News

International SOS has rolled out a new risk management tool to provide personalised information and advice on how to plan travel amid COVID.
Posted: 2022-01-28
ARAG has created a bespoke commercial legal protection solution for DUAL Oliva.
Posted: 2022-01-28
AXA XL Risk Consulting has today announced the launch of a new risk assessment service designed to help companies identify and mitigate pollution and environmental risks. Available in Europe and the UK, the solution leverages ML and AI to turn environmental and climatological data into actionable risk insights.
Posted: 2022-01-27
The top challenge currently facing London Market companies is climate risk, a new International Underwriting Association survey has revealed.
Posted: 2022-01-27
A new McKinsey report has taken an holistic view of the global transition to net-zero by 2050 across all sectors of the economy, with the consultancy predicting that it would mean a fundamental transformation of power, industry, mobility, buildings, agriculture, forestry and other land use, and waste.
Posted: 2022-01-27
The House of Lords Industry and Regulators Committee will tomorrow open its inquiry into the regulation of the commercial insurance and reinsurance market. With initial evidence from LIIBA and the London Market Group, the committee will explore whether regulatory policy is suitably designed and proportionately applied.
Posted: 2022-01-24
In a recent book review for this magazine, we took a look at a guide to crisis management, which, I assured readers, would help them to sleep at night – safe in the knowledge that they would be prepared to weather any storm.
Posted: 2022-01-24
The CBI has welcomed the latest round of changes to international travel rules – a welcome step forward for the sector as it looks ahead “with hopeful eyes” for a return to normal this year
Posted: 2022-01-24
Consumer concerns over the spread of the Omicron strain impacted on retail sales during December as the buoyant early Christmas shopping figures of November fell by 3.7% the following month.
Posted: 2022-01-21
The FCA has warned European firms wishing to remain in the temporary permissions regime (TPR) that they need to meet the authority’s standards to continue operating in the country.
Posted: 2022-01-21
UK company bosses are approaching a tipping point on environmental, societal and governance (ESG) related activity, with an increased transparency and personal accountability on issues such as climate change and inequality, according to PwC’s 25th Annual CEO Survey.
Posted: 2022-01-21
The UK government has proposed wide-ranging new laws aimed at strengthening the country’s cyber resilience. The move comes after a rise in incidents targeting national infrastructure around the world. Among the measures outlined are improvements in the way organisations report cyber security incidents, and new laws to drive up security standards in outsourced IT services used by almost all UK businesses.
Posted: 2022-01-20
Marsh has announced a new collaboration with Risilience to support clients globally in understanding their climate change risks and meet their obligations under the Taskforce on Climate-related Financial Disclosures (TCFD).
Posted: 2022-01-20
The Institute of Directors has published a policy paper setting out some of the key environmental, social and governance (ESG) priorities for UK companies.
Posted: 2022-01-20
Congestion in ports is prompting a rise in reported cases of cargo theft from storage facilities according to new data. Freight insurance specialists TT Club and the supply chain services and solutions team at BSI have highlighted the increased risk of theft from storage facilities seen over the past few months in the US.
Posted: 2022-01-19
The London Market Group has welcomed the recent announcement that The House of Lords Industry and Regulators Committee is launching an inquiry into the regulation of the London insurance market.
Posted: 2022-01-19
The UK government has announced an end to all Plan B restrictions in England on 26 January. The measures, which were brought in to combat the spread of the Omicron variant of Covid-19, include compulsory wearing of facemasks on public transport and shops, guidance for employees to work from home, and vaccine certification for some public venues.
Posted: 2022-01-19
Small and medium sized firms have been urged to take extra steps to address the risk of scams targeting their companies. In a survey from UK finance, 80% of SMEs said they had received an unsolicited text or email request for money and personal information, and 64% had received unsolicited phone calls.
Posted: 2022-01-18
Cyber perils are the biggest concern for companies globally in 2022, according to the Allianz Risk Barometer. The threat of ransomware attacks, data breaches or major IT outages worries companies even more than business and supply chain disruption, natural disasters or the Covid-19 pandemic, all of which have had a huge impact on organisations during the past year.
Posted: 2022-01-18
Lloyd’s has published a new report to help insurers and risk managers navigate the significant overlap between geopolitical risks and climate change. Shifting powers: Climate cooperation, competition or chaos? is the second in Lloyd’s series of reports produced in partnership with the Cambridge Centre for Risk Studies, and uses potential but plausible scenarios to identify geopolitical risks associated with climate change.
Posted: 2022-01-18
The National Cyber Security Centre has added its support to new advice from international partners on countering Russian state-sponsored cyber threats targeting critical infrastructure.
Posted: 2022-01-17
A new research consortium backed by companies including Pool Re has been launched with the aim of protecting society from future systemic risks. The research from the Cambridge Centre for Risk Studies (CCRS) at the University of Cambridge Judge Business School will look to support the creation and extension of private-public market institutions and develop new risk transfer products and advisory services.
Posted: 2022-01-17
More than half (55%) of employees and leaders from companies around the world believe that standards of corporate integrity have stayed the same or worsened over the last 18 months, according to a survey by EY.
Posted: 2022-01-17
Allianz Insurance has reshuffled its commercial business to put a greater regional focus on its engineering propositions. It has combined responsibility for EC&P (engineering, construction and power) with its commercial broker market offering under four regional managers. The aim is to expand its regional presence, while making its services more accessible to local brokers.
Posted: 2022-01-14
Cyber security is now the main driving force for digital transformation globally, with mining and storage also among the list of priorities. This is according to Baker McKenzie’s latest Digital Transformation and Cloud Survey, which suggests shows that cost savings and greater efficiencies are being realised amid a new, pandemic-led 'business as usual'.
Posted: 2022-01-14
Anita Punwani CFIRM has been appointed chair of the Institute of Risk Management’s new ESG Special Interest Group.
Posted: 2022-01-14
WTW has merged its special contingency risks and terror and political violence teams to form a combined crisis management unit.
Posted: 2022-01-12
NHS Digital recorded a total of 393 lost or stolen devices in the year to September 2021, including 52 mobile phones, 19 laptops and 3 tablets. A further 319 laptops were recorded as lost due to having no record of their disposal. The Ministry of Justice revealed a total loss of 184 mobile phones, PCs, laptops and tablet devices in the same period compared with 161 during the prior 12 months.
Posted: 2022-01-12
The UK Health Security Agency has issued a warning to people travelling to China of the risk of avian flu.
Posted: 2022-01-12
Climate risks are the most dominant long-term global risk concerns, with societal divides, livelihood crises and mental health deterioration of most significance in the short-term, according to the World Economic Forum’s latest Global Risks Report. The annual report reflects a pessimistic outlook for the next three years, forecasting a volatile and uneven global economic recovery.
Posted: 2022-01-11
NFU Mutual has announced a partnership with Risk Solved whereby the software provider will support the insurer's loss control and health and safety services for its policyholders, agents and brokers.
Posted: 2022-01-11
Flood Re is planning to launch a new property data service with the help of Addresscloud, whereby the geo-coding specialist will build and manage a new Property Data Hub providing property-specific information to enable insurers to make rapid and accurate ceding decisions at risk level.
Posted: 2022-01-11
The Society of Insurance Broking has urged the market to step up to help clients cope with a challenging year ahead, as labour shortages, increased materials costs and regulatory risks abound. Society chair, Kevin Hancock, said the dominant theme will be ensuring that cover and the sums insured are under regular review.
Posted: 2022-01-10
Cyber analytics specialist CyberCube has designed three cyber-specific scenarios to be used as part of Lloyd’s of London’s annual Realistic Disaster Scenarios exercise.
Posted: 2022-01-10
As the ESG liability landscape continues to shift, requiring ever greater accuracy to manage greenwashing and reputational risk, we will need to build closer and more responsive insurance partnerships that focus as much on risk management and mitigation as on traditional risk transfer.
Posted: 2022-01-10
Brit has appointmed Bilge Mert as chief technology officer. Mert has 18 years’ experience in technology, joining from InsurTech iptiQ, Swiss Re’s start-up where she most recently held the position of senior director. She also has experience from outside of the insurance industry, with a career that has spanned FMCG, pharmaceuticals and consultancy. Prior to joining iptiQ in 2019, she previously worked at British American Tobacco, Mondelez and Accenture UK.
Posted: 2022-01-07
The Health Security Agency has confirmed that a case of avian influenza has been found in a person in the South West of England.
Posted: 2022-01-07
Specialty re/insurance group Chaucer has appointed Raj Nanra as CEO of SLE Holdings, known in the market as SLE Worldwide Australia.
Posted: 2022-01-07
Specialist insurer CFC has merged its healthcare and medical malpractice teams.
Posted: 2022-01-06
As he begins his presidency this week, the Chartered Insurance Institute’s Peter Blanc is calling on the profession to address the unmet needs of society and show the true value of advice. Blanc is group CEO of one of the UK’s largest – and most acquisitive – brokers, Aston Lark.
Posted: 2022-01-06
The UK government is testing a new online service for employers which provides advice and guidance on managing health and disability in the workplace.
Posted: 2022-01-06
Skuld has joined the Maersk Mc-Kinney Moller Centre for Zero Carbon Shipping..
Posted: 2022-01-05
The CBI has called on the government provide clarity on the route map out of ‘Plan B’, after current restrictions are rolled back. "It’s welcome that government is taking extra steps to get tests to critical workers and easing PCR requirements, and it’s now vital that wider testing supply challenges are gripped,” said Matthew Fell, chief policy director of the business group.
Posted: 2022-01-05
Businesses that rely on warehousing space are currently under a huge amount of pressure. The pandemic-triggered boom in e-commerce sales is one of the issues. In 2021, Adobe forecast that global e-commerce sales would grow in 2021, reaching a staggering US$4.2trn. This boom has created an increased demand for warehouse space, as businesses have turned to e-commerce to match consumer habits. This situation has also been compounded by simultaneous worker shortages.
Posted: 2022-01-04
The global credit market outlook for 2022 embraces a variety of risk factors. By actively monitoring the most relevant macro market economic scenarios, one common theme is that the impact of inflation is a global reality. As the year came to a close, supply chain disruptions, higher energy prices and Omicron variant uncertainty contributed to the likelihood that the risk of high inflation will spill well into 2022. As a result, surprise rate hikes between the US UK and EU could occur in 2022 in response to worse than expected inflation trends.
Posted: 2022-01-04
The National Security and Investment Act requires businesses and investors to notify the government of acquisitions across 17 sensitive areas of the economy, including AI and civil nuclear.
Posted: 2022-01-04
Climate change has rarely been out of the news in 2021 – whether due to reports of devastating floods and wildfires, coverage of COP26, climate change protests in many countries, or discussions around the flood resilience of new housing projects.
Posted: 2021-12-23
2021 has been a record year for cyber security. We’ve surpassed 2020 in terms of the number of reported cyber events and with ransomware attacks seemingly making the headlines daily, there’s no sign of things slowing down. Constantly evolving in scale and sophistication, cyber criminals are set to persist into 2022 – with an extra bite.
Posted: 2021-12-23
Regulators have been far more open in recent months as to initiatives they have planned for the year ahead, and what they expect from the companies they regulate. In particular, 2022 will be a truly defining year in terms of the way in which the UK treats its regulation of appointed representatives.
Posted: 2021-12-22
We’ve all experienced a high degree of uncertainty since COVID-19 became a pandemic and Brexit became a reality. This has led to a period of ongoing change to ways of working and living – and this is set to continue well into 2022. However, being adaptable to customer needs and trading conditions will present many with significant opportunities.
Posted: 2021-12-22
Addressing the insurance protection gap in lower-income countries was a key theme during the COP26 talks, and the announcement of a number of government initiatives to help bridge the gap and tackle climate change risks will further highlight the key role parametric solutions have to play in financing a greener future.
Posted: 2021-12-22
A report has revealed that more than half of UK charities believe that they are likely to suffer a cyber attack but 27% admit that they do not have a plan in place in the event of a breach.
Posted: 2021-12-21
Businesses in the hospitality sector are warning that continued uncertainty over potential pandemic restrictions looks set to make December a trading disaster. With scientists warning that the rate of transmission of the Omicron strain of the Covid virus are very high, concerns remain over whether events over the New Year period will be able to proceed as planned.
Posted: 2021-12-21
A ransomware attack on one of the biggest workforce management software companies has left employers in a number of industries struggling to process staff pay at one of the most critical times of the year for many households.
Posted: 2021-12-21
The FCA has published two policy statements confirming final rules and guidance to promote better climate-related financial disclosures.
