Latest News
-
Regulator confirms leasehold buildings insurance reforms
-
IRM welcomes David Epstein as NED
-
BIBA welcomes FCA's rule changes on insurance for residential multi-occupancy buildings
-
CREST and IASME to support NCSC's cyber scheme
-
Aon launches FI Protect 360
-
Loadsure integrates WeatherOptics data into risk calculations
News
The Financial Conduct Authority today confirmed a series of measures designed to protect beleaguered leaseholders in multi-occupancy buildings. From the beginning of next year, insurers will be forced to act in leaseholders’ best interests, treating them as customers when designing new products.
Posted: 2023-09-29
A study carried out by researchers at UBC Sauder School of Business shows that when CEOs are accountable for performance failures, stock analysts value their companies more highly.
Posted: 2023-09-29
BIBA has welcomed the rule changes announced by the FCA today in its Policy Statement on residential multi-occupancy buildings.
Posted: 2023-09-29
The management of complex risks is no longer the concern of large and complex organisations alone. As author David Rubens points out in his latest book, Strategic Risk and Crisis Management: A Handbook for Modelling and Managing Complex Risks, whether a cyber attack, a pandemic or a natural disaster, the modern risk environment impacts all organisations’ ability to respond to and recover from high-impact events.
Posted: 2023-09-28
With the pace of innovation and development in technology continuing to accelerate, data and information ethics have fast become a critical issue – for businesses, individuals and society as a whole.
Posted: 2023-09-28
Aon has announced the launch of its new solution for financial institutions, FI Protect 360. Created in collaboration with a number of London Market insurers, FI Protect 360 is designed to address key operational risks faced by today’s financial institutions encompassing both technology and more traditional risks.
Posted: 2023-09-28
McGill and Partners has partnered with Renew Risk to develop catastrophe models for offshore wind portfolios, via an initial five models in the Oasis framework, an open-source cat model platform, covering Northeast US hurricane, Taiwan earthquake and typhoon and Japan earthquake and typhoon.
Posted: 2023-09-27
Insurtech MGA Loadsure has partnered with WeatherOptics to bring weather intelligence into its risk calculations.
Posted: 2023-09-27
Immersive Labs has today released its new Workforce Exercising solution, designed to help build and improve organisation-wide cyber resilience.
Posted: 2023-09-26
RSA Insurance has joined the Group for Autism, Insurance, Investment and Neurodiversity as an Industry Transformer member, signalling its recognition of the importance of neurodiversity to business.
Posted: 2023-09-26
CREST and IASME have agreed to partner with the National Cyber Security Centre to support the delivery of its new Cyber Incident Exercising scheme. Organisations wishing to join the CIE scheme will be assessed against the NCSC CIE Standard. CREST and IASME will manage the assessment, onboarding, monitoring and offboarding of providers assured under the scheme on behalf of the NCSC.
Posted: 2023-09-26
Next Gen will from 1st October become the only PPL platform available to place new risks. From this date the option to create a new firm order will be removed.
Posted: 2023-09-25
UK financial services firms reported 640 cyber security breaches to the Information Commissioner’s Office in the year to 30th June 2023, representing a threefold increase on the 187 cyber security breaches in the previous period, according to research conducted by law firm RPC.
Posted: 2023-09-25
CRIF has launched its ESG assessment tool, Synesgy, in the UK.
Posted: 2023-09-25
The Institute of Risk Management has announced the appointment of David Epstein as non-executive director. Mr Epstein, group ALM and treasury director at Aviva, and a director of subsidiary, Aviva Capital Partners, has over 20 years’ experience in financial services covering investment banking, pensions, insurance and reinsurance.
Posted: 2023-09-23
CDP, the not-for-profit which runs the global environmental disclosure system for companies, cities, states and regions, and XBRL International, which provides the digital language for reporting, have announced a partnership aimed at accelerating digital sustainability disclosure globally.
Posted: 2023-09-22
As the offshore wind sector sees significant growth and opportunities, the industry faces an increased and varied range of risk, according to a new report by Allianz Commercial. It warns that insurers and developers will need to adapt to the challenges posed by bigger turbines and increased natural catastrophe risks.
Posted: 2023-09-22
Supermarket chain Co-op has seen crime, shoplifting and antisocial behaviour increase by over a third year-on-year, with over 175,000 incidents recorded in the first six months of the year.
Posted: 2023-09-22
The world is falling dangerously short of the ambition that is needed to secure a safe future climate, according to new analysis by PwC, which found that no G20 country has achieved a decarbonisation rate of more than 11% in a single year since 2000.
Posted: 2023-09-21
Shipping continues to innovate in terms of vessel capacities, greener technologies, more modern operating practices, and the way in which goods are being carried, but these changes bring new risks which need to be addressed, warns the International Union of Marine Insurance.
Posted: 2023-09-21
US-based medical device manufacturer Medtronic is facing a legal battle over allegations that it shared a ‘treasure trove’ of diabetes patient data with tech giant Google. Data and analytics company GlobalData warns that the case could lead to heightened scrutiny of the sector.
Posted: 2023-09-21
Sedgwick has introduced a climate risk and resilience programme designed to address the impact of climate-related losses.
Posted: 2023-09-20
Flexible working is key to creating a more diverse and inclusive workforce, according to a new report by the University of Nottingham in association with Browne Jacobson. The research into equality, diversity and inclusion in the UK insurance industry also found that excessive alcohol consumption at team building and client events fuels inequality, discrimination and harassment.
Posted: 2023-09-20
Businesses found to have breached UK data protection laws when falling victim to cyber attacks could receive lower fines in respect of those infringements if they engage appropriately with the UK’s National Cyber Security Centre, under a new agreement between the NCSC and the Information Commissioner’s Office.
Posted: 2023-09-20
Aon has joined the International Emissions Trading Association as the first member with risk capital capabilities. IETA is a non-profit organisation that seeks to establish an international framework for trading in greenhouse gas emission reductions.
Posted: 2023-09-19
Over half (54%) of consumers say that they would stop buying from a company if they were found to have been misleading in their sustainability claims, according to new research from KPMG. The findings highlight that ‘greenwashing’ is widely recognised by consumers with almost half (45%) being aware of the term.
Posted: 2023-09-19
A lack of resources in corporate tax and global trade departments could expose business to a wide range of risks, according to research by Thomson Reuters. Its report suggests that under-resourced tax departments are more likely to face audits and penalties.
Posted: 2023-09-19
The world is not on track to hit the Paris Agreement targets and warming could exceed 1.5 degree Celsius as early as 2040 with huge potential implications for business, according to new research by Zurich Insurance.
Posted: 2023-09-18
Most AI decision makers in the insurance industry are happy with the state of their AI governance, with 90% of respondents to a recent survey by DLA Piper saying they believe their approach to be effective. The figure is 83% across all sectors.
Posted: 2023-09-18
Lloyd’s and Moody’s Analytics are to collaborate to develop a solution that will help to quantify greenhouse gas emissions across managing agents’ underwriting and investment portfolios. The solution being adopted aims to aid managing agents in meeting expected regulatory reporting requirements.
Posted: 2023-09-18
Risk, safety, and insurance software as a service technology firm Origami Risk has announced the acquisition of Dais Technology, a provider of no-code insurance technology. The acquisition increases Dais’ market reach and client support capabilities and expands Origami’s suite of property and casualty insurance solutions for MGAs, insurers and reinsurers.
Posted: 2023-09-15
Chubb has launched a new Lloyd’s of London consortium that is designed to provide insurance coverage for risks associated with the transit and storage of lithium batteries. The move seeks to address a lack of capacity in the marine cargo market for providing lithium battery transit and stock insurance.
Posted: 2023-09-15
Legal and compliance department investment in governance, risk, and compliance tools will increase 50% by 2026, according to Gartner. It says assurance leaders are seeking out technology solutions to help them address increasing regulatory attention on executive risk oversight and monitoring.
Posted: 2023-09-15
One of the best holiday decisions I made this year was to have a staycation in Kent at the end of August. The weather wasn’t up to much, but at least I avoided being trapped at an airport by the significant disruption to flights following a crippling failure of the UK’s air traffic control system.
Posted: 2023-09-14
US-based risk association, RIMS, has invested more than US$200,000 in the Spencer Educational Foundation in a three-year programme of support for undergraduate risk management course development at higher education institutions across the US.
Posted: 2023-09-14
Safetytech Accelerator has signed up major UK maritime insurers, the UK P&I Club and TT Club to its Cargo Fire and Loss Innovation Initiative.
Posted: 2023-09-14
Zurich Resilience Solutions and KPMG Switzerland have formed a strategic collaboration to offer advisory services to address the physical and transition risks associated with climate change.
Posted: 2023-09-13
Allianz has published its first comprehensive net-zero transition plan, outlining its commitment to achieve net-zero emissions by 2050 in its proprietary investment and P/C underwriting portfolios, and by 2030 within its own operations.
Posted: 2023-09-13
Moody’s RMS has announced the launch of a Cyber Industry Steering Group to develop industry initiatives that respond to the growth of the global cyber insurance market.
Posted: 2023-09-13
Lockton has signed a long-term strategic agreement with Jhasa, a Spanish independent insurance and reinsurance broker, under which the construction, energy and M&A specialist will become a partner for Lockton’s Global Commercial Insurance and People Solutions business in Spain.
