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Cyber incidents such as data breaches or ransomware attacks, and IT disruptions like the CrowdStrike incident, are the biggest worry for companies globally in 2025, according to the latest Allianz Risk Barometer, with climate change also moving up to its highest ever level in the annual list of perceived threats.
Posted: 2025-01-21
Digital risk processing platform Cytora has teamed up with property data specialist Smarty to enhance property risk evaluation for insurers.
Posted: 2025-01-21
US insurer Mercury General Corporation has so far paid out US$80m (£65m) to policyholders affected by the recent wildfires in Los Angeles, mostly for living expenses and housing contents, but is yet to determine whether the fires are classified as a single event.
Posted: 2025-01-21
Payouts relating to property damage in 2024 are expected hit their highest level in 17 years, according to UK insurance sector analysis by Deloitte.
Posted: 2025-01-20
The Insurance Fraud Bureau is to combine its counter-fraud databases into a single platform which it says will enable members to make faster and more informed decisions on suspected fraud cases.
Posted: 2025-01-20
The Home Office has announced a public consultation seeking views on three proposals aimed at blocking some of the key business models utilised by ransomware criminals.
Posted: 2025-01-20
HealthKey has announced its first major partnership with UK construction accreditation body, Veriforce CHAS. The healthtech platform offers a suite of services, including virtual GP consultations, physiotherapy, preventative care and mental health support.
Posted: 2025-01-14
DARAG Group and Wefox Insurance AG have announced the transfer of a run-off portfolio, including motor damage and third party liability, private liability and property business across Germany, Italy and Switzerland. The transfer of the portfolio is related to the previously announced sale of Wefox Insurance AG to a group of Swiss companies led by BERAG.
Posted: 2025-01-14
Atrium Syndicate 609 has agreed a loss portfolio transfer with Enstar’s Lloyd’s syndicate 2008, covering discontinued portfolios. The transaction covers 609’s marine treaty reinsurance, property treaty reinsurance and US contractors general liability portfolios.
Posted: 2025-01-14
The Lloyd’s Market Association has set out a framework for Lloyd’s insurers to consider using when managing their exposure to lesser-known systemic cyber risks. While systemic scenarios such as the failure of a cloud service provider or a widespread ransomware attack have been extensively modelled, the rapid digitalisation of society is creating new cyber risks with which insurers are less familiar.
Posted: 2025-01-13
Miller has expanded its Asia presence with the launch of Miller Korea. The new division will be led by David Kim as head of Korea. Over the past 25 years, Kim has served in a range of leadership positions across the insurance sector, including as CEO of Marsh Korea. Prior to this, he worked for ten years in the investment industry, including at Morgan Stanley in Japan.
Posted: 2025-01-13
Moody’s has announced its acquisition of Ai-powered geospatial insight provider, Cape Analytics. Cape Analytics creates property intelligence analytics through computer vision, machine learning and geospatial imagery, providing immediate, detailed risk assessments for properties on an individual address basis throughout the US, and in large parts of Canada and Australia.
Posted: 2025-01-13
Multiple wildfires have caused tragic loss of life, widespread destruction of property, and mass evacuations in California. According to the California Department of Forestry and Fire Protection, the largest of those fires (Palisades and Eaton) are still uncontained, as strong winds and extremely dry conditions continue to maintain the threat of extreme fire spread.
Posted: 2025-01-10
Charles Taylor has opened a new adjusting office focused on the natural resources sector in Rio de Janeiro, reflecting its growing presence in Latin America. The company’s Natural Resources Team, which offers tailored services for complex claims in the energy, mining and natural resource sectors, will be run by Manuel Tarantino.
Posted: 2025-01-10
McGill and Partners has launched a new AI-powered war risk reinsurance facility for commercial property in Ukraine. The new offering leverages Lloyd’s Lab insurtech, FortuneGuard’s technology to assess the likelihood of war damage and to support risk presentation, analysis and underwriting.
Posted: 2025-01-09
American International Group has appointed Christopher Flatt, currently head of AIG North America Alternative Channels, as global chief underwriting officer. Prior to joining AIG in 2017, Flatt held a number of leadership roles at Marsh McLennan, where he worked for 15 years. Previously he served in senior underwriting positions at GE Capital and ITT Hartford, where he began his career.
Posted: 2025-01-09
Grant Smith has been appointed to lead Markel’s transport and logistics team, with immediate effect. Smith has spent more than 17 years of his career working in various underwriting and leadership positions across these classes of business. Prior to joining Markel, he worked as portfolio manager, specialty at QBE European Operations – a position he held since 2014.
Posted: 2025-01-08
Commercial property insurer, FM has announced its acquisition of excess and surplus insurance provider Velocity Specialty Insurance Company. With the increasing frequency and severity of secondary perils and other emerging risks, businesses are seeking E&S coverage for risks that traditional insurance is less likely to cover.
Posted: 2025-01-08
The chief executive officer of Lloyd’s, John Neal, is to leave the insurance marketplace this year to join Aon as global CEO of reinsurance and global chairman of climate solutions. During his six years at Lloyd’s, Neal led a reset in the strategic direction of the world’s largest insurance marketplace. He also set up Lloyd’s strategic agenda to deliver digital, operational and cultural change at the Leadenhall institution.
Posted: 2025-01-08
Axa XL is funding research funding at the Institute for Science, Innovation and Society in partnership with the Smith School of Enterprise and Environment at the University of Oxford.
The 18-month project is aimed at understanding the private sector's approach to achieving net zero emissions in developing countries.
The 18-month project is aimed at understanding the private sector's approach to achieving net zero emissions in developing countries.
Posted: 2025-01-07
Aon is bolstering its credit risk management offering through a collaboration with Moody’s. Under the new agreement, Aon’s Credit Solutions teams will refer its clients to Moody’s to identify ways in which data and analytics tools can unlock credit risk insights.
Posted: 2025-01-07
Brokerslink has added Puerto Rico-based General Insurance Brokers to its affiliate network.
Family-owned GIB is among the largest domestic brokerage firms in Puerto Rico offering a range of commercial lines, personal lines and health and benefits products.
Family-owned GIB is among the largest domestic brokerage firms in Puerto Rico offering a range of commercial lines, personal lines and health and benefits products.
Posted: 2025-01-07
Solace Global Risk is advancing its artificial intelligence capabilities with its acquisition of AI platform provider, Nuraling.
Posted: 2025-01-06
International drinks manufacturer Diageo has been fined half a million pounds after an employee sustained burns to over 30% of his body. The mechanical engineer had been repairing a defective pump when he was burned by pot ale – a liquid which had a temperature of 104C.
Posted: 2025-01-06
Earnix is the latest provider to join the Managing General Agents’ Association as a Supplier Member. The MGAA represents over 400 managing general agents across the UK and the Republic of Ireland, advocating on their behalf and addressing key issues such as regulatory challenges and market opportunities.
Posted: 2025-01-06
RIMS has appointed Kristen Peed as its president for 2025. Peed is head of corporate risk at Sequoia, where she is responsible for the placement of corporate insurance programmes, claims management and the implementation of risk mitigation strategies.
Posted: 2025-01-03
After an extended period of rate increases across the re/insurance sector, the availability of deployable capacity signals a new phase in the cycle, marking a significant shift from recent trends. This is amongst the findings of Howden’s 2025 market report, Past the Pricing Peak, which reflects the more favourable supply dynamics across both the commercial insurance and reinsurance markets over the last 12 months.
Posted: 2025-01-03
Cyber security and corporate intelligence consultancy, S-RM, has agreed a new channel distribution partnership with cyber security solutions provider and distributor, Distology. S-RM responds to over 500 incidents a year. The UK team is supported by full-service incident response teams in the US, Netherlands and Singapore, enabling a ‘follow the sun’ model and 24-hour support for incident response. It says a dedicated incident response team can be assembled in as little as six minutes.
Posted: 2025-01-03
BMS Group has completed the acquisition of UK broker David Roberts and Partners.
Posted: 2024-12-23
Alps has announced the appointment of Michelle O’Reilly as managing director.
Posted: 2024-12-23
McGill and Partners has appointed Andre du Preez as head of emerging technology.
Posted: 2024-12-23
Volt Underwriting has signed a US$37.5m binding authority for US and international onshore power and renewable energy risks, marking a 50% capacity increase for 2025. The binder continues to be led by Dale Underwriting Partners’ Lloyd’s Syndicate 1729, with support from SiriusPoint Syndicate 1945.
Posted: 2024-12-19
DARAG Group has completed the sale of its North American and Bermuda business entities to the RiverStone Group, following regulatory approval.
Posted: 2024-12-19
Aon is partnering with Fathom to augment the flood risk capabilities of its Climate Risk Monitor tool. As part of the collaboration, high-resolution data will bolster the tool’s functionality across flash flooding, river flooding, coastal flooding and rising sea levels. The solution can now assess US, UK and Japan flood risk at a resolution of 10 square meters, and 30 square meters for other regions.
Posted: 2024-12-19
Lockton has announced the launch of a global parametric insurance team. The new team offers expertise across multiple regions to support insureds through bespoke risk assessments, leveraging data scientists and advanced analytics to identify triggers that can address potential losses.
Posted: 2024-12-18
NorthStandard and NIORD have announced a strategic partnership to build their offshore renewable energy underwriting business. Under an agreement that comes into effect on 1st January 2025, global marine insurer NorthStandard will provide US$30m in additional capacity to insure fixed and floating wind farms as well as renewables devices.
Posted: 2024-12-18
American International Group has led on the launch of a new reinsurance syndicate at Lloyd’s. Syndicate 2478 will commence underwriting from 1st January 2025, and will be a multi-year participant on AIG’s outward reinsurance programme.
Posted: 2024-12-18
Ongoing geopolitical tensions are elevating security risk ratings in an increasingly fragmenting world. This is the key message from security and health risk services company, International SOS, as it releases its annual Risk Map today.
Posted: 2024-12-17
Lloyd’s welcomed the UK Chancellor of the Exchequer, Rachel Reeves, and Secretary of State for Business and Trade, Jonathan Reynolds, to its Lime St headquarters today for the inaugural meeting of the UK Government’s Industrial Strategy Advisory Council.
Posted: 2024-12-17
Insurers in the European Economic Area are sufficiently capitalised to deal with the economic fallout from a “severe but plausible" amplification of geopolitical tensions. This is the conclusion drawn by the European Insurance and Occupational Pensions Authority, whose 2024 Insurance Stress Test results were published today.
Posted: 2024-12-17
CyberCube has signed a multi-year partnership with Mathison Insurance Partners, whereby the Mississippi-based wholesale brokerage will integrate CyberCube's Broking manager tool into its operations.
Posted: 2024-12-16
Alessandro Lezzi has been appointed group head of cyber risks at Beazley. He has been the insurer’s head of international cyber for more than a decade, prior to which he held underwriting roles at Tokio Marine HCC and Markel.
Posted: 2024-12-16
Amid shifting market dynamics, facultative reinsurance is increasingly considered a core element of risk management strategies, but it is not always straightforward. Further to a survey conducted by WTW, the broker and risk advisory says insurers may face significant barriers accessing capacity as supply continues to fluctuate with cyclical market forces.
Posted: 2024-12-13
TT Club has welcomed the recent cross-party parliamentary debate on the issue of security and policing, and its subsequent impact on freight crime. The specialist freight transport insurer argues that the National Vehicle Crime Intelligence Service is under-supported and under-funded.
Posted: 2024-12-13
Ecommerce businesses could face average potential losses of £2m per hour throughout December due to malicious bot traffic and fraud attempts, according to figures from US-based API security and bot management provider, Cequence.
Posted: 2024-12-13
The team behind digital risk processing platform Cytora has partnered with international weather information and data management provider Pelmorex Corp on a climate and weather predictive modelling tool for commercial property insurance underwriters.
Posted: 2024-12-12
Charles Taylor Adjusting has announced a new associateship with New Zealand-based Carter Briggs Hurle Adjusting, extending its regional coverage in Australasia. CBH provides claim management services to clients across New Zealand, Australia and the Pacific Islands in property, liability, business interruption, construction, financial lines, event cancellation, litigation support and catastrophe response.
Posted: 2024-12-12
The British Insurance Brokers’ Association’s annual conference will set out in 2025 to once again define the market’s emerging needs, and explore what brokers want the future of the industry to look like.
Posted: 2024-12-11
Lloyd’s has released a new scenario in its series of systemic risk models. The latest scenario explores the potential global economic loss of a hypothetical but plausible human pandemic.
Posted: 2024-12-11
Cyber security and compliance solutions provider MetaCompliance has launched a tool designed to help organisations identify, manage and mitigate cyber vulnerabilities in the workforce.
Posted: 2024-12-11
Supply chain long-cons may become the norm in 2025, as threat actors increasingly adopt long-term infiltration strategies, targeting lesser-known software dependencies to exploit vulnerabilities while maintaining a façade of legitimacy. This is amongst the trends forecast to dominate in the new year.
Posted: 2024-12-10
A survey conducted by ORX, involving some of the largest banks and insurance companies worldwide, reveals that almost half are using at least one mainstream Generative AI tool to enhance their risk management strategies. An equal proportion of firms are planning to implement operational risk applications using large language models within the next 18 months.
Posted: 2024-12-10
The latest Political Risk Index from WTW has highlighted the growing threat faced by grey zone targets from acts of aggression that aim to weaken a country but fall short of being seen as acts of war. Such targets include vessels, undersea cables and offshore oil installations.
Posted: 2024-12-10
As the deadline for compliance with the Digital Operational Resilience Act, or DORA, draws near, global cyber security and investigations consultancy S-RM has identified five steps for financial institutions and their ICT providers to follow in order to achieve compliance. DORA establishes an EU-wide oversight framework designed to ensure the financial sector can withstand severe operational disruptions.
