its high-resolution 3D building footprint database, bringing its total footprint count to over 183 million commercial and residential structures across the Continental US.
Posted: 2022-07-29
Nottingham-based Weather Logistics is launching new software that produces climate model simulations for the coming quarter, and provides advisory around local hazards such as heatwaves and flooding.
Posted: 2022-07-28
The ability to diversify and hedge portfolios and supply chains to reduce dependence on single suppliers will be key to minimising risk exposure for businesses, as they tackle the risks emanating from the Russia-Ukraine war, according to a new report from Lloyd’s and Aon.
Posted: 2022-07-28
Sedgwick’s UK repair solutions division has achieved carbon-neutral status.
Posted: 2022-07-28
The cost of a 200-year flood event could rise by some 42% to £5bn by the middle of the century under an intermediate emissions scenario (RCP4.5). Further, if no action is taken to reduce emissions, the UK could see a hike of up to 87% in average annual losses to residential properties.
Posted: 2022-07-27
Specialist insurer, CFC, has announced the expansion of its cyber threat analysis capability into North America and Australia.
Posted: 2022-07-27
BSI and the Department for Levelling Up, Housing and Communities have today published three new standards, which set out competence requirements for building safety management. The standards aim to support industry reform, in line with the new Building Safety Act, and are intended to minimise safety risks and improve protection to residents.
Posted: 2022-07-27
As part of a major product update, the alerting system app FACT24 ENS+, is being bolstered by a series of new features, including a dedicated protection solution for people working alone.
Posted: 2022-07-26
National Standards Body, BSI has published a new standard to support safety in automated driving technology.
Posted: 2022-07-26
Robin Simcox has been appointed as the substantive commissioner for Countering Extremism.
Posted: 2022-07-26
Damage from large wildfires in Europe has jumped dramatically, with a 75% increase in the amount of land burnt in 2020, according to analysis by Chaucer. That year, 787,130 hectares of land were burnt across 35 European countries, up from 450,250 hectares in 2019.
Posted: 2022-07-25
Cyber attacks are now the number one cause of data loss, according to research from Databarracks, marking the first time cyber has overtaken human error as the top cause of data loss.
Posted: 2022-07-25
Grain shipments from Ukraine’s Black Sea ports are expected to resume under the terms of new deal, brokered in Istanbul by Ukraine, Turkey, the UN and Russia.
Posted: 2022-07-25
The Port of Dover has criticised the “woefully inadequate” resource at the French border overnight and early this morning, declaring a critical incident as passengers and HGV drivers face hours of queues at the Kent port.
Posted: 2022-07-22
Legislation that promises to enhance the competitiveness of the UK financial services sector and “unlock tens of billions of pounds of investment across the economy” was introduced to Parliament this week.
Posted: 2022-07-22
The Bank of England, Prudential Regulation Authority and Financial Conduct Authority have set out a series of potential measures designed to strengthen the resilience of services provided by critical third parties to the UK financial sector. As the Bank of England’s Financial Policy Committee highlighted in 2021, financial stability could be affected by disruption at a small number of third-party service providers.
Posted: 2022-07-22
The Worldwide Broker Network has expanded its European presence, with the addition of Risk Solution Broker and Fortius Inter Partes as new members in Croatia and Söderberg and Partners in the Netherlands.
Posted: 2022-07-21
The Institute and Faculty of Actuaries has welcomed proposals put forward by the Treasury on the future path of Solvency II in the UK, and has reiterated its support for HMT’s underpinning objectives, while considering approaches in the Fundamental Spread methodology.
Posted: 2022-07-21
The High Court this week ruled that the Government’s net-zero strategy breaches the Climate Change Act and needs to be strengthened.
Posted: 2022-07-21
Cyber risk in the transportation industry
The connected nature of the transport and logistics industries makes them an attractive target for hackers, with potentially disruptive and costly consequences. Between June 2020 and June 2021, the transportation industry saw an 186% increase in weekly ransomware attacks. At the same time, regulations and cyber security standards are lacking – creating weak postures across the board. This podcast explores the key risks. Published April 2022.
Political risk: A fresh perspective
CIR’s editor, Deborah Ritchie speaks with head of PCS at Verisk, Tom Johansmeyer about the confluence of political, nat cat and pandemic risks in a world that is becoming an increasingly risky place in which to do business. Published February 2022.
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