Posted: 2023-09-12
Everbridge has unveiled its Everbridge 360 dashboard, a new tool designed to help organisations effectively manage critical events, minimise communication delays and improve overall operational resilience.
Posted: 2023-09-12
Operational risk association, ORX, has today launched its Risk Indicator Library for operational and non-financial risk.
Posted: 2023-09-12
Specialist reinsurance MGA, Connect Underwriting, has launched a new London-based MGA, Stability Risk UW.
Posted: 2023-09-11
Specialist international freight insurance provider, TT Club, has warned this week of the critical dangers of toxic gas emissions associated with lithium-ion battery fires. The failure of such batteries has the potential to occur with no warning, and with such speed that there is typically no time to react.
Posted: 2023-09-11
Total premium income in 2022 for the London company market was £44.071bn, according to International Underwriting Association figures – an increase of around one quarter on the previous year when an aggregate of £35.654bn was recorded. Premium growth has been largely driven by inflationary price increases, but new business acquisitions have also been a significant driver.
Posted: 2023-09-11
A new predictive strikes, riots, and civil commotion data model providing forecasts for thousands of global locations on the potential for damaging civil unrest events to emerge, has been launched by Verisk Maplecroft.
Posted: 2023-09-07
Nearly half of UK board members feel at risk of cyber attack according to a survey exploring directors’ views on the global threat landscape, cybersecurity priorities, and relationships with CISOs.
Posted: 2023-09-07
Renew Risk, a London-based clean-energy risk analytics SaaS startup, has raised £1.7m seed funding to improve its offering to assist with the financing, planning and insurance for renewable energy assets.
Posted: 2023-09-07
The International Federation of Red Cross and Red Crescent Societies has partnered with Aon, Lloyd’s Disaster Risk Facility and the Centre for Disaster Protection to launch a new risk transfer mechanism to ensure that rapid support is available when a disaster occurs. The tool provides a backstop for the IFRC's Disaster Response Emergency Fund.
Posted: 2023-09-06
NATS’ preliminary investigation has confirmed the root cause that led to last Monday’s air traffic control incident, and the company has reiterated its apology for the associated disruption to passengers, airlines and airports.
Posted: 2023-09-06
GCHQ’s National Cyber Security Centre and its international allies have issued a fresh warning to organisations about the importance of updating systems after malicious cyber attackers were found to be routinely targeting older software vulnerabilities in 2022.
Posted: 2023-09-05
Insurance standards-setting body ACORD has published a new contract, risk and pre-accounting implementation toolkit, aimed at facilitating the efficient exchange of insurance data.
Posted: 2023-09-05
Analytics firm Moody’s RMS estimates the total private market insured losses from Hurricane Idalia to be between US$3bn and US$5bn, with a best estimate of US$3.5bn. This estimate represents insured losses associated with wind, storm surge, and precipitation-induced flooding.
Posted: 2023-09-05
Nation-state cyber threat activity will push the boundaries of war exclusion language, warns cyber risk analytics specialist CyberCube, with some industry sectors potentially under-secured against the potential risks.
Posted: 2023-09-04
Compliance leaders are facing pressure to make the most of existing resources despite economic challenges and increased workload volume and complexity, according to Gartner.
It says that to face these challenges, leaders need to address three investment in technology.
It says that to face these challenges, leaders need to address three investment in technology.
Posted: 2023-09-04
One in four invoices received by large businesses are paid late and there has been no improvement in the average time it takes to pay suppliers, according to analysis of UK government data by the Chartered Institute of Procurement & Supply.
Posted: 2023-09-01
Specialist insurer Beazley has partnered with Sola Technologies and Spinnaker Insurance Company to provide a parametric tornado disaster benefit insurance for homeowners. The tornado crisis product uses National Weather Service data to automatically initiate the claims process.
Posted: 2023-09-01
Businesses have been warned to be vigilant of the potential risks from integrating AI-driven chatbots into their business, with research suggesting that they can be tricked into performing harmful tasks.
Posted: 2023-08-31
The Information Commissioner’s Office has warned organisations to use alternatives to the blind carbon copy (BCC) email function when sending emails containing sensitive personal information, following a series of business blunders.
Posted: 2023-08-31
Tysers has rolled out the Tconnect platform across the business, reducing the average time to process client queries by 60%. Tconnect uses a common Tysers data set that integrates with e-trading platforms such as PPL Next Gen and Whitespace and through a digital gateway, the platform is compatible with Blueprint 2 and the market’s Core Data Record.
Posted: 2023-08-30
Apollo is rolling out algorithmic underwriting solutions from insurtech, Artificial Labs. The collaboration will support brokers wherever and however they choose to transact – be it at the Box, through web portals, or anywhere in between.
Posted: 2023-08-30
In the first half of 2023, ransomware attacks rose by 87% in the UK, and by 37% globally, with a particular focus on financial services, insurance and IT companies. This is according to research from cyber consultancy, JUMPSEC, whose data suggests that the UK is the most targeted country outside the US, and that 20% of all European ransomware attacks occur in the country.
Posted: 2023-08-30
Risk orientation, stakeholder management and team leadership are the top three characteristics of the most effective chief audit executives, according to a survey carried out by Gartner. Risk orientation results in the CAE’s audit plan aligning with top enterprise risks and audit’s risk assessment aligning with other functions, it found.
Posted: 2023-08-29
The time and effort needed to secure cyber insurance is increasing significantly, with the number of companies requiring 6 months or more to do so rising each year. This is amongst the findings of PAM provider, Delinea’s, latest State of Cyber Insurance report.
Posted: 2023-08-29
UK SMEs are struggling to pay tax bills, with Corporation Tax and VAT top of the agenda.
Posted: 2023-08-29
Reinsurers are expected to generate underwriting profits in 2023, despite persistent elevated claims activity. So says AM Best in its Market Segment Report, Global Reinsurers Face Challenges Even as Conditions Improve, published this week ahead of the Rendez-Vous de Septembre in Monte Carlo.
Posted: 2023-08-25
Mastercard has opened a new global Centre for Advanced AI and Cyber Technology in Dubai, as part of an agreement with the United Arab Emirates' Artificial intelligence, Digital Economy and Remote Work Applications Office to advance AI capabilities and readiness in the UAE.
Posted: 2023-08-25
Aspen has appointed Andrew Dyer as chief risk officer of Aspen UK.
Posted: 2023-08-24
Insured losses from natural catastrophes in H1 2023 point to this year being the third consecutive year of weather-event claims topping US$100bn, with much of these coming from secondary perils such as floods, hail and wildfires – all of which are becoming more frequent as global temperatures rise.
Posted: 2023-08-24
The Hywind Tampen wind farm has been officially opened by Crown Prince Haakon of Norway, creating the world's largest floating offshore wind farm.
Posted: 2023-08-24
Economic losses from the recent Lahaina Conflagration and Kula wildfires in Hawaii could be in the region of US$4bn to US6bn, according to estimates from Moody’s RMS. A combination of ongoing drought conditions, low humidity levels, and localised strong wind gusts produced dangerous wildfire conditions between 8th and 11th August that led to the ignition and spread of multiple wildfires across the Islands.
Posted: 2023-08-23
Fusion Risk Management has today unveiled its new generative AI-powered assistant, Fusion Resilience Copilot.
Posted: 2023-08-23
Zurich Insurance Group’s global headquarters, Quai Zurich Campus, has received WELL Platinum certification, the highest award for employee well-being. Zurich is one of the first companies in Europe to achieve WELL Platinum status.
Posted: 2023-08-23
Environmental consultancy, GeoSmart, has been awarded £42,544 from the UK Space Agency to explore how satellite technology can help water resource management and disaster mitigation.
Posted: 2023-08-22
Placing Platform Limited has deployed its first major upgrade since Next Gen was launched in March 2023. This follows five releases that have introduced regular enhancements to the platform in the months since it was launched.
Posted: 2023-08-22
Brokerslink has added sports, music and entertainment contingency broker, 1783 Group, to its network.
Posted: 2023-08-22
The Chartered Insurance Institute has launched two new leadership-focused training programmes. Starting this October, Building a World Class Advisory Practice and Managers as Coaches are designed to optimise personal performance, effective team leadership and strong business development, with the former tailored to those working within the financial advice sector.
Posted: 2023-08-21
Markel has developed a new product for the UK construction sector
Posted: 2023-08-21
A misalignment between culture and strategy is often the biggest impediment on the road to effective risk management, according to a new RIMS report.
Posted: 2023-08-21
A new Omicron variant is gaining ground due to waning immunity, more people gathering indoors because of extreme heat, an uptick in large gatherings, fewer people taking precautions, and more people simply believing the risk of getting Covid-19 is low.
Posted: 2023-08-18
The government has announced a new multimillion pound investment in Artificial intelligence to transform the way industries cut their carbon emissions.
Twelve green AI initiatives will receive a share of £1m to decarbonise and boost generation of renewable energy, contributing to reaching the country’s net-zero goal by 2050.
Twelve green AI initiatives will receive a share of £1m to decarbonise and boost generation of renewable energy, contributing to reaching the country’s net-zero goal by 2050.