Posted: 2021-12-20
Around 20% of large organisations will use digital currencies for payments, stored value or collateral by 2024, according to a new report.
Posted: 2021-12-20
Almost half (42%) of senior business leaders have said they are worried they could be found personally liable for their business failing to deliver on environmental initiatives or by reporting climate related exposures, according to a study from QBE Insurance.
Posted: 2021-12-20
Fraud prevention group Cifas is urging businesses to regularly screen staff following statistics from the Internal Fraud Database revealing dishonest staff actions to be the greatest insider threat to organisations.
Posted: 2021-12-15
A coalition of leading food and farming businesses has warned that the UK faces a deepening food supply chain crisis unless the government takes urgent action to fix the structural issues facing the industry. The call came as the National Farmers’ Union (NFU) convened a summit of food organisations this week to address food supply issues.
Posted: 2021-12-15
A significant perception gap exists between businesses and consumers on the control of digital technologies, underlining the potential dangers that firms could face from tech complacency.
Posted: 2021-12-15
NatWest has been fined £264.8m following convictions for three offences of failing to comply with money laundering regulations. In a case brought by the FCA, the charges covered NatWest’s failure to properly monitor the activity of a commercial customer, Fowler Oldfield, a jewellery business based in Bradford, between 8 November 2012 and 23 June 2016.
Posted: 2021-12-14
With significant new customs arrangements set to be introduced on imports from the EU from 1 January 2022, 3 in 10 importers admit they are “not at all prepared” for the changes, according to a survey of nearly 600 business leaders by the Institute of Directors (IoD).
Posted: 2021-12-14
Businesses could be at greater risk of data security issues during the holiday season partly as a result of workers using company-owned devices for personal use.
Posted: 2021-12-14
Allianz Insurance has announced the addition of legal services to its Complete Directors’ & Officers’ product for policies incepting or renewing on or after 4th December.
Posted: 2021-12-13
A new paper from insurance group, ClimateWise, examines the ways in which insurance underwriting can support insureds in their climate transition plans, and enable the strategic, operational and underwriting practices conducive to their climate goals.
Posted: 2021-12-13
RMS is working with global specialty re/insurer Canopius to enhance its climate change risk analysis with the adoption of RMS Climate Change Models.
Posted: 2021-12-13
In May 2021, President Biden signed an executive order designed to tackle the nation’s cyber security issues head-on, including supply chain security, incident detection and resilience to threats. But arguably, the most important order of business is the call for federal agencies to adopt a zero trust approach.
Posted: 2021-12-13
Insurance risk and commercial law firm BLM is calling on the Irish Government to consider a review of the flood insurance market in the country to provide home owners the same level of protection offered in the UK.
Posted: 2021-12-10
Businesses in the technology sector have identified overcoming the talent crunch and supply chain upheaval as the two big priorities for the year ahead, according to a report by EY.
Posted: 2021-12-10
Pool Re has published advice for high street and hospitality businesses on managing the risk of terrorism in the run-up to Christmas.
Posted: 2021-12-10
The UK government has announced a move to Plan B in England, making face masks compulsory in most public indoor venues (other than hospitality) from tomorrow, and asking people that can to work from home, from Monday. The NHS Covid Pass will also become mandatory in large, crowded venues.
Posted: 2021-12-09
The fallout from COVID-19 has included widespread closures, business disruptions, a rollercoaster of restrictions and supply chain interruptions causing economic recession and a shift in global trade trends over the course of another tumultuous year for businesses.
Posted: 2021-12-09
A new study from the Nature Conservancy and Marsh McLennan oulines how nature and community-based approaches to wildfire risk can reduce losses and insurance premiums by at least 40%.
Posted: 2021-12-09
Willis Towers Watson has secured the insurance placement of the Hambros Perks Acquisition Company, the first listing of a SPAC on the London Stock Exchange.
Posted: 2021-12-08
Whilst many storm events are considered geographically seasonal, the global supply chain as a whole must take adequate steps to prepare for isolated severe weather events all year around. Typically wind strength is most ferocious in coastal areas. However, it is often the surge and flood risk that can cause greater problems, both on the coastline and further inland, according to data from TT Group.
Posted: 2021-12-08
In 2021, businesses experienced greater public scrutiny of their environmental, social and governance policies, with growing public concern over climate change, human rights abuses linked to business activities and the socio-economic impact of COVID-19 perpetuating associated risks. Corporate decision-makers will need to consider strengthening the integrity of their organisations by aligning their stated intentions and actions with the concerns of internal and external stakeholders.
Posted: 2021-12-07
MetLife UK has seen an increase of 250% in Long-COVID claims in Q3. An estimated 1.2 million people in the UK have reported suffering with Long-COVID in the past four weeks – up from 1.1 million in October, representing a jump of nearly 10%.
Posted: 2021-12-07
Allianz Engineering Inspection Services has said it will reduce plastic waste by around 1.8 tonnes per year, with an environmentally friendly method of tagging equipment.
Posted: 2021-12-07
The return of the company Christmas party after cancellations in 2020 calls for extra caution from employers, in the face of still high COVID-19 case numbers, and the recently discovered Omicron variant.
Posted: 2021-12-06
Zurich Insurance Group has joined some of the world’s largest companies in enhancing its support to people with disabilities, under The Valuable 500 disability inclusion initiative.
Posted: 2021-12-06
It was great to see how so many companies showed incredible adaptability during COVID-19. While initially, we thought a lot of the insurance market would be at a loss as to what to do next, instead they were able to show resilience relatively quickly and technology was the enabler of that.
Posted: 2021-12-03
Willis Towers Watson has this week launched a dedicated risk forum for the ports and terminals sector.
Posted: 2021-12-03
Sedgwick has acquired ABESIM BV, a Belgium-based engineering consultancy focused on soil contamination diagnostics and management.
Posted: 2021-12-03
A lack of standardisation for risk assessments is leaving the wind industry exposed to fire risk, according to a new report from Firetrace. It says there is a general reluctance among wind industry stakeholders to conduct fire risk assesments due to a number of factors, including an assumption that insurance will cover fire related cost; a lack of resource, owing to the continued impact of COVID-19; and a misunderstanding of the costs of repairing or replacing turbines damaged by fire. Finally, there is no legal requirement for operators to conduct such assessments.
Posted: 2021-12-02
It is at least a step in the right direction.
Posted: 2021-12-02
The 2022 Business Continuity Awards are open for entries. Back for their 24th year, the awards are free to enter and, with 25 categories to choose from this year, represent a number of opportunities for entrants to showcase their best people, products and projects. This year we have introduced three new categories...
Posted: 2021-12-01
In 2021 we saw a large increase in remote working and reduced face-to-face interactions. This naturally resulted in increased traffic into call centres. One surprising effect of this was the reduction in fraudulent calls to the agent due to increased waiting times. However, it seems that fraudsters are starting to return to normal working habits just like the rest of us. The last couple of months have shown a steady increase in fraudulent calls. Based on this observation and past experience, in 2022 we can expect fraudsters to return to targeting call centres at the high rates of the pre-pandemic years.
Posted: 2021-12-01
Specialist insurance provider, CFC, has today launched its new ransomware calculator, designed to help insureds understand the potential cost of a ransomware attack.
Posted: 2021-11-30
Allianz has expanded its renewable energy offering to cover for Short Term Operational Reserve technology, which allows energy providers to tap into extra power sources dependent on their specific commercial demands.
Posted: 2021-11-30
Castellan Solutions has announced the release of its new crisis management module, designed to help organisations to act quickly and confidently in the critical moments following the onset of a business disruption.
Posted: 2021-11-30
Supply chain risk management organisation, CHAS, is urging members of the built environment sector to sign up to the Building a Safer Future Charter, a UK-wide scheme that was launched in response to Dame Judith Hackitt's review of building regulations and fire safety.
Posted: 2021-11-29
Masks have once again been made mandatory in shops and on public transport, as the government responds to the arrival in the UK of a new COVID variant of concern, Omicron. In place from this week, the new measures will not apply to any hospitality setting.
Posted: 2021-11-29
A new bill introduced this week will allow the government to ban universal default passwords in connected devices, will force firms to be transparent to customers about what they are doing to fix security flaws in connectable products, and create a public reporting system for vulnerabilities.
Posted: 2021-11-26
Product recalls remain high in Europe as regulators enforce new legislation and examine and respond to ESG-related challenges.
Posted: 2021-11-26
A survey by the Chartered Body Alliance has found that 33% of the 1,637 respondents working in financial services considered themselves to have been 'vulnerable' in the past 12 months. It also highlighted that although 80% of organisations had policies around treating customers in vulnerable circumstances, only 42% had received structured training on this topic in the past six months.
Posted: 2021-11-25
Willis Towers Watson has partnered with CodeEast to develop a digital transformation solution for insurance companies and MGAs.
Posted: 2021-11-25
For years the beating heart of the global supply chain, Asia’s future hangs in the balance as pandemic-induced economic woes and political rivalry combine to alter the international trade landscape. This is the conclusion of a report published this week by trade credit insurer Atradius.
Posted: 2021-11-25
Marsh McLennan businesses Guy Carpenter and Marsh will combine their South African facultative reinsurance operations into a single business, as of 1st January 2022. The new unit will operate under the Guy Carpenter brand, supporting its aim to expand across the region.
Posted: 2021-11-24
US-based software developer, IncubEx, has announced the acquisition of EY-owned insurtech platform, Insurwave.
Posted: 2021-11-24
British Airways owner IAG, Easyjet, Ryanair and Wizz Air have all taken a hit on the markets this week as soaring COVID infections in Europe intensify. Rolls Royce was also dragged down on the news, given its exposure to the sector.
Posted: 2021-11-24
The Lloyd’s Disaster Risk Facility has launched the first retail parametric cyclone insurance product in Northern Australia. Led by Beazley with initial reinsurance support from AXA XL, Hiscox and RenaissanceRe, Redicova, is a parametric product that provides pay-outs in relation to windspeeds from a severe tropical cyclone.
Posted: 2021-11-23
Continued fallout from COVID-19, including further lockdowns or disruptions to day-to-day business operations, is considered by SMEs in the UK to be the most critical external risk they face. For this segment, managing this risk is even more of a priority than improving IT security or responding to economic pressures.
Posted: 2021-11-23
Pool Re CEO Julian Enoizi is to leave the business in the spring of 2022 following 8 years at the mutual. The terrorism reinsurer has undergone significant change under Enoizi’s leadership, most notably doubling the buffer between the UK taxpayer and terrorism loss from £5bn in 2013 to £12bn today. Cover has also been extended during this time to include cyber and NDBI.
Posted: 2021-11-22
New homes and buildings will from next year be required to install electric vehicle charge points, under new legislation announced today.
Posted: 2021-11-22
Bureau Veritas and BESSÉ have launched a combined cyber security and insurance solution for shipowners, to help manage the rising risks, and comply with IMO and IACS requirements.
Posted: 2021-11-19
Specialist insurance provider, Hotspot Cover has become the official insurance partner of the TRIP Group.
Posted: 2021-11-19
From May next year, US banks will be required to notify regulators within 36 hours of any significant cyber incident that could threaten national financial systems, under new rules announced by the US Federal Reserve.
Posted: 2021-11-19
The Guernsey International Insurance Association has signed up to the SME Climate Hub’s Climate Commitment. Signatories commit to taking action to halve their greenhouse gas emissions before 2030, achieve net-zero emissions before 2050 and disclose their progress on a yearly basis.
Posted: 2021-11-18
The global insurance industry is forecast to reach a new record in global premiums by mid-2022, exceeding US$7trn, supported by heightened risk awareness in wake of COVID19, as well as continued strong rate hardening in commercial lines.
Posted: 2021-11-18
Staff well-being, increased productivity, cheaper overheads and reduced carbon emissions are behind the continued home and hybrid working trend in the UK, according to offical ONS data. Some 18% of businesses said they intended to use homeworking permanently. Around 17% of people were hybrid working in late October, rising to a fifth in larger businesses. In early November, just half of businesses said their workforce had returned to their normal place of work.
Posted: 2021-11-18
Research published this week shows that nearly three out of four corporates and large companies are planning to strengthen cash reserves so they’re in better shape for future crises. The study was carried out for Investec among 100 UK senior executives at corporates with total cash deposits of more than £6.17bn and average reserves of around £62.3m.
Posted: 2021-11-17
Sompo International has expanded its partnership with Praedicat to include the risk analytics company’s emerging risk framework, its probabilistic liability catastrophe model and a new litigation tracking capability.
