News

The pandemic put a stop to the world as we knew it.
Posted: 2021-07-26
Global financial institutions must manage risk more actively if they are to succeed with the digital transformations necessary to keep them relevant and competitive. This is the warning from operational risk association, ORX whose latest report, Right Time, Right Place, explores ways in which operational and non-financial risk management functions can support vital transformations.
Posted: 2021-07-26
Aon and Willis Towers Watson have agreed to terminate a proposed £21.5bn merger following an “impasse” with the US Department of Justice.
Posted: 2021-07-26
There are numerous and clear warnings that cyber attacks are on the rise, and that attackers are launching precision strikes against firms thought likely to pay ransoms and offering weak defences.
Posted: 2021-07-22
CBI president, Lord Bilimoria, is today expected to announce the integration of Sharing Economy UK into the CBI. Founded in 2015, SEUK represents a range of platform businesses from car-sharing and accommodation rentals to major online marketplaces - enabling people to trade space, skills, and a range of other goods and services. Its mission is to support people in using existing resources so as to reduce waste.
Posted: 2021-07-22
Ecclesiastical has joined forces with specialist risk management provider, Key Risk, to provide brokers with counter-terrorism advice.
Posted: 2021-07-22
The Grenfell Tower tragedy was the worst residential fire in London since World War II, killing 72 people in one of the world’s wealthiest neighbourhoods. Surely, then, lessons will be learned from it, and lasting change implemented. Unfortunately, as history tells us, the evidence is weighed against this outcome – indeed, four years after Grenfell, the UK’s cladding issue remains unresolved, putting the lives of thousands at risk and on hold.
Posted: 2021-07-21
Airmic has announced the appointment of Claire Combes as its next chairman. Ms Combes will succeed Tracey Skinner from 1st September 2021. Ms Combes has been an Airmic member for 20 years and joined the board in 2016. She is chair of the Risk Management Steering Group and also sits on the association’s Audit Committee.
Posted: 2021-07-21
The global pandemic continues to cause uncertainty for businesses, and risk managers remain at the forefront of ensuring organisations survive and adapt. There’s currently a lot of focus in the UK on the risks associated with a return to the workplace, but this is only one specific aspect of the much bigger challenge of adapting to ongoing, unpredictable change.
Posted: 2021-07-21
Pool Re’s specialist terrorism risk division Solutions has launched the second in a series of sector risk reports which identifies a number of potential terrorist threats to the retail and hospitality sector.
Posted: 2021-07-20
Ticket machines operated by Northern Trains have been hit by a suspected ransomware attack. The machines were put out of action last week following a cyber attack designed to extort money from the company.
Posted: 2021-07-20
Online grocer Ocado has been forced to cancel thousands of orders following a fire at its automated warehouse in south-east London. The blaze at the company’s fulfilment centre in Erith was caused by a collision between three of the robots that operate at the high-tech site.
Posted: 2021-07-20
With the removal today of many COVID-related restrictions, the CBI is calling for immediate changes to the current self-isolation policy as part of measures needed to create confidence and secure the economic recovery.
Posted: 2021-07-19
The number of large protests and demonstrations globally has risen 36% since the global financial crisis in 2008-2009, from an average of 355 per year in the decade to 2009 to 482 per year in the decade following the global financial crisis, according to a study by reinsurance group Chaucer.
Posted: 2021-07-19
The arts and entertainment industry is still very much in recovery mode as COVID restrictions are further eased. Figures from the Office for National Statistics shows that 57% of businesses experienced a decrease in turnover compared with normal levels for the time of year, and that the arts, entertainment and recreation industry continues to report the highest proportion of its workforce on furlough at 15%.
Posted: 2021-07-19
Royal Mail has announced that all of its company cars will be electric by 2030 as part of a drive to become a net zero carbon emission business with a 100% alternative fuel fleet.
Posted: 2021-07-16
Severe flooding across Germany and other parts of Western Europe look set to be one of the costliest flood events on record, with insurers and reinsurers bracing themselves for losses running into billions of euros.
Posted: 2021-07-16
Law firm Pinsent Masons has launched a new working-from home audit tool to help financial services organisations understand the hidden litigation and regulatory risks associated with staff increasingly working from home on a more permanent basis.