Posted: 2023-08-17
Convex-backed MGA, Skyrisks, has teamed up with Quotech to deliver insurance coverage for the advanced air mobility space.
Posted: 2023-08-17
Robust IT asset management is vital to the ability to proactively manage vulnerabilities, respond to incidents efficiently and minimise the financial impact of cyber attacks, according to the latest S&P Global Ratings report
Posted: 2023-08-17
DWF has agreed a global claims management outsourcing contract with Aspen, following a six-month selection process.
Posted: 2023-08-16
All three of the largest global brokers: Aon, Marsh and WTW, are now live with Next Gen as the market heads towards full transition to the new platform by 1st October. Major London market specialty broker McGill & Partners and Guy Carpenter have also recently gone live, meaning that all the top ten brokers in the market are actively using PPL.
Posted: 2023-08-16
The British Insurance Brokers’ Association has launched a new member facility with customer lifecycle intelligence platform, FullCircl, that provides insurance brokers with information and insights on businesses in the UK and Ireland.
Posted: 2023-08-16
Discussions about ecological and social issues are becoming “more heated and politically charged”, according to analysis conducted by Cision.
It analysed articles in traditional media as well as posts on X, Facebook, Instagram, YouTube, Reddit and Tumblr in English, Spanish, French. German and Italian between January 2020 and June 2023.
It analysed articles in traditional media as well as posts on X, Facebook, Instagram, YouTube, Reddit and Tumblr in English, Spanish, French. German and Italian between January 2020 and June 2023.
Posted: 2023-08-15
Aon has bolstered its Risk Capital capability with the appointment of Joe Peiser as CEO of Commercial Risk Solutions and Paul Shedden as head of advanced risk analytics for Risk Capital, effective immediately.
Posted: 2023-08-15
The government’s National Cyber Security Centre is widening the scope of its Cyber Incident Response scheme, to provide assurance to a larger number of organisations. Until now, the scheme has focused on assuring companies that can provide incident response services to organisations running networks of national significance.
Posted: 2023-08-15
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. Judged by an independent panel of experts for exceptional performance, the awards provide an opportunity for organisations and individuals to showcase their strategies, software and successes from the past year.
Posted: 2023-08-14
Mergers and acquisitions in the global insurance industry fell sharply in the first half of this year, with just 171 completed deals worldwide (down from 207 in H2/22, and 242 at the same point last year) according to Clyde and Co’s Insurance Growth Report, released today.
Posted: 2023-08-11
Global law firm Norton Rose Fulbright has advised Wildfire Defense Systems on the establishment of the Wildfire Defense Syndicate 1996.
Posted: 2023-08-11
The Dubai Financial Services Authority has today published a report on its first industry-level cyber simulation exercise.
Posted: 2023-08-10
Terrorist attacks in less economically advanced countries are far more frequent and lethal than those in economically advanced countries, with the most lethal carried out by jihadist groups. This is amongst the findings of a body of work studying patterns of violence on public surface transportation.
Posted: 2023-08-10
The Institute of Risk Management has been awarded accreditation by OFQUAL for its internationally recognised International Certificate in Enterprise Risk Management. The IRM can now expand its portfolio and develop, deliver and award qualifications from Level 3 to Level 7.
Posted: 2023-08-09
Howden has launched a blended insurance product offering PI, crime and cyber liability cover under one policy and limit.
Posted: 2023-08-09
Sally Lake is to step down from her role at CFO of Beazley.
Posted: 2023-08-09
Construction companies are currently borrowing more than firms in other industries to fund insurance, according to proprietary data from credit insurer, Premium Credit.
Posted: 2023-08-08
The mass availability of generative AI, such as OpenAI’s ChatGPT and Google Bard, became a top concern for enterprise risk executives in the second quarter of 2023, according to a Gartner study released today.
Posted: 2023-08-08
NeuralMetrics has added lessor’s risk only capabilities to its risk-quality data platform. Powered by generative AI and large language models, the platform offers detailed, dynamic information on tenant occupancy risks, enabling insurers to advise property owners on suitable occupancy coverage and precise policy pricing.
Posted: 2023-08-08
Hiring intentions and business confidence saw declines across both the services and manufacturing sectors in July, with economic growth set to slow, according to a report from business advisory BDO. BDO’s Employment Index fell for the first time in six months as businesses reduced vacancies whilst battling higher interest rates, weak global demand, and ongoing supply difficulties.
Posted: 2023-08-07
New and emerging legislation of cyber-related disclosures and governance standards could improve cyber resilience, but at the same time will weigh on issuers' financial risk profiles by increasing the likelihood of penalties and necessitating investment to meet minimum standards.
Posted: 2023-08-07
International SOS has hired former British Army lieutenant-general, Giles Hill, as chair of its International Security Advisory Board. Hill has extensive UK MOD, cross-government, inter-agency and international/coalition experience.
Posted: 2023-08-07
The UK government has published a new edition of the National Risk Register. The new Register, the first since 2020, places a chance of another pandemic at between 5 per cent and 25 per cent. Deputy prime minister Oliver Dowden said in the document that “crucially, the Register is more transparent than ever. For the first time, it is based directly on the government’s internal, classified National Security Risk Assessment”.
Posted: 2023-08-04
Company disclosures on climate change will be based on the International Sustainability Standards Board standards, Business and Trade Secretary Kemi Badenoch has announced.
Posted: 2023-08-04
Ardonagh Advisory has acquired Sorvio Insurance Brokers, an independent broker, providing commercial insurance solutions to SME clients across the Southwest of England.
Posted: 2023-08-04
Business and technology resilience specialist, Databarracks, has today announced that it has been certified carbon-netural by Carbon Footprint. In a 12-month review of its activities and their carbon impact, the company found that datacentres were its biggest source of emissions.
Posted: 2023-08-03
An index measuring brand value has named UPS as the top logistics firm in the world, followed by American brand, FedEx. The Brand Finance Logistics 25 2023 ranking, which puts 5,000 of the biggest brands to the test annually, shows that UPS defied comparatively lower projected financial growth this year, which led to a negative influence on its brand value, to take the top spot.
Posted: 2023-08-03
The Ardonagh Group has completed its acquisition of high-net-worth broker Classicus, as it builds on its growth in The Netherlands.
Posted: 2023-08-02
The cat bond market continues to grow, currently exceeding £31bn in value - around double that of a decade ago. This is according to figures from Morningstar, which notes that growth in the value of the market correlates with the greater frequency of natural disasters.
Posted: 2023-08-02
Menlo Security has released a suite of threat prevention capabilities designed to detect and block highly evasive threats targeting users via the web browser.
Posted: 2023-08-01
Bridget Rosewell has been appointed as non-executive director and chair-designate for Flood Re.
Posted: 2023-08-01
Specialty re/insurer, Convex Group, has invested €20m in the Ocean 14 Capital Fund, which is working to clean up and revitalise the world’s oceans.
Posted: 2023-08-01
Global commercial insurance prices increased 3% in the second quarter of 2023, down from a 4% increase in Q1, marking the 23rd consecutive quarter of pricing increases, according to Marsh. Pricing was relatively consistent across all regions in Q2, driven largely by rate decreases for financial and professional lines and continued moderation in cyber, which was offset by property insurance increases.
Posted: 2023-07-31
The International Underwriting Association has published two new London Market model clauses to help insurers, brokers and clients deal with claims preparation costs.
Posted: 2023-07-31
Lockton Re is to licence CyberCube's Industry Exposure Database to perform benchmarking, sensitivity and real-time analyses for cyber risks.
Posted: 2023-07-31
MX Underwriting Europe is rolling out Gamma Location Intelligence's Perilfinder platform.
Posted: 2023-07-28
Telematics provider, Howden Driving Data, has signed a five-year contract extension with Unigarant, the insurance company belonging to the Dutch roadside recovery brand, The Royal Dutch Touring Club.
Posted: 2023-07-28
Howden Switzerland has acquired aviation broker, Hudson Sky International.
Posted: 2023-07-28
The Institute and Faculty of Actuaries has published a policy statement recognising the social, economic and financial risks posed by biodiversity loss. In addition to the global and systemic risks presented by biodiversity loss, the organisation has flagged the significant implications for the health and longevity of the global population.
Posted: 2023-07-27
Tysers has launched a new global division dedicated to servicing the needs of the global entertainment industry, covering music, theatre, live events, media and film, and advertising and commercials.
Posted: 2023-07-27
The summer of 2022 was a record-breaking one for UK weather, and is a sign of the changing climate, according to the latest Met Office State of the UK Climate report.
Posted: 2023-07-27
The Federation of European Risk Management Associations has called upon the Spanish presidency of the Council of the European Union to progress green and digital transitions - both to help bolster EU competitiveness and to ensure the ongoing effectiveness and affordability of the private re/insurance market there.
Posted: 2023-07-26
WTW has today announced the launch of Climate Vista, a new engagement tool designed to help company boards and senior management better understand their exposure to ESG and climate-related risks and opportunities.
Posted: 2023-07-26
The emerging El Niño could cause wind drought in North America, which in turn would have a significant effect on renewable energy production in the region. This is amongst the findings of a report compiled by WTW, which outlines how this year’s combination of El Niño and exceptional Atlantic warmth will affect weather patterns and temperatures.