Posted: 2021-11-17
National law firm Weightmans has launched a data and analytics tool for the handling of large loss insurance claims. PREDiCT, which has been developed by the firm’s in-house data scientists, uses sample data from more than 1,000 individual claims, harvested over a 10-year period, to deliver optimum reserving for new claims.
Posted: 2021-11-17
Canopius Group has signed a deal with minority shareholder Samsung Fire and Marine Insurance to underwrite US business on its A++ rated paper. Initially, the ocean marine and management and professional lines teams of Canopius Underwriting Agency will write admitted business using SFMI’s paper. This complements Canopius USA’s existing ability to write non-admitted business through Canopius US Insurance, and Canopius Lloyd’s Syndicate 4444.
Posted: 2021-11-16
For decades, D&O insurance was seen as a relatively stable and popular class of cover, and discounting was common. But from 2018 onward, stress was obvious in D&O pricing and 2019-2020 became notorious for cost increases. The smaller markets of Latin America suffered just as badly as the US and Europe, while in Asia, markets such as China, which were growing, also began to see increased claims and price rises.
Posted: 2021-11-16
Following COP26, most responsible leaders will be thinking about what they need to do to make their organisations part of the response to the climate emergency and the resulting collective action to address environmental and social challenges.
Posted: 2021-11-16
Mitsui Sumitomo Insurance Group has selected Swiss Re Corporate Solutions’ PULSE platform to structure and manage its clients’ multinational insurance programmes. The PULSE platform will help MSIG streamline its technology landscape and overcome inefficiencies and data discrepancy challenges that come from managing multinational insurance programmes across multiple applications.
Posted: 2021-11-15
The COP26 UN Climate Summit concluded on Saturday with nearly 200 countries agreeing the Glasgow Climate Pact, following two weeks of negotiations. Participating countries agreed to revisit and strengthen their current emissions targets to 2030, known as Nationally Determined Contributions, in 2022. This will be combined with a yearly political roundtable to consider a global progress report, followed by a further summit in 2023.
Posted: 2021-11-15
Following yesterday’s incident in Liverpool, the Joint Terrorism Analysis Centre has today taken the decision to raise the UK National Threat Level from ‘substantial’, meaning an attack is likely, to ‘severe’, meaning an attack is highly likely.
Posted: 2021-11-15
Motor insurer Admiral is to use advanced driver assistance systems data in its pricing and underwriting. The data will come from LexisNexis Vehicle Build, a system developed by LexisNexis Risk Solutions to help insurance providers identify the specific standard and optional ADAS fitted to a particular vehicle.
Posted: 2021-11-12
Firetrace has launched XD Tubing, a fire detection product designed to mitigate the risk of fire and total loss in offshore and near shore wind turbines.
Posted: 2021-11-12
Satellite imagining and flood hazard data specialist ICEYE has signed an agreement with McKenzie Intelligence Services to support its delivery of property loss numbers to the Lloyd’s market via its MIS Global Events Observer platform.
Posted: 2021-11-11
The UK Supreme Court has handed down its decision in Lloyd v Google and blocked a multi-million-pound lawsuit brought by Richard Lloyd, a former director of consumer rights group Which?, against tech giant Google. The case related to search-engine data collected by Google and whether consumers had suffered damage and could claim compensation.
Posted: 2021-11-11
The British Insurance Brokers’ Association has welcomed publication of the latest levy requirements from the Financial Services Compensation Scheme, which will see its members no longer being asked to provide a significant contribution to the retail pool for the 2021/22 financial year.
Posted: 2021-11-11
Researchers led by the University of Manchester will work with the Natural Environment Research Council and other partners including the Data and Analytics Facility for National Infrastructure to create a digital hub to enable organisations to respond better to climate change and to improve public health.
Posted: 2021-11-10
Specialist re/insurance group Chaucer has teamed up with parametric insurance start-up Yokahu to launch a microinsurance product that provides cover for losses following hurricane events in the Caribbean. The policy pays out when pre-agreed wind speeds and atmospheric pressures are recorded.
Posted: 2021-11-10
GCube has today launched a new smart insurance offering. Supported by analytics company, CLIR, the new service leverages AI-led analytics and data sets to enhance terms and ultimately reduce premiums for wind and solar operating companies.
Posted: 2021-11-10
The lengthy and contracted approval process for wind farms is underpinning demand for insurance cover against the costs created by disputes over permits, although awareness of the available insurance is low, according to research of wind farm developers.
Posted: 2021-11-09
The newly launched Disaster Resilience Framework for Climate-Vulnerable Countries aims to pair public and private investment with insurance in a bid to improve disaster resilience in low- to middle-income countries that are most at risk from climate-exacerbated extreme weather events.
Posted: 2021-11-09
Posted: 2021-11-09
Andy Bord, chief executive officer of Flood Re, has called for new homes to be built in the right place and in the right way to prevent housing stock becoming less resilient to flooding in the years ahead. Speaking at COP26 in Glasgow, Bord said there also needed to be a continued long-term commitment to flood defences including the role of natural flood management.
Posted: 2021-11-08
Restoration service provider Rainbow International has developed a new workflow, which is supported by claims handling solutions from data analytics provider Verisk. The workflow will help track and deploy team members, enable customer-led damage assessments and use artificial intelligence to identify property damage.
Posted: 2021-11-08
The LMA has today issued guidance on the new FCA Pricing Practices rules and associated Product Reviews. The updated guidance includes a template, with notes and examples to facilitate the exchange of required information and is the result of a cross-market collaboration led by the LMA.
Posted: 2021-11-08
The winners of the 2021 Risk Management Awards were revealed at last night's gala dinner and ceremony. Hosted by The Chase's Paul Sinha and attended by 300 guests, the Awards took place at the London Marriott Hotel in Grosvenor Square. More...
Posted: 2021-11-05
International SOS has partnered with Salesforce and AOKpass to roll out a digitally integrated testing and vaccination solution that securely manages COVID-19 testing, vaccine administration, monitoring and health certification.
Posted: 2021-11-05
PCS has expanded its specialty loss lines reporting platform to include worldwide aviation industrywide insured loss events.
Posted: 2021-11-05
Insurance broker body LIIBA has welcomed the Chancellor’s net zero plans, announced at the COP26 summit this week, underlinining the vital role brokers have to play in decarbonisation efforts.
Posted: 2021-11-04
The London School of Economics and Political Science has become the first organisation in the UK to be verified by BSI against PAS 2060:2014 Specification for the demonstration of carbon neutrality.
Posted: 2021-11-04
Insurtech Concirrus has acquired analytics specialist Spark Insights to enable it to develop its AI, machine learning and data analytics capabilities and help insurers to make better risk selections, develop more efficient claims processes and boost product innovation.
Posted: 2021-11-03
Sustainability experts are urging policymakers, regulators and industry to expand risk sharing systems to tackle the climate emergency. If applied, it will enable a radical global transformation to protect lives and livelihoods, now and in the decades ahead, according to academics at the University of Cambridge Institute for Sustainability Leadership.
Posted: 2021-11-03
A coalition of over 50 humanitarian charities and the Insurance Development Forum have today announced the formation of a new partnership to support the development of a new global financial service for the humanitarian sector to help communities to get ahead of escalating climate risks.
Posted: 2021-11-03
As COP26 gets underway in Glasgow this week, a new partnership has been established to examine the impact of climate change on terrorism. Pool Re Solutions, START and IFTRIP will together examine both the current and contemporary threats and global regional outlooks.
Posted: 2021-11-02
A significant disconnect between risk perception and insurance cover has been highlighted by Willis Towers Watson it its latest survey of the luxury brand sector.
Posted: 2021-11-02
Guidewire has today unveiled Guidewire Live, a suite of analytics apps to equip insurers with real-time insights embedded in core systems across the insurance lifecycle.
Posted: 2021-11-02
QBE’s Risk Solutions practice has devised an ESG framework and template sustainability policy to help SMEs identify, monitor and manage ESG issues that may affect their business. QBE said the new tool is to help smaller companies that are worried about growing ESG exposures but have limited resources to commit to the issue.
Posted: 2021-11-01
The insurance industry is grappling with a variety of changes brought about by the pandemic, and faltering economic growth could provide yet another challenge. To help define the issues and support insurers with their planning for the months ahead, Global Insurance Law Connect and Capital Economics have published a joint report analysing the impacts of the global energy crisis, climate change vulnerabilities, supply chain bottlenecks and high inflation – which together are hampering economic bounce back.
Posted: 2021-11-01
A confluence of challenges, including sustained supply chain issues, extreme weather, large-scale cyber attacks, the global energy crisis and ongoing issues relating to the COVID-19 pandemic have exposed vul-nerabilities in the UK’s resilience arrangements that could be addressed through increased coordination between business and government.
Posted: 2021-11-01
TP ICAP Group and Speedwell are launching the Climate Index that will use global weather data to track climate change, allowing financial risk related to the rate of climate change to be traded.
Posted: 2021-10-29
Dual North America has launched a standalone political violence and terrorism programme that will offer coverage for property damage, liability and business interruption with limits up to US$150m.
Posted: 2021-10-29
BIBA CEO Steve White welcomed Rishi Sunak’s decision to leave the rate of Insurance Premium Tax untouched in his Autumn Budget this week – saying it would be a comfort to insurance customers already facing premium increases.
Posted: 2021-10-28
Global commercial insurance pricing increased by 15% in Q3, according to Marsh’s latest Global Insurance Market Index. This is the sixteenth consecutive quarter of rises, although the broker said the rate if increases continued to slow.
Posted: 2021-10-27
Global catastrophes are expected to cause about £77bn in insured losses on an annual average basis, according to calculation from AIR Worldwide. The firm estimates that the five percent aggregate exceedance probability insured loss is approximately £148bn, and the one percent aggregate exceedance probability insured loss is about £233bn.
Posted: 2021-10-27
Global risk advisory, Inherent Risks, has today announced its official launch. The risk advisory, medical assistance and crisis management firm brings together a team of insurance, claims and medical assistance experts
Posted: 2021-10-26
Apex Group has been appointed by BMS to deliver carbon footprint assessment and reporting services.
Posted: 2021-10-25
Marsh has today announced the launch of a new directors’ and officers’ liability insurance initiative that will recognise US-based clients with superior ESG frameworks. Participating carriers include American International Group, Berkshire Hathaway Specialty Insurance, Sompo International and Zurich North America.
Posted: 2021-10-25
Origami Risk has announced the availability of its new online global vendor risk management solution. The single platform for managing insured and uninsured risks offers risk intelligence and industry best practice resources to help risk professionals obtain detailed vendor solvency and cyber security governance information and conduct extensive risk assessments.
Posted: 2021-10-25
Concerns about supply shortages in the next quarter escalated further this month, according to the CBI’s latest Industrial Trends Survey. Almost two-thirds of firms cited availability of materials and components as a factor likely to limit output next quarter – the highest share since January 1975, according to the group.
Posted: 2021-10-22
Recognising that some companies may not have the resources to implement a complete system in one go, ISO 50005, Energy management systems – Guidelines for a phased implementation, provides guidance for a step-by-step process, helping organisations to more easily allocate the appropriate resources and priority levels based on their needs and capacities.
Posted: 2021-10-22
With just ten days until the COP26 UN Climate Summit kicks off in Glasgow, the two bodies are urging audit committees and directors to make better use of their internal audit functions in identifying, managing and mitigating the risks and opportunities associated with climate change.
Posted: 2021-10-22
Tokio Marine Kiln has joined forces with CarbonChain to measure greenhouse gas emissions as part of the underwriting process. The two companies began exploring the partnership in the summer of 2021 as part of a project within the Lloyd’s Lab. The first phase of the project looked at a portfolio of approximately 2,000 companies.
Posted: 2021-10-21
CFC has today announced a major investment from European private equity firms, EQT and Vitruvian Partners.
Posted: 2021-10-21
BMS has announced its acquisition of Seoul-based insurance broker, Value-add Insurance Broker. As part of the acquisition, VIB will become a newly-licensed entity called BMS Korea, operating under the wider BMS Asia team, and will provide specialist M&A insurance solutions to the Korean market.
Posted: 2021-10-21
Castel has today launched a new underwriting cell for US clients. North American Professional Liability is now writing both primary and excess layer coverage for larger risk managed clients including law firms, accountants, architects and engineers.
Posted: 2021-10-20
Offering a range of customised reinsurance broking, advisory and analytical services for carriers and MGAs, the InsurTech COE will provide market entry analysis, portfolio construction, actuarial support, rating advisory and capital modelling. Guy Carpenter’s own Max Aronchick will lead the team.
Posted: 2021-10-20
Risk and reinsurance specialist Guy Carpenter has launched a wildfire risk score to help European businesses manage their exposures to this increasing peril. The score offers clients an assessment of their existing risk and can then be modelled to predict future changes given different climate scenarios.