Posted: 2024-12-09
FullCircl has launched a new onboarding solution. Offering unified risk and compliance checks on companies and individuals, the new tool is designed to provide regulated businesses with fast end-to-end screening and onboarding automation covering UK businesses and their directors.
Posted: 2024-12-09
Amidst an ongoing backdrop of permacrisis, the most significant risks for organisations relate to conflict, geopolitical tensions, mental health and social or political unrest. This is amongst the findings of the International SOS 2025 Risk Outlook report.
Posted: 2024-12-09
The use of warranty and indemnity insurance grew to record levels during the first half of 2024.
This is amongst the findings of a study carried out by specialist transactional risk insurance broker, HWF Partners, which shows that 1,540 policies were placed in the first six months of 2024. At the same time, claim numbers under W&I policies have increased alongside payments to insured parties.
This is amongst the findings of a study carried out by specialist transactional risk insurance broker, HWF Partners, which shows that 1,540 policies were placed in the first six months of 2024. At the same time, claim numbers under W&I policies have increased alongside payments to insured parties.
Posted: 2024-12-06
Social engineering and ransomware attacks are expected to dominate the cyber risk landscape in 2025, according to security operations consultants at Arctic Wolf Labs. It says weaknesses in identity and access management systems, alongside a continued rise in voice phishing techniques, will also continue to be exploited to gain unauthorised access to target networks.
Posted: 2024-12-06
Businesses can expect a continued influx of class action cases as we move into 2025, according to dispute resolution lawyers at Fladgate, with a perceived unfairness among consumer and consumer rights activists the major driver.
Posted: 2024-12-06
The Lloyd’s Market Association has launched an International Bodily Injury Index, a unique resource that tracks personal injury awards in more than 80 jurisdictions worldwide (excluding the US).
Posted: 2024-12-05
Disaster recovery firm Belfor UK has been awarded the Neutral Carbon Zone Gold Certification for sustainability excellence. The NCZ Gold Certification is awarded to organisations that demonstrate exceptional progress in carbon management, measuring and reducing their greenhouse gas emissions in line with international standards.
Posted: 2024-12-05
EigenRisk has reached an agreement with address data solutions provider Smarty to make its location intelligence and geocoding resources available through the cat risk management platform.
Posted: 2024-12-05
Risk engineering and data solution provider Risk Solved has announced that Andy Bills (pictured) has stepped into the newly created role of chief revenue officer. He has more than 30 years of sales and consulting experience including senior positions at firms such as Nortel Networks, Global Crossing and RETN Capital.
Posted: 2024-12-04
Professional indemnity rates have seen a surprise fall, according to the latest UK PI Market report from Clyde and Co. Over half of the respondents to the research expect there to be a levelling off of the market after two years of increases – with zero rates increases in 2024. However, rates have subsequently fallen at unprecedented speeds, driven by the entry of new carriers or MGA capacity.
Posted: 2024-12-04
Ports, terminals and logistics facilities are not designed to accommodate the trend towards the use of e-bikes and e-scooters. The vulnerability of these smaller, less visible vehicles makes traffic management and the prevention of human-machine collisions much more difficult at these facilities, where terminals were designed for large vehicles.
Posted: 2024-12-04
Zurich Resilience Solutions, the commercial risk advisory and services unit of Zurich Insurance, has launched an interactive digital solution that utilises climate data to provide businesses with insights to better anticipate, mitigate and manage their climate risks.
Posted: 2024-12-03
Enterprise risk management software provider Protecht has released a new controls management solution which it says helps organisations to design, implement and maintain a robust controls framework to aid compliance and operational efficiency.
Posted: 2024-12-03
The UK is underestimating the risks it faces from hostile states and gangs and must take collective action against an increasing complex set of threats. The warning from Richard Horne, CEO of the National Cyber Security Centre, accompanies the launch of the NCSC’s annual review which highlights a growing threat from state actors.
Posted: 2024-12-03
Almost two decades on from the devastating 2004 Indian Ocean tsunami, scientists, engineers and disaster managers say more needs to be done to improve resilience against future incidents, calling for funding for a permanent research facility that could help improve understanding of tsunamis and how to better protect against them.
Posted: 2024-12-02
Allianz Commercial has announced Delvin Tillett as its new head of cyber for large corporate business in the UK, effective immediately. He will be based in company’s London office and report to Sharanjit Chaggar, regional UK head of financial lines.
Posted: 2024-12-02
The Lord Chancellor has announced that the Personal Injury Discount Rate in England and Wales will change to +0.5% on 11th January 2025, matching the rate change already applied in Northern Ireland and Scotland.
Posted: 2024-12-02
Despite improvements in fraud awareness among charities, half of all detected charity fraud is still committed by internal perpetrators, according to a new report from business advisory firm BDO and the Fraud Advisory Panel.
Posted: 2024-11-29
Sedgwick has expanded its EFI Global claims management and loss adjusting subsidiary with a new forensic solutions and resources offering across the European market.
Posted: 2024-11-29
The FCA has published the second phase of its consultation on proposals for increased enforcement transparency after ‘significant concerns’ were raised by financial firms.
Posted: 2024-11-29
The 2024 Risk Management Awards took place last night at the London Marriott Grosvenor Square. Hosted by comedian Maisie Adam, the event honours cross-industry risk leaders in this dynamic field. Congratulations to all our finalists and especially to Mott MacDonald, which took away three trophies in a hugely successful year for its teams.
Posted: 2024-11-28
Political instability has overtaken extreme weather as the biggest risk concern for businesses, according to a new survey from global security and healthcare risk management business, Healix.
Posted: 2024-11-28
Freight crime in Italy has seen a significant increase, with incidents quadrupling in the last two years, according to a report by freight insurer, TT Club, which highlights that almost a third of claims have been from vehicles parked insecurely or at the roadside.
Posted: 2024-11-28
Zurich Resilience Solutions has launched an interactive digital solution that leverages climate data to provide businesses and public entities with insights to better anticipate, mitigate and manage their climate risks.
Posted: 2024-11-27
Research published today highlights the areas of England most vulnerable to climate risks posed by extreme weather, with more than half of the businesses and individuals working and living in those areas feeling ill-equipped to deal with it.
Posted: 2024-11-27
More than half of businesses have suffered at least one cyber attack in the past five years, leading to around £44bn of lost revenue, according to a report by Howden.
Posted: 2024-11-27
McGill and Partners has launched a new trade disruption insurance facility in collaboration with Tokio Marine Kiln and Convex, offering limits of US$95m. Led by TMK, the new offering harnesses the power of AI-enabled technology provided by Altana, to support the understanding and underwriting of trade disruption risk.
Posted: 2024-11-26
The Lloyd’s Market Association has announced new board members from two of its managing agents’ members. Vivek Syal, CUO of Tokio Marine Kiln, will be taking over from Matthew Shaw as the TMK representative, and John Owen, CEO of AXIS Managing Agency, will replace Mark Gregory of the same firm ahead of his upcoming retirement.
Posted: 2024-11-26
Oak Re’s Lloyd’s Syndicate 2843 has received permission to underwrite business incepting from 1st January 2025. Oak Re was founded by CEO and active underwriter of OAK Syndicate 2843, Cathal Carr. It has built out its executive team to include Alex Winfield as chief capital officer and head of strategy, Kirsten Mitchell-Wallace as chief risk officer, Irfan Haq as CFO, Harriet James as COO and Karl Stanley as CTO. It is forecasting US$300mn GWP for 2025.
Posted: 2024-11-26
The FCA has fined Barclays £40m for failing to properly disclose arrangements with Qatari entities during fundraising efforts amid the 2008 financial crisis. The fine follows Barclays' decision to withdraw its appeal against the regulator's findings, and its proposals of a £50 million fine in 2022. While agreeing to pay the reduced fine, the bank maintained its opposition to the watchdog's decision.
Posted: 2024-11-25
Crawford & Company has opened three new offices in Seville, Zaragoza and Bilbao, and added its Cortes y Botella, Tecse and Inarges teams to its Spanish subsidiary – taking its presence in Spain to nine offices.
Posted: 2024-11-25
The Health and Safety Executive and the Environment Agency have developed guidance for registrants on meeting the toxicological and ecotoxicological information requirements laid out in Annexes 7-10 of UK REACH, outlining ways in which new tests on animals might be avoided or minimised.
Posted: 2024-11-25
Over the past decade, the MGA market has continued to grow globally, defying predictions of market saturation. Insurers appreciate the agility and innovation opportunities that MGAs offer. The growth of MGAs has been primarily driven by the US and UK, with most major global insurance markets following the trend over the past decade. Recently, less developed insurance markets have observed the innovation that MGAs can bring to end customers and some have taken steps to encourage their own MGA ecosystem to develop.
Posted: 2024-11-22
In the pursuit of efficiency, many organisations prioritise streamlined processes, remove excess capacity, and adhere strictly to norms. While these strategies may yield short-term gains, they often overlook the benefits of disorder, particularly in fostering resilience and sustainability. Embracing disorder can lead to more adaptive organisations.
Posted: 2024-11-22
Howard Dean, a partner at Keoghs, has been elected the new president of the Forum of Insurance Lawyers. Dean currently sits on both FOIL’s Costs and CPR and Protocols SFTs, and has been involved in Civil Justice Reform for over 25 years, with a particular focus on the impact of civil procedure rules, litigation funding and the digitisation of civil claims.
Posted: 2024-11-22
Just two in 10 key decision makers believe their organisation will be able to respond adequately to risks that might emerge in the next 10 years. This is amongst the findings of a survey conducted by broker and risk advisory WTW.
Posted: 2024-11-21
CFC has expanded its European footprint with the opening of a new office in Amsterdam. The new operation will focus on developing the insurer's transaction liability offering to brokers and their clients in Northern, Central and Eastern Europe.
Posted: 2024-11-21
There is no escaping it. Cyber security is no longer something that can just be passed to the IT department to deal with. Managing the risk is a team effort – from the frontline to the boardroom. This is a guide for members of the latter.
Posted: 2024-11-21
Crawford & Company has announced the promotion of Paul Lofkin to president, UK & Ireland.
Lofkin will report to Andrew Bart, CEO, International Operations, and will be responsible for the strategic direction and operational performance of the UK and Ireland business.
Lofkin will report to Andrew Bart, CEO, International Operations, and will be responsible for the strategic direction and operational performance of the UK and Ireland business.
Posted: 2024-11-20
Chartered commercial broker Konsileo has completed a £8m fundraise to accelerate its plans to expand across the UK. The fundraise is a mixture of debt and equity financing led by long-term shareholders Committed Capital, together with specialist growth finance provider, ACF Investors Growth Lending. The investment will be used to continue its recruitment of broking professionals and technology development.
Posted: 2024-11-20
Secondary perils such as floods, fires and severe convective storms now make up a larger portion of catastrophe losses in recent years than the insurance industry's peak perils of tropical cyclones and earthquakes. This is amongst the findings of a report published today by S&P...
Posted: 2024-11-20
CMC has entered into an agreement with aviation analytics provider Cirium to understand the effects of cyber events on the UK aviation industry. Cirium delivers global data and analytics solutions to organisations in finance, aerospace and travel, as well as government bodies. On any given day, it manages more than 300 terabytes of data covering schedules, routes, aircraft configurations and passenger record numbers. Cirium data provides insights on more than 35 million flights per year.
Posted: 2024-11-19
Failure to consider risk interactions and interconnectedness may pose the greatest threat to a company, according to RIMS new Executive Report. Authored by RIMS Strategic and Enterprise Risk Management Council members Michael Zuraw and Tom Easthope, the Understanding Interconnected Risks report explores the importance of developing a holistic view of the interconnected risks facing the organisation.
Posted: 2024-11-19
PPL has today launched its new underwriter dashboard, designed to support users as they address high volumes of business activity. The revised dashboard structure and user interface is designed to aid underwriters in finding work items and signalling outstanding tasks.
Posted: 2024-11-19
Commercial property insurer FM has named Randy Hodge (pictured) as its incoming chief operating officer. He will take over the role from Bret Ahnell who is retiring from the business in March 2025. The appointment is effective from 1st December 2024. Hodge joined FM in 1990.
Posted: 2024-11-18
Tokio Marine Group is to provide expertise and support to the Resilient Cities Network’s Resilience Finance Taskforce. Tokio Marine Group will serve as the inaugural underwriting partner of the new Resilience Finance Taskforce. With financial support provided by Tokio Marine Kiln, the Taskforce aims to develop frameworks and methodologies to scale urban resilience finance.
Posted: 2024-11-18
The global risk and cyber security consulting services market it expected to grow by 8% this year to pass £80bn in revenues for the first time. This is amongst the findings of research carried out by Source Global Research, which also predicts that the continued strong growth in cyber security services will lead to a £24bn market in 2025.
Posted: 2024-11-18
Re/insurance managing general agent Rokstone has secured a regulatory licence from the Dubai Financial Services Authority, enabling it to set up shop within the Dubai International Financial Centre. Rokstone said the move would enable it to capture regional business that is not currently going to London.
Posted: 2024-11-15
Software provider Insurity has partnered with ICEYE to offer insurers access to real-time natural catastrophe data for faster response times on disaster events.
Posted: 2024-11-14
Nearly two-thirds of decision makers in large UK businesses are worried that employees will be targeted by fraudsters, with 50% of respondents fearing staff could become an ‘insider threat’, according to research from fraud prevention service Cifas.
Posted: 2024-11-14
Only 41% of businesses have plans in place to manage climate risks, with some of the worst offenders being the biggest emitters, according to the latest EY global climate action barometer.
Posted: 2024-11-14
UK financial regulators have detailed new rules intended to bolster the resilience of technology and other third parties providing key services to financial firms. In a joint policy statement, the Financial Conduct Authority, Bank of England and Prudential Regulation Authority have set out how they intend to use new powers to oversee the resilience of the services third parties provide to the financial the sector.