Posted: 2021-07-16
The winners of the 2021 National Insurance Awards were revealed at last night's gala dinner and awards ceremony.

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

Cyber Insurance by CPP Secure is now available through Acturis after Partners& selected the administration platform as a technology partner. The insurance policy was originally launched on Acturis by CPP in October 2019.
Posted: 2021-06-02
A study of terrorist attacks that took place on passenger rail and bus systems in modern developed countries between 1970 and 2020 has found that more than 60% of incidents occurred during off-peak hours. For the Mineta Transportation Institute’s latest Peak Hour Study, security experts Brian Michael Jenkins and Bruce Butterworth analysed more than 500 attacks on both rail and bus systems.
Posted: 2021-06-02
The Institute of Risk Management has appointed a new independent non-executive chair. Stephen Sidebottom takes over from Iain Wright today. Mr Sidebottom has over 30 years’ international experience of working in HR and organisational development primarily in global financial services and in both private and public sectors..
Posted: 2021-06-01
The cumulative cost of COVID-19 claims for the largest life reinsurers is thought to have reached £3.1bn in the first quarter of the year as mortality rates spiked, according to figures published today by Bloomberg Intelligence.
Posted: 2021-06-01
Some UK SMEs are borrowing to fund business insurance with owners most likely to rely on credit cards, new research from Premium Credit shows.
Posted: 2021-06-01
Amid a brightening outlook for economic recovery in 2021 and appetite for new business among participating insurers, the government and the ABI have announced that the Trade Credit Reinsurance scheme will close on 30th June, as planned. The temporary scheme is understood to have provided some £210bn in cover.
Posted: 2021-05-27
DCMS is looking for views on the existing guidance for supply chain cyber risk management and is also testing the suitability of a proposed security framework for managed service providers.
Posted: 2021-05-27
Willis Towers Watson has launched a public-private partnership project on disaster risk management and climate resilience for the City of Medellín, Colombia. Collaborating with the city’s government, the partnership will develop parametric flood and earthquake insurance products, as well as landslide protection.
Posted: 2021-05-27
The availability of data is the greatest challenge financial institutions expect to face over the next five years as they seek to address climate risk. Difficulties in making quantitative assessments and insufficient expertise in the actions required to facilitate a transition to a Net Zero economy were also identified among the key barriers to progress, according to a survey.
Posted: 2021-05-26
After a year of supply chain disruption, political tension and growing climate worries, resilience is increasingly recognised as key for global businesses – and nowhere more so than in Denmark, according to FM Global’s latest Resilience Index.
Posted: 2021-05-26
IoT data has the potential to reshape insurance business models as it provides all the data necessary to prevent risks more quickly, more effectively and with greater precision. Offering major benefits to both insurers and insureds, harnessing IoT data can also help encourage less risky behaviour.
Posted: 2021-05-26
Data obtained under the Freedom of Information Act shows that whistleblower reports to the Financial Conduct Authority dropped by 9% between 2019 and 2020 (from 1,179 to 1,073) and anonymous reports by 29% (from 291 to 206). The is first year-on-year fall since 2016, with steady growth in reports between then and 2019.
Posted: 2021-05-25
Three years after GDPR came into force, UK security professionals are more concerned about class action lawsuits following a serious data breach than they are about regulatory fines. Half of consumers said they would be prepared to join a class action lawsuit against a firm that had leaked their data, suggesting that security professionals’ fears are not misplaced.
Posted: 2021-05-25
The UK government is today testing a new Emergency Alerts system, designed to alert the public about severe flooding, fires, explosions, terrorist incidents or public health emergencies.
Posted: 2021-05-25
There are some truths we ought to take as self-evident in modern risk management. Firstly, we know that good risk management makes good business sense; secondly, we know that we live in a world of high velocity change and complexity; and thirdly, we know that the world has changed for ever.
Posted: 2021-05-24
Two former Lloyd’s of London analysts have launched an index which aims to provide an equity benchmark better suited to specialty re/insurance underwriting than other, non-specialist equity indices.
Posted: 2021-05-24
Real-time driving data has uncovered the growing use of privately-insured vehicles for commercial purposes. Telematics insurtech, ThingCo calculates that as much as 5% of new private motor insurance policies are currently being used for commercial activities, such as take-away food deliveries.