Posted: 2023-07-26
This year’s wildfire season is off to an unprecedented start, with ongoing events in Greece this week bringing the risks into sharp focus. The wildfires in Canada, which started in May, are already scorching about 15 times the usual recorded area. International SOS has prepared a series of actions that organisations can share with their employees for wildfire preparedness.
Posted: 2023-07-25
The ongoing cyber security incident known as the global MOVEit MFT (Managed File Transfer) attack has affected companies and government agencies on both sides of the Atlantic.
Posted: 2023-07-25
Climate pressures and net zero goals are hampering efforts to safeguard critical national infrastructure from cyber security threats. This is amongst the conclusions drawn by research from cyber security services firm, Bridewell.
Posted: 2023-07-24
Zurich Insurance Group and researchers at ETH Zurich university have identified 10 controls that can reduce the risk of becoming a victim of the most common cyber attacks by up to 70%.
Posted: 2023-07-24
The Chartered Insurance Institute has published a new guide to help small and medium-sized brokers develop and incorporate ESG strategies.
Posted: 2023-07-24
Lockton Re has launched a new research series examining storm dynamics and the impact of climate change on the ability to predict future trends.
Posted: 2023-07-21
Economic losses stemming from global natural disasters reached an estimated US$194bn in the first half of 2023 according to a report from insurer Aon, the fifth highest on record and the highest since 2011. Earthquakes in Turkey and Syria were responsible for nearly half of the total, estimated at US$91bn.
Posted: 2023-07-21
DARAG Group has announced the conclusion of two transactions with undisclosed North American captive insurance companies.
Posted: 2023-07-20
The FCA has announced plans to further enhance its guidance to combat illegal and non-compliant financial promotions.
Posted: 2023-07-20
Three disposable vapes are being binned incorrectly every second in the UK, causing a surge in fires in council refuse trucks and waste processing plants, according to a study by Zurich Municipal.
Posted: 2023-07-19
Re/insurer Chaucer has promoted Chris Baker to head of global reinsurance, overseeing all lines of its reinsurance business and territories.
Posted: 2023-07-19
The first six months of 2023 featured above-average natural catastrophe losses as the National Oceanic and Atmospheric Administration and the World Meteorological Organization declared the official arrival of El Niño, which is poised to have further influence on global weather and climate events through the end of the year.
Posted: 2023-07-19
A current wave of extreme heat and rainfall events across the Northern hemisphere is further evidence of the urgent need for more action on climate change warns the World Meteorological Organisation. The call to action comes as Italy this week faces record temperatures of between 46-48°C, with weather records set to tumble in several countries.
Posted: 2023-07-18
Board directors serving Europe’s largest financial services firms currently hold an average of three board seats each, and over a quarter (26%) hold four or more, amid warnings that this could potentially put at risk their ability to properly fulfil their duty of governing a company.
Posted: 2023-07-18
A UN-led project to prevent a massive oil spill from the decaying FSO Safer supertanker off Yemen’s Red Sea coast has taken a major step forward when the replacement vessel Nautica sailed from Djibouti to head to the site.
Posted: 2023-07-18
The National Audit Office has announced plans to review the effectiveness of the Financial Conduct Authority and its ability to manage a growing set of responsibilities. The move comes as the FCA faces a widening set of sectors to oversee, including cryptoassets and the broader risks associated with artificial intelligence.
Posted: 2023-07-17
The current outbreaks of avian influenza have caused devastation in animal populations, including poultry, wild birds, and some mammals, but the outbreaks pose ongoing risks to humans according to the World Health Organisation.
Posted: 2023-07-17
In the wake of recent record-breaking non-tropical cyclone rainfalls in various regions across the US, increasing temperatures and climate change are fuelling the risk of catastrophic flooding, according to Moody’s RMS.
Posted: 2023-07-17
More than a quarter of UK adults have used generative artificial intelligence, including chatbots, according to research from Deloitte. The survey of 4,150 UK adults found that just over half of the population had heard of generative AI, with around one in 10 respondents – the equivalent of approximately four million people – using it for work.
Posted: 2023-07-14
Claims inflation is likely to remain a feature for the remainder of 2023 and into 2024, and insurers may not be able to increase rates enough to fully offset their rising expenses.
Posted: 2023-07-14
During June, PPL undertook a campaign to grow usage and this, it says, has begun to see results, as users start to shift to the new platform in advance of the 1st October closure of the previous platform to new risks.
Posted: 2023-07-14
Canopius has launched an in-house cyber threat consultancy. The practice will provide an enhanced level of support for insureds, including expert support and counsel on appropriate enhancements to cyber security defences.
Posted: 2023-07-13
Perceptions of the most risky cyber and technology threats are changing, as companies shift their focus towards artificial intelligence risks. This is amongst the findings of insurer Beazley's latest Risk and Resilience report: Spotlight on Cyber and Technology Risks 2023.
Posted: 2023-07-13
Former city minister and outgoing chair of Flood Re, Mark Hoban, has today warned that the UK must urgently adapt to climate change and prepare for an increased risk of flooding. Climate change-related damages cost the UK approximately 1.1% of UK GDP at present – a figure that is forecast to rise to 3.3% of GDP by 2050.
Posted: 2023-07-13
Send Technology Solutions has partnered with ACORD to develop a streamlined underwriting process for Lloyd’s and London Market customers.
Posted: 2023-07-12
BELFOR UK has launched a new end-to-end restoration and reinstatement service.
Posted: 2023-07-12
The Clear Group has today announced the acquisition of speciality lines MGA, One Commercial Specialty.
Posted: 2023-07-12
Subsidence-related insurance will be impacted significantly if extreme temperatures persist around the globe, with insurance costs potentially swelling to over £1.9bn by 2030, according to fresh analysis carried out by PwC.
Posted: 2023-07-11
Axiom Ince has acquired Plexus Legal and Plexus North out of administration for an undisclosed sum.
Posted: 2023-07-11
Specialist insurer, Beazley, has announced the next phase in the development of its ESG Consortium, with capacity moving fully to syndicate 5623 from January 2024, subject to regulatory approval.
Posted: 2023-07-11
Enterprise risk management software provider, Protecht, has today launched its new Vendor Risk Management module.
Posted: 2023-07-10
High-profile insolvencies are bringing the role of surety bonds into focus, according to the International Underwriting Association. The appointment of administrators by Henry Construction Projects provides one example of the protection offered under these circumstances.
Posted: 2023-07-10
Global insurance premiums (non-life and life) are forecast to grow by 1.1% in 2023 and by 1.7% in 2024, despite economic slowdown. This is according to the Swiss Re Institute, whose latest sigma report suggests premium volumes could total a new peak of US$7.1trn in 2023, compared with US$6.8trn in 2022.
Posted: 2023-07-10
Civil unrest in the Middle East rose 11% in the year to end March 2023, from 6,609 incidents to 7,401, with retailers, banks and multinational brands especially prone to damage from protests. This is amongst the findings of research conducted by specialty re/insurance group Chaucer, which puts the shift in the public mood down to soaring inflation and sharp increases in energy and food prices.
Posted: 2023-07-07
Recently formed MGA, Specialty MGA UK, has been approved as a Lloyd’s coverholder.
Posted: 2023-07-07
Plymouth City Council has been fined £200,000 after its failures led to some of its employees developing hand arm vibration syndrome and carpal tunnel syndrome.
Posted: 2023-07-07
DUAL Asset has agreed a long-term collaboration with Chaucer in the UK and Europe, as part of which, Chaucer will provide £100m of quota share capacity for DUAL Asset’s UK and European commercial real estate risks, including legal indemnity, title to property, and title to property and shares.
Posted: 2023-07-06
The British Insurance Brokers’ Association has today confirmed the appointment of Graeme Trudgill, its current executive director, as its next chief executive. Trudgill takes up the role with immediate effect, following a process conducted by an independent third party to consider external and internal candidates.
Posted: 2023-07-05
The cyber insurance market has the potential to rival the size of other major P/C lines if three key challenges can be successfully navigated, according to a report from Howden. Future growth and relevance of cyber cover, it says, now centres around penetrating new markets (particularly SMEs), addressing systemic risk and expanding available capital.
Posted: 2023-07-05
Brokerslink has announced a new two-tier board structure, with the addition of an advisory board to its existing board of directors.
Posted: 2023-07-05
The Association of British Insurers has today launched guidance to help insurers become ‘nature positive’ in helping tackle the growing risks related to biodiversity loss. Nature loss exposes businesses to a wide range of risks, which in turn impacts markets and financial performance. Some studies have estimated that half of global GDP (US$44trn) is highly to moderately dependent on nature.
Posted: 2023-07-04
Cloud-based location intelligence platform, Addresscloud, has partnered with geospatial data and AI solutions provider, Skyblu, to develop a suite of address-level perils data for insurers loooking for more granular underwriting data for locations across mainland Europe.
Posted: 2023-07-04
Specialist re/insurance broker, BMS Group, has entered into an agreement to acquire Brisbane-based specialty broker, Bluebook Insurance Brokers, in the sixth Australian acquisition by BMS in the past 12 months.