Posted: 2024-11-13
The UK National Cyber Security Centre has issued an alert highlighting an increase in cyber attackers exploiting previously unknown vulnerabilities to compromise enterprise networks.
Posted: 2024-11-13
A study on efforts to address climate risk governance has exposed contrasting approaches to managing key issues at board level for financial and insurance firms.
Posted: 2024-11-13
Crawford & Company has launched a new renewable energy solution following the addition of an experienced team from Renewable Energy Loss Adjusters. The new service will provide a range of loss adjusting services to insurers of commercial scale renewable energy projects as well as risk advisory services for both insurers and investors.
Posted: 2024-11-12
Larger businesses are experiencing far higher levels of fraud than smaller businesses as fraudsters seek to exploit vulnerabilities in organisations with higher numbers of employees, according to a survey by accountancy and advisory firm BDO.
Posted: 2024-11-12
The ICO has warned organisations of the need to ask key questions around data and fairness when procuring AI tools to assist with their staff recruitment processes. Firms could be at risk of breaking the law if AI tools negatively impact jobseekers through unfairly excluding them from roles or having their privacy compromised.
Posted: 2024-11-11
The average consumer product contains three green claims according to a study by the British Retail Consortium and Provenance, which warns that too many efforts to highlight eco-friendly benefits could cause confusion and weaken trust.
Posted: 2024-11-11
The Pacific Catastrophe Risk Insurance Company has collaborated with WTW to renew its portfolio of policies for governments and government-affiliated entities in Pacific Island countries and territories, and associated reinsurance placement.
Posted: 2024-11-11
The Association of British Insurers and Lloyd’s of London have co-published a guide for re/insurers on how to approach defining a major cyber event.
Posted: 2024-11-08
The UK government has published guidance aimed at helping organisations prepare for the introduction of the new corporate criminal offence of ‘failure to prevent fraud’. Introduced last year as part of the Economic Crime and Corporate Transparency Act, the offence is intended to hold large organisations to account if they profit from fraud.
Posted: 2024-11-08
Publishing a target date for the completion of dangerous cladding remediation works and providing greater transparency on remediation performance are two key recommendations from a new National Audit Office report.
Posted: 2024-11-08
Parametrix has launched new product designed cover the cost of digital interruption in the enterprise.
Posted: 2024-11-07
The Cyber Monitoring Centre has partnered with the British Chambers of Commerce to gather data and insights on the impact of cyber events on UK businesses. In 2024, polling has been conducted for three cyber events, including most recently the CrowdStrike incident. The resulting data provided unique insights across industries, including the manufacturing and construction industries.
Posted: 2024-11-06
As the world’s urban conurbations confront challenges in climate change, public health and shifting demographics, a new report finds that resilience planning can position cities to attract investment.
Posted: 2024-11-06
A series of Freedom of Information requests made by Apricorn to local councils and government departments across the UK point to a low take-up of cyber insurance. Just two of the 41 local councils questioned have a cyber insurance policy in place.
Posted: 2024-11-06
Risk engineering and data solution provider Risk Solved has entered into a partnership with inspection management software provider Papertrail.
Posted: 2024-11-05
Tokio Marine HCC has bolstered its UK Professional Risks team with the appointment of Dan Browne as a professional indemnity underwriter and Chloe Pitchford as a PI development underwriter.
Posted: 2024-11-04
Lloyd’s has appointed Nathan Adams as its chief people officer. Adams will join Lloyd’s early next year, and will report directly to John Neal.
Posted: 2024-11-04
Antares Global Management has confirmed the details of its underwriting operations restructure, as it splits all its business units across a retail division and a commercial division. The new retail division will be led by newly appointed CEO Pantelis Koulovasilopoulos. This division includes the recently launched UK-based insurer, Antares Insurance Company, which will focus on retail business primarily through established MGAs in the UK.
Posted: 2024-11-04
The first human case of a new, more dangerous strain of mpox has been found in the UK, the UK Health Security Agency has said. Detected in London, the individual has been transferred to the Royal Free Hospital High Consequence Infectious Diseases unit. The case had recently travelled in Africa.
Posted: 2024-10-31
RiverStone International’s previously disclosed agreement with QBE to provide a loss portfolio transfer reinsurance for various QBE subsidiaries, including their Lloyd’s syndicates, has closed after receiving all requisite approvals.
Posted: 2024-10-31
Portions of eastern and southern Spain have been significantly impacted this week by persistent, extreme rain, triggering one of the nation’s worst natural disasters in recent history.
Thus far, the event has resulted in at least 158 deaths, according to Aon’s Impact Forecasting Cat Alert.
Thus far, the event has resulted in at least 158 deaths, according to Aon’s Impact Forecasting Cat Alert.
Posted: 2024-10-31
WTW has launched a new tool to help insurers and reinsurers enhance accuracy and efficiency in P/C reserving. ResQ Machine-led Reserving uses proprietary algorithms that optimise the core reserving methods in ResQ to create fully automated and independent loss estimates.
Posted: 2024-10-30
Dublin-based MGA, Service First, is set to roll out perils data from LexisNexis Risk Solutions to enhance pricing decisions in e-traded commercial property insurance.
Posted: 2024-10-30
WWF and Themis have together launched a toolkit to help financial institutions reduce exposure to environmental crime. Launched today at the COP16 nature summit in Cali, Colombia, the new, open access platform is designed to equip firms in better detecting and monitoring illicit activity related to land conversion and deforestation, by highlighting red flags and risks connected with different types of environmental and financial crimes.
Posted: 2024-10-30
Employers in the UK now have a legal duty to take reasonable steps to prevent sexual harassment and create a safe working environment. The Equality Act 2010 also covers other types of harassment, including less favourable treatment because of how someone responded to previous sexual harassment.
Posted: 2024-10-29
Macquarie has launched a rent-a-captive insurance solution for property casualty-related risks.
Captive insurance has seen steady growth in recent years and now represents nearly 25% of the overall commercial insurance market, according to the EY 2024 Global Insurance Outlook.
Captive insurance has seen steady growth in recent years and now represents nearly 25% of the overall commercial insurance market, according to the EY 2024 Global Insurance Outlook.
Posted: 2024-10-29
Some 280 notable global natural disaster events in Q1-Q3 resulted in economic losses of at least £199bn and insurance losses equivalent to £79bn, according to the latest Global Catastrophe Recap report from Aon.
Posted: 2024-10-29
Miller is to license CyberCube's Broking Manager and Prep Module tools to support its ability to quantify and help mitigate cyber risks for its clients.
Posted: 2024-10-24
Managed testing service provider Resillion has partnered with the University of Strathclyde’s PNDC innovation centre, ScottishPower Energy Retail and QualityLogic to carry out real-world environment performance testing of demand side response energy systems.
Posted: 2024-10-24
Lloyd’s has developed a disaster resilience vehicle with the United Nations Capital Development Fund to deliver disaster risk financing to Small Island Developing States in the Pacific.
Posted: 2024-10-24
Fifty MPs attended an educational drop-in event in Parliament last week held by Flood Re to discuss the flood insurance scheme, the Build Back Better initiative and the mechanics of property flood resilience. The majority of MPs and researchers attending the session were newly elected or appointed following this year’s General Election.
Posted: 2024-10-23
The UK Government’s Cyber Essentials scheme turned ten this year, and has had a marked impact on organisational resilience for businesses of all sizes, but it should not be considered a panacea, security experts warn.
Posted: 2024-10-23
Premium Credit has announced the appointment of Rohit Ghai as chief risk officer. Ghai will lead Premium Credit’s risk, compliance and legal functions. He joins the company from PayPal UK, where he was most recently interim chief risk and compliance officer. Prior to PayPal, he held multiple risk and compliance leadership roles at Visa Europe and GE Capital across a range of geographies. Ghai began his career with GE’s Corporate Leadership programmes.
Posted: 2024-10-23
The 2025 Business Continuity Awards are open for entries. Celebrating achievement in business continuity, security and resilience, the Business Continuity Awards are the most anticipated and celebrated event in the business continuity calendar, providing unrivalled networking, alongside a night of entertainment and celebration.
Posted: 2024-10-22
WTW has published the latest edition of its Climate Reporting Comparative Table, with the goal of providing a comprehensive overview of climate-related financial disclosure requirements across key global jurisdictions.
Posted: 2024-10-22
Specialist insurer Beazley has today launched a new consortium providing combined civil liability, crime/fraud and cyber cover for financial institutions. Offering limits of up to E/US$50m, Flex is available either via Lloyd’s or Beazley’s European insurance company paper, to financial institutions across the globe, excluding US domiciled businesses.
Posted: 2024-10-21
The Lloyd's Market Association has appointed John Levett to the position of head of regulatory affairs. Levett joined the LMA in October 2023 as senior executive, regulatory affairs and has worked on a broad range of consultations with bodies such as the Financial Conduct Authority and Prudential Regulatory Authority, as well as chairing the LMA committee for environmental and climate litigation.
Posted: 2024-10-21
Send Technology Solutions has announced a partnership with Deloitte to deliver Send’s underwriting workbench platform to commercial and specialty carriers worldwide.
Posted: 2024-10-21
There are no shortcuts for buyers of governance, risk and compliance tools, who must navigate a complex and time-intensive process to identify and select the right tools for their businesses. This is the conclusion drawn by Gartner in its latest analysis of the GRC market, published this week.
Posted: 2024-10-17
Total private market losses from Hurricane Milton could reach between US$22bn and US$36bn, with a best estimate of US$26bn, according to the latest figures from Moody’s RMS Event Response.
Posted: 2024-10-17
Kroll has appointed Katherine Keefe as managing director and global cyber insurance industry lead. Keefe previously served as the US cyber incident management leader at Marsh, where she was responsible for leading cyber response and event management, including data breaches and ransomware attacks.
Posted: 2024-10-17
Over a quarter of IT professionals have seen an employee fired after falling for an online scam. This is amongst the findings of security provider Arctic Wolf’s Human Risk Behaviour Report, which analysed the risk behaviours of 1,500 security professionals and end-users globally.
Posted: 2024-10-16
Financial institutions should invest more to build agile scenario programmes or risk falling behind, as the pace of change in business needs and regulatory pressures threatens firms’ ability to manage risk effectively. This is the message from operational risk association, ORX. In its biggest ever benchmarking exercise on the end-to-end scenario process, the operational risk association worked with 90 global financial institutions to examine the maturity, advances and challenges of their scenario process.
Posted: 2024-10-16
The Ardonagh Group has completed the acquisition of PSC Insurance Group Limited. The acquisition sees PSC’s operations in Australia and New Zealand now combined with The Envest Group, Ardonagh’s platform in the region, led by CEO Greg Mullins.
Posted: 2024-10-16
Fenchurch Law has announced plans to offer its specialist legal support across the Nordic region, with the launch of its new Denmark office. The new office will be run by Morten Christensen, supported by his colleague Maria Bitsch.
Posted: 2024-10-15
FERMA has today issued a policy note on the EU’s Artificial Intelligence Act, providing guidance on the practical implications of the risk-based approach underpinning the legislation, and considering the potential insurance impact.
Posted: 2024-10-15
Coalition has launched a service dedicated to recovering funds stolen by cyber attackers. The cyber insurer’s new UK ‘clawback’ service is designed to intercept funds in the banking system before an attacker can move them. The insurer says its new programme was recently proven a success with the recovery of £1.4m for a policyholder.
Posted: 2024-10-15
The deadline for entries for the 2025 National Insurance Awards is now four weeks away. Celebrating excellence in the field, the National Insurance Awards highlight the very best in general insurance provision and management in the UK. Judged by an independent panel of experts for exceptional performance, the awards provide an opportunity for organisations and individuals to showcase their strategies, software and successes from the past year.
Posted: 2024-10-14
Law firm Shoosmiths has teamed up with governance, risk and compliance solutions provider, Enzai to develop an artificial intelligence tool for regulatory compliance. AI Comply is designed to provide legal guidance, technology governance and operational support for oversight and control of AI ecosystems.
Posted: 2024-10-14
Just 15% of risk professionals in the UK have confidence in the Government’s ability to mitigate and address geopolitical instability. This is amongst the findings of Axa’s latest Future Risks Report, which points to heightened concern about geopolitical risks and their knock-on effects on security, financial and energy markets, and cyber security.
Posted: 2024-10-14
Munich Re Specialty expects to begin underwriting primary commercial insurance in the Spanish market next year, adding to the carrier’s existing operations in the UK, Ireland and Germany. To achieve this, it has set up a Spanish branch of Munich Re Risk Solutions Ireland Limited which holds regulatory approval to passport into Spain.
Posted: 2024-10-11
S&P Global Ratings has upgraded FM’s financial strength rating to AA- from A+. The upgrade reflects S&P's view that the group will maintain strong operating margins that compare favourably with its AA-rated peers.
Posted: 2024-10-11
Re/insurance group Africa Specialty Risks has appointed Amit Khilosia (pictured) as its chief distribution officer. Khilosia has experience of the Lloyd’s market dating back to 1989. Most recently, he held the position of regional Lloyd’s head for Africa and chairman of Lloyd’s South Africa.
Posted: 2024-10-11
Cyber security and data privacy represent the top risk across the technology, media and telecoms sectors, as they become increasingly reliant on novel technologies, including artificial intelligence, to drive growth. This is amongst the findings of WTW’s 2024 Technology Media and Telecoms Risk report, published today.
Posted: 2024-10-10
Nearly one in five UK employees report being aware of conduct in the last year that violated either the law or their organisation’s ethical standards, yet one in three did not report it. This is amongst the findings of a report published today by the Institute of Business Ethics.
Posted: 2024-10-10
The Financial Conduct Authority has fined TSB Bank £10,910,500 for failing to ensure customers who were in arrears were treated fairly. The bank also lacked suitable systems and controls to secure fair outcomes, according to the watchdog.