Posted: 2021-10-19
Some large businesses will need to set out their green credentials to potential investors under new reporting rules outlined by government today. The new Sustainability Disclosure Requirements will compel pension schemes, investment products and asset managers and owners to disclose their environmental impact.
Posted: 2021-10-19
Digital transformation and technology rank as the biggest concern for global banks and insurers in the 2021 operational risk scenarios report published risk association, ORX.
Posted: 2021-10-18
Specialist insurer, Beazley has received in principle approval from Lloyd’s to establish Syndicate 4321 from 1st January 2022. Led by Will Roscoe, head of the market facilities division, the syndicate will offer capacity to businesses that perform well against ESG metrics.
Posted: 2021-10-18
Canopius Group has appointed Kate Roy as chief operating officer.
Posted: 2021-10-15
The Chartered Insurance Institute has today launched its member consultation on the professional body’s future strategy.
Posted: 2021-10-15
Fully vaccinated passengers and most under 18s arriving in England from countries not on the red list will, from 24th October, be able to show lateral flow test results instead of a PCR test, on or before day two of their arrival into the UK.
Posted: 2021-10-15
The British Insurance Brokers’ Association, the Association of British Insurers and Flood Re have opened registration for the new Flood Insurance Directory. The organisations are calling for intermediaries and insurers who can provide cover for residential buildings and/or contents insurance for consumers who are struggling to obtain flood insurance to register to be part of the service ahead of its launch.
Posted: 2021-10-14
Cybereason is partnering with Aon to offer a combined cyber threat mitigation and incident response service.
Posted: 2021-10-14
Malware attacks that encrypt company data and systems and demand a ransom payment for release continue to surge globally. The increasing frequency and severity of ransomware incidents is driven by several factors: the growing number of different attack patterns such as ‘double’ and ‘triple’ extortion campaigns; a criminal business model around ‘ransomware as a service’ and cryptocurrencies; the recent skyrocketing of ransom demands; and the rise of supply chain attacks.
Posted: 2021-10-14
Broker Howden has acquired Oslo-based intermediary Aneco Forsikringsmegling, increasing its presence as a non-marine broker in Norway. Aneco manages around £25m in premiums and focuses on property and casualty and employee benefits business.
Posted: 2021-10-13
Howden has reached an agreement to acquire Aston Lark, marking the broker's largest acquisition to date, and creating a UK business managing over £6bn of GWP for more than 1.7 million policyholders.
Posted: 2021-10-13
The global supply chain has several vulnerable spots and is currently creaking under the pressure of high demand. Continued container shortages, port delays, congestion, increased freight costs, logistics equipment in the wrong place, and a lack of haulage options has ultimately resulted in delays being widely reported.
Posted: 2021-10-13
A former CEO of Tesco has been appointed as the government’s supply chain adviser. David Lewis will also co-chair a new Supply Chain Advisory Group, consisting of external experts in the field, and a new Industry Taskforce, to ensure those on the ground have the opportunity to voice their concerns and advise on the most efficient resolutions.
Posted: 2021-10-12
Cyber exposures accumulating in the US property insurance market could lead to US$12.5bn in non-physical damage losses, as well as a deterioration in capital adequacy ratios for up to 18 carriers, according to analysis published today.
Posted: 2021-10-12
Howden has acquired Belgian insurance broker, Sarton & Associés, representing an investment in property, casualty and employee benefits for large corporates, mid-sized businesses and SMEs in Belgium and Luxembourg.
Posted: 2021-10-11
Besso Insurance Services has formed a new property and speciality team, with the appointments of Matthew Sinclair and David Pratt-Sinclair, who join as director and executive producer, respectively. Based in London, Gemma Barnes and Joe Marston also join the team as senior broker and broker.
Posted: 2021-10-11
Occam Underwriting is set to acquire Beech Underwriting Agencies, a Lloyd’s cover-holder led by Geoff Stillwell, and a specialist in the placement of terrorism and other specialist related insurance for over 20 years.
Posted: 2021-10-11
September saw another growth slowdown in the construction sector, with output volumes rising to the smallest extent for eight months, according to research from the Chartered Institute of Procurement & Supply (CIPS) and IHS Markit.
Posted: 2021-10-08
UK business insolvencies could spike 33% on pre-pandemic levels according to economic research by trade credit insurer Atradius.
Posted: 2021-10-08
Livestreaming site Twitch says a server error led to the significant leak that saw large amounts of sensitive data being posted online on 6 October.
Posted: 2021-10-08
KPMG UK has launched a new platform to help companies contend with regulatory pressure and rising compliance costs. Its Smart Customer Due Diligence (CDD) solution aims to simplify compliance and boost efficiency through automation.
Posted: 2021-10-07
An interruption in the service of social media network Facebook on 4 October was the result of maintenance-related configuration changes that triggered a large-scale disruption to communication between data centres.
Posted: 2021-10-07
Research by Marsh has found that only 30% of FTSE 100 companies showed evidence of reporting climate change risk in accordance with TCFD recommendations the UK government intends to make mandatory by 2025. The TCFD’s framework has gained significant traction recently, with an agreement on the recommendations a possibility at COP 26.
Posted: 2021-10-07
New Dawn Risk Group has launched a new European subsidiary, headquartered in Malta.
Posted: 2021-10-06
Aon has announced the launch of a new offering aimed at increasing the resilience of businesses in the UK and EMEA by addressing cyber insurability challenges.
Posted: 2021-10-06
Lockton has entered into an agreement to acquire Edge Group, with offices in Singapore, Hamburg, London, Copenhagen, Oslo and Bergen, to expand its marine broking capabilities.
Posted: 2021-10-05
The idea that companies should have a clear purpose is not new. However, there has been a growing sense among executive teams that they should be able to articulate a shared understanding of why the firm exists and what the role of the business within larger society should be. This is among the messages in Airmic’s latest thought leadership report, published at its annual conference today.
Posted: 2021-10-05
A new publication from Airmic aims to demystify directors’ and officers’ liability insurance, in a complicated area of insurance which often results in a disconnect between the product and its end users, creating the risk of a significant expectation gap in the event of a claim.
Posted: 2021-10-05
Charles Taylor InsureTech’s digital governance solution, Authority Hub, has now gone live.
Posted: 2021-10-04
MS Amlin Underwriting has appointed David Mocklow as CFO and CCO of its newly formed, US-based sister company, MS Amlin Distribution Holdings.
Posted: 2021-10-04
Parhelion has appointed David Foreman as chairman.
Posted: 2021-10-04
Sian Fisher is to step down from her position as CEO of the Chartered Insurance Institute.

After more than six years with the professional body, Ms Fisher is to step down next year. During her tenure, she championed the modernisation of the CII, oversaw the delivery of a new Manifesto, CII strategy, IT transformation and a significant culture change programme.
Posted: 2021-10-01
Senior executives from across financial institutions, corporates and market service providers, have been selected to serve for two years as members of the Taskforce on Nature-related Financial Disclosures.
Posted: 2021-10-01
MAPFRE Asistencia has partnered with Riskline to incorporate location risk information into its travel insurance underwriting process.
Posted: 2021-10-01
Sexual harassment has not stopped during lockdown, it has simply moved online and into workers’ homes, according to a report published this week by the Fawcett Society. It says that at least 40% of women experience sexual harassment during the course of their career.
Posted: 2021-09-30
Willis Re has launched a new flood model for the Middle East and North Africa region – thought to be the first of its kind for MENA – and enabling re/insurers to quantify their flood risk using a catastrophe model.
Posted: 2021-09-30
Dual Group has announced its expansion into Latin America, giving the international underwriting arm of Howden Group a presence in 18 countries across the Americas, Europe and Asia-Pacific.
Posted: 2021-09-30
Martin Thompson is to step in as interim group CEO of Brit following Matthew Wilson’s decision to take indefinite leave of absence due to health reasons.
Posted: 2021-09-29
Acord has announced the expansion of its Global Reinsurance & Large Commercial data standards, to include new standards for electronic placing.
Posted: 2021-09-29
While fully automated airlines may still be decades away, automated air taxis will be a reality in a matter of years, something that underwriters will need to prepare for now, to help get the sector off the ground.
Posted: 2021-09-29
Grant Thornton has been fined £2.3m by the Financial Reporting Council for a series of failings in relation to its audits of Patisserie Valerie in 2015, 2016 and 2017.
Posted: 2021-09-28
British standards organisation, BSI has pledged its commitment to ensuring global standards support climate action
Posted: 2021-09-28
Howden has appointed 19 new senior construction specialists in London and Dubai.
Posted: 2021-09-28
Praedicat has launched its new Company Risk Score designed to simplify the underwriting of complex emerging risks for liability insurance.
Posted: 2021-09-27
The construction industry is being urged to address mounting climate and sustainability risks, as it tackles the dual challenges of net zero and fast expanding global output. In a report published today, sector specialists highlight the growing risk of greater pollution and waste as the industry expands to meet demand fuelled by government stimuli. Output is anticipated to grow by 6.6% in 2021 and by some 42% by 2030.
Posted: 2021-09-27
Regulatory change and new technology are not enough to avoid future fire disasters in the built environment. The root cause of the failures that led to the Grenfell fire was systemic and only leadership in the built-environment industry and cultural change on fire safety issues can avoid another disaster, according to Dame Judith Hackitt.
Posted: 2021-09-27
While half of businesses are now using cloud back-up services, around 15% still use a combination of disk and tape, according to research from Databarracks.
Posted: 2021-09-24
Some 755 fines have so far been issued since the General Data Protection Regulation was introduced in 2018, totalling more than €1bn, according to data compiled by cyber security specialists ESET.
Posted: 2021-09-24
Stock levels relative to expected sales across the distribution sector hit a survey record low for the sixth consecutive month, according to data from the CBI. Stocks were seen as too low in all three major sub-sectors, although for retailers this was to a lesser extent than last month.
Posted: 2021-09-24
Staff in the UK are set to gain the right to request flexible working from the first day in a job under government plans to modernise the way the country works. The plans would give around 2.2 million more people the right to request flexible working.
Posted: 2021-09-23
The supply chain has faced major disruption globally due to the shortage of shipping containers, particularly since the COVID-19 pandemic. With factories closing and transportation coming to a halt, many empty containers have been left at ports and the amount of vessels at sea dramatically reduced. Further, tighter restrictions, minimal staff, together with a backlog of containers have caused catastrophic problems for the shipping industry.
Posted: 2021-09-23
The vast majority of leading banks and asset managers have acknowledged the need to act on climate risk and have made progress, but much remains to be done in terms of practical implementation, according to analysis of annual reports, and, where available, sustainability and climate reports of 63 of the world’s leading banks and asset managers across Europe, North America and Asia.
Posted: 2021-09-22
The UK Government is to provide temporary financial support for CF Fertilisers’ operating costs whilst the CO2 market adapts to global gas prices. CF Fertilisers produces around 60% of the UK’s CO2, primarily for the food sector.
Posted: 2021-09-22
Supply chain congestion and widespread delays in the international container trades will continue to exacerbate the challenges of abandoned cargo, risk prevention advisory, TT Club has warned.
Posted: 2021-09-22
Times of change can provide the opportunity to evolve capabilities, create more effective operating models, develop a strong culture of trust, engage with customers, and prepare for the next disruption. This is the message to SMEs from Resilience First, as it launches its latest guide to resilience for small businesses.
Posted: 2021-09-21
Brit has launched a proprietary machine learning algorithm designed to accelerate the identification of post-catastrophe property damage using ultra-high-resolution imagery.
The proof of concept is being used by the insurer’s claims team and its delegated claims adjusters in the wake of Hurricane Ida.
Posted: 2021-09-21
A third of businesses have accelerated plans for cloud investment following the pandemic, research from Sungard Availability Services has revealed. The report shows that, despite 53% of business leaders suspecting that unnecessary technology investments have been made since the onset of the pandemic, 29% believe third-party technology partners will become a more integral part of supporting overall business operations long-term. The same percentage will look to them for guidance on how they can scale their cloud infrastructure further.
Posted: 2021-09-21
Riskonnect has announced the release of its Riskonnect Immunisation Tracker. The new application helps organisations track employee, visitor and vendor immunisation status, monitor COVID-19 test results and manage compliance obligations.
Posted: 2021-09-20
Resilience First is calling for 22 global CEOS to commit to climate resilience in 2022, as part of the UNFCCC Race to Resilience global campaign, the sibling campaign of Race to Zero. Building business resilience is crucial, it said, to prevent loss of critical services as a result of climate hazards.