Posted: 2021-05-24
More than half of firms have faced one or more third-party risk incidents whilst responding to the COVID-19 pandemic, some 13% of which were considered ‘high impact’, compromising financial performance and profitability, and, in some instances, putting firms in breach of regulations.
Posted: 2021-05-21
Fast charging company Fastned, Oxford City Council, Pivot Power, Tesla and Wenea are to build and operate a fast charging 'Energy Superhub' with up to 14 fast chargers and 12 Tesla Supercharger stalls, for a combined number of 26 fast chargers.
Posted: 2021-05-21
The Competition and Markets Authority is seeking views on draft guidance for businesses about ‘green’ claims, following recent analysis which suggested that some 40% of said claims made online could be misleading.
Posted: 2021-05-21
RPC has advised Right Choice Holdings on its acquisition of Bennetts Motorcycling Services from The Ardonagh Group.
Posted: 2021-05-21
International law firm, RPC has today announced the launch of Global Access Lawyers, connecting insurance law specialists across the globe, including Colin Biggers & Paisley in Australia, Hinshaw & Culbertson LLP in the US, Miller Thomson LLP in Canada, Kennedy Van Der Laan in the Netherlands and HMN & Partners in France. RPC will represent the group throughout the UK and also Asia.
Posted: 2021-05-20
The Institute of Operational Risk has released German versions of its Sound Practice Guidance series for risk managers. Designed to complement existing standards and codes for risk management (such as ISO 31000), the aim of the series is to provide guidance that is both focused on the management of operational risk and practical in its application.
Posted: 2021-05-20
Integrated salvage and vehicle recycling company, Synetiq and insurer Allianz have launched a digital platform designed to help vehicle repairers in sourcing green parts.
Posted: 2021-05-20
Estate agents are only half way through their Fifth Anti-Money Laundering implementation plans, despite the directive having come into force over a year ago. This is among the findings of research conducted among almost 900 compliance professionals by LexisNexis Risk Solutions, which suggests that firms are at risk of penalties from the regulator for non-compliance, as well as potentially allowing illicit activity to go undetected.
Posted: 2021-05-19
Research from investment company MBH Corporation suggests that most UK SMEs expect their businesses to recover to pre-pandemic levels by next year, if not sooner. Staff retention was found to be the biggest challenge for small business owners – ahead of worries such as late payments and access to finance.
Posted: 2021-05-19
Nearly 19,000 vessels passed through the Suez Canal last year, carrying around 12% of global trade. Therefore, the closure of the canal for six days in March during the stranding of the ULCV Ever Given was a global news story from the start. But over a month later, the insurance consequences of this story are only just beginning to become visible.
Posted: 2021-05-19
RPC's corporate insurance team has advised Optio Group on its acquisition of nuclear risk underwriter, Northcourt.
Posted: 2021-05-18
The Colonial Pipeline cyber attack highlights the potential cyber risk accumulation around vital infrastructure or technology systems. Colonial's pipeline is connected to 30 oil refineries and nearly 300 fuel distribution terminals. Thousands of gas stations, consumers and hundreds of companies also rely on it to deliver fuel.
Posted: 2021-05-18
This week sees restrictions further eased for businesses and individuals in England, as the government opted to stick to its planned roadmap out of lockdown, despite fresh concerns over COVID variants.
Posted: 2021-05-18
CFC has bolstered its transaction liability offering with the launch of a new solution designed to support North American buyers purchasing a UK or European target business. The new suite of products bridge the gap between North American coverage and UK/European/international M&A.
Posted: 2021-05-13
NCC Group has agreed to acquire Iron Mountain’s Intellectual Property Management business for a cash consideration of US$220m (£156m). IPM is a provider of software resilience services to a large and diverse US market, the acquisition of which will make the US region the largest contributor of the division’s revenues and profits.
Posted: 2021-05-13
Following a year with more planes grounded than in the skies, the aviation sector and its insurers are grappling with the challenges of resuming operations amid a varied international recovery.
Posted: 2021-05-13
Origami Risk has launched an enterprise risk management maturity assessment tool that can be accessed online free of charge.
Posted: 2021-05-12
Miller has launched a new professional indemnity product designed specifically for solicitors operating on a self-employed basis.
Posted: 2021-05-12
ArgoGlobal has announced a partnership with green finance MGA, Tierra Underwriting to provide US$25m in underwriting capacity.