Posted: 2023-07-04
Specialist heritage insurer, Ecclesiastical, is expanding into the leisure space, initially targeting high-end hotels, fine dining restaurants, gastropubs and tourist attractions. The move is part of the insurer's bold plans to double the size of its business. Ecclesiastical offers insurance and risk management services across faith, charity, heritage, education, art and private client real estate.
Posted: 2023-07-03
Hybrid working practices are posing increased risks to businesses in relation to computer insurance, according to research.
Posted: 2023-07-03
Sedgwick has launched operations in the Mauritian market.
Posted: 2023-07-03
WTW is partnering with Clyde & Co to offer clients the law firm's climate liability expertise.
Posted: 2023-06-29
New reinsurance market entrant, Re, is rolling out VIPR Solutions to enhance the efficiency and transparency of insurance programmes amongst parties in the chain.
Posted: 2023-06-29
Canopius Group has today launched its new Cyber Incident Management Team, available to support Canopius cyber policyholders worldwide.
Posted: 2023-06-29
The Federation of European Risk Management Associations has announced the election of Charlotte Hedemark as its next president, succeeding Dirk Wegener following his four-year tenure.
Posted: 2023-06-28
FERMA has published a report addressing the challenges faced by participants in the cyber insurance chain. Central to the findings of the report, produced with the help of AGCS, AXA XL, HDI Global, Howden, Lloyd’s, Marsh and Munich Re, is the call for greater collaboration between all cyber stakeholders to achieve a balance between insurers' risk appetite and the coverage requirements of corporate buyers.
Posted: 2023-06-28
Brokerslink has added captive and insurance management consultancy, Robus Group to its network.
Posted: 2023-06-28
Howden has appointed Rowan Douglas as CEO, Climate Risk & Resilience.
Posted: 2023-06-27
Freight crime in Chile was up 450pc y-o-y in 2022, with incidents of theft up an estimated 27% on pre-pandemic levels. This is amongst the findings of joint analysis from TT Club, BSI SCREEN, the Logistics Association of Chile, and the crime investigation unit, Signum Services.
Posted: 2023-06-27
PenFed Credit Union has rolled out iluminr's risk and resilience solution to help them navigate a dynamic threat landscape.
Posted: 2023-06-27
Tokio Marine HCC International has today announced a restructure of its IT and operations teams.
Posted: 2023-06-26
Marsh McLennan is working with the Ukrainian government to support it with access to war risks cover. As part of the support, it will provide services on a pro-bono basis to design and deliver a risk data platform that will allow insurers to assess and underwrite war risks with greater confidence.
Posted: 2023-06-26
The Managing General Agents’ Association has welcomed its 200th member, Signature Underwriting, in an important milestone for the association and the wider UK MGA market -- MGAA members now control over £7.3bn of GWP with the growing membership also including 56 market practitioners and 122 suppliers.
Posted: 2023-06-26
The 25th annual Business Continuity Awards took place last night at the London Marriott Grosvenor Square. Congratulations to all our finalists and especially to Business Continuity Resilience Manager of the Year, Sanjay Vijayaraghavan KV, LTIMindtree, Lifetime Achievement winner, Michael Faber, Shapes First, Newcomer, Isobelle Pearce, Marks and Spencer...
Posted: 2023-06-23
Intelligent AI has launched its Intelligent Rebuild Cost Validation Platform, designed to address the challenge of underinsurance in the commercial property market by reflecting real-time inflationary changes in construction costs.
Posted: 2023-06-22
Tough regulation is required for the safer carriage of hazardous lithium-ion batteries, according to specialist freight insurer, TT Club.
Posted: 2023-06-22
Sedgwick has launched a power and energy division in the UK.
Posted: 2023-06-22
Howden has further strengthened its European offering through the acquisition of Swiss insurance brokers, Argenius Risk Experts AG and RVA Versicherungsbroker AG. Born Consulting AG, which has been part of Howden Switzerland since 2022, is acquiring RVA.
Posted: 2023-06-21
Manchester-based law firm, Barings Law, has won a case against insurers on behalf of six businesses that suffered pandemic-related losses. The Manchester firm said Judge Richard Jacobs' ruling sheds light on the legal interpretation of at the premises disease cover.
Posted: 2023-06-21
Lloyd's is joining Aon and Vienna Insurance Group to provide treaty and facultative re/insurance to support Ukraine's reconstruction. The UK-Ukraine Private Finance Partnership has committed to fast-tracking access to foreign re/insurance capacity to support companies operating in Ukraine with manufacturing and construction risk exposure -- excluding war cover.
Posted: 2023-06-21
Incidences of global civil unrest increased by 3% in the year to 31st March 2023 – rising to 30,376 from 29,535 in the previous year. Concerns over how a rise in public anger at the increased cost of living may translate into further protests continues to fuel demand from corporates for cover for damage from SRCC events.
Posted: 2023-06-20
WTW has today launched a new Property Rebuild Assessment Service, powered by Kroll’s Property Insurance Valuation Platform. The new tool allows clients to access a range of valuation capabilities from an online risk rating or valuation of their building reinstatement costs, compared with today’s values, to a data valuation based on the specifics of their property.
Posted: 2023-06-20
Firms in the UK food sector are struggling to remain operational amid soaring prices.
Internal claims data from Atradius for late and failed payments shows that claims doubled in the first quarter of this year, as businesses battled with cash flow challenges.
Internal claims data from Atradius for late and failed payments shows that claims doubled in the first quarter of this year, as businesses battled with cash flow challenges.
Posted: 2023-06-20
Some 37% of senior security decision-makers say they have "complete" trust that their organisation is sufficiently protected, or can defend itself against all forms of cyber attack, despite organisations experiencing an average of five major security incidents in the past year.
Posted: 2023-06-19
WTW has announced the availability of its updated Cyber Quantified modelling tool. Amongst other upgrades, the new version allows organisations to interactively model network outage risk and data breach liability.
Posted: 2023-06-19
As businesses pivot forecasting approaches against a backdrop of increased uncertainty and unpredictability, Airmic is releasing a new guide on scenario analysis for risk professionals.
Scenario analysis can be used to test the strategic and operational plans and activities within the organisation, and how they fit together.
Scenario analysis can be used to test the strategic and operational plans and activities within the organisation, and how they fit together.
Posted: 2023-06-19
UK security leaders believe that their organisation’s employees are "continually exposing sensitive data to the risk of a breach", and neglecting to take the necessary steps to control the risks, with almost half of companies claiming remote workers have knowingly exposed data to a breach.
Posted: 2023-06-16
The number of registered company insolvencies in England and Wales in May 2023 was 2,552 -- 40% higher than in May 2022 (1,825). This is according to the latest monthly statistics from the ONS. There were 97 company insolvencies registered in Scotland, 4% higher than in May 2022.
Posted: 2023-06-16
Howden has acquired Bremen-based Northern Lloyd, an independent marine insurance broker providing ship owners, ships and asset managers with consulting and risk analysis, and placement and claims handling services.
Posted: 2023-06-16
International sanctions have been part of the landscape of the insurance industry for many years, but recently they have been growing in importance for obvious reasons.
Posted: 2023-06-15
The Confederation of British Industry has suffered serious damage to its reputation following allegations about the behaviour of senior staff.
Posted: 2023-06-15
New shipping shortcuts created by melting Arctic ice have provoked concerns over how economic activities and related risks will be controlled a hotspot for possible geopolitical tension.
Posted: 2023-06-15
Nearly half of the world's sourcing countries are categorised as at high risk of supply chain ESG violations. The UK, Germany, Portugal and Italy all feature in the list of countries ranked as at high risk from the most critical infractions – including child labour, forced labour, freedom of association and wage-related violations.
Posted: 2023-06-14
What is going on in governance as very public failures in leadership continue? Perhaps there is no increase in failures but that failures are now more quickly exposed and poor behaviours and responses performed in public. When the light of failure is switched on, rather than buried and concealed from public sight in secure corporate castles and glossy annual reports, the acts of leaders are less likely to be hidden from view and the analogy is more ‘glass house’ than ‘castle’.
Posted: 2023-06-14
Global identity verification provider ID-Pal has launched its politically exposed persons and sanctions screening solution for insurers.
Posted: 2023-06-14
BRP Group has established two new practices to serve the private equity and venture capital markets. The new divisions are structured to support both buy- and sell-side transactions.
Posted: 2023-06-13
Skyline Partners is working with Spire Global to develop new parametric risk transfer tools to help close coverage gaps in the marine, aviation and agricultural sectors. From the ultimate vantage point of space, Spire collects previously unattainable knowledge and insights about the Earth and the human activity on and above its surface, such as detailed information on global shipping activity.
Posted: 2023-06-13
FM Global has revealed the results of its annual Global Resilience Index, a tool that ranks countries on 15 measures of economic, risk quality and supply chain resilience. The UK ranks in 13th place in the index (as it did in 2022). The data, both proprietary and aggregated from authoritative third parties, found these countries and territories to be the most, and least, resilient...
Posted: 2023-06-13
Howden has announced the successful binding of insurance coverage that enables the UN to proceed with a mission to avert one of the world’s largest oil spills and man-made environmental disasters. FSO Safer holds over a million barrels of light crude oil – four times the amount spilled by the Exxon Valdez.
Posted: 2023-06-12
Technology and business resilience specialist, Databarracks, has called on businesses to prepare for further Russian-led incidents following last week's attack on MOVEit.