Posted: 2021-09-20
Football clubs in Europe have been hit hard by the rising cost of player absence and an earlier peak in injury occurrence, according to Howden’s inaugural Men’s European Football Injury Index. Players in the 26-30 age bracket recorded the most injuries at 1,551 and also the highest injury costs totaling €205.7m in salary costs
Posted: 2021-09-20
As many as 70% of UK businesses have been the victim of a successful network security attack over the past year, according to new data commissioned by Barracuda Networks.
Posted: 2021-09-17
UK retail sales fell again last month to set a record streak of monthly declines according to the latest figures from the Office for National Statistics. Retail sales volumes dropped 0.9% last month following a 2.8% fall in July, dashing hopes of a 0.5% increase in August.
Posted: 2021-09-17
UK businesses admit they are not being transparent enough with consumers and customers about the true sustainability of their supply chains, according to research by the Chartered Institute of Procurement & Supply (CIPS).
Posted: 2021-09-17
A fire at a National Grid power facility has cut power capacity by up to 2 gigawatts, further squeezing electricity supply and pushing prices up to almost record highs. The blaze forced National Grid to evacuate staff from the site at Sellindge, Kent, where a high-voltage power cable brings electricity from France to a converter station.
Posted: 2021-09-16
The ICO has issued fines totalling £495,000 to well-known companies that between them sent more than 354 million nuisance messages. We Buy Any Car, Saga, and Sports Direct were all penalised for sending marketing emails or texts without permission.
Posted: 2021-09-16
Travel association ABTA is calling for a significant overhaul of the Government’s traffic light system, including ending the widespread use of PCR testing, as new data reveals the impact the UK’s travel requirements have had on the country’s overseas travel industry this summer.
Posted: 2021-09-16
As businesses in some sectors prepare for employees to spend two to three days a week working from home on a permanent basis, existing office space capacity could potentially increase by as much as 40%, according to a new report by KPMG.
Posted: 2021-09-15
Shop workers need better legal protection from violence and abuse in the workplace according to the British Retail Consortium, which says government must do more to combat a rising trend of incidents.
Posted: 2021-09-15
A new international standard for good governance has been published. ISO 37000 aims to provide organisations and their governing bodies with the tools to perform effectively while acting ethically and responsibly.
Posted: 2021-09-15
Top cyber security officials from the UK and US have held their first official face-to-face meeting, discussing measures to tackle ransomware and other key threats.
Posted: 2021-09-14
Online grocery retailer Ocado has reported a fall of 10.6% in revenues for the last quarter, following severe disruption to operations caused by a fire at its London warehouse.
Posted: 2021-09-14
Cyber threats cause most concern for businesses, with US executives feeling more prepared to handle this risk than their peers in the UK according to a new report from insurer Beazley.
Posted: 2021-09-14
The career routes taken by professionals in the insurance industry have been revealed by a poll of Chartered Insurance Institute members. Most insurance professionals entered the sector straight after education, suggesting that the profession is not as unattractive to young graduates as once thought.
Posted: 2021-09-13
The UK government is this week expected to set out the its autumn and winter plan for managing Covid, with vaccines as the first line of defence, supported by “new treatments”, testing, and what it refers to as a “world leading variant surveillance system”.
Posted: 2021-09-13
Quai Zurich Campus is a mix of modern and heritage buildings, including the lakefront office at Mythenquai in Zurich, Switzerland, the group’s home for some 120 years. The property is powered by renewable sources – including rooftop solar panels – and heated and cooled by lake water. The campus is also designed for a new, agile way of working.
Posted: 2021-09-10
The UK government has announced plans to reform data protection and create a new regime “based on common sense, not box ticking” that will also “cement the country’s position as a science superpower”.
Posted: 2021-09-10
Global P/C premiums are expected to more than double to US$4.3trn in 2040 from US$1.8trn in 2020, according to forecasts from Swiss Re Institute. Portfolio composition is expected to shift from lower-risk motor towards higher-risk property and liability lines, it predicts.
Posted: 2021-09-10
Swiss Re forecasts insurance market premium growth to continue, driven by increased exposures, risk awareness and evolving client needs. According to Swiss Re Institute, non-life insurance premiums are expected to be 10% higher than pre-COVID levels by the end of this year.
Posted: 2021-09-09
Self-driving organisation, Zenzic is working with Thatcham Research and CAM Testbed to develop a proof-of-concept consumer safety rating for automated driving systems.
Posted: 2021-09-09
Fast fashion retailers stand accused of misleading young customers with “patently false” environmental and animal-friendly claims. Ethical Consumer said a new wave of fast-fashion brands, targeted primarily at Gen Z, were making unsubstantiated, greenwashed claims to encourage them to buy extremely cheap clothes. These included Shein, reportedly the most talked about brand on TikTok and YouTube in 2020.
Posted: 2021-09-09
The recently launched Digital Solutions team at HDI Global SE has announced its first partnership in the autonomous technology segment, with Smartcone Technologies and its AV operations subsidiary AutoGuardian.
Posted: 2021-09-08
Qwest, a partnership bringing together marine insurance provider West of England P&I Club and legal and claims consultancy C Solutions, has today called for greater emphasis to be placed upon mental health when determining the severity of a maritime casualty.
Posted: 2021-09-08
Global reinsurers performed well in the first half of 2021, with a further expansion of capital bases and strong underwriting results. Underlying ROEs, while less strong, were nonetheless improved, according to the latest Reinsurance Market Report from Willis Re.
Posted: 2021-09-08
RiskBusiness Services has announced the availability of a GDPR Equivalency Checker feature as an integral component of its Graci governance, risk, audit and compliance solution.
The new feature is targeted at companies that need to comply with the Schrems II personal data privacy shield legislation that comes into effect on 27th September.
Posted: 2021-09-07
Trade credit insurer Atradius has launched a new hybrid working policy that gives staff flexibility to work from home over the long term.
Posted: 2021-09-07
The Keyholding Company has partnered with electronic key safe supplier, Keynetics, on a solution that removes the need for external keyholders.
Posted: 2021-09-07
Specialist insurer Beazley has launched affirmative cyber insurance for luxury yachts that protects against physical damage, loss of access, and threatened and actual ransom of the vessel.
Posted: 2021-09-06
Labour supply problems could last for up to two years and will not be solved by the end of the Job Retention Scheme, the CBI has warned. Following weeks of disruption to business operations and growing evidence of staffing shortages, the group has proposed a series of measures to guard against labour constraints harming the UK’s economic recovery.
Posted: 2021-09-06
A review of the building and construction industry market carried out by Sedgwick has shown a 5% increase in building repair costs during the first quarter of this year, with many manufacturers operating at reduced output as a result of the COVID-19 pandemic.
Posted: 2021-09-06
Sales of UK food and drink to non-EU countries were up 13%, accounting £4.3bn of all UK food and drink exports in H1 2021, according to the Food and Drink Federation. Growth was driven by exports to China, Singapore, Australia, Japan and the Gulf. In other non-EU markets, including in Central and South America, sales to some countries have doubled since H1 2020.
Posted: 2021-09-03
It was a big night for Daisy, Castellan, Marks & Spencer and Roche at the Business Continuity Awards. Find out who took home a trophy from the industry’s main event, hosted by the brilliant Hal Cruttendon at the London Marriott Grosvenor Square.
Posted: 2021-09-02
The British Insurance Brokers’ Association and Group Risk Development (GriD) have launched a new guide to business key person and employee protection insurance.
Posted: 2021-09-02
WhatsApp has been issued a fine of €225m (£193m) for breaching privacy regulations, in the largest penalty issued by the Irish Data Protection Commission, and the second-largest under EU General Data Protection Regulation rules. The Facebook-owned company is headquartered in Ireland.
Posted: 2021-09-02
Reinsurers are facing a testing hurricane season this year.Though early indications suggest Hurricane Ida is unlikely to cause damage on the same catastrophic scale as Katrina did in 2005, the major risk for reinsurers is that more storms are likely this hurricane season, in a repeat of events in 2005 and 2017.
Posted: 2021-09-01
Rising populism and the decline of the US as a conflict mediator have brought about major shifts in geopolitical power centres since the financial crisis. These changing dynamics are the focus of new research from Lloyd’s and the University of Cambridge’s Centre for Risk Studies, which explores the transformation of the geopolitical risk landscape over the last decade.
Posted: 2021-09-01
Sedgwick has rebranded its intake and incident management technology following a number of smart enhancements.
Posted: 2021-09-01
International standards organisation, ISO, has today published a standard addressing the cyber security of electrical and electronic systems in road vehicles.
Posted: 2021-08-31
Remote working has not brought about an increase in IT downtime, according to research conducted by Databarracks. The company’s latest Data Health Check, which surveys over 400 IT decision-makers in the UK, showed that no increase in unplanned downtime in the last 12 months compared with the previous year, despite widespread remote working and a heavy reliance on connectivity and cloud services.
Posted: 2021-08-31
The Department for Culture, Media and Sport has announced that John Edwards is its preferred nominee for the next Information Commissioner.
Posted: 2021-08-31
The CBI has criticised the government for failing to put in place a risk-based system for safe travel that is fit for the longer term. The latest changes, which come into effect at 0400 on 30th August, see Montenegro and Thailand moving to the red list. The Azores, Canada, Denmark, Finland, Liechtenstein, Lithuania and Switzerland will move to the green list.
Posted: 2021-08-27
The gap between technology enabled businesses and tech laggards has widened during lockdown, with a considerable difference in the average amounts of money invested in technology during this time.

The research, conducted by Hitachi Capital Business Finance among 1,464 small business leaders across the UK, found the average tech-savvy small business had spent £42,389 on technology over the past 18 months. By contrast, the average amount invested by those struggling with technology was roughly a third of this - £15,097.
Posted: 2021-08-27
Retail sales grew at the sharpest pace since December 2014 in the year to August, while orders growth hit a survey record high, according to the latest CBI quarterly Distributive Trades Survey.
Stock levels in relation to expected sales hit a survey record low across retail and the distribution sector as a whole – marking the fifth consecutive month in which a record low has been reached in distribution sector stock levels.
Posted: 2021-08-27
The UK Cyber Security Council, the self-regulatory body for the cyber security education and skills sector, has begun accepting applications from organisations for membership. Working closely with the National Cyber Security Centre, the organisation supports the UK Government’s National Cyber Security Strategy.
Posted: 2021-08-26
Aerial mapping company, Bluesky International, is working with Dutch mobile mapping provider, Cyclomedia, to bring together imagery and height data, captured from the air and at street level.
Posted: 2021-08-26
Swiss Re has signed a ten-year carbon removal purchase agreement with Climeworks. The arrangement with the specialist in carbon dioxide air capture technology is understood to be the world's first long-term purchase agreement for direct air capture and storage of carbon dioxide, worth US$10m over ten years.
Posted: 2021-08-25
The International Institute of Risk and Safety Management and the Travel Risk and Incident Prevention Group have joined forces to provide professional development and training.
Posted: 2021-08-25
Awareness of the importance of addressing modern slavery is high among construction SMEs, but there is a need to move beyond policy to action according to research carried out by supply chain risk management organisation, CHAS and the University of Nottingham Rights Lab.
The two surveyed a sample of 229 CHAS member companies, the majority of which are SMEs within the construction supply chain.
Posted: 2021-08-25
The pandemic continues to cause business interruption issues, bringing about supply chain challenges across the board. Semi-conductor shortages, data and cyber security issues and continued apprehension around the safety, quality and transparency of goods and labelling are among the widespread, ongoing risks, according Sedgwick’s latest European product recall index.
Posted: 2021-08-24
Global insurance industry M&A dipped slightly in the first half of 2021 with 197 deals completed worldwide – down from 206 in the second half of 2020 and 201 at the same point last year, according to Clyde & Co’s mid-year Insurance Growth Report.
Posted: 2021-08-24
Germany-based insurer Element has partnered with Parametrix Insurance to launch a parametric cloud outage insurance product, designed to cover financial losses resulting from downtime of third-party IT and cloud infrastructure providers.
Posted: 2021-08-24
Ki has appointed Richard Hodgson to the newly created role of chief technology officer. Mr Hodgson will be responsible for leading the company’s technology strategy and execution, including its engineering function.
Posted: 2021-08-23
Insured losses from the Western and Central Europe flooding between 12th and 18th July will likely range between £4.3bn and £5.6bn, according to RMS.
Posted: 2021-08-23
Brit has partnered with careers technology platform, Vercida, as part of its ongoing drive to attract diverse talent.