Posted: 2024-10-10
A State of Emergency has been declared across 54 of Florida’s 67 counties in anticipation of a major hurricane. Milton is expected to make landfall on the west coast of Florida by mid-week. Whilst the precise location and intensity at landfall are uncertain, areas up and down the western coast will be preparing for a major event, with strong winds, heavy rain and life-threatening, catastrophic storm surge anticipated.
Posted: 2024-10-09
Hard market conditions in the property and business interruption are starting to turn, according to the WTW Power Market Review, published today. While lower-level attritional losses remain a constant in the power sector, the absence of larger losses in 2023 and 2024 is expected to lead to more competitive pricing.
Posted: 2024-10-09
Around 235,000 commercial properties sit in the direct path of Hurricane Milton, according to analysis from Moody’s. The value of the potentially exposed properties, including apartment buildings, offices, industrial buildings, hotels and retail sites, is US$1.1trn.
Posted: 2024-10-09
Professional services and technology business Davies has opened an office in Milan from which it will provide its third-party administration claims service and loss adjusting solutions to Lloyd’s underwriters, local Italian insurers and international carriers operating in the country. Enrico De Micco joins the firm to head up the new Italian office.
Posted: 2024-10-08
Beazley has launched a new cyber consortium providing cover for large corporates with a turnover in excess of US$1bn, infusing US$100m of new capacity into the cyber market.
Posted: 2024-10-08
Polygon and Inclusive Guarantee have joined the Brokerslink ecosystem. Based in Sweden, and operating across 19 countries, Polygon specialises in the prevention, control and mitigation of the effects of water, fire and climate-related damage.
Posted: 2024-10-08
The Cyber Monitoring Centre is partnering with cloud risk analytics service provider Parametrix Analytics on a project that seeks to better understand the impact of cloud outages on UK organisations.
Posted: 2024-10-07
Analysis of HM Courts and Tribunals data suggests that the significant problems in the employment tribunal system are getting worse. The latest data, for the first quarter between April and June, shows that the open caseload of single claims was 18% higher than in the same period last year. The total number of single claims and lead cases in multiple claims was just under 44,000, also 18% higher than in 2023.
Posted: 2024-10-07
Simply Business is partnering with Markel UK to offer Contractors Combined insurance for businesses with ten or more employees and a turnover of £750,000 or more. Simply Business offers insurance to sole traders, microbusinesses, landlords and small businesses across more than 1,200 different trades and professions.
Posted: 2024-10-07
Liberty Mutual Reinsurance and Safehub have partnered with the University of California to protect campuses from the risk of earthquake damage. It is the first sensor-triggered parametric earthquake coverage to be purchased in the US.
Posted: 2024-10-03
Starling Bank Limited has been fined £28,959,426 by the Financial Conduct Authority for financial crime failings related to its financial sanctions screening.
The British bank also repeatedly breached a requirement not to open accounts for high-risk customers, according to the watchdog.
The British bank also repeatedly breached a requirement not to open accounts for high-risk customers, according to the watchdog.
Posted: 2024-10-03
Two-thirds of respondents to Airmic’s latest members’ poll believe that the Personal Injury Discount Rate for England and Wales should match the new PIDR for Scotland and Northern Ireland, which came into effect last week.
Posted: 2024-10-03
Global Insurance Law Connect’s report Innovation Abounds: Opportunities for growth in the global MGA market, suggests that, in certain markets, MGAs can fill capacity gaps and introduce niche underwriting ideas, while in others they can help larger insurers stay innovative or showcase and support outsourcing models for claims and distribution.
Posted: 2024-10-02
The Chartered Insurance Institute has published its 2025 qualifications brochure, offering a range of career and educational pathways for both current and future insurance professionals.
Posted: 2024-10-02
Specialist re/insurance broker Miller has completed its acquisition of Madrid-based commercial insurance broker, Bruzon Correduría de Seguros y Reaseguros. Established in 1990, Bruzon is focused on the structuring and placement of direct and reinsurance risks.
Posted: 2024-10-01
RSA Insurance has launched a new directors’ and officers’ insurance product to complement its existing financial risks offering. Available via the insurers’ mid-market commercial lines business, the product is aimed at UK domiciled or headquartered companies, large domestic and multinational businesses, private companies with a turnover of over £250m and publicly traded companies.
Posted: 2024-10-01
Some 78% of businesses are concerned about cyber threats, with more than half of them expecting a cyber event in the next 12 months. Despite this, a third do not have an incident response plan. This is amongst the findings of a report published this week by QBE.
Posted: 2024-10-01
Markel has launched an enhanced insurance proposition designed to meet the evolving needs of the UK's tech sector. MarkelTech is aimed at start-ups, SMEs, mid-market and high-growth companies engaged in the innovation, design and support of technology products and services.
Posted: 2024-09-30
Specialist Risk Group has today announced the completion of the transaction for the majority of its shares to be acquired by Warburg Pincus, a global growth investor, and Temasek, a global investment company headquartered in Singapore.
Posted: 2024-09-30
Insurance provider CFC has opened its first office in Spain, adding to the moves made earlier in the year to extend its reach in both North America and Australia. To develop the new hub in Madrid, CFC has appointed Filippo Cibin as team leader, Southern Europe for CFC’s transaction liability business.
Posted: 2024-09-27
Tokio Marine Kiln and Marsh have launched a new insurance facility for ports and terminals. Available to Marsh clients, the standalone cover is global in scope and offers capacity up to US$50m for BI losses associated with trade disruption, such as the impact of geopolitical events and weather-related incidents.
Posted: 2024-09-26
Network Rail’s public wifi network was hacked at several railway stations across the UK this morning, with passengers accessing the system being displayed a screen with details about terrorist attacks in Europe.
Posted: 2024-09-26
This decade looks set to be unlike any other in recent history. A short time after the world emerged from the Covid-19 pandemic, armed conflict erupted in Europe for the first time since World War II, and a major war flared up in the Middle East. At the same time, hostilities have escalated between both autocratic and ostensibly democratic nations, creating tensions around the world. As we explore in this issue of the magazine, so-called high-impact, low probability events are in fact a lot more likely than they once seemed.
Posted: 2024-09-25
Geospatial Insight has teamed up with Bluesky International to develop a database of rooftop solar installations across the UK. The new platform, LOCATE PV, seeks to address this challenge by providing a detailed, machine learning-derived database that identifies and maps existing solar arrays using Bluesky’s high-resolution aerial imagery.
Posted: 2024-09-25
Sompo has launched a new national marine insurance proposition for the UK. As of today, the insurer will for the first time be writing marine cargo, and transport and logistics policies across all regions.
Posted: 2024-09-25
Storm Boris could trigger some of the worst flood losses in central and eastern Europe for insurers in decades, according to data from Bloomberg Intelligence. With parts of the Czech Republic, Poland, Austria, Slovakia, Hungary and Romania submerged, flood losses like those in 1997, 2002 and 2013 are possible (€2-€4bn in 2023 values), according to BI's analysis.
Posted: 2024-09-24
I am pleased to announce the launch of the Institute of Risk Management’s new International Certificate in Operational Risk Management. This qualification is accredited by Ofqual at Level 4, adding to the IRM’s wider suite of regulated qualifications. ICORM is designed to introduce students to the fundamental theory, management and application of operational risk management, to underpin sustainable organisational success.
Posted: 2024-09-24
As Benjamin Franklin famously said in 1789, “In this world, nothing is certain except death and taxes”. Truer words have never been spoken, particularly in the context of the evolving landscape of US bankruptcy, and the limbo in which insurers find themselves when seeking finality and protection from underlying tort plaintiffs.
Posted: 2024-09-24
The vast majority (81%) of risk professionals are using the Task Force on Climate-Related Financial Disclosures among their climate reporting frameworks, while a further 56% use the Science Based Targets initiative – despite the carbon offset controversy surrounding SBTi earlier this year.
Posted: 2024-09-23
Mass communications solution provider, Audiebant has today announced the release of Audiebant Outdoor, a solar-powered mass communications system designed to provide area-specific instructions to support public safety efforts in emergency situations at concerts, sporting events, festivals and other public gatherings.
Posted: 2024-09-23
In August, Jonathan Reynolds, the new Secretary of State for the Department for Business and Trade, called on insurers to make sure that businesses affected by rioting across the country “receive the cover that they are entitled to through their insurance policies as swiftly as possible”.
Posted: 2024-09-23
Financial services companies are calling out for clearer and proportionate regulations covering artificial intelligence and ESG – a lack of which is hampering innovation and technological change. This is amongst the findings of a survey carried out by law firm DLA Piper, in which 58% of respondents cite regulation complexity around technology as a key challenge globally.
Posted: 2024-09-20
QBE has named Mario Díaz-Guardamino as the next managing director for QBE Iberia. Díaz-Guardamino has more than 20 years' experience in financial services, having started in insurance as a broker before progressing to credit lines underwriting at AIG Spain and then becoming head of EMEA Trade Credit Insurance.
Posted: 2024-09-20
HDI Global has appointed Michael Ahn as CEO of HDI Global SE Hong Kong.
Posted: 2024-09-20
QBE has this week officially opened its new office in Leeds. Situated in West Village, Wellington Street, increasingly referred to as Leeds’ insurance district, the move reflects a £3.6m investment in the West Yorkshire city.
Posted: 2024-09-19
BIBA has called for larger commercial customers to be removed from the scope of the Consumer Duty. Setting out its position in its response to the Financial Conduct Authority’s discussion paper DP24/1 on the regulation of commercial and bespoke insurance business, BIBA said this approach would help reduce the regulatory burden on insurance brokers.
Posted: 2024-09-19
Sir Charles Roxburgh is to become the next chair of Lloyd’s, replacing Bruce Carnegie-Brown in May 2025. Roxburgh recently stepped down from his role as second permanent secretary at the Treasury from July 2016 to June 2022. Prior to this, he was the director-general, financial services from February 2013 to July 2016. Throughout his time at the Treasury, he had regular contact with the insurance industry and engagement with Lloyd’s.
Posted: 2024-09-19
WTW has this week launched a document protection platform designed to protect the sharing and storage of sensitive files. Indigo Vault is a combination of cloud and local document management systems that is designed to offer protection against insider threats, AI system exposure and cyber theft.
Posted: 2024-09-18
Increasing public opposition and regulatory pressure over fire safety are delaying or putting wind farm projects at risk of cancellation, underscoring the importance of fire suppression systems and technology to the expansion of wind power.
Posted: 2024-09-18
New rules brought in to ensure that businesses and individuals that rely on cash can continue to access it are proving successful in local communities, according to the Financial Conduct Authority.
Posted: 2024-09-18
Altea Insurance is now writing business across the European Economic Area with the opening of a new hub in Ireland. The healthcare and medical sector specialist MGA can now deliver bespoke combined insurance and risk management solutions for healthcare professionals and organisations throughout the EEA.
Posted: 2024-09-17
Aon has announced the appointment of Mona Barnes (pictured) as global chief claims officer, effective immediately. In her new role, Barnes will report into Joe Peiser, chief executive officer of the firm’s Commercial Risk division.
Posted: 2024-09-17
Swiss Re is rolling out Mea’s generative artificial intelligence tool across its P/C reinsurance operation, building on a collaboration initiated last year with the Corporate Solutions business.
Posted: 2024-09-17
Overall premium income for the London company market increased by around 10% in 2023, according to data published today by the International Underwriting Association. A total of £48bn was earned, comprising £43bn underwritten in London, plus a further £5bn of controlled business, written in other locations.
Posted: 2024-09-16
Specialist marine MGA, Amphitrite Underwriting London, has received final approval from Lloyd’s of London to become an approved coverholder.
Posted: 2024-09-16
Norwegian startup 7Analytics has joined forces with Fremtind to develop a model that provides new insight into stormwater risk, and how it proliferates alongside urbanisation and climate change.
Posted: 2024-09-16
TfL is in the process of contacting around 5,000 customers amid concern that their email and bank account details may have been compromised in a cyber security incident which has affected the organisation’s systems this month.
Posted: 2024-09-13
The UK government has classed UK datacentres as ‘critical national infrastructure’, which it says will make them less likely to be compromised during outages, cyber attacks, and adverse weather events. Putting datacentres on an equal footing as water, energy and emergency services systems will mean the datacentres sector will receive greater government support in recovering from and anticipating critical incidents.
Posted: 2024-09-13
Markel has launched a new FintechRisk+ insurance policy, offering financial services and technology liability, directors and officers liability, theft and cyber protection for UK and international fintech businesses with limits up to US$20m.
Posted: 2024-09-12
Specialist underwriter Tokio Marine Kiln has formed a new specialty reinsurance division. It will be led by Phil Taylor who takes on the role of head of specialty reinsurance as part of the company’s growth plans.
Posted: 2024-09-12
Specialist insurer Hiscox has introduced Personnel Security Plus, a new product designed to complement an existing Hiscox kidnap and ransom insurance policy, and provide businesses with additional protection for their employees who are becoming increasingly vulnerable to a wide range of risks.
Posted: 2024-09-12
Nearly a quarter of global boardrooms are unprepared for cyber risks as AI strengthens the hacker’s toolbox, according to research from insurer Beazley. The survey of 3,500 business leaders also found that 24% plan to invest in cyber security measures this year as perceived preparedness falls.
Posted: 2024-09-11
As the renewables sector enters a new wave of global construction activity, the build out of projects continues to be jeopardised by contractor errors and defects, nat cats and extreme weather events, all potentially driving up construction claims, according to a report by GCube Insurance.
Posted: 2024-09-11
Over half of organisations were impacted by cyber threats in the past 12 months with a significant number of incidents leading to job losses, according to research by Databarracks. Of 500 UK IT, resilience and cyber security professionals surveyed, 37% reported that cyber attacks resulted in dismissals.