Posted: 2021-05-12
Organisations have a “once in a generation” opportunity to change working practices for the better, if they can effectively plan the return to offices at the end of June. But only half of UK organisations have consulted with their staff about the big return to the workplace, leaving the rest at risk of reverting to the “old normal”, according to research published today by the Chartered Management Institute.
Posted: 2021-05-11
Pool Re has warned that the lifting of lockdown restrictions and increased passenger numbers heralds the return of crowds and, with it, the potential for terrorist attacks. Counter-terrorism police have made a number of warnings of the increasing threat of self-radicalisation during lockdown and the return of crowded spaces may present a target which has not been present for over a year.
Posted: 2021-05-11
In a judgment approved by Cardiff County Court, a former owner of an NHS dental practice was for the first time held to be vicariously liable and to owe a non-delegable duty of care to an NHS patient for alleged poor treatment provided by associate dentists working at his practice.
Posted: 2021-05-11
The World Economic Forum has announced a new coalition of partners aiming to decarbonise Europe’s food system, the European Carbon+ Farming Coalition. The coalition was launched by the WEF’s CEO Action Group for the European Green Deal and is part of the emerging food and nature platform, 100 Million Farmers, 1 Billion Consumers: Transitioning Towards Net-Zero and Nature-Positive Food Systems.
Posted: 2021-05-10
The US government issued emergency legislation on Sunday after a ransomware attack forced the shutdown of the crucial US Colonial pipeline, which supplies almost half of total East Coast consumption of diesel, gasoline and jet fuel. Refined product prices are this morning trading higher, with concerns about the ongoing impact should the situation persist.
Posted: 2021-05-10
COVID-19 has shown the importance of running effective, efficient and flexible business operations and risk management practices. Whilst the pandemic is sadly not over and increasingly rife in countries such as Brazil and India, valuable lessons have and are being learned.
Posted: 2021-05-10
Against the ever-present risk of earthquakes, which on average causes nearly US$40bn in direct economic loss every year, FM Global has released what it says is the world’s most comprehensive global earthquake risk map.
Posted: 2021-05-07
Sales of legal cannabis in the US have hit a record high of US$17.5bn and new legislation surrounding insurance and banking rules for the market is set to open up potential new opportunities for insurers. New Dawn Risk has published a white paper on insurance for the US legal cannabis, CBD and hemp markets, detailing the changing legal landscape within the sector.
Posted: 2021-05-07
Databarracks has acquired enterprise backup firm 4sl, for an undisclosed sum. The deal creates a combined company with 75 staff, including 50 data protection experts.
Posted: 2021-05-07
Fitness brand Peloton has recalled around 125,000 of its treadmills following the death of a six-year-old child and a number of other reported injuries. The Tread+ machines were considered by a US watchdog to pose a risk of injury or death to adults, children or pets if they get pulled underneath.
Posted: 2021-05-06
More than a quarter of UK festivals over 5,000 capacity have been cancelled due to lack of insurance cover, with more set to be shelved without urgent government help, according to the Association of Independent Festivals (AIF). It warns that up to 76% of the remaining festivals could be forced to cancel if immediate steps to support insurance cover are not taken.
Posted: 2021-05-06
Half of Britain’s manufacturers have been the victim of cyber crime during the last 12 months, during a period when thousands of organisations moved their staff to remote working when the COVID crisis struck, according to a report by manufacturers’ trade body Make UK.
Posted: 2021-05-06
The existing legal position for employers could be tested as working patterns change, warns insurer Zurich. It says the legal precedent on work related stress claims has remained unchanged for nearly 20 years but could be challenged by a widespread move away from traditional working arrangements since the start of the pandemic.
Posted: 2021-05-05
An IoD survey of around 600 business leaders has shown that over 60% of organisations plan to adopt hybrid working even after restrictions ease. The research finds that 63% of business leaders intend to shift towards one to four days of remote working per week. One in five are not planning to introduce any form of remote working, while just around one in ten are now looking to work from home entirely.
Posted: 2021-05-05
Organisations are bracing themselves for a spike in the numbers of contract disputes and employment-related proceedings after the end of the government’s furlough scheme later this year. According to insurance and risk management firm Gallagher, companies could see such action increase during 2021, with employment-related litigation and redundancy claims likely to rise when the furlough scheme ends on 30 September.