Posted: 2021-08-23
The general insurance industry in Japan is projected to grow from JPY11.1trn (£76bn) in 2020 to JPY12.6trn (£98bn) in 2025, in terms of GWP, according to data and analytics firm, GlobalData.
Posted: 2021-08-20
Extinction Rebellion has said that the City of London is its next target, adding that it wants the government to “stop all new fossil fuel investment immediately”. Named by the group as the "Impossible Rebellion", planned actions include site occupations and marches throughout the City.
Posted: 2021-08-20
Vehicle data platform Caruso has reached an agreement with Porsche Smart Mobility to provide GDPR-compliant access to personal data from the car maker’s vehicles to third parties, including insurers, to help them develop customised digital solutions.
Posted: 2021-08-19
Data analytics provider Verisk is enhancing its motor insurance offering with Thatcham Research’s Variant Code, which provides detail on the growing array of standard and optional features in UK vehicles – a lack of which can fundamentally affect insurers' understanding of fleet risk.
Posted: 2021-08-19
New international guidance has been published today to help create a common language in the sustainable finance market.
Posted: 2021-08-19
Marsh and Citi have announced the placement of a bespoke risk mitigation structure on behalf of Gavi, the Vaccine Alliance, to cover the risks associated with governments that are self-funding COVID-19 vaccine procurement through the COVAX Facility - in turn facilitating speedy and equitable distribution of vaccines globally.
Posted: 2021-08-18
A study conducted among small businesses directors in the UK has found that 43% are looking at regions outside the country to grow their business. Just over 2.5 million SMEs see growth opportunities for their businesses beyond the border, as confidence is thought to have surpassed pre-pandemic levels.
Posted: 2021-08-18
Industrial insurer HDI Global has created a new solution for virtual risk surveys and processes. Created with HDI Risk Consulting, the HRC Remote App is certified ISO/IEC 27001 compliant to ensure that appropriate data protection and security requirements are met.
Posted: 2021-08-17
The Awards will take place at the London Marriott Hotel Grosvenor Square, starting with a Champagne Reception at 19:00.
Posted: 2021-08-17
DARAG Deutschland has signed a loss portfolio agreement with Oslo-based Insr Insurance Group. The portfolio consists mainly of motor, property, casualty and workers’ compensation liabilities from both Norwegian and Danish jurisdictions. The deal will see DARAG provide legal finality of all Insr’s insurance liabilities before the end of this year.
Posted: 2021-08-16
A security vulnerability within the Realtek RTL819xD module allows attackers to gain access to the device, installed operating systems and other network devices. The issue is understood to affect at least 65 hardware manufacturers and hundreds of thousands of devices.
Posted: 2021-08-16
Consulting firm Accenture has reportedly been targeted by LockBit ransomware but says normal operations were not affected.
Posted: 2021-08-13
Regulatory risk related to environmental, social and governance disclosures has rapidly risen to the second in the list of senior executives concerns in Gartner’s latest emerging risks monitor report.
Posted: 2021-08-13
A survey of over 700 directors suggests that 44% of UK businesses are currently experiencing staff shortages, potentially undermining the recovery and stoking emerging inflationary pressures.
Posted: 2021-08-13
The Information Commissioner’s Office (ICO) has launched a public consultation on its draft international data transfer agreement (IDTA) and guidance.
Posted: 2021-08-12
Devices connected to an enterprise network are increasingly vulnerable to cyber attack, according to a study by tech security firm Ordr.
Posted: 2021-08-12
Retail businesses are offering bonus payments as sign-on and retention incentives to new and existing lorry drivers as the sector grapples with a shortage of staff in key logistics roles.
Dixon Carphone has announced a scheme that will see new recruits as 7.5t drivers paid a sign-on bonus of £1,500, with the same amount paid to existing drivers as a retention bonus.
Posted: 2021-08-12
Only one in ten businesses of more than 1,000 surveyed in the UK are measuring their carbon footprint, according to research by the British Chambers of Commerce. This falls to 9% for small businesses, and 5% for microbusinesses with fewer than 10 employees. By contrast 26% of larger firms (with more than 50 employees), are measuring their footprint.
Posted: 2021-08-11
Hackers have stolen around £433m of assets in what is believed to be one of the biggest cryptocurrency heists ever. A vulnerability in the system run by blockchain site Poly Network enabled the hackers to access digital tokens belonging to tens of thousands of users. Among the assets stolen is Ether currency, Binance coins and USDC tokens.
Posted: 2021-08-11
Captives have been commonplace among large corporates for over 40 years, but the hard insurance market has increased their relevance across more sectors and into the middle market.
Posted: 2021-08-11
Footfall for UK retailers remains at a standstill according to recent figures from the British Retail Consortium. A range of factors – including unpredictable weather, COVID concerns, and the distraction of major sporting events – have combined to keep customer volumes down.
Posted: 2021-08-10
Greece, Italy and Russia continue to battle wildfires that have been blazing for several days. The EU has sent help to help the situation in Greece, with member states sending nine planes, 1,000 firefighters and 200 vehicles to the area.
Posted: 2021-08-10
The scale of the impact of climate change has been laid bare in a new report by UN scientists that warns that a rise in sea levels of almost 2m by the end of this century is a possibility. Governments and other stakeholders have been urged to take fast and effective action to slow rising global temperatures which could lead to worsening heatwaves, storms and flooding.
Posted: 2021-08-09
The construction supply chain has struggled to keep up with increasing new housing and infrastructure across the UK, according to the latest construction and infrastructure survey from the Royal Institution of Chartered Surveyors.
Posted: 2021-08-09
UK universities are being urged to be vigilant against an emerging cyber security threat from essay mills. The warning comes as the sector continues to deal with an unprecedented spike in ransomware attacks in the first six months of year that has already exceeded the total number for 2020.
Posted: 2021-08-09
Compre is to acquire a US$417m portfolio of asbestos, environmental and workers’ comp liabilities from SiriusPoint.
Posted: 2021-08-06
The live events sector is to benefit from a government-backed insurance scheme worth over £750m to cover costs incurred in the event of cancellation due to lockdowns being reimposed. The scheme, facilitated by Lloyd’s insurers Arch, Beazley, Dale, Hiscox and Munich Re, will run from September 2021 to September 2022.
Posted: 2021-08-06
The UK government has today announced that arrivals from France to England will no longer need to quarantine if they are fully vaccinated with a vaccine authorised and administered in the UK, US or Europe. Austria, Germany, Slovenia, Slovakia, Latvia, Romania and Norway will be added to the green list “having demonstrated they posed a low risk to UK public health”.
Posted: 2021-08-05
A combination of staycationers, the ongoing 'pingdemic' and incoming warmer weather could create a perfect storm for vehicle breakdowns over the coming weeks, according to legal and breakdown assistance organisation, ARAG.
Posted: 2021-08-05
Beazley has launched a suite of life sciences covers for organisations in the Asia-Pacific region. The specialist insurer’s offering will provide cover for a range of complex risk exposures – from the release of unsafe medical devices and medicines, to negligence in human testing, to the mismanagement of clinical trials and drug discovery.
Posted: 2021-08-04
MS Amlin has announced a minority investment in a US-based MGA, InQlusiv.
Posted: 2021-08-04
Tata Consultancy Services has been selected by Rich Products to drive its end-to-end supply chain transformation. TCS will help the manufacturer deploy a cloud-based planning platform to unify a variety of demand and supply data using AI and ML-based data analysis.
Posted: 2021-08-04
The international shipping industry continued its long-term positive safety trend over the past year but has many other challenges to master, according to a report from AGCS. The insurer’s latest Safety & Shipping Review shows that pandemic-related delays, a surge in demand for shipping and inadequate maintenance could give rise to more frequent and costly claims.
Posted: 2021-08-03
Almost three-quarters of organisations have suffered data breaches caused by phishing attacks in the last year, according to the Egress 2021 Insider Data Breach survey.
Posted: 2021-08-03
SME manufacturing output grew at the fastest pace since October 1988 in the three months to July, according to the CBI’s quarterly SME Trends Survey. Despite the optimism, supply-side constraints on output are growing. The share of firms citing concerns about the availability of skilled labour as a factor likely to limit output was at a joint-record high.
Posted: 2021-08-03
The risk of wildfires to business property and equipment persists in the Wester US, as it endures record heat and severe drought. The risk is exacerbated for businesses lacking in climate resilience. In a 2020 survey of the world’s top CEOs and CFOs, commissioned by insurer FM Global, three in four respondents admitted that their companies are not fully prepared for the adverse financial impact of a changing climate, with 76% saying their organisations are somewhat to significantly exposed to climate risk.
Posted: 2021-08-02
The COVID-19 pandemic served both to suppress and aggravate terrorism and political violence risks in 2020-2021, according to a report from Aon. It says the scale of government intervention, resultant economic inequality and public unrest over government responses to the pandemic will continue to exacerbate a quickly worsening situation.
Posted: 2021-08-02
Howden Group has partnered with ocean clean-up organisation, Seven Clean Seas to help achieve its goal of becoming plastic neutral.
Posted: 2021-07-30
A new ISO standard for whistleblowing has just published. ISO 37002, Whistleblowing management systems – Guidelines, provides guidance for implementing, managing, evaluating, maintaining and improving a robust and effective management system for whistleblowing.
Posted: 2021-07-30
Almost three million people have moved off the furlough scheme since March, according to data published today by the ONS.

The figures, which cover the period until the end of June, show the fewest number of people on furlough since the scheme launched in March 2020, down from a peak of nine million in May last year.
Posted: 2021-07-29
Alert Cascade has won a tender to provide the Great Western Hospitals NHS Foundation Trust with a suite of mass notification solutions.
Posted: 2021-07-29
Abrupt changes to working conditions resulting from the COVID-19 pandemic exposed gaps in people-related risk response capabilities among UK firms, according to a new report by Mercer Marsh Benefits.
Posted: 2021-07-29
Directors and officers of financial services firms have been hit with over £196m in large fines from regulatory bodies since 2020, according to research from BLM.
Posted: 2021-07-28
Thomas Miller already writes business across marine P&I, offshore marine and energy and ATE.
Posted: 2021-07-28
Insured losses in Germany from flooding in July could reach EUR5bn, according to estimates from cat modelling firm, AIR Worldwide. The restoration of infrastructure could take weeks or even months, according to some estimates, which could lead to loss inflation effects.
Posted: 2021-07-28
UK subsidiaries and branches of non-UK headquartered banks are falling short of the expected level of cyber risk management, according to a report from risk advisor and insurance broker, Marsh and the Association of Foreign Banks.
Posted: 2021-07-27
Last weekend saw extraordinary levels of rainfall in London, causing flash flooding across the capital in the immediate aftermath of devastating flooding in Western Germany.
Posted: 2021-07-27
Retail sales in the UK continued to grow at a rate well above the average in the year to July, according to CBI data, but the retail, wholesale and motor trades sectors all reported relative stocks as too low, and they expect the situation to deteriorate further in August.
Posted: 2021-07-27
The pandemic put a stop to the world as we knew it.
Posted: 2021-07-26
Global financial institutions must manage risk more actively if they are to succeed with the digital transformations necessary to keep them relevant and competitive. This is the warning from operational risk association, ORX whose latest report, Right Time, Right Place, explores ways in which operational and non-financial risk management functions can support vital transformations.
Posted: 2021-07-26
Aon and Willis Towers Watson have agreed to terminate a proposed £21.5bn merger following an “impasse” with the US Department of Justice.
Posted: 2021-07-26
There are numerous and clear warnings that cyber attacks are on the rise, and that attackers are launching precision strikes against firms thought likely to pay ransoms and offering weak defences.
Posted: 2021-07-22
CBI president, Lord Bilimoria, is today expected to announce the integration of Sharing Economy UK into the CBI. Founded in 2015, SEUK represents a range of platform businesses from car-sharing and accommodation rentals to major online marketplaces - enabling people to trade space, skills, and a range of other goods and services. Its mission is to support people in using existing resources so as to reduce waste.
Posted: 2021-07-22
Ecclesiastical has joined forces with specialist risk management provider, Key Risk, to provide brokers with counter-terrorism advice.
Posted: 2021-07-22
The Grenfell Tower tragedy was the worst residential fire in London since World War II, killing 72 people in one of the world’s wealthiest neighbourhoods. Surely, then, lessons will be learned from it, and lasting change implemented. Unfortunately, as history tells us, the evidence is weighed against this outcome – indeed, four years after Grenfell, the UK’s cladding issue remains unresolved, putting the lives of thousands at risk and on hold.