Posted: 2024-09-11
Howden Re, the reinsurance and risk advisory arm of Howden, has published a report on the growth of the renewable energy sector and its associated opportunities and risks from a re/insurance perspective.
Posted: 2024-09-10
A combined tool approach as part of a best practice approach to portfolio management is key to assessing cyber risk, according to a report by reinsurer Lockton Re.
Posted: 2024-09-10
Moody’s has acquired casualty insurance analytics provider Praedicat. The acquisition adds casualty and liability modelling to Moody’s insurance industry offering.
Posted: 2024-09-10
The number of hailstorms has more than doubled in the past year – surging 104% to 11,808 storms according to figures from the European Severe Weather Database – and specialty re/insurance group Chaucer warns this is causing increased damage to solar energy installations.
Posted: 2024-09-09
Rahul Gumber has been appointed chief risk officer at Axa UK & Ireland, joining from Aviva Canada where he is CRO responsible for leading the second line risk and compliance team. He previously held the same post at Aviva Ireland.
Posted: 2024-09-09
FERMA has urged the EU to set up an expert group on climate protection gaps following the publication of a major study which it says underlines the need for a permanent body to advise on EU adaption strategy.
Posted: 2024-09-09
Cyber insurance is set for exponential growth over the coming decade but it remains a capital-intensive peril that requires structural innovation, according to analytics provider CyberCube.
Posted: 2024-09-06
Almost half of companies in the FTSE 100 made prior year adjustments to their previously reported climate and sustainability metrics this year, according to analysis by Deloitte.
Posted: 2024-09-06
Satellite monitoring provider ICEYE has expanded its data licensing agreement with Aon to include flood insights data globally and wildfire insights data for the US.
Posted: 2024-09-05
Water company bosses in England and Wales could face up to two years in prison under government proposals to ensure that firms provide prompt data over sewage pollution incidents. The move is one of a number of measures which also include giving regulators the power to block bonuses for senior executives who fail to meet high standards of environmental or financial conduct.
Posted: 2024-09-05
CSIS Security Group has acquired Security Alliance Limited. Founded in London in 2007, SecAlliance, a CREST certified provider, delivers managed threat intelligence services, intelligence consultancy and advisory services.
Posted: 2024-09-04
Tokio Marine HCC – Specialty Group has announced the launch of a malicious cyber event extension to its event cancellation product. Available through both its Lloyd’s syndicate and HCC International Insurance Company, policyholders also receive a unique post-binding cyber vulnerability scanning service.
Posted: 2024-09-04
A claim triggered by Hurricane Beryl has been paid to the Jamaican Co-operative Credit Union League. The payment was due under a parametric insurance policy first issued in April 2022, and subsequently renewed by Munich Re, providing coverage that protects farmers by allowing them to take a payment holiday in the event that extreme weather, a common cause of debilitating crop damage, impairs farmers’ ability to repay micro loans.
Posted: 2024-09-03
Miller is taking its sports and entertainment business into the Asia-Pacific market. Led by newly-appointed Siva Krishnan as head of sports and entertainment, Asia, the new team’s focus will be on live events, sporting events and tours, sport associations, film and TV.
Posted: 2024-09-03
The occurrence of four major incidents aboard container ships within the last four months has prompted TT to reiterate its call for greater diligence in the classification, packaging, declaration and handling of cargoes.
Posted: 2024-09-02
US risk management society RIMS has teamed up with global broker network Brokerslink to develop the RIMS-Certified Risk Management Professional (RIMS-CRMP) certification (ANSI National Accreditation Board accredited under the ISO/IEC 17024 standard).
Posted: 2024-09-02
Aon has appointed Rob Kemp as head of its Commercial Risk Solutions division for the UK. Effective 1st October, Kemp will report to Jane Kielty, UK CEO at Aon, and Luca Tassa-rotti, head of Commercial Risk Solutions for Europe, Middle East and Africa (EMEA) at Aon.
Posted: 2024-09-02
Portfolio risk of systemic cloud outage events can be materially reduced through geographical diversification, according to a new report. Despite the fact that cyber risk does respect ‘borders’, the nature of cloud service delivery means that the impact of systemic loss events can be minimised, according to a joint report from Parametrix and Aon.
Posted: 2024-08-30
Agile Underwriting Services has established a presence in New Zealand – the first of its kind for a Lloyd’s syndicate.
Posted: 2024-08-30
Berkshire businesses are being warned to prepare for climate activist group Extinction Rebellion’s planned occupation of Windsor Great Park. The size and scale of the planned protests mean significant disruption is likely, according to professional security organisation, Assist Security Group, which is sharing detailed intelligence with businesses and the police on XR's intended three-day demonstration.
Posted: 2024-08-29
A lack of consensus over who owns AI risk in the organisation represents a key governance risk for the UK, as rules around AI usage are still being hashed out.
Posted: 2024-08-29
Flood Re has teamed up with the British Insurance Brokers’ Association as part of its plans to improve understanding across the broking community of the mechanics and benefits of its ‘Build Back Better’ property flood resilience scheme.
Posted: 2024-08-28
WTW has announced the creation of a fintech and digital assets division to help clients address the unique risks to this complex ecosystem of assets.
Posted: 2024-08-28
With 68 days to go, and a high degree of uncertainty surrounding the impact of the upcoming US presidential election, businesses are being urged to prepare now for a range of different scenarios, if they have not done so already.
Posted: 2024-08-28
Hiscox Ltd has named senior independent director Colin Keogh as interim chair of the company. The appointment follows the sudden and unexpected death of Jonathan Bloomer who lost his life last week when the yacht he was on sank in a violent storm just off the coast of Sicily.
Posted: 2024-08-27
Howden has agreed to a multi-year roll-out of FullCircl’s SmartBroker software. Driven by CEO Carl Shuker, the initiative will underpin a consistent Howden client experience across the National Branch Network, serving 2,000 Acturis users.
Posted: 2024-08-27
A residential tower was evacuated after a fire engulfed the entire building in East London yesterday. Some 40 fire engines and around 225 firefighters tackled the blaze at the building, which was known by the London Fire Brigade to have numerous fire safety issues.
Posted: 2024-08-27
Pool Re has awarded Aon Securities and Howden Capital Markets and Advisory an insurance linked securities advisory contract. The terrorism insurer has previously used cat bonds to source reinsurance protection, having successfully obtained an aggregate of £175m of ILS capacity from UK domiciled special-purpose vehicle Baltic PCC via cat bond issuances in 2019 and 2022.
Posted: 2024-08-22
The 2024 Risk Management Awards finalists have been announced. Now in its 15th year, the annual Risk Management Awards are the pinnacle of achievement in the field.
Posted: 2024-08-22
More companies went bust in the past year than did during the Global Financial Crisis, according to figures from Forvis Mazars. Company insolvencies hit 25,551 in the year to July 2024, according to the audit firm – 1.4% higher than the total number of companies that went insolvent in the same period during the GFC (25,186 in 2008/09).
Posted: 2024-08-21
Verisk Specialty Business Solutions has introduced an offshore renewable energy module within its exposure management system, Sequel Impact. This latest enhancement leverages the worldwide offshore windfarms dataset curated by the research arm of shipping services provider, Clarksons, and gives insurers a granular and sophisticated understanding of their sites, including the number, make, location and size of the turbines. Enhanced reporting capabilities have been developed in the tool.
Posted: 2024-08-21
Marsh has launched a US$50m port blockage insurance facility, covering shipping ports and terminals. Developed following the collapse of the Francis Scott Key Bridge and subsequent disruption at the Port of Baltimore, the insurance facility can be purchased independently or used to supplement existing cover.
Posted: 2024-08-21
The number of claims made against cyber insurance policies has fallen by over a third in the past two years, despite a rise in the number of policies being taken out. Claims have fallen from 58% in 2022 to 36% in 2024, despite the take up in cover rising from 51% in 2022 to 66% in 2024, according to the latest Data Health Check from Databarracks.
Posted: 2024-08-19
Cytora has partnered with environmental data specialist, GeoSmart Information, to bolster its flood and climate risk data toolset for property insurers.
Posted: 2024-08-19
Rokstone has announced a multi-year, multi-strategy capacity agreement with Accredited Insurance Program Management. Including both the US and international business, the agreement will enable Rokstone to offer a wider range of products and services to its clients, whilst also enabling Accredited to expand its portfolio and diversify its risk profile.
Posted: 2024-08-19
Commercial re/insurance and Lloyd’s accredited broker ATL Marine & Energy has appointed Álvaro Mier as the firm’s joint chief operations offices and chief financial officer. Established in 2014, the broker has offices in London, Madrid and Miami.
Posted: 2024-08-16
The Financial Conduct Authority has fined PwC for failing to report their belief that London Capital & Finance might be involved in fraudulent activity. It is the first time the City watchdog has fined an audit firm.
Posted: 2024-08-16
Marsh has launched a new insurance solution for the transportation and storage of carbon dioxide. Created by Marsh’s energy and power team and underwritten by Canopius, the solution will enable upstream energy operators to meet their financial security obligations when captured CO2 is being transported and injected into suitable geological structures.
Posted: 2024-08-15
Earlier this year, Mark Read, the head of WPP, the world’s biggest advertising group, was the latest target of an elaborate deepfake scam that involved an artificial intelligence voice clone. Criminals created a fake WhatsApp account with a publicly available image of Read and used it to set up an online video meeting that appeared to be between him and another senior WPP executive. Using a voice clone, the scam attempted to acquire money and personal details.
Posted: 2024-08-15
Freight and logistics insurance specialist TT Club has warned that operators in the container market supply chain are not putting enough focus on container seals and thus reducing their efficacy as a defence against theft, one of the top three losses in the sector.
Posted: 2024-08-14
Threat actors evolved their tactics in 2024 to take advantage of business and technology consolidation, according to a report from cyber risk solution company Resilience. Increasing M&A and reliance on ubiquitous software vendors created new opportunities for threat actors to unleash widespread ransomware campaigns by exploiting a single point of failure, according to the Midyear 2024 Cyber Risk Report, published today.
Posted: 2024-08-14
Flood Re has announced the appointment of Dr Tony Ballance to its board of directors.
Balance is currently chief strategy and regulation officer at Cadent Gas, as well as chairman of The National Forest Company and a trustee at The Soil Association.
Balance is currently chief strategy and regulation officer at Cadent Gas, as well as chairman of The National Forest Company and a trustee at The Soil Association.
Posted: 2024-08-13
Arch Insurance North America has partnered with digital risk processing platform, Cytora, to further digitise its risk intake and streamline underwriting workflows, expanding on its partnership in the UK.
Posted: 2024-08-13
Hiscox has gone live with what is thought to be the London insurance market’s first lead underwriting model enhanced by generative AI to provide sabotage and terrorism insurance quotes.
Posted: 2024-08-12
The average probable maximum loss from a cyber event targeting intangible assets is 43% higher than the anticipated PML for tangible assets. This is amongst the findings of Aon’s 2024 Intangible versus Tangible Risks Comparison Report, which points to an insurance gap in EMEA, where 54% of businesses experienced a material security threat or data breach at least once in the past 24 months.
Posted: 2024-08-12
Whitespace has announced the launch of new library and contract builder capabilities. The new functionalities introduce major evolutions to Whitespace’s user interface and allows designated users to create and manage a library of company-specific contract clauses, wording and headings with standardised tagging and formatting. Existing Whitespace templates and contracts can also be added to the library.
Posted: 2024-08-09
The ABI has issued a statement following recent outbreaks of violent disorder across the UK, as attention shifts to the commercial damage, and the impact on the insurance industry. Demonstrators, some reportedly affiliated with, or mobilised by, far-right groups, clashed with police officers and counter-protesters in multiple locations across the country in recent days...
Posted: 2024-08-09
Global insured losses from nat cats at £47bn in first half of 2024
A high frequency of small to medium-sized events resulted in global insured losses from natural catastrophes of £47bn in the first half of 2024, according to preliminary estimates from Swiss Re Institute.
A high frequency of small to medium-sized events resulted in global insured losses from natural catastrophes of £47bn in the first half of 2024, according to preliminary estimates from Swiss Re Institute.
Posted: 2024-08-09
Gen Z newcomers to the insurance industry have identified social media, specifically TikTok, as one of the key influential media for joining the industry. Communicating climate commitments was also identified as a key way for the industry to appeal to potential new Gen Z recruits.
Posted: 2024-08-06
Brokerslink has appointed Maurizio Castelli as the new leader of its risk management practice. Castelli is the CEO of the Milan-based risk management consultant Augustas Risk Services SpA, and the former director of group risk management at Pirelli, and CEO of the group’s captive. He is also a former general secretary and president of FERMA, and a past president and chairman of IFRIMA, the Worldwide Federation of risk management associations.
Posted: 2024-08-05
Arch Insurance International has promoted Marie Penberthy to the position of chief financial officer, following the departure of Jason Kittinger from the role.
Posted: 2024-08-05
Seventeen Group broking subsidiary, James Hallam, has opened a new Cyber and Technology Hub at Exeter Science Park. The Exeter opening extends James Hallam’s branch network in the South West to four, joining Plymouth, Penzance and Torbay.
Posted: 2024-08-05
Incident response plans were found to have underperformed in response to the recent CrowdStrike outage. According to a snap poll of risk professionals conducted by Aon, 83% of risk professionals said their organisation had an incident response plan in place, of which 24% said these plans underperformed.
Posted: 2024-08-02
Lockton has appointed Sung Wook Han as regional head of marine for Asia.
Posted: 2024-08-02
The QualRisk Cyber Insurance Centre has launched a cyber MGA market monitoring tool.
Posted: 2024-08-01
Marine consultancy firm, Van Ameyde Marine, has welcomed the Government’s £1.5 billion funding pledge for clean energy at a “pivotal moment” in the country's transition to renewable energy.