Posted: 2021-05-05
Regulatory changes, food fraud and the ongoing effects of COVID-19 are all potential causes of supply chain disruption in the year ahead, according to a new BSI report. The Supply Chain Risk Insights 2021 Report warns of ongoing challenges from the pandemic creating new threats for organisations in the coming months, but suggests a host of other potential factors also need to be factored in to ongoing planning.
Posted: 2021-05-04
The effects of climate change could drastically reduce US corn crop yields, with a potential drop of up to 40% on previous levels by the decade 2046-55, according to new agricultural risk research.
Posted: 2021-05-04
The government has been urged to provide greater clarity on the future direction of travel for some of the remaining big pandemic-related decisions in order to protect economic recovery. The CBI warns that far-reaching questions remain on COVID-status certification and its use to reopen global travel and whether such a scheme will extend to certain domestic activities and the future of social distancing in England.
Posted: 2021-05-04
Businesses are being urged to take more responsibility for cutting their emissions by ensuring workers adopt greener travel habits. Decarbonising commuters’ journeys will be vital if the country is to hit net-zero targets, the CBI says. As many firms reconsider future working models, the business group is encouraging firms to incorporate staff commuting into net-zero strategies.
Posted: 2021-04-30
Retailers are scrambling to secure warehouse space after shoppers moved online amid the pandemic, with demand for sites over 100,000 square feet up some 64% on last year, according to figures from real estate and investment firm Jones Lang LaSalle.
Posted: 2021-04-30
Compliance professionals in the financial services sector are struggling to implement AML regulations, with over 90pc looking for more guidance from regulators, according to a poll conducted by LexisNexis Risk Solutions.
Posted: 2021-04-30
Hydrogen has the potential to morph from a niche power source into big business, and with the right approach to risk management, could be key to the global energy transition. This is the message from AGCS, as it highlights the operational risks around the production, storage and transportation of hydrogen, including fire and explosion hazards, impact of embrittlement and business interruption exposures.
Posted: 2021-04-29
Specialist insurer, CFC has received ‘in principle’ approval from Lloyd’s to create its new Syndicate 1988. Managed by Asta Managing Agency, work is underway to secure final approvals to commence underwriting business incepting 1st July.
Posted: 2021-04-29
We’re all looking for a good night’s sleep, and here’s a book that promises to provide that by making sure you’re always prepared for “the worst day of your business life” – always ready to protect your business and reputation, whatever the world may throw at it.
Posted: 2021-04-29
Legal costs insurance provider to the maritime industry, the UK Defence Club has launched detailed guidance for the sector outlining the practical goals and contractual challenges in becoming carbon neutral. The Green Transition looks at what the IMO’s ambitious emission reduction targets mean in practice for shipowners and operators.
Posted: 2021-04-28
Motorists could see self-driving vehicles on British roads for the first time later this year, following a landmark call for evidence on automated lane keeping system technology.
Intended for use on a motorway in slow traffic, ALKS is designed to enable a vehicle to drive itself in a single lane, while maintaining the ability to return control to the driver if required.
Posted: 2021-04-28
The success of evergreen policies in other markets makes a case for their use in the construction market, according to the Chartered Insurance Institute, whose study into the pros and cons of evergreen policies argues that they would bring more control, improved client relations, better retention rates, and a useful hedging mechanism in what experts believe is a hardening market.
Posted: 2021-04-27
The Civil Aviation Authority has issued 630 fines since February to airlines carrying passengers without the right documents, as part of recently ramped up COVID safety measures at the country’s borders.
Posted: 2021-04-27
The EU’s public consultation on open insurance is this week drawing to a close. EIOPA launched its consultation in January, following the publication of its Discussion Paper which explored questions on whether and how far insurance value chains should be ‘opened’ up by the sharing of insurance-related and specific policyholder data amongst insurance and non-insurance firms.
Posted: 2021-04-26
India has become the epicentre of the COVID-19 crisis. On its current trajectory, the country could surpass 300,000 new cases of COVID per day in the next 1-2 days, according to the Johns Hopkins Center for Health Security.
Posted: 2021-04-26
Protecdiv has announced the launch of its enterprise risk management system, Permmanence, designed to help clients assess and evaluate their overall risk management position both quantitatively and qualitatively.