Posted: 2021-07-21
Airmic has announced the appointment of Claire Combes as its next chairman. Ms Combes will succeed Tracey Skinner from 1st September 2021. Ms Combes has been an Airmic member for 20 years and joined the board in 2016. She is chair of the Risk Management Steering Group and also sits on the association’s Audit Committee.
Posted: 2021-07-21
The global pandemic continues to cause uncertainty for businesses, and risk managers remain at the forefront of ensuring organisations survive and adapt. There’s currently a lot of focus in the UK on the risks associated with a return to the workplace, but this is only one specific aspect of the much bigger challenge of adapting to ongoing, unpredictable change.
Posted: 2021-07-21
Pool Re’s specialist terrorism risk division Solutions has launched the second in a series of sector risk reports which identifies a number of potential terrorist threats to the retail and hospitality sector.
Posted: 2021-07-20
Ticket machines operated by Northern Trains have been hit by a suspected ransomware attack. The machines were put out of action last week following a cyber attack designed to extort money from the company.
Posted: 2021-07-20
Online grocer Ocado has been forced to cancel thousands of orders following a fire at its automated warehouse in south-east London. The blaze at the company’s fulfilment centre in Erith was caused by a collision between three of the robots that operate at the high-tech site.
Posted: 2021-07-20
A new ISO standard for whistleblowing has just published. ISO 37002, Whistleblowing management systems – Guidelines, provides guidance for implementing, managing, evaluating, maintaining and improving a robust and effective management system for whistleblowing.
Posted: 2021-07-20
With the removal today of many COVID-related restrictions, the CBI is calling for immediate changes to the current self-isolation policy as part of measures needed to create confidence and secure the economic recovery.
Posted: 2021-07-19
The number of large protests and demonstrations globally has risen 36% since the global financial crisis in 2008-2009, from an average of 355 per year in the decade to 2009 to 482 per year in the decade following the global financial crisis, according to a study by reinsurance group Chaucer.
Posted: 2021-07-19
The arts and entertainment industry is still very much in recovery mode as COVID restrictions are further eased. Figures from the Office for National Statistics shows that 57% of businesses experienced a decrease in turnover compared with normal levels for the time of year, and that the arts, entertainment and recreation industry continues to report the highest proportion of its workforce on furlough at 15%.
Posted: 2021-07-19
Royal Mail has announced that all of its company cars will be electric by 2030 as part of a drive to become a net zero carbon emission business with a 100% alternative fuel fleet.
Posted: 2021-07-16
Severe flooding across Germany and other parts of Western Europe look set to be one of the costliest flood events on record, with insurers and reinsurers bracing themselves for losses running into billions of euros.
Posted: 2021-07-16
Law firm Pinsent Masons has launched a new working-from home audit tool to help financial services organisations understand the hidden litigation and regulatory risks associated with staff increasingly working from home on a more permanent basis.
Posted: 2021-07-16
The winners of the 2021 National Insurance Awards were revealed at last night's gala dinner and awards ceremony.

Hosted by comedian Felicity Ward, the National Insurance Awards showcase outstanding performance in general insurance.
Posted: 2021-07-15
Climate change litigation cases have been increasing markedly over the past six years, and pose a risk to an expanding range of companies and policymakers, according to a report by the Grantham Research Institute on Climate Change and the Environment at the London School of Economics and Political Science.
Posted: 2021-07-15
Insurers have welcomed the government’s Building Safety Bill and believe it will provide underwriters with greater confidence to develop new products for construction professionals.
Posted: 2021-07-15
Car manufacturer Nissan has seen over 10% of staff at its Sunderland production facility told to isolate after being alerted via the NHS Test and Trace app. Up to 900 workers are believed to have been sent home from the plant, which is located in a part of the country that has seen a significant increase in virus case numbers in recent weeks.
Posted: 2021-07-15
Fraud prevention service Cifas is warning of a surge in identity fraud as cases filed to the National Fraud Database increased by 11% in the first six months of 2021, in a pattern similar to the aftermath of the 2008 financial crisis.
Posted: 2021-07-14
In the mid-2030s, every US coast will experience rapidly increasing high-tide floods when a lunar cycle will amplify rising sea levels caused by climate change, according to data released by space agency NASA.
Posted: 2021-07-14
Cyber businesses across the UK are set to benefit from a £700k fund to help develop people’s skills, collaborate and break down local barriers to growth.
Posted: 2021-07-14
Following the government’s announcement of easing of remaining COVID-19 restrictions on Monday 19th July, businesses have warned that they still do not have all the information they need to make the transition smoothly.
Posted: 2021-07-13
Financial services firms plan to boost IT spending – specifically to tighten up their cybersecurity – according to new data from PwC UK and the CBI. The results from the CBI/PwC Financial Services Survey 2021 show that 70% of firms plan to invest more over the next 12 months.
Posted: 2021-07-13
UK water companies are failing to cut pollution from spills of raw sewage into rivers and coastal waters according to the latest annual report by the Environment Agency.
Posted: 2021-07-13
More than half of businesses now have a defined policy in place to deal with ransomware attacks – whether this means paying a ransom, relying on insurance policies or refusing to pay at all.
Posted: 2021-07-12
Western and Central Europe experienced a significant and prolonged stretch of severe weather last month, landing insurers with a bill of US$4.5bn bill, according to the latest Aon Catastrophe Report.
Posted: 2021-07-12
SiriusPoint has launched an MGA underwriting D&O. Banyan Risk has been developed in partnership with Tim Usher-Jones (pictured).
Posted: 2021-07-09
Pool Re has announced the launch of an advisory panel to explore how to protect the UK economy from systemic risks. Re:New will bring together insurance professionals, academics and other public figures to explore how the insurance industry, the private sector, public sector and the public can work together to better protect the UK from the economic consequences of systemic risks such as climate change and cyber terrorism.
Posted: 2021-07-08
ARAG has reported a profit for 2020 and an increase in its premium under management for 2020, as economic uncertainties created by the pandemic resulted in considerable volumes of calls for legal advice on employment, contract and tenancy-related matters – particularly in Q2.
Posted: 2021-07-08
The challenge of halving global emission levels by 2030, reaching net zero by 2050 and staying that way throughout the second half of the century would necessitate the delivery of carbon removal services at such a scale, it would require an industrial effort equivalent to the size of today’s global oil and gas sectors combined.
Posted: 2021-07-08
The Risk Advisory Group has established a specialist security intelligence services company to provide security experts with geopolitical threat intelligence.
Posted: 2021-07-07
Pandemic-related construction project delays led to a surge in plant fire claims in the second and third quarter of 2020, according to data from specialist engineering and technology insurer, HSB.
Posted: 2021-07-07
London-based technology provider, Tractable has signed a deal with Italian insurer Sara Assicurazioni, which is to use the insurtech’s AI to help assess and estimate vehicle damage following an accident.
Posted: 2021-07-06
As aircraft begin to return to the skies, a new report from AGCS highlights some of the unique challenges airlines and airports face as they restart operations. It also identifies a number of long-term changes in fleet composition, flight routes and passenger demand, as COVID-19 has reshaped the sector.
Posted: 2021-07-06
COVID-19 restrictions are to end in England on Monday 19th July, subject to a final review of the data next week. The delayed Step 4 of the ‘roadmap’ is expected to bring an end to limits on social contact and guidance to work from home, allowing employers to start planning a safe return to workplaces.
Posted: 2021-07-06
The FCA has today launched a consultation on a series of proposals to reform the UK primary markets, building on the recent UK Listing Review and the Kalifa Review of UK FinTech. Director of market oversight, Clare Cole said the proposals are essential if the UK is to continue to be a modern and dynamic market.
Posted: 2021-07-05
Whitespace has signed up 13 members of the Belgian marine market to the Whitespace Platform. Migration to the digital trading platform has been taking place throughout June, ensuring the market can phase rollout this month.
Posted: 2021-07-05
A new study of online security has crowned Portugal the most cyber-safe in Europe, while the UK comes in 16th. ESET’s European Cyber Security Index analyses each nation on seven factors, including commitment to cyber security, amount of cyber security legislation, and number of victims of identity theft in the last three years.
Posted: 2021-07-05
Axa has published its 2021 climate report, fulfilling the legal requirements for non-financial reporting as well as the voluntary approach of the task force on climate-related financial disclosures.
Posted: 2021-07-02
Protecdiv has completed its first transaction for Sompo International with strategic partner BMS Group.
Posted: 2021-07-02
Companies in the technology, media and telecoms sectors, financial institutions and healthcare and life sciences companies feel more resilient now than they did 12 months ago, whereas those in the hospitality and entertainment sectors feel quite the opposite.
Posted: 2021-07-01
Global insurance industry group, Climatewise, convened by the University of Cambridge Institute for Sustainability Leadership, has released a whitepaper exploring the potential contribution of innovative insurance products in the transition to a net zero economy.
Posted: 2021-07-01
Latin American insurance markets are seeing marked improvements in the regulatory arena, but challenges remain in these improving markets.
Posted: 2021-07-01
The CBI is urging businesses to prepare for an impending ‘perfect storm’ of labour shortages as the UK works on recovering from the pandemic-induced economic fall-out. Hauliers, hospitality, and food and drink are among the worst affected, the group says.
Posted: 2021-06-29
Praedicat has updated its litigation tracker in CoMeta to include three new mass litigations: PFAS (per- and polyfluoroalkyl substances), toxic baby food (heavy metals in baby food) and paraquat (a herbicide alleged to cause Parkinson’s disease).
Posted: 2021-06-29
The new UK Cyber Security Council has instigated its first two initiatives, under its mandate from the government to develop the cyber security profession
Posted: 2021-06-29
A lack of standardisation and the complexity of the science behind climate model data are compounding uncertainties for financial markets participants, leading to unintended misuse in the context of financial disclosures.
Posted: 2021-06-28
Personal data may continue to flow freely between Europe and the UK following agreement by the European Union to adopt ‘data adequacy’ decisions, which mean that organisations in the UK can continue to receive personal data from the EU and EEA without having to put in place additional arrangements with European counterparts.
Posted: 2021-06-28
The Chartered Body Alliance today launched its first qualification, the Certificate in Climate Risk, to help financial services professionals pass the ‘Carney Test’.
Posted: 2021-06-28
The top 20 global public insurance companies reported aggregate revenues of $1,923.9bn in 2020, a y-o-y decline of around 5% in their top-line performance. Eleven companies reported a drop in revenue – the most notable being UK-based insurers Prudential, Aviva and Legal & General, according to analysts at GlobalData.
Posted: 2021-06-25
Randall and Quilter Investments Holdings has renewed its contract with Atos for a further three years as its core digital services partner.
Posted: 2021-06-24
Catastrophe modelling firm AIR Worldwide has updated its terrorism model for the United States to more comprehensively model the extent of damage from conventional bomb blast attacks.
Posted: 2021-06-24
The Prince of Wales today launched his Sustainable Markets Initiative Insurance Task Force, convening executives from a number of the world’s largest insurers and reinsurers to create an influential platform from which to collectively advance progress towards a resilient, net-zero economy.
Posted: 2021-06-24
AXIS Capital’s aviation units have been rebranded in the last phase of the 2016 acquisition by AXIS of European specialty aviation insurer and reinsurer, Aviabel and its Dutch brand, NLP (Nederlandse Luchtvaartpool).
Posted: 2021-06-23
Sungard AS has been named as a supplier on the new Crown Commercial Service’s Technology Services 3 RM6100 framework, marking its third major UK public sector framework win.
Posted: 2021-06-23
US risk management society, RIMS has joined the Business Continuity Coalition to help build a more stable insurance market that will support organisations navigate future pandemics.
Posted: 2021-06-23
AML compliance is costing UK financial institutions £28.7bn annually, a figure that is equivalent to more than half of the UK’s 2020 defence budget of £53.3bn, and is set to rise to £30bn by 2023.
Posted: 2021-06-21
Business groups in the UK have welcomed the launch today of flexible season tickets, hailing the new approach a win for hybrid workers as well as for the climate. Welcoming the announcement, the CMI said the move was precisely what the changing workforce needed at this time. Other groups have expressed their disappointment with the scheme, which, for many commuters, appears to offer no saving at all.
Posted: 2021-06-21
A useful reference tool for anyone with international insurance operations.
Posted: 2021-06-21
We are delighted to report some exciting news for the National Insurance Awards 2021, which takes place on 14th July. Due to strong bookings, and the need to run this event in a COVID-secure environment, we have secured the stunning Great Room at the Grosvenor House Hotel in Park Lane for the evening
Posted: 2021-06-21
Businesses confidence has returned to the UK, with the economy set for a breakthrough year - despite this week’s delay on the lifting of the last lockdown restrictions. The easing of most pandemic-related restrictions in line with the government’s roadmap, rapid vaccines roll-outs and the unleashing of pent-up consumer demand are behind the numbers.