Posted: 2024-08-01
Specialist re/insurance broker Miller has appointed Edward Cheak as head of credit and political risk insurance (Asia).
Posted: 2024-08-01
The number of successful cyber attacks against UK utilities companies rose 586% to 48 in 2023, while data breaches increased by 714% over the same period, affecting some 140,000 individuals. Last year, regulator Ofcom said it had faced an average of 30,000 attempted cyber intrusions per week.
Posted: 2024-07-31
Anders Malmström is to succeed John Dacey as group chief financial officer of Swiss Re as of 1st April 2025.
Posted: 2024-07-31
Fusion Risk Management has today launched a new AI-powered tool designed to transform the way organisations test their resilience strategies.
Posted: 2024-07-31
The renewable energy sector is showing remarkable resilience despite prevailing conditions, as climate issues, supply chain disruption, casualty deterioration, social inflation and geopolitical conflicts together create a complex landscape for the class.
Posted: 2024-07-30
Concern about artificial intelligence-enhanced malicious attacks has topped Gartner’s emerging risk rankings in the second quarter of 2024 – for the second consecutive quarter.
Posted: 2024-07-30
Prestige Underwriting has welcomed the government’s intention to legislate to reduce the fire risks associated with electric power-assisted bicycles and lithium-ion batteries. The recent King's Speech included an undertaking to introduce the Product Safety and Metrology Bill, which in part aims to address the fire risk associated with e-bikes and li-ion batteries...
Posted: 2024-07-29
Cyber risk company, Resilience, has appointed Killian Brady as chief underwriting officer. In the role, Brady will direct and oversee all aspects of the underwriting function for Resilience’s portfolio of middle market and large enterprise clients.
Posted: 2024-07-29
The NHS has issued an Amber Alert over a shortage of blood supplies following the recent cyber attack on Synnovis. An Amber Alert is a part of the NHS’s business continuity plan for blood stocks that triggers hospitals to implement their emergency measures to minimise usage; move staff to laboratories to vet the use of all O type blood; and use patient blood management systems to minimise use of O type blood.
Posted: 2024-07-29
Global insured losses from last week’s CrowdStrike outage could sit somewhere between £310m and £1.2bn for the standalone cyber insurance market, according to data from CyberCube. The faulty CrowdStrike Falcon Sensor update and subsequent outage would represent a loss ratio impact of roughly 3-10% on global cyber premiums of £12bn today.
Posted: 2024-07-26
Advent Risk Management, Coverys and Munich Re Specialty are the latest three firms to join the International Underwriting Association, bringing the IUA’s representation to a total of 81 firms. Apex Insurance Company of Uzbekistan has also joined as an associate member.
Posted: 2024-07-26
A new resource designed to help standardise the way in which underwriters ask clients about sustainability data has been published by the Lloyd’s Market Association and the International Underwriting Association.
Posted: 2024-07-25
The average monthly cost to an SME of putting in place a full range of cyber security measures is £4,962, equating to an annual spend of £59,566, according to data from insurer CFC. To arrive at these figures, the cyber specialist reviewed a number of cyber security solution costs from a range of third party providers to calculate the cost to an SME in the UK employing 100 staff.
Posted: 2024-07-25
Climate change is causing a dramatic increase in the frequency of temperature extremes and number of temperature records the UK experiences. Analysis conducted by the Met Office in its report State of the UK Climate shows that extremes of temperature in the UK are most affected by human induced climate change. This means the UK is seeing, on average, more frequent periods of hot weather and suggest an increase in rainfall extremes.
Posted: 2024-07-25
Specialty MGA Optio Group has acquired Den Hartigh Beheer and Exploitatie B.V., a Netherlands and Brussels-based MGA specialising in B2B insurance.
Posted: 2024-07-24
Response time amongst UK critical national infrastructure to ransomware attacks sits at between 6 and 14 hours, with energy companies taking the longest time to respond. This is according to research conducted by Bridewell, which found that 57% of the 520 organisations considered critical to national infrastructure in the UK had been impacted by such attacks in the past year.
Posted: 2024-07-24
Global commercial insurance rates were flat in the second quarter of 2024 (down from a 1% increase in Q1 2024) ending 26 consecutive months of increases. This is amongst the findings of the Global Insurance Market Index released today by Marsh, which shows that the global composite rate has not increased for the first time in nearly seven years.
Posted: 2024-07-24
Payment defaults for UK businesses decreased by 17% in Q2 2024, largely contributed to by falls for claims in construction materials, food and transport. According to data from Atradius, the construction sector has seen a 28% decrease in payment defaults quarter-on-quarter, as demand improves, and the economy slowly returns to life.
Posted: 2024-07-23
Applied Systems has acquired artificial intelligence company, Planck. By leveraging AI, Applied aims to enhance the speed and quality of critical business processes, including marketing, sales, underwriting, renewals, servicing, and advisory services.
Posted: 2024-07-23
IT services provider, Adesso, is rolling out a new GenAI tool designed to help insurers and banks comply with the European Union's Digital Operational Resilience Act, or DORA Directive.
Posted: 2024-07-23
The faulty CrowdStrike Falcon Sensor update and subsequent outage underscore the potential for SPOF technology outages to impact the global digital economy, according to cyber risk analytics specialists at CyberCube. Its analysis suggests that large companies in manufacturing, IT, healthcare and the financial sector were the most exposed.
Posted: 2024-07-22
Solicitors may soon face significant challenges in the renewal of their professional indemnity cover, as the recent Discovery Land v Axis decision drives insurers to contemplate pulling out of the market.
Posted: 2024-07-22
Insurers are expecting a wave of notifications in the coming days in the aftermath of the CrowdStrike-triggered outage, with losses likely to be seen under business interruption and contingent business interruption clauses, according to Acrisure Re.
Posted: 2024-07-22
A mass IT outage is causing chaos globally, with planes grounded and businesses disrupted. A number of airports have been affected, amongst them Luton and London City, as Windows PCs display the dreaded 'blue screen of death' across the globe. Sky News was amongst the broadcasters taken offline earlier this morning as a result of a software update defect in Microsoft Windows.
Posted: 2024-07-19
The deadline for entering the 2024 Risk Management Awards has been extended. The Risk Management Awards celebrate excellence in the risk management arena, and are the pinnacle of achievement in the field – recognising the best people, products and programmes in the sector for over a decade.
Posted: 2024-07-19
The Extreme Event Solutions group at Verisk estimates industry insured losses to onshore property from wind in the US for Hurricane Beryl will range between US$2bn to US$3bn.
Posted: 2024-07-19
The Financial Conduct Authority has told financial firms to do more to ensure parliamentarians, senior public servants and their families are not treated unfairly. Under legislation adopted by parliament, financial firms are required to carry out extra checks on so-called politically exposed persons, or PEPs, and there have been concerns about how firms in the UK are meeting these requirements.
Posted: 2024-07-18
The relationship between brokers and accident management companies in the UK commercial motor insurance sector is increasingly strained, particularly when it comes to the smooth running of claims and transparency in fees.
Posted: 2024-07-18
Supply chain risk management and contractor assessment services provider, Veriforce CHAS, has voiced its support for the new government's plans to expedite the UK’s planning system and boost construction efforts. However, with a rise in construction related fatalities in recent years, CHAS is emphasising that health and safety must remain the utmost priority as the UK scales up its building capacity.
Posted: 2024-07-18
London Market insurers will play a vital role in the development of new advanced air mobility technologies over the next few years, the International Underwriting Association has argued. In an official response to a public review of the law around autonomous flight, conducted by the Law Commission, the IUA called for a robust certification process that prioritises safety and access to data so that underwriters can effectively analyse risks and liabilities.
Posted: 2024-07-17
Digital risk processing platform, Cytora, is to integrate location intelligence systems provider, Gamma Risk’s Perilfinder solution into its underwriting productivity tool.
Posted: 2024-07-17
Property and casualty insurers are expected to report improved profitability in 2024, with industry-wide return on equity across eight major markets at 10% so far this year, up from 6% in 2023. ROE of above 10% is forecast into 2025. Non-life premium volume is forecast to build on the 3.9% growth achieved in 2023, reaching £3.5trn in 2024 and £3.7trn in 2025, according to Swiss Re Institute's annual World Insurance sigma report.
Posted: 2024-07-17
Renewable energy projects underwriter, Gcube, has today announced the launch of a new consortium, comprised of six Lloyd’s syndicates, to provide battery energy storage system developers and asset owners with up to US$100m of capacity.
Posted: 2024-07-16
QBE Insurance has today unveiled its QCyberProtect policy. Designed to enhance cyber resilience for a broad range of clients worldwide, QCyberProtect provides tailored coverage for losses arising from current and emerging cyber risks, including, but not limited to, network security, privacy liability, IT and non-IT business interruptions and reputational loss.
Posted: 2024-07-16
The Association of British Insurers and Insurtech UK have signed a memorandum of understanding to support and promote continued innovation across the UK insurance sector. The MOU recognises their commitment to promoting co-operation, exchanging views and sharing information on matters of common interest.
Posted: 2024-07-16
Tokio Marine Kiln has partnered with Kita to develop political risk insurance for developers of, and investors in, carbon credits projects.
Posted: 2024-07-15
The Payments Systems Regulator and Financial Conduct Authority are seeking views on the benefits and risks digital wallets bring to businesses and individuals. The use of digital wallets has grown rapidly over the last few years. More than half of UK adults are now estimated to use one. Apple Pay, Google Pay and PayPal are the most widely used digital wallets in the UK today.
Posted: 2024-07-15
Allianz Partners has been appointed by the Paris 2024 Organising Committee for the Olympic and Paralympic Games to provide medical assistance and repatriation during the games. Given the scale of the Paris 2024 Olympic and Paralympic Games, it is thought that the potential number of additional patients could challenge the French hospital system.
Posted: 2024-07-12
A fourth human case of avian influenza (HPAI) A (H5N1), associated with the ongoing multi-state outbreak amongst dairy cows in the US, has been detected – this time in a Colorado dairy farm worker.
Posted: 2024-07-12
Mortality in the first half of 2024 was similar to the record low mortality seen in the first half of 2019, with all age groups seeing lower mortality in the first half of 2024 than in the first half of 2023, according to data from the Institute and Faculty of Actuaries.
Posted: 2024-07-12
The Institute of Risk Management has appointed Vicky Robinson (pictured) as its new head of partnerships for Asia. In her new role, Robinson will lead the institute’s recently announced growth strategy across Asia, focusing on expanding the region's risk management community and building purposeful partnerships.
Posted: 2024-07-11
Tokio Marine HCC International has launched a dedicated French website. The French product suite is supported by the TMHCCI teams based in France who specialise in marine, contingency, disability, surety, credit and political risk and Japanese business – as well as by the TMHCCI team based in Spain dedicated to financial lines, cyber, intellectual property, transaction risk and crisis management.
Posted: 2024-07-11
Clean technology company, Altilium, and energy storage systems developer, Connected Energy, have joined forces to explore ways of extending the life of electric vehicle batteries.
Posted: 2024-07-11
Sedgwick has this week launched a sustainable damage management solution for the UK market. Following a scientific assessment of damage extent, recovery options prioritise sustainability, including a greater emphasis on restoration, more energy-efficient drying, the use of resilient repair materials and the repurposing and recycling of waste streams.
Posted: 2024-07-10
New guidelines designed to provide a framework for data sharing in smart cities have been published as a British standard by BSI.
Posted: 2024-07-10
UK councils recorded some 5,000 data security breaches in 2023, according to responses to Freedom of Information requests submitted earlier this year by Apricorn.
Posted: 2024-07-10
Satellite monitoring provider ICEYE has announced an agreement with the Ministry of Defence of Ukraine to further strengthen their cooperation in remote sensing of the Earth in the interest of the country’s national security and defence.
Posted: 2024-07-09
Gallagher has agreed a partnership with The Law Society of England and Wales which will see it provide members with cyber insurance cover created specifically for the legal industry.
Posted: 2024-07-09
The National Insurance Awards are open for entries. Celebrating excellence in the sector, the National Insurance Awards highlight the very best in general insurance provision and management in the UK.
Posted: 2024-07-09
The F1 motor racing governing body, the Fédération Internationale de l'Automobile, has been hit by hackers who have gained access to sensitive data following a cyber attack. The incident saw several FIA employee’s email accounts accessed through phishing emails.
Posted: 2024-07-08
Crawford & Company has launched a multinational corporate client practice, appointing Wayne Brand to lead the new team.
Posted: 2024-07-08
Insurance intermediary Specialist Risk Group has acquired Tristar Special Risks, which specialises in terrorism insurance and supports broker partners across the UK through coverage for commercial and residential risks including political and religious properties.
Posted: 2024-07-05
The National Crime Agency has coordinated global action against illicit software which has been used by cybercriminals for over a decade to infiltrate victims’ IT systems and conduct attacks. Unlicensed versions of Cobalt Strike, a penetration testing tool used to check for vulnerabilities in a company’s network and help improve cyber security, were targeted during a week of action in late June.
Posted: 2024-07-04
A new joint report from the International Federation of Accountants, ICAEW and Basel Institute outlines an approach to anti-corruption initiatives by utilising an integrated mindset across business functions.
Posted: 2024-07-04
As Hurricane Beryl batters the Caribbean, the strength and timing of the storm has set alarm bells ringing for insurers around the world, fearful of a potentially extended and costly storm season. Beryl is the earliest Category 5 storm ever recorded in the Atlantic, with 165 mph sustained winds fuelled by record warm waters.
Posted: 2024-07-03
UK water companies could be at risk of major pollution lawsuits following a landmark ruling at the Supreme Court. The case was brought by the Manchester Ship Canal Company which won an appeal enabling it to sue United Utilities over discharges of water contaminated with untreated sewage.
Posted: 2024-07-03
Non-US territories are set to capture 54% of growth in the cyber insurance sector up to 2030, according to a new report from Howden, with huge potential for growth in other regions as well as significant scope for serving a broader client base amongst SMEs globally.