Posted: 2023-06-12
British technology provider, Halo Solutions, is to make its entry-level software available free of charge to tens of thousands of small businesses, pubs, live music venues and entertainment spaces that fall under the the government’s new counter-terrorism legislation, commonly known as Martyn's Law.
Posted: 2023-06-12
Brokerslink has added four new Eastern European affiliates to its network, extending the broker's reach in Romania, Moldova, Czech Republic, Slovakia, Bulgaria and Hungary.
Posted: 2023-06-09
The Health and Safety Executive has developed a tool for employers looking to establish an effective and robust approach to preventing, managing and controlling work-related stress. The Stress Indicator Tool helps organisations gather data on stress, anxiety and depression amongst workers that work partly or fully from home.
Posted: 2023-06-09
Risk and resilience software provider, Protecht, has enhanced the business continuity features of its Protecht ERM’s operational resilience module. The advanced Protecht operational resilience and BCM module brings together purpose-built visual asset mapping and impact analysis tools, which outline the key details of critical services, including the maximum tolerable disruption, impact tolerance and risk assessments.
Posted: 2023-06-09
Participants of the CII’s New Generation programme have compiled a report on the impact of the post-Covid hybrid working model on training and development, as well as on work-life balance. The 'new normal’ represents a significant shift in the amount of time spent working in traditional office spaces. Pre-pandemic, 90% of survey respondents attended the office 4 times a week or more. Now, 86% are now attending the office 3 times a week or less. Less than 5% now attend the office 5 days a week.
Posted: 2023-06-08
AXA Commercial is partnering with Premium Credit Limited to offer customers a payment by instalments solution. The new proposition will give AXA Commercial’s customers access to real-time instalment quotes as well as online application and execution of the instalment contract. Customers will also be able to self-serve through online account management.
Posted: 2023-06-08
Aon is to roll out Nimbla Sync to help streamline processes and reduce admin hours.
Posted: 2023-06-07
Ignite Insurance Systems has announced the launch of the Ignite AI Layer, a new AI-powered service for brokers. The new tool, powered by ChatGPT creators, OpenAI, uses dynamic calls on policy data to answer customer queries within seconds, with the aim of eventually replacing less advanced chatbots and call centres.
Posted: 2023-06-07
Healix has been selected as the preferred travel assistance provider for Berkley Accident and Health.
Posted: 2023-06-06
Delegated authority expert, Jade Wilcox, has been appointed to the board of the Managing General Agents’ Association. The director of Delegated Authority for HDI in the UK has over 20 years’ multi-class and -territory experience in the DA space and prior to joining HDI in 2021, was underwriting manager at Arch Insurance International for over seven years.
Posted: 2023-06-06
John Fowle is to step down from his role as group CEO of Chaucer, after six years in the role and over two decades at the reinsurance group. Group CFO, Rob Callan will be taking on the additional role of interim group CEO, subject to regulatory approval, while the search for Fowle's successor gets underway.
Posted: 2023-06-06
The global economy has so far proved to be resilient to material, widespread financial loss from cyber attacks, although data from near-miss events shows that the threat remains. This is amongst the findings of a report from CyberCube, whose analysis suggests that while few security issues have become major re/insurance losses, the counterfactuals on observed near-miss events suggest that far larger losses are quite plausible.
Posted: 2023-06-05
Brokers using AEGIS London’s online quote-and-bind platform, OPAL, now have access to OPAL Claims for all product lines, including its Wind Deductible Buy Back product.
Posted: 2023-06-05
Tokio Marine Kiln, has established a standalone Cyber and Enterprise Risk division. Led by Laila Khudairi, the new division comprises cyber, technology and intellectual property specialisms.
Posted: 2023-06-05
Aon has announced a partnership with Praedicat to develop new tools for clients seeking to transfer and mitigate complex and emerging liability risks, including those associated with climate, microplastics and nanotechnology.
Posted: 2023-06-02
Davies company and Lloyd’s third-party management agent Asta, has announced that Volante Global, an MGA and Lloyd’s syndicate, has launched Volante Singapore. It will offer re/insurance solutions across Asia Pacific, Greater China, Southeast Asia, South Korea, and Japan through its own A-rated Lloyd’s Syndicate 1699.
Posted: 2023-06-02
Ardonagh is expanding into Greece, having agreed to acquire a majority shareholding in SRS Group, a growing reinsurance business serving the southern Mediterranean region.
Posted: 2023-06-02
Operational risk association ORX has launched a greenwashing toolkit to support global banks and insurers create a greenwashing scenario, responding to the rapidly growing regulatory and societal focus on climate-related transition risks.
Posted: 2023-06-01
The cost of corporate carbon offsetting could double by the end of the decade, as businesses race to meet net zero targets, according to a report by PwC.
Posted: 2023-06-01
The shipping sector has reported a record low number of large ships lost over the past year, but a combination of impacting fire risk, ongoing and new threats posed by the ripple effects of the Ukraine conflict, decarbonization challenges, economic uncertainty, as well as the rising cost of marine claims, means the sector still has plenty of obstacles to navigate over the next 12 months and beyond, according to insurer AGCS.
Posted: 2023-06-01
Almost three quarters (73%) of UK business leaders say sustainability goals have been hit by a combination of rising energy prices, ongoing costs associated with the Covid-19 pandemic and international trade barriers.
Posted: 2023-05-31
In response to the growth in contraband drugs entering Europe via ports on the Atlantic seaboard, specialist freight insurer TT Club is increasing its efforts to promote industry awareness of trends in criminal activity and the steps required to restrict its success.
Posted: 2023-05-31
Artificial intelligence experts have issued a warning around the risks of emerging technologies in the field, and are calling for proportionate regulation to protect individuals and wider society from potential unforeseen and uncontrolled impacts.
Posted: 2023-05-31
The National Cyber Security Centre has developed a series of free e-learning packages to help organisations manage cyber security risks across their supply chains.
Posted: 2023-05-30
Only 41% of employees are currently performing optimally – consistently giving their best work in a way they are confident they can sustain over the next year – according to a survey by Gartner.
Posted: 2023-05-30
The Atlantic is expected to see near-normal hurricane activity this year, according to figures from the US National Oceanic and Atmospheric Administration.
Posted: 2023-05-30
Technical advisory and asset management specialist Bureau Veritas Solutions Marine & Offshore and low-carbon energy service provider ENGIE have teamed up to provide advisory and hedging services to support ship owners, operators, and charterers in navigating the complexities of greenhouse gas reduction requirements.
Posted: 2023-05-25
The Information Commissioner’s Office has published new guidance for businesses and employers on responding to Subject Access Requests, which give individuals the right to request a copy of personal information held about them. If organisations fail to respond to SARs promptly, or at all, they can be subject to fines or reprimand.
Posted: 2023-05-25
The success of ransomware gangs has spurred a significant trend of professionalisation amongst cyber criminals where different groups develop specialised services to offer one another, according to a new report from WithSecure.
Posted: 2023-05-25
A new approach to cyber risk can help to reverse the trend in ransomware attacks, according to a claims report from cyber risk firm Resilience. Even as attacks skyrocketed in late 2022 and early 2023, the report revealed nearly 80% of organisations hit by ransomware recovered data and systems without paying a ransom; a marked improvement from current industry standards.
Posted: 2023-05-24
Software provider Fusion Risk Management has expanded the functionality of its third-party risk management offering. The enhanced solution aims to provide continuous monitoring of third parties beyond its traditional reach as well as an evaluation of potential operational and business impacts that those third parties may have.
Posted: 2023-05-24
In an effort to minimise unnecessary callouts, firefighters in Scotland are to ignore automatic fire alarms in commercial premises.
Posted: 2023-05-24
Facebook owner Meta has been fined €1.2bn (£1bn) for mishandling data when transferring it between Europe and the US. The Ireland-based Data Protection Commission found that the company’s actions effectively breached GDPR regulations.
Posted: 2023-05-23
Insurance broker Bishopsgate will implement software from cyber analytics firm CyberCube. The specialist broker, which operates as part of Ardonagh Specialty, will license CyberCube’s Broking Manager, the first Software-as-a-Service application that the firm has built specifically for brokers.
Posted: 2023-05-23
The cost of living crunch is contributing to a crisis in mental health, with an increase of almost a quarter in calls from workers to employee helplines asking for support, according to figures from insurer Zurich.
Posted: 2023-05-22
Specialty reinsurer Canopius Group will underwrite its digital asset custody product from Singapore to become the first carrier on the Lloyd’s Asia platform to provide such coverage locally.
Posted: 2023-05-22
A ‘multi-layered’ approach to cyber defence is vital in combatting a rise in cybersecurity threats, warns specialty insurer Beazley.
Posted: 2023-05-22
The World Health Organisation's decision earlier this month to downgrade Covid from 'public health emergency of international concern', or PHEIC (the highest possible level of alarm that mandates countries to act under international health regulations) does not mean Covid is over yet, the organisation has said.
Posted: 2023-05-19
Research commissioned by the Chartered Institute of Internal Auditors has found that ongoing economic uncertainty means that financial, liquidity and insolvency risks are now the biggest concern for businesses. Its latest Risk in Focus, published today, polled 800 chief internal auditors across Europe.