Posted: 2021-04-26
Artificial intelligence is expected to lead digital transformation in insurance, with the market for AI platforms expected to reach £2.5bn by 2024, which would represent a CAGR of 23% since 2019. This is the forecast from GlobalData, whose latest analysis points to a growing understanding of the benefits offered by AI platforms.
Posted: 2021-04-23
The deadline for entering the Business Continuity Awards is just under two weeks away. The most anticipated event in the business continuity calendar, the Business Continuity Awards celebrate achievement across your vibrant profession, and provide unrivalled networking, alongside a night of entertainment and celebration.
Posted: 2021-04-23
London broker Paragon has helped to secure the largest programme of over US$700m of cold storage insurance capacity for digital asset financial services company, BitGo. In 2020, BitGo became the first digital asset custodian to offer clients the ability to purchase their own dedicated excess limits above BitGo’s US$100m ‘all customer’ crime/specie policy at pre-agreed rates.
Posted: 2021-04-23
Zurich Insurance has added Ping An Health to its global network of insurance providers for the employees of multinationals.
Posted: 2021-04-22
Insurance industry think tank The Geneva Association has published its Public-Private Solutions to Pandemic Risk report outlining four possible government-led schemes that could help close the protection gap for business interruption risk in the case of a pandemic. The four schemes relate to direct insurance, reinsurance, social insurance and post-event protection.
Posted: 2021-04-22
Covéa is to deploy Tractable’s AI to speed up the processing of policyholders’ claims across its MAAF, MMA and GMF brands in France. The technology uses computer vision technology to understand in real-time photos of car damage taken by bodyshops, and to make sense of the impact as a human would. It then shares repair method recommendations and guides the process to ensure each claim is processed and settled as quickly as possible.
Posted: 2021-04-22
A new coalition, led by Mars and sustainability consultancy Guidehouse has been created to speed climate preservation in the supply chain. The Supplier Leadership on Climate Transition coalition has also gained the backing of PepsiCo and McCormick to help suppliers develop their own science-based targets and climate action plans.
Posted: 2021-04-21
DAC Beachcroft has been appointed to Zurich Insurance Group’s new large and complex claims legal panel for the Asia-Pacific region, following joint proposition submitted with insurance law firm Wotton + Kearney.
Posted: 2021-04-21
Despite the combined effects of almost £18bn of pandemic- and natural catastrophe-related losses and a compromised investment return, reinsurers reported positive earnings for the year and an increased capital base. COVID-19, the Atlantic hurricane season and less well-modelled secondary perils dominated the year for reinsurers.
Posted: 2021-04-20
Manufacturer Engro Polymer & Chemicals has deployed EmpiricAI’s WorkSafe Analytics solution to bolster occupational health policies, reduce risk and avoid operational interruptions by monitoring staff mask usage and adherence to social distancing requirements.
Posted: 2021-04-20
Reinsurance broker Gallagher Re has created a new cyber team, based in Bermuda. The move aims to boost capacity and broaden its network of existing teams which already work out of locations in both the UK and the US. Seb Plummer will lead the dedicated team.
Posted: 2021-04-19
Howden is calling on insurers to help fill protection gaps as intangible risks become increasingly ‘invisible’ across multiple lines of business and territories, redefining risk transfer needs. Intangible assets are now the predominant source of economic value for global businesses. Almost 70% of total business value for the world’s largest 50 corporations emanates from intangibles.
Posted: 2021-04-19
In over 10% of reputational crises from the past 40 years, over 50% of shareholder value has been destroyed, with the average impact reflecting a total of almost £1trn in lost value. On average, shareholders can expect to lose 26% of value at some point during the post-event year. So says a joint report from Aon and Pentland Analytics which analysed the impact of and recoveries following 300 crises.
Posted: 2021-04-16
Willis Towers Watson has launched new software technology that promises to transform the performance of frontline underwriters.
Posted: 2021-04-15
Operational resilience remains the top priority for financial services firms, as the sector reports the most significant improvement in optimism since December 2013. This is according to findings the latest CBI / PwC survey of the sector, published this morning. Respondents also reported continued growth in profitability, with all sectors except banking experiencing profits growth.