Posted: 2024-07-02
Corporates have reported that their Scope 3 supply chain emissions were, on average, 26 times greater than their emissions from direct operations (Scopes 1 and 2) last year, according to a new report by Boston Consulting Group and CDP. It found that upstream emissions from the manufacturing, retail and materials sectors had a footprint 1.4 times the total CO2 emitted in the EU in 2022.
Posted: 2024-07-02
FERMA has released its EU policy manifesto which presents its priorities for the policymakers in the EU Institutions for the next institutional mandate (2024-2029) and outlines how the Federation can contribute to these.
Posted: 2024-07-01
The sustainable investment arm of ISS STOXX has launched a new cyber risk solution for investors which aims to help them identify and manage cyber risk across their investment portfolios.
Posted: 2024-07-01
Internal auditors are becoming increasingly concerned about the potential for cyber criminals to weaponise artificial intelligence to commit bigger, more sophisticated and more dangerous crimes. The Chartered Institute of Internal Auditors canvassed the views of chief internal auditors across Europe on the top risks surrounding AI...
Posted: 2024-06-28
The risk of solar and wind turbine fires, combined with the growth of co-located energy storage, are leading to escalating fire hazards in the clean energy space. This is amongst the findings of a report published this week by Firetrace International into what it says is a serious and growing danger.
Posted: 2024-06-28
A large proportion of life science companies believe the high cost of new drug development is among the emerging themes that will have the greatest negative impact on the sector in the next 3 to 5 years, according to global Life Science Risk Report 2024 published this week by WTW.
Posted: 2024-06-28
FloodFlash has announced its expansion to cover all mainland US locations. The insurance technology company is known for providing flood coverage in excess of the National Flood Insurance Program where the private markets are unable to quote, particularly in real estate, sports and entertainment, manufacturing, energy and healthcare lines.
Posted: 2024-06-27
The deadline for entering the 2024 Risk Management Awards is now just three weeks away. The Risk Management Awards celebrate excellence in the risk management arena, and are the pinnacle of achievement in the field – recognising the best people, products and programmes in the sector for over a decade.
Posted: 2024-06-27
Legal and business services provider, DWF, has agreed to acquire Australian claims management business, Proclaim. Proclaim was founded in 1999 by Jon Broome, who remains as the company's managing director and will continue to lead the team post-transaction.
Posted: 2024-06-27
Cogitanda is expanding its cyber offering to clients with annual revenues of up to E250m in Germany and Austria.
Posted: 2024-06-26
Over half of the £15trn already committed to financing the climate transition through to 2030 will require additional insurance coverage. This is amongst the findings of joint research published by Howden and Boston Consulting Group on the role of insurance in mobilising the climate transition.
Posted: 2024-06-26
Work is underway to develop an independently verifiable international standard on net zero. Designed to provide clarity on the net zero transition, work on the standard will take place over the next 18 months, with a view to being launched at COP30 in November 2025.
Posted: 2024-06-26
Howden has announced the placement of what is thought to be the first carbon credits warranty and indemnity insurance policy. The W&I policy provided insurance cover on the sale of carbon credits for the reforestation project of degraded forest lands by Mere Plantations, a UK-based company that owns and operates a teak plantation in Ghana, West Africa.
Posted: 2024-06-25
Beazley Security goes live today as an integrated cyber risk management company, following the merger earlier this year of Beazley’s in-house cyber services team and its wholly-owned cyber security company, Lodestone.
Posted: 2024-06-25
KYB solutions provider, Ondorse, has secured major contracts with PayXpert (Societe Generale), Kota and Assurdeal in its bid to expand into the UK and Ireland. Since its launch in 2021, the Paris, France-based provider has raised total funding of £5.2m over two rounds, and has expanded its client base to include major European companies.
Posted: 2024-06-25
Axa Commercial is advising London businesses to review their fire risk assessments and staff training after London Fire Brigade announced it would no longer respond to daytime activations of automatic fire alarms in most non-residential buildings from October.
Posted: 2024-06-24
The cutover to Blueprint Two phase one digital services has been postponed.
Posted: 2024-06-24
The 26th annual Business Continuity Awards took place last week at the London Marriott Grosvenor Square. Congratulations to all our finalists and especially to Business Continuity Resilience Manager of the Year, James Parrish from London Stansted Airport, Newcomer of the Year, Adam Bartlett from Virgin Atlantic...
Posted: 2024-06-24
Aon has launched a new Fleet Risk Intelligence tool to help motor fleet operators understand where risk is within their fleet.
Posted: 2024-06-20
More than two-thirds of organisations have seen an uptick in network security threats over the last 18 months, according to research from Daisy Corporate Services. Cyber security threats are the biggest networking challenge. Hybrid working is one of the main contributors to heightened threat levels.
Posted: 2024-06-19
A Transactional Liability Committee has been established for the London Company market, with senior underwriting participants from IUA member firms.
Posted: 2024-06-19
This week sees the launch of the International Maritime Cyber Security Organisation, which aims to raise the standard of cyber security risk assessment across the maritime industry.
Posted: 2024-06-19
Technology and business resilience specialist, Databarracks, has secured a growth finance facility from Allica Bank to help fuel its further expansion.
Posted: 2024-06-18
Some 83% of UK insurers have either implemented, or are in the process of implementing, AI chatbots and generative AI, according to data from Gallagher Bassett. These technologies, it says, are proving instrumental in optimising customer service and enhancing claims processing.
Posted: 2024-06-18
Disaster recovery firm, Belfor UK, has announced a major expansion of its team and regionalised service offering, following a period of significant growth.
Posted: 2024-06-18
Facilities management company, Mitie, has achieved ISO 31000:2018 certification, the international standard that validates organisations’ guidelines and principles for risk management.
Posted: 2024-06-17
Insured losses from recent flooding in Germany will likely fall within the range of €2bn to €3bn, according to estimates from Moody’s RMS Event Response.
Posted: 2024-06-17
Specialist marine MGA, Amphitrite Underwriting London, has announced the launch of a new cargo division, to be led by Scott Sykes.
Posted: 2024-06-17
Financial services provider, Apex Group, has partnered with governance, risk and compliance advisor, ACA Group, to offer their respective clients a broader range of services
Posted: 2024-06-14
With four months remaining until the deadline for implementation, EU member states are being urged to finalise their preparations for compliance with the new Network and Information Security Directive.
Posted: 2024-06-14
The Insurance Development Forum and the French Development Agency Group have announced the formation of the Integrated Disaster Risk Management Alliance.
Posted: 2024-06-14
The Chartered Insurance Institute has announced the appointment of two new board members: Dr Desmond Bermingham, chair of the Education and Learning Committee; and Jon Graham, chair of the Audit and Risk Committee.
Posted: 2024-06-13
The British Insurance Brokers’ Association has renewed its professional indemnity accredited broker agreement with Griffiths & Armour for a further three years. Griffiths & Armour has more than 90 years’ experience in PI, has been a BIBA accredited provider since 2013.
Posted: 2024-06-12
The risk landscape is now ‘many times more complex’ than it was just three years ago at the height of the Covid crisis, with complicated and often contradictory global regulatory risk cited amongst the major obstacles to corporate growth. This is the conclusion of a report compiled by law firm, Clyde & Co, which found that escalating threats on multiple fronts are creating a ‘polycrisis’ of risk.
Posted: 2024-06-12
In a bumper year for elections, risk professionals are monitoring political risk, but remain "unperturbed" as regards a rise of the far right. Whilst 31% of risk professionals canvassed for Airmic’s latest Big Question poll say they have been monitoring EU politics, for 63% of risk professionals, it will be ‘business as usual’.
Posted: 2024-06-12
CFC has launched a new insurance solution for buyers of voluntary carbon credits.
Carbon Cancellation Insurance is designed to safeguard purchased carbon credits from financial and management risks in the event of cancellation or invalidation resulting from political risks.
Carbon Cancellation Insurance is designed to safeguard purchased carbon credits from financial and management risks in the event of cancellation or invalidation resulting from political risks.
Posted: 2024-06-11
Allianz Engineering Inspection Services has revealed its ambitious plan to become the biggest engineer surveyor team in the UK by growing its workforce to over 800 in the next four years
Posted: 2024-06-11
Argenta Holdings has appointed Niranjan Nathan as group chief risk officer. Subject to regulatory approvals, Nathan will take over from Carol-Ann Burton, who will continue as group general counsel and compliance director. Based in London and reporting to Nick Moore, CEO of Argenta Holdings and managing director of Argenta Syndicate Management, Nathan will also join the board of ASML.
Posted: 2024-06-11
Ardonagh Italia has confirmed completion of its previously announced acquisitions of Mediass S.p.A. and Mansutti S.r.l.
Posted: 2024-06-10
A new London Market committee has been established by the International Underwriting Association to review progress on the adoption of new digital services.
Posted: 2024-06-10
Businesses need to change the way they respond to global risks if they want to stay competitive, according to a new report from accountancy and business advisory firm, BDO. It suggests that business leaders are now facing almost permanent disruption. Indeed, 84% of respondents to its survey said that the global risk landscape is now more defined by crisis than at any time in recent history.
Posted: 2024-06-10
Over a quarter UK SMEs would not for a survive for more than a month if critical equipment malfunctioned, highlighting the financial fragility prevalent amongst this group. According to research conducted by HSB UK and Ireland, which gathered responses from SMEs across multiple UK industries, there exists a concerning gap in preparedness for sudden and unforeseen equipment breakdown.
Posted: 2024-06-07
The Cargo Integrity Group has identified a number of cargoes, commonly carried in containers, that under certain conditions can cause dangerous incidents.
Posted: 2024-06-07
The term ‘behavioural science’ emerged in the mid-20th century to describe the interdisciplinary study of human behaviour, with American psychologist BF Skinner a notable player in the development of the ‘movement’ between the 1930s and 1970s
Posted: 2024-06-07
Healthcare and travel risk management services provider, Healix, has announced a strategic partnership with risk, security and resilience management consultancy, GSA Global.
Posted: 2024-06-06
Rolls-Royce has received an order from its distributor, Smith Power Products, to provide two 1,500kW mtu Kinetic PowerPacks for NOVVA Datacenters. The two KPPs will provide emergency backup power for an expansion at the company’s Colorado Springs datacentre.
Posted: 2024-06-06
CFC has announced an update to its cyber risk heat map to include more detail on the key exposures for a broad range of industry sectors, including construction, education, healthcare, transport and logistics.
Posted: 2024-06-06
Chartered insurance broker, Verlingue, has established a new dedicated construction practice. Led by Harvey Monk, the new practice brings together a team of specialists from across Verlingue in one hub of 12 specialists.
Posted: 2024-06-05
Earnix has entered into a strategic collaboration with Verisk to integrate its ISO Electronic Rating Content solution into its pricing and rating platform.
Posted: 2024-06-05
Specialist Risk Group’s MGA, MX, has announced a new capacity agreement with Accredited Insurance Europe. Accredited has licenses throughout Europe, which will enable MX to explore new products and territories while expanding its underwriting capabilities and trade appetite.
Posted: 2024-06-05
CFC has overhauled its existing fintech insurance cover for the UK, Canada and Australia.
Posted: 2024-06-04
Early results from the rollout of the commercial insurance industry’s first neutral digital ecosystem have seen renewal times dramatically reduced and data quality significantly improved, according to the technology's developers and partners. Big Ticket promises to fix the “broken renewal process” in the global commercial insurance industry.
Posted: 2024-06-04
Risk professionals are making tentative moves towards the adoption of generative AI.
Posted: 2024-06-04
WTW has today unveiled a new tool designed to quantify the financial impact on an organisation of climate change, as well as supporting business planning, due diligence, strategic decision-making and compliance with evolving regulatory requirements.
Posted: 2024-06-03
A third human case of avian influenza (HPAI) A (H5N1), associated with the ongoing multi-state outbreak amongst dairy cows in the US, has been detected in a Michigan dairy farm worker.
Posted: 2024-06-03
A rise in sea surface temperatures and a weaker La Niña weather phase will contribute to a “very active” 2024 hurricane season, according to a report from Acrisure Re.
Posted: 2024-05-31
Data belonging to as many as 20.4 million people was compromised in cyber attacks on financial services firms in 2023, according to figures released by the Information Commissioners’ Office.
Posted: 2024-05-31
The ICO received 15,335 complaints against organisations over DSAR obligations failures in 2023 – making up 45% of all complaints made to the ICO over the year. Following Brexit, the UK government has proposed to amend the UK Data Protection Law in a shift away from GDPR, with the Data Protection and Digital Information Bill, which is expected to pass in 2024 (subject to the upcoming election).
Posted: 2024-05-31
Sompo has launched a new insurance offering for UK technology and telecoms service providers, providing property, casualty, professional indemnity and cyber cover.
Posted: 2024-05-30
UK-based flood science specialist JBA Risk Management is partnering with Oxford University to study the impacts of climate extremes on infrastructure networks. The Oxford Programme for Sustainable Infrastructure Systems, led by Jim Hall, will be provided with access to JBA’s global flood maps and event sets to help generate new insights into present day and future infrastructure risks.
Posted: 2024-05-30
Climate risk consultancy, South Pole, has appointed Dame Inga Beale as chair of its board. The former CEO of Lloyd's will work with recently-appointed CEO Daniel Klier and the wider executive team to help steer the business towards it next phase of growth.
Posted: 2024-05-30
Digital processes are firmly embedded throughout the insurance customer journey, including the use of chatbots as a core piece of technology. This is amongst the findings of Altus Consulting’s Digital Bar research programme, analysing technology use amongst insurers over a ten-year period.
Posted: 2024-05-29
A major space storm could cost insurers even more than a hurricane like Katrina (£43bn in 2005, or £70bn today) given the capacity to interfere with comms and power. According to a new report from Bloomberg Intelligence, the recent space storm could be a taste of what's to come, with the current solar cycle forecast to peak in 2025.