Posted: 2023-05-19
Mitie has bolstered its risk management and business continuity credentials through the attainment of ISO 22301, the international standard for Business Continuity Management Systems.
Posted: 2023-05-18
The number of UK chief executives resigning from their posts has doubled as businesses face sluggish financial growth and difficult EU regulations. This is among the findings of research carried out by Russell Reynolds Associates, which shows that the number of chief executives who left their roles at FTSE 350 companies jumped by 111pc in 2022.
Posted: 2023-05-18
Health insurer Vitality has revealed the results of a pilot that looked to improve the mental health of its members with conversational AI care through the Wysa app.
Posted: 2023-05-18
Colin McCrorey, IRMCert, has been announced as the chair of the Institute of Risk Management’s first Australia Group.
Posted: 2023-05-17
Kroll’s dedicated cyber risk practice has released its latest Q1 2023 Threat Landscape Report, which shows that one-off, lesser-known ransomware attacks have increased by 56%.
Posted: 2023-05-17
Howden is to unify its structure under a single global executive, with insurance broking, reinsurance broking and underwriting reporting directly to David Howden, CEO.
Posted: 2023-05-17
UK-based consultancy, Specialist Risk Group, has acquired TLO Risk Services.
Posted: 2023-05-16
Specialist insurer Beazley has streamlined its miscellaneous medical liability insurance product for both the US and London markets.
Posted: 2023-05-16
Economic uncertainty remains the greatest concern for British businesses, according to the Broker Pulse survey from RSA Insurance. The survey shows that the cost of doing business remains a significant concern. As a result, over three quarters (79%) of brokers said they are seeing changes or cancellations made to insurance cover.
Posted: 2023-05-15
Following the successful launch of Next Gen, Placing Platform Ltd has confirmed the decommissioning of the original PPL V3 platform by shutting down the Ebix system at the end of this year.
Posted: 2023-05-15
D&O claims are expected to rise amidst a 36% rise in investigations into directors of insolvent companies in the past year.
Posted: 2023-05-15
ICEYE has entered an agreement with Global Parametrics to provide flood data to support the development of parametric risk transfer solutions. Under the agreement, ICEYE’s global Flood Insights data will be used by Global Parametrics to design, structure and execute parametric risk transfer structures. And in the event of a flood, Global Parametrics will use ICEYE’s data to determine if a specified threshold has been met and the cover is triggered.
Posted: 2023-05-12
Global re/insurance group Chaucer has signed up to the UN Principles for Sustainable Insurance. Developed through a partnership between risk management professionals and the United Nations Environment Programme Finance Initiative, the PSI serves as a global framework for the re/insurance industry.
Posted: 2023-05-12
Organisations that rely on carbon-intensive production are struggling to find the insurance cover they need, according to an ESG report published this week by Global Insurance Law Connect. Firms are also coming under increasing strain as they aim to strike the right balance between ESG investments and managing increasing costs, the report's findings suggest.
Posted: 2023-05-11
Aon has gone live on PPL Next Gen. The go-live has started with over 450 colleagues within Aon UK’s commercial risk divisions covering all lines across its marine, financial and professional services, natural resources and construction teams.
Posted: 2023-05-11
The Federation of European Risk Management Associations has called upon the insurance industry to adopt a more collaborative approach to cyber insurance, further to its concerns that the market is evolving in isolation from insureds.
Posted: 2023-05-11
The British Insurance Brokers’ Association has today announced the retirement in the second half of this year of chief executive, Steve White. White told delegates at this week's BIBA Conference that he will leave with “a heavy heart but also huge pride at what we have built at BIBA”.
Posted: 2023-05-10
Healix has announced a five-year partnership with the recently formed Emergency Alliance, an organisation that represents the formal coming together of New Zealand’s relief agencies, who have agreed to collaborate to share knowledge and resources to create efficiencies in their fundraising activities.
Posted: 2023-05-10
Further to its launch in February of the UK’s first National Cladding Database, WhenFresh has doubled the size of its database of affected properties. Today's announcement reflects an expansion to 1,122,004 dwellings with the addition of MDUs of less than 18m.
Posted: 2023-05-10
DARAG is to roll out Dgtal's Driller AI tool to carry out real time analysis and valuation of claims portfolios, under a three-year partnership announced today.
Posted: 2023-05-09
CREST has launched a good practice guide that aims to improve how governments deliver cyber security awareness programmes.
Posted: 2023-05-09
UK-based start-up Value.Space has this week closed an oversubscribed investment round, raising €2.1m. Value.Space develops monitoring technology based on satellite-gathered data that can detect millimeter-scale anomalies that could pose risks to the integrity of large infrastructure objects.
Posted: 2023-05-09
The likelihood of El Niño developing later this year is increasing, according to a new update from the World Meteorological Organisation.
Posted: 2023-05-05
Charles Taylor Insuretech is partnering with BDT Global to integrate the latter's omnichannel portfolio into CTI's software and SaaS capabilities ecosystem.
Posted: 2023-05-05
Commercial property insurer FM Global has launched its Climate Change Impact Report, a proprietary tool to help its clients identify, understand and avoid risks out to 2050. The report combines client-specific engineering data to offer clients with actionable insights to stay resilient in the near and distant future, and prioritise risk improvement investments.
Posted: 2023-05-05
Pool Re has welcomed the publication this week of the Terrorism (Protection of Premises) Bill. The draft bill will be known as Martyn’s Law, after Martyn Hett, one of the 22 victims of the Manchester Arena attack of 2017.
Posted: 2023-05-03
Healix has today launcheed its new online Travel Safe tool.
Posted: 2023-05-03
A third of SMEs in the UK are 'extremely confident' in their ability to reach net zero, according to a study carried out by the UK National Standards Body, BSI. Its third annual Net Zero Barometer, published today, found that awareness of net zero targets has almost tripled to 82% in two years.
Posted: 2023-05-03
WTW has launched a new trading solution designed to connect commercial insurance underwriters and brokers.
Posted: 2023-05-02
Sedgwick has launched a UK legal services offering, focused on first party property claims and recoveries, with plans to expand into casualty, motor and other specialist lines.
Posted: 2023-05-02
Insurtech, Wefox, has launched a global affinity business. The team, led by Tomaso Mansutti and Pierfrancesco Ricca, will be targeting a global market worth an estimated US$3trn.
Posted: 2023-05-02
Financial risk has risen to the top of the risk agenda, overtaking cyber and operational risk, reflecting changed priorities against a gloomy economic backdrop. This is among the findings of Origami Risk's second annual State of Risk report, which shows that risk managers are increasingly investigating ways to address the emergence of more complex and interconnected risks.
Posted: 2023-04-28
More than a fifth (22%) of global business leaders believe that energy transition risk is the top environmental concern, according to a report published today by Beazley.
Posted: 2023-04-28
Kroll has launched an end-to-end commercial property valuation platform. The Commercial Property Valuation Platform aims to provide users with fast, cost-effective and reliable valuations on property data, at scale.
Posted: 2023-04-27
Half of all UK businesses report having been impacted by the effects of climate change, according to research published this week by Gallagher. The study of more than 1,500 UK business decision-makers suggests that climate change is already a challenge for British businesses, with nearly three quarters of business leaders concerned about the impact over the next 10 years.
Posted: 2023-04-27
Flood Re has developed a training video to help insurance companies, managing general agents and brokers get a better understanding of the Build Back Better scheme. The scheme enables insurers to offer householders the chance to install property flood resilience measures up to the value of £10,000 when repairing their properties after a flood.
Posted: 2023-04-26
The Risk Management Awards 2023 are open for entries. Celebrating excellence in the field of risk management, the awards are free to enter and, with 22 categories to choose from this year, there are numerous opportunities for entrants to showcase their best people, products and projects.
Posted: 2023-04-26
The Association of Medical Insurers and Intermediaries has terminated its membership of the CBI.
Posted: 2023-04-26
Research from Premium Credit’s Insurance Index has found than 49% of SMEs expect to increase revenue in the next 12 months. The index showed that 35% expect revenues to increase following new product launches while 34% expect to boost revenues by expanding into new markets. Just 10% of SMEs predicted their revenues would fall.
Posted: 2023-04-25
WTW's Broking Platform can now enable digital trading with Zurich.
Posted: 2023-04-25
Howden Group Holdings has raised more than £875m in debt and equity, with total cash and facilities available for investment in M&A, new initiatives and talent in excess of £1bn. This week, the broker finalised a US$500m seven-year loan, with more than 60 lenders providing capital, including more than 10 new lenders to the group. The group also increased its revolving credit facility from £185m to £360m across a syndicate of banks.
Posted: 2023-04-25
Insurance provider, CFC, has been honoured with the first ever King’s Award for Enterprise. One of 148 organisations in the UK to receive the award, CFC has been recognised for International Trade for Outstanding Short Term Growth in overseas sales over three years.
Posted: 2023-04-24
Specialist MGA, Nimbla, has today launched a policy designed to protect businesses against the risk of non-payment.
Posted: 2023-04-24
The FCA has proposed new rights and protections for leaseholders, in an effort to improve the transparency of the multi-occupancy leasehold buildings insurance market. Under the new rules, the leaseholder would be the customer, and firms would be barred from recommending a policy based on commission or fee.