Posted: 2021-04-15
JP Morgan is extending its use of Acin’s operational risk management and benchmarking platform to its global markets business units to complement the existing operational risk management practices established across the investment banking group.
Posted: 2021-04-15
Businesses are more concerned about competition, technology-impacted processes and regulation than they are about COVID-19, signalling a shift in focus beyond the pandemic. This is according to a new study which suggests that executives have already begun to plan for new waves of disruption in a post-pandemic world.
Posted: 2021-04-14
As the lockdown eases in England and thoughts turn to the new normal in the post-pandemic world, London-based think-tank Chatham House has unveiled its future-gazing project aimed at reimagining tomorrow's cities.
Posted: 2021-04-14
Beazley is to offer its Beazley Breach Response and InfoSec cyber policies to businesses domiciled in Germany.
Posted: 2021-04-14
A new industry-wide Property Damage Task Force has been launched to bring insurers, brokers, loss adjusters, legal specialists and corporates together to identify emerging issues in the property claims sector, collaborate on claims strategies, and lobby for change in the property damage market.
Posted: 2021-04-14
On or offshore, the work and lifestyle of a remote rotational worker may be lucrative, but it comes at a cost, according to research conducted by the International SOS Foundation and Affinity Health at Work. The joint report reveals a high instance of suicidal thoughts among this group, as the majority of workers are found to have worse mental health than the norm.
Posted: 2021-04-13
Willis Towers Watson has launched a global modelling tool that uses advanced data and analytics to demonstrate changes in acute hazards such as extreme wind and flood as well as chronic stress factors like sea-level rise and heat stress under multiple combinations of climate scenarios and time horizons.
Posted: 2021-04-13
Companies are beginning to recognise the threat posed by climate change to all aspects of their business – beyond the obvious damage caused to the planet. This is according to a report published by Clyde & Co on the rapidly evolving risk and regulation environment and subsequent implications for businesses and industry.
Posted: 2021-04-13
The collapse of Carillion in 2018 highlights a pervasive culture of 'corporate deviance' embedded at the heart of the UK construction sector, according a London South Bank University study. By performing a qualitative analysis on the collapse of construction giant, researchers identified the most common 'deviant practices' and sources of ‘normalisation of deviance’ embedded in the sector.
Posted: 2021-04-12
While traffic in the Suez Canal is now moving normally again, the consequences of the delays to cargo on around 300 ships are about to be felt by destination ports and last mile logistics.
Posted: 2021-04-12
Sonja Rottiers is to step down from her role as CEO of Lloyd’s Europe.
Posted: 2021-04-12
Delivered on Anvil’s risk management platform, Riskmatics, the tool uses data from SAP Concur through its itinerary API.
Posted: 2021-04-09
The 12th annual Risk Management Awards are open for entries. The awards are free to enter and, with 21 categories to choose from this year, represent a number of opportunities for entrants to showcase their best people, products and projects.
Posted: 2021-04-09
Hiscox has appointed Robert Dietrich as CEO of Hiscox Europe. Mr Dietrich has been with Hiscox for 24 years, having joined as an operations manager for Hiscox Germany from Allianz’ trainee programme in 1997. He held a variety of underwriting roles across the business before being appointed to managing director of Hiscox Germany in 2006.
Posted: 2021-04-09
Gallagher has acquired Oslo-based marine and energy broker Parisco AS.
Posted: 2021-04-08
Zurich Insurance subsidiary, Farmers Group, and Farmers Exchanges have completed the acquisition of MetLife’s property and casualty business in the US for a purchase price of US$3.94bn.
Posted: 2021-04-08
The grounding of the Netherlands-bound container ship Ever Given posed an historically significant disruption and raised important questions about how an event like this could have happened, its lasting impact, and how to plan for similar potential events.
Posted: 2021-04-07
A former chair of both Airmic and FERMA, Ms Graham has served as deputy CEO and technical director of Airmic since October 2015 and has more than 35 years’ experience in senior risk management and insurance positions, including serving as director of risk management and insurance at DLA Piper and 30 years in the insurance sector. She is also a board member of IFRIMA, the International Federation of Risk and Insurance Management Associations, and serves as a non-executive director of several captive insurance companies.
Posted: 2021-04-07
Pandemic-induced pressures have contributed to larger increases in global economic risk than ever before, according to the latest Political Risk Map from Marsh Specialty. Social inequality is a pervasive risk across multiple regions – particularly in the Americas and Europe – and is likely to influence elections, contribute to political and economic nationalism, and could create conditions that spark open conflict.