Posted: 2024-05-29
Gallagher Re is partnering with Colorado State University to study tropical cyclone risk trends, with the goal of advancing risk mitigation, adaptation and resilience.
Posted: 2024-05-29
The UK’s fire services attended 46% more fires linked to lithium-ion batteries in 2023 than in 2022, as batteries that power electric vehicles including bikes, scooters and cars were involved in almost three fires a day last year. Data collected by QBE from Freedom of Information requests to all UK fire services suggests almost a third of li-ion fires involved e-bikes.
Posted: 2024-05-28
A study published today by the Lord Mayor of London and the Royal Society of Chemistry suggests that global temperatures are on track to increase by over 3 degrees by 2100.
Posted: 2024-05-28
The health and pharmaceuticals sectors are expected to be the hardest hit by the adverse effects of artificial intelligence over the next decade, according to a new report by Swiss Re Institute.
Posted: 2024-05-24
Safeguarding against risks is a key challenge for investors in Ukraine, with those related to the war being the most significant for the insurance market. The reverberations from Russia’s invasion have triggered an unprecedented conundrum for the Ukrainian economy, where the quest for viable coverage stands as a test of both resilience and ingenuity.
Posted: 2024-05-24
Global broking business, Brokerslink, has added a new specialist affiliate, Air Courtage Assurances, to its network. Air Courtage Assurances is a French brokerage firm focused on aviation-related risks and operates in France, Switzerland and the UK.
Posted: 2024-05-23
Almost half of companies in the food and drink sector cite business interruption as the biggest internal risk to their success, closely followed by supply chain risk. This is amongst the findings of the 2024 Global Food and Beverage Risk Outlook, published today by WTW.
Posted: 2024-05-23
A second human case of avian influenza (HPAI) A (H5N1) associated with the ongoing multi-state outbreak amongst dairy cows has been found in the US.
Posted: 2024-05-23
Kroll has this week published its Q1 2024 frontline threat intelligence report, Cyber Threat Landscape – Insider Threat & Phishing Evolve Under AI Auspices, exploring proprietary data from the consultancy’s Cyber Threat Intelligence team.
Posted: 2024-05-22
As the Financial Conduct Authority’s deadline for compliance with new rules to counter greenwashing, insurers are being warned that the rules apply to all products and services communications.
Posted: 2024-05-22
The 10th May saw an historic in-person event with our East African, Nigerian, Zimbabwe and South African Groups for ‘IRM’s Strategy for the African continent’ combined with the institute’s maiden board visit to Kenya. Set against this backdrop, the meeting offered a unique opportunity for around 150 senior-level professionals specialising in risk, quality assurance, compliance, audit and accounting to convene.
Posted: 2024-05-22
Howden has launched a cyber insurance platform for SMEs. Designed for businesses with revenues of up to US$250m, cyber insurance can be purchased in four steps directly through the platform, and promises no lengthy questionnaires or complex terminology used to get a quote.
Posted: 2024-05-21
In February, the Financial Conduct Authority published proposals to make far more of its investigations public than it ever has before. The proposals have triggered debate and a certain amount of alarm. Some believe this will mean greater protection for consumers. For others, it will represent a punishment for firms before the regulator has had a chance to make a proper judgement. The debate raises interesting questions about both reputational and regulatory risks.
Posted: 2024-05-21
RSA Insurance has partnered with Q Underwriting to develop a bespoke management liability product.
Posted: 2024-05-20
The London Market contributes nearly £50bn to the UK economy – 2% of GDP overall. Employing 60,000 people, the world’s largest specialty insurance market is almost twice as large as its nearest competitor.
Posted: 2024-05-20
Howden has announced its acquisition of MiCRO, a microinsurance specialist that designs and implements parametric insurance coverage for underserved populations in Latin America against natural catastrophes.
Posted: 2024-05-20
US national public health agency, the Centers for Disease Control and Prevention, this week rolled out a new influenza A wastewater surveillance dashboard to better ascertain where H5N1 (a subtype of influenza A) might be spreading. As at 4th May, influenza A virus was detected in higher-than-average levels in Alaska, California, Florida, Illinois and Kansas, amongst other states.
Posted: 2024-05-17
The board of the International Underwriting Association is to welcome another senior London Market figure, as president of UK and MENA at Liberty Specialty Markets, Luis Prato, joins the IUA in July.
Posted: 2024-05-17
Technology and business resilience specialist Databarracks has acquired Glasgow-based PlanB Consulting. Customers of the combined business can now benefit from a full suite of end-to-end operational resilience services. from data protection, disaster recovery, business continuity and incident response, through to cyber incident exercising.
Posted: 2024-05-16
A BSI study of over 1,000 senior decision makers in UK businesses points to big net zero goals, and even bigger barriers, as 83% are committed to achieving the UK’s legally binding net zero emissions target, but 92% say barriers are hindering efforts.
Posted: 2024-05-16
Businesses are being urged to address stress and burnout amongst employees, as a study published in Mental Health Awareness Week suggest that 80% of risk management experts believe stress and burnout will impact their business in the year ahead. According to the Risk Outlook 2024 report from International SOS, employee burnout due to mounting crisis fatigue is becoming a critical issue.
Posted: 2024-05-16
The British Insurance Brokers’ Association has launched a guide for members that arrange premium finance for customers. The new guide, launched today by BIBA CEO, Graeme Trudgill, in his opening address at the association’s annual conference, aims to help members demonstrate fair value in the provision of premium finance.
Posted: 2024-05-15
The British Insurance Brokers’ Association has launched a guide aimed at demystifying the commission model. The new guide, launched today at BIBA’s annual conference, aims to help consumers and businesses understand the benefits to them of the commission model, which has been used for centuries. Further, it will help dispel suggestions that commissions should be removed or capped.
Posted: 2024-05-15
The WTW Research Network is partnering with a team of academic research fellows to examine and quantify the security aspects of climate change, and their effects on the international business environment.
Posted: 2024-05-15
Aon has developed a new insurance product designed specifically for international transport and storage companies engaged in storing carbon dioxide.
Posted: 2024-05-14
DWF has signed up to the AI Code of Conduct for the insurance claims industry.
Posted: 2024-05-14
Tokio Marine HCC – Specialty Group is launching a new product recall offering in London, with two senior appointments to its crisis management team.
Posted: 2024-05-14
The Information Commissioner’s Office has called for organisations to step up their cyber security measures and improve the protection around the personal information they hold. The ICO said cyber attacks were a growing threat and that more than 3,000 cyber breaches were reported to the ICO in 2023, with the finance (22%), retail (18%) and education (11%) sectors reporting the most incidents.
Posted: 2024-05-13
Tokio Marine dR is rolling out Fathom’s API for on-demand access to the provider’s fluvial, pluvial or coastal flood risk data.
Posted: 2024-05-13
Risk, safety and insurance technology specialist Origami Risk has identified a mismatch in how prepared firms think they are in relation to risk and the actual steps they have taken to mitigate risk. The findings were reported in its third annual State of Risk report.
Posted: 2024-05-13
With just over two months to go, insurers are running short of time to ensure closed products comply with the Financial Conduct Authority’s new Consumer Duty rules. The next FCA Consumer Duty deadline for insurance providers is 31st July 2024, at which point all products – those currently being sold as well as those still held by customers but no longer on sale – will fall under the regulation.
Posted: 2024-05-10
A Yorkshire metals recycling company has been fined £1.2m after a worker was injured after being struck by a wagon at a processing site.
Posted: 2024-05-10
Larger carriers assume a disproportionate amount of nat cat risk compared with cyber, despite the fact that nat cat historically produces more significant losses – both in economic and insured terms. By contrast, cedents with relatively smaller balance sheets are often markedly more exposed to cyber as a percentage of business mix, with several establishing themselves as leaders in this rapidly evolving market.
Posted: 2024-05-10
Freedom of Information requests have found that at least 2,000 devices were reported lost or stolen across seven government departments throughout 2023; and that data of at least 10,200 customers was put at risk by HM Revenue and Customs over the same period.
Posted: 2024-05-09
Veriforce CHAS has launched a mental health and well-being evaluation tool for the construction industry. Recent studies point to an alarming rate of mental health issues within the UK construction industry.
Posted: 2024-05-09
Aon has announced an update to its Pricing Platform.
Posted: 2024-05-09
US-based cyber security firm Arctic Wolf has released its new Cyber Resilience Assessment tool, designed to help businesses map their security posture against industry-standard cyber security insurance frameworks.
Posted: 2024-05-08
London Market wholesale insurance broker, Evolin Broking (formerly GAWS), has launched a new terrorism facility, Assailant Protect, underwritten at Lloyd’s of London.
Posted: 2024-05-08
WTW has today announced enhancements to its global cyber facility. Following the launch of CyXS in January 2023, WTW has increased its capacity by 50%. The facility now also includes coverage for cyber induced physical damage, which is becoming increasingly relevant as cyber exclusions become prevalent.
Posted: 2024-05-08
Technology and supply chain management company, ByBox, has rolled out a a battery-powered locker solution using radio frequency identification. Designed to enhance product tracking accuracy and reduce stock loss by minimising the risk of human error, the new lockers use radio frequency identification to scan products in and out and internet of things networks to update the locker contents to the ByBox Cloud.
Posted: 2024-05-07
Global claims services provider McLarens has achieved the Planet Mark Business Certification, recognising its efforts in carbon footprint measurement and reduction, and underlining its commitment to sustainability.
Posted: 2024-05-07
As it enters its second year of trading, casualty-focused MGA, Casper Specialty UK, has secured two new capacity providers. Chaucer and TMK have joined Argenta to provide additional capacity as the business continues to scale.
Posted: 2024-05-07
The Institute of Risk Management is embarking on a significant milestone in its globalisation strategy with a forthcoming board visit to Kenya. The purpose of this visit is to showcase the strategic commitment of the IRM and the East Africa Regional Group to the risk management profession in Africa.
Posted: 2024-05-03
Whitespace has released Digital Follow, the first of its workflow automation solutions. Developed with underwriters’ needs in mind, Digital Follow will be trialled by a select set of customers in the Whitespace sandbox environment before a wider launch in the second half of this year.
Posted: 2024-05-03
ICEYE has announced the launch of its Flood Insights and Flood Early Warning products for Canada.
Posted: 2024-05-03
The Risk Management Awards 2024 are open for entries. The awards represent the pinnacle of achievement in risk management. Submit your entry by 18th July 2024 for your chance to be a part of the most exciting event in the risk management calendar.
Posted: 2024-05-02
Origami Risk is expected to launch a new package of GenAI solutions for risk managers at next week's RIMS Conference in San Diego. The risk software provider is launching two prototypes that aim to safely guide risk and insurance professionals through the strategic adoption of AI.
Posted: 2024-05-02
Marsh McLennan has launched an AI-powered platform with integrated advisory services. Developed by Marsh and Oliver Wyman, Sentrisk uses supply chain mapping AI and geospatial satellite imaging to help organisations map their supply chains comprehensively, and to develop risk mitigation, transfer and management strategies that align to their business needs.
Posted: 2024-05-02
Arch Insurance International has today announced the promotion of Barbara Rizzi to chief claims officer. In her new role, Rizzi will be responsible for leading Arch’s claims function and strategy, including the London Market, UK regional market, Australia and the EU. Based in London, she will report to Kirsten Valder, deputy CEO, Arch Insurance International.
Posted: 2024-05-01
Agile Underwriting Services has received permission to underwrite from Lloyd’s for its Agile Underwriting Services Syndicate 2427 (AUS 2427).
Posted: 2024-05-01
The International Underwriting Association has strongly opposed plans proposed by the Financial Conduct Authority to publish details of future regulatory investigations before they reach their conclusion. Under proposals announced by the FCA, details of ongoing enquiries into alleged misconduct would be made publicly available.
Posted: 2024-04-30
GC Tech, the subsidiary of legal advisor, HF, has partnered with the University of Salford to create an AI-based product designed to streamline insurance claims handling.
Posted: 2024-04-30
Dual Australia has today announced the launch of a new business line offered by its specialist title insurance team, Dual Asset.
Posted: 2024-04-30
WTW has joined forces with Riskonnect to pilot an analytical delivery tool that connects claims and exposure data through its new WTW Risk IQ API, with the goal of helping clients better evaluate their claims data to identify, assess and quantify inefficiencies, and reduce errors and anomalies by eliminating manual processes.
Posted: 2024-04-29
Insurtech MGA Loadsure has announced its launch in Europe. Effective immediately, Loadsure is approved to write business in Europe, with an initial focus on the Benelux region, Germany, France, Denmark, Norway, Finland and Sweden. In addition, Ben Brough has joined the firm as director of Europe, and Loadsure will continue to expand the European team moving forward.
Posted: 2024-04-29
The UK P&I Club has announced the launch of its new Safety and Risk Management division.
Posted: 2024-04-29
The majority of the world’s biggest financial firms are using external GenAI tools, and about a fifth of them have yet to decide where responsibility for AI lies. This is amongst the findings of an ORX survey of 26 of the world’s biggest banks and insurers, of which most were using Microsoft Copilot, followed by ChatGPT and Google Bard/Gemini.
Posted: 2024-04-26
Investec is disrupting premium finance – Podcast
Investec made waves in entering the premium finance market, where listening and evolving in response to brokers made a real difference.
Communicating in a crisis
Deborah Ritchie speaks to Chief Inspector Tracy Mortimer of the Specialist Operations Planning Unit in Greater Manchester Police's Civil Contingencies and Resilience Unit; Inspector Darren Spurgeon, AtHoc lead at Greater Manchester Police; and Chris Ullah, Solutions Expert at BlackBerry AtHoc, and himself a former Police Superintendent. For more information click here
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