Posted: 2023-04-21
The Royal Academy of Engineering has identified a series of principles for best practice for risk owners responsible for building organisational resilience. The principles were identified as part of its review of the UK 2019 National Security Risk Assessment methodology, culminating in a report setting out the lessons learned from an engineering perspective.
Posted: 2023-04-21
Nasdaq-listed public companies saw their primary D&O premiums drop by 20% in 2022, with recent IPOs seeing even greater decreases. This is among the findings of BRP Group's second annual Directors' and Officers' Benchmarking Report, which reveals a steep decline in premiums, after years of rate increases.
Posted: 2023-04-20
Q1 2023 resulted in above average natural catastrophe losses around the world, led primarily by powerful earthquakes in Turkey and Syria, and severe convective storms in the US.
Posted: 2023-04-20
Double S Insurance Broker has rebranded to Acrisure, effective immediately. Double S became an Acrisure Partner in 2021, with this week's rebrand a reflection of the firm's international expansion across insurance, reinsurance, cyber security for a predominantly SME client base.
Posted: 2023-04-20
Some 68% of organisations have experienced a known cyber attack within the last 12 months, with 16% of those estimating the financial damage to be at least £40,000. Forty per cent the breached organisations incurred unplanned expenses and 10% suffered other serious consequences, such as loss of competitive edge, decreased sales or customer churn.
Posted: 2023-04-19
Over a third of organisations across UK critical national infrastructure anticipate a rise in cyber crime as a direct result of the current economic crisis, according to new research, as the impacts of economic hardship are spilling over into the cyber sphere, with employee sabotage, social engineering attacks and reduced cyber budgets emerging as the top threats to security.
Posted: 2023-04-19
Allianz Trade is expanding its Excess of Loss capability in Germany, Singapore, Spain and Brazil.
Posted: 2023-04-18
Over nine in ten companies have suffered a political risk loss in the past year, transforming the risk from a low frequency, high severity peril into “everyone’s risk", according to analysis carried out by WTW. The firm's sixth annual report into political risks is based on data from interviews carried out by Oxford Analytica in January and February 2023.
Posted: 2023-04-18
Pop Group Holdings has received its first external strategic minority investment from private equity fund, Direct Capital. op group
Posted: 2023-04-18
Ardonagh Europe has agreed to acquire high net worth broker, Classicus, strengthening the group’s presence and scope in The Netherlands. The transaction is subject to regulatory approval.
Posted: 2023-04-17
US cyber insurer, Coalition, is rolling out a series of new AI-powered offerings.
Posted: 2023-04-13
The British Insurance Brokers’ Association has this week announced a new partnership with Lloyd’s.
Posted: 2023-04-13
Developing and then executing a resilient climate change enterprise risk strategy is a challenge for companies everywhere. Having a blueprint that can be tailored to any organisation must surely be one of the most useful tools for risk professionals and business leaders today. It is this that Kogan Page’s latest book seeks to achieve.
Posted: 2023-04-13
Zurich Insurance Group is supporting its suppliers in their efforts to decarbonise operations. Using a range of climate training materials and carbon footprint measurement tools, the insurer's suppliers can create a unique blueprint of the practical steps they can take on their own journeys to net-zero operations.
Posted: 2023-04-12
Technology provider, Global Screening Services is partnering with Dow Jones Risk and Compliance to develop a tool that will support companies with real time data on sanctioned entities.
Posted: 2023-04-12
The Ardonagh Group has agreed to acquire Klap Verzekeringsmakelaar, a specialist commercial lines insurance broker based in The Netherlands, from family office, Nedvest.
Posted: 2023-04-11
Charles Taylor Adjusting has announced a new associateship with INCOK Loss and Average Adjusters in Korea. INCOK Loss and Average Adjusters provides a range of non-marine survey/ adjustment and risk assessment services.
Posted: 2023-04-11
Underlying grievances tied to inequality, the cost of living crisis and broader disenfranchisement, combined with the lasting economic effects of Covid-19 and Russia’s invasion of Ukraine, have elevated SRCC risks in both advanced and emerging economies and caused a historic reset in the standalone PV market, according to data from Howden.
Posted: 2023-04-11
Mitie has acquired risk management consulting business, Linx International Group.
Posted: 2023-04-06
A report published by Marsh highlights substantial global economic growth drivers that the risk advisory believes present opportunities that outweigh the prevailing risks.
Posted: 2023-04-05
Howden has received a regulatory licence from the Central Bank of Bahrain to establish operations in the Kingdom of Bahrain.
Posted: 2023-04-05
A report published this week suggests that the long tail nature of claims means this rate could increase over the next 12-24 months, as notifications from the M&A boom of 2021 materialise.
Posted: 2023-04-05
Whilst volatility and uncertainty in the global energy sector is likely to continue, the market could see a possible easing of these hardening pressures on insurance, in the absence of major catastrophic losses or other force majeure events. So says WTW in its latest Energy Market Review, published today.
Posted: 2023-04-04
Trade credit insurer Atradius has committed to giving almost all staff a £2,000 payment to support them through the cost of living crisis. This follows a £1,600 payment given to employees in October.
Posted: 2023-04-04
Air pollution and the management of emissions are the ESG risk criteria against which the UK’s largest listed companies perform the poorest, according to Chaucer and Moody's latest ESG Balanced scorecard. The third worst-performing area was respect and management of working hours followed by responsible management of restructurings and the protection of water resources.
Posted: 2023-04-03
Themis has announced the release of a supply chain risk assessment tool that allows users to map high risk geographies and sectors against risks relating to modern slavery and human trafficking, drugs, wildlife and arms and trafficking, bribery and corruption, fraud, money laundering and terrorist financing.
Posted: 2023-04-03
A large majority of global companies in the food and drink sector say that a lack of insurance solutions is among their greatest challenges in addressing supply chain risks over the last three to five years. Some 79% of companies reported this concern to WTW as part of the firm's research for its 2023 Food, Beverage and Agriculture Supply Chain Risk report.
Posted: 2023-04-03
The impact of inflation on cargo crime can be seen in the latest Annual Cargo Theft Report from TT Club, TAPA EMEA and BSI SCREEN Intelligence. It shows an overall decline in global incidents over the previous year but with increasing emphasis on basic goods, food and beverages, fuel and auto parts.
Posted: 2023-03-31
Two years ago, risk forecasters were talking about the risks on our horizon with a focus on biohazards, cyber crime and space conflict. Little did we know then that the next battle between nations would involve the use of tanks and street fighting more associated with conflicts decades ago. We must constantly scan the horizon, not to make predictions, but to systematically investigate the evidence about future trends – and we cannot make assumptions that the future is all about progress – on occasion, developments will occur that could display characteristics of the past.
Posted: 2023-03-31
Gallagher will next week launch its first direct presence in Sweden, following the integration and rebranding of Brim, Nordic and Proinova, which it acquired in 2016, 2017 and 2019 respectively.
Posted: 2023-03-30
The London Market has big plans in sustainable energy, as it is revealed as the standout growth class for insurers in 2023. So says Howden's annual London Market Appetite Survey, which assesses underwriting appetite by line of business. It reflects a bullish appetite for this class, with the majority of insurers planning for double-digit growth, mainly driven by new business, rather than rate.
Posted: 2023-03-30
The annual PLUS D&O Symposium in New York is a major crossing point for D&O teams from the US and Europe and, as a result, is a great place to gain insights into the shifting state of the global D&O insurance market. At this year’s event, over a thousand delegates gathered, primarily from the US but with significant attendance from the UK, Europe, Bermuda, Singapore and Australia.
Posted: 2023-03-30
TT Club has teamed up with the CINS Network, the International Group of P&I Clubs and ICHCA International to produce guidelines for the safe transport of lithium-ion batteries in containers. The Lithium-ion Batteries in Containers Guidelines are the first in a series, amid heightened concern over container fires.
Posted: 2023-03-29
Trade credit insurer, Atradius, has reported a 79% increase in claims for late and failed payments in the food sector, amid national supply shortages of such basics as eggs and vegetables.
Posted: 2023-03-29
The Chartered Insurance Institute has today published a Green Finance Companion Guide that supports delivery of its Code of Ethics.
Posted: 2023-03-29
Altia has acquired critical incident management software, Badger Software.
Posted: 2023-03-28
MI5 has increased the threat to Northern Ireland from Northern Ireland-related terrorism from 'substantial' to 'severe'.
Posted: 2023-03-28
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
COMMUNICATING IN A CRISIS
Deborah Ritchie speaks to Chief Inspector Tracy Mortimer of the Specialist Operations Planning Unit in Greater Manchester Police's Civil Contingencies and Resilience Unit; Inspector Darren Spurgeon, AtHoc lead at Greater Manchester Police; and Chris Ullah, Solutions Expert at BlackBerry AtHoc, and himself a former Police Superintendent. For more information click here
Modelling and measuring transition and physical risks
CIR's editor, Deborah Ritchie speaks with Giorgio Baldasarri, global head of the Analytical Innovation & Development Group at S&P Global Market Intelligence; and James McMahon, CEO of The Climate Service, a S&P Global company. April 2023
© 2019 Perspective Publishing Privacy & Cookies