Posted: 2021-06-18
The Health and Safety Executive continues to carry out spot checks in businesses throughout the UK to ensure workplaces are COVID-secure. Employers found to fall short of the expected level of risk management may face action and even prosecution.
Posted: 2021-06-18
The International Underwriting Association has issued a warning over the costs and profile relating to environmental liabilities, for which it says general liability policies provide extremely limited cover.
Posted: 2021-06-18
Aon’s proposed $35bn purchase of Willis Towers Watson is being challenged by US antitrust regulators, who say the proposed merger would eliminate competition and lead to higher prices and reduced innovation for customers in the US.
Posted: 2021-06-17
Lloyd’s has secured £650m in cover to protect its Central Fund against severe tail end events and adverse solvency developments. The new multi-layered cover will reimburse aggregate payments from the Central Fund in excess of £600m up to £1.25bn.
Posted: 2021-06-17
Aioi Nissay Dowa Insurance UK has partnered with Flock to develop a new connected motor fleet insurance product for self-drive hire, own goods, courier and tradesperson fleets across the UK.  
Posted: 2021-06-17
A poll among security professionals suggests that a large proportion of firms that have chosen to pay ransom demands go on to suffer a second attack – often at the hands of the same threat actor. In the UK, 84% of organisations that paid a ransom demand were hit again, with 61% reporting significant loss of revenue.
Posted: 2021-06-16
Boohoo is reported to have joined the sustainable supply chain improvement programme, joining companies such as Next, M&S, Fred Perry and Asos.
Posted: 2021-06-16
The total value of Europe’s 500 most valuable brands has dropped 10% during the COVID-19 pandemic from €1.96trn in 2020 to €1.76trn in 2021, according to a global study of brand value.
Posted: 2021-06-16
The UK Government has announced a four-week delay to Step 4 of its roadmap for the lifting of COVID-related restrictions. Step 3 restrictions remain in place, as concerns about the Delta variant of the virus were blamed for the cancellation of what many referred to as ‘Freedom Day’, when the last COVID restrictions were due to be lifted.
Posted: 2021-06-15
Gallagher has acquired all of the remaining shares of Swiss insurance broker, Hesse & Partner AG and Hesse Consulting GmbH.
Posted: 2021-06-15
A global study of online environmental claims conducted by the International Consumer Protection Enforcement Network recently found 40% to be false or misleading. Now, sustainability certification firm, TCO Development, is making the case for transparency and verification in validating sustainable procurement efforts, and ultimately, reputation.
Posted: 2021-06-15
The construction and manufacturing sectors are the most likely to rely on credit to help pay for insurance, according to new analysis from Premium Credit.
Posted: 2021-06-14
Transunion has enhanced its data breach support service for businesses in the UK. The new service allows an organisation’s customers to access their credit information and also offers specific features to help safeguard their identity.
Posted: 2021-06-14
A parametric insurance product that protects small businesses against economic losses following a shooting or malicious incident within 250 metres of their premises has been launched by Lloyd’s insurer Aegis London. This is the first policy of its type to be launched by the syndicate.
Posted: 2021-06-14
Re/insurers will be anxious in the weeks leading up to the Tokyo Olympics, the International Olympic Committee having taken out the equivalent of £565m in event cancellation cover. While the IOC has stated a commitment to holding the event, losses could be large if the games are cancelled amid emergency measures to contain COVID-19 in Japan.
Posted: 2021-06-11
Amid forecasts of an above-average Atlantic hurricane season, global health and security services consultancy, International SOS is urging businesses to act now to protect employees who are still dealing with pandemic-related challenges.
Posted: 2021-06-11
The economies of the UK, the US, Spain, the Netherlands and China stand to benefit from global corporate tax proposals being discussed by international leaders at this weekend’s G7 summit in Cornwall.
Posted: 2021-06-11
Axa has launched a settlement offer to 15,000 restaurant owners in France with non-damage business interruption insurance. The insurer said it expects that these settlements will be around €0.3bn before tax and reinsurance (likely to be a lower bottom line impact post tax and reinsurance).
Posted: 2021-06-10
The world's largest meat processing company is operating at full capacity again today after paying the equivalent of £7.8m in ransom to put an end to a major cyber attack.
Posted: 2021-06-10
Standards organisation, BSI is collaborating with pharmaceutical logistics network, Poseidon to bring greater quality and certainty to the global distribution of medicines and vaccines by developing and executing a multi-modal compliance and standards programme to help promote, monitor and assess adherence to the good distribution practice guidelines that support global pharmaceutical logistics.
Posted: 2021-06-10
Gamified training solutions provider, Attensi has teamed up with anti-money laundering legal specialists at Advokatfirmaet Erling Grimstad to create a new interactive AML training app.
Posted: 2021-06-09
Organising themselves along the lines of drug cartels, cyber criminals are ‘changing the rules of ransomware’ attacks to keep ahead of efforts to thwart their activities. So says a new report from the cyber analytics experts at CyberCube.
Posted: 2021-06-09
The Better Society Energy Awards are currently open and looking to help promote the concepts of good energy use – reducing carbon, adding to sustainable infrastructure and financing a cleaner world – amongst other vital energy related areas of creating a sustainable world.
Posted: 2021-06-09
TMHCC bolsters international contingency team
Posted: 2021-06-08
London’s specialist brokers possess a unique set of skills and expertise that will enable businesses to make the changes necessary to achieve the net reduction in carbon emissions required in the push to Net Zero, according to a paper published by the London & International Insurance Brokers’ Association.
Posted: 2021-06-08
Canopius Group has launched an algorithmic underwriting platform as an MGA.
Posted: 2021-06-07
The London Market Group has today published a five-point plan asking for regulatory and legislative change to help support the industry’s competitive position, grow exports and deliver increased levels of foreign inward investment into the country.
Posted: 2021-06-07
Bell and Clements is launching an intellectual property legal professional liability product specifically designed for law firms with 65% or more of their revenue derived from the practice of IP law.
Posted: 2021-06-07
Willis Towers Watson has announced a partnership with the Mesoamerican Reef Fund to develop, co-fund and implement insurance solutions that help protect and restore the 1,000km reef system along the Caribbean coast. The Mesoamerican Reef Insurance Programme aims to use parametric insurance to cover the hurricane risk to the reef and the communities that depend on it for their livelihoods.
Posted: 2021-06-04
The events still unfolding at an anchorage off Colombo underline the continuing problem of ship fires caused by the mishandling of dangerous goods, according to shipping experts at TT Club. The catalyst for the fire on the Singaporean Super Eco 2700-class container ship is thought to have been a leakage of nitric acid, which was either incorrectly packaged or packed.
Posted: 2021-06-04
Economic diversification in the United Arab Emirates will create new trade opportunities for exporters, according to analysts at Atradius.
Posted: 2021-06-04
Brit has created a consortium writing marine war and breach call risks. Keel offers up to US$152.2m of capacity per risk and provides instant quotes that are fully sanctions screened.
Posted: 2021-06-03
Willis Towers Watson has launched a cloud based extension of its capital modelling platform. ts Igloo Cloud offers access to unlimited and flexible computing resources and power within Azure, and managed by WTW.
Posted: 2021-06-03
The London Market Group has this week launched its new recruitment hub, offering a single site for insurers, brokers and service providers in the London Market to post jobs and also to connect them with the thousands of students who have previously attended graduate fairs and other similar student events with the LMG.
Posted: 2021-06-03
Willis Towers Watson has launched a sports and entertainment industry group to identify, mitigate and transfer risks associated with the sector.
Posted: 2021-06-02
CPP Group UK has secured a three-year contract with Partners& on its cyber security offering.

Cyber Insurance by CPP Secure is now available through Acturis after Partners& selected the administration platform as a technology partner. The insurance policy was originally launched on Acturis by CPP in October 2019.
Posted: 2021-06-02
A study of terrorist attacks that took place on passenger rail and bus systems in modern developed countries between 1970 and 2020 has found that more than 60% of incidents occurred during off-peak hours. For the Mineta Transportation Institute’s latest Peak Hour Study, security experts Brian Michael Jenkins and Bruce Butterworth analysed more than 500 attacks on both rail and bus systems.
Posted: 2021-06-02
The Institute of Risk Management has appointed a new independent non-executive chair. Stephen Sidebottom takes over from Iain Wright today. Mr Sidebottom has over 30 years’ international experience of working in HR and organisational development primarily in global financial services and in both private and public sectors..
Posted: 2021-06-01
The cumulative cost of COVID-19 claims for the largest life reinsurers is thought to have reached £3.1bn in the first quarter of the year as mortality rates spiked, according to figures published today by Bloomberg Intelligence.
Posted: 2021-06-01
Some UK SMEs are borrowing to fund business insurance with owners most likely to rely on credit cards, new research from Premium Credit shows.
Posted: 2021-06-01
Amid a brightening outlook for economic recovery in 2021 and appetite for new business among participating insurers, the government and the ABI have announced that the Trade Credit Reinsurance scheme will close on 30th June, as planned. The temporary scheme is understood to have provided some £210bn in cover.
Posted: 2021-05-27
DCMS is looking for views on the existing guidance for supply chain cyber risk management and is also testing the suitability of a proposed security framework for managed service providers.
Posted: 2021-05-27
Willis Towers Watson has launched a public-private partnership project on disaster risk management and climate resilience for the City of Medellín, Colombia. Collaborating with the city’s government, the partnership will develop parametric flood and earthquake insurance products, as well as landslide protection.
Posted: 2021-05-27
The availability of data is the greatest challenge financial institutions expect to face over the next five years as they seek to address climate risk. Difficulties in making quantitative assessments and insufficient expertise in the actions required to facilitate a transition to a Net Zero economy were also identified among the key barriers to progress, according to a survey.
Posted: 2021-05-26
After a year of supply chain disruption, political tension and growing climate worries, resilience is increasingly recognised as key for global businesses – and nowhere more so than in Denmark, according to FM Global’s latest Resilience Index.
Posted: 2021-05-26
IoT data has the potential to reshape insurance business models as it provides all the data necessary to prevent risks more quickly, more effectively and with greater precision. Offering major benefits to both insurers and insureds, harnessing IoT data can also help encourage less risky behaviour.
Posted: 2021-05-26
Data obtained under the Freedom of Information Act shows that whistleblower reports to the Financial Conduct Authority dropped by 9% between 2019 and 2020 (from 1,179 to 1,073) and anonymous reports by 29% (from 291 to 206). The is first year-on-year fall since 2016, with steady growth in reports between then and 2019.
Posted: 2021-05-25
Three years after GDPR came into force, UK security professionals are more concerned about class action lawsuits following a serious data breach than they are about regulatory fines. Half of consumers said they would be prepared to join a class action lawsuit against a firm that had leaked their data, suggesting that security professionals’ fears are not misplaced.
Posted: 2021-05-25
The UK government is today testing a new Emergency Alerts system, designed to alert the public about severe flooding, fires, explosions, terrorist incidents or public health emergencies.
Posted: 2021-05-25
There are some truths we ought to take as self-evident in modern risk management. Firstly, we know that good risk management makes good business sense; secondly, we know that we live in a world of high velocity change and complexity; and thirdly, we know that the world has changed for ever.
Posted: 2021-05-24
Two former Lloyd’s of London analysts have launched an index which aims to provide an equity benchmark better suited to specialty re/insurance underwriting than other, non-specialist equity indices.
Posted: 2021-05-24
Real-time driving data has uncovered the growing use of privately-insured vehicles for commercial purposes. Telematics insurtech, ThingCo calculates that as much as 5% of new private motor insurance policies are currently being used for commercial activities, such as take-away food deliveries.
Posted: 2021-05-24
More than half of firms have faced one or more third-party risk incidents whilst responding to the COVID-19 pandemic, some 13% of which were considered ‘high impact’, compromising financial performance and profitability, and, in some instances, putting firms in breach of regulations.
Posted: 2021-05-21
Cyber physical risks
Property damage as a consequence of cyber attack is often excluded from standard property policies, but as the industrial internet of things expands, so too do the risks. This podcast examines the evolving threat landscape. Published October 2021

Financial institutions were early adopters of cyber security and insurance. Are they still on top of the game?
Managing huge amounts of sensitive data online makes financial institutions a prime target for hackers. As such, the sector was an early cohort for insurers in creating cyber cover. Since then, the market has evolved almost beyond recognition. It continues to challenge itself to this day, complying with rigorous regulatory demands and implementing avant-garde enhancements to keep abreast of the ever-changing risks. Published June 2021