Posted: 2021-04-07
Prime Minister Boris Johnson last night confirmed that from Monday 12th April, England will move to Step Two of its roadmap out of lockdown, when non-essential retail will open as planned – as will hairdressers, salons, barbers, gyms, pubs and libraries.
Posted: 2021-04-06
Supply chain risk management organisation, CHAS has partnered with the University of Nottingham Rights Lab to undertake a research project around the risk of modern slavery within construction supply chains, with a focus on SMEs.
Posted: 2021-04-06
Catastrophe industry losses outside of the US are well below the long-term annual average according to figures from CRESTA, which has released the Q1 2021 update of its index of international catastrophe events.
Posted: 2021-04-06
Insurers are urging the construction industry to embrace reform in order to help improve the provision of professional indemnity insurance for the sector. The International Underwriting Association has called for continuing improvements to regulation and culture, prioritising quality construction and safety over cost-cutting.
Posted: 2021-04-01
Following a spate of anti-lockdown protests, Black Lives Matter demonstrations and attacks on polices forces, damages and disturbances from riots, protests and other forms of civil unrest are now among the main political risk exposures for companies in the UK and worldwide.
Posted: 2021-04-01
The Swiss Re Institute has said insured losses from all 2020’s disaster events globally were £65bn, the fifth highest in more than 50 years. It said global insured losses from natural catastrophes were £59bn in 2020; man-made disasters resulted in £6bn insured losses. Secondary peril events accounted for more than 70% of the natural catastrophe insured losses.
Posted: 2021-04-01
There is huge economic uncertainty as we come out of COVID-19. Many governments are carrying very high levels of debt that need to be serviced and repaid, which may lead to different solutions in different jurisdictions. We also see ongoing high levels of geopolitical risk internationally.
Posted: 2021-03-31
Castellan Solutions has launched its new SaaS tool. The provider’s fully integrated software suite uses automation and intelligence to solve operational resilience, business continuity, crisis management and emergency notification challenges within one platform.
Posted: 2021-03-31
Despite broad optimism about the future of the digital health sector, some business could be unnecessarily exposed to financial and reputational damage through underinsurance. This is among the findings of a new report on emerging attitudes to risk and insurance among telehealth, mobile health, health software and life sciences technology companies.
Posted: 2021-03-31
In the next phase of the UK Government’s workplace testing programme, all employers will now be able to offer staff free, rapid and regular testing that can be taken at home. Businesses with over 10 employees and which cannot offer on-site testing are invited to register interest by 12th April to access free tests.
Posted: 2021-03-29
Brokerslink has added compliance, risk and resilience specialist B. Riley Advisory Services to its risk management capabilities.
Posted: 2021-03-29
Delegated authority premium underwritten by IUA members has grown by around £1bn in recent years.
Posted: 2021-03-29
João Marcelo dos Santos discusses how regulation can make or break a developing insurance market for international participants.
Posted: 2021-03-26
Insurers are being warned of the potential for a large volume of claims following recent cyber attacks on Microsoft’s email servers. CyberCube believes companies in North America to be at greater risk than those in Europe, and that re/insurers are likely to see a long-tail of attritional claims resulting from this attack.
Posted: 2021-03-26
The Suez canal disruption has the potential to cost the world economy up to US$10bn in lost trade for each day that the Ever Given blocks the canal, adding to around US$230bn of supply chain disruption to trade seen since the start of this year.
Posted: 2021-03-26
Work resumed this morning to free an ultra large container ship that was grounded in the Suez Canal Tuesday. Some traffic has been able to move but dozens of vessels, including other large container ships and tankers, remain backed up as MS Ever Given blocks the central shipping route between Europe and Asia.
Posted: 2021-03-25
The pandemic has accelerated the introduction of a more structured business continuity programmes, with a greater expectation of investment in the year ahead, according to the Business Continuity Institute’s 2021 Horizon Scan Report.
Posted: 2021-03-25
Architects made over a third of all professional indemnity claims for 2020 at UK broker, PolicyBee, despite making up just 6% of all policies and 10% of total value.
Posted: 2021-03-25
The FCA has today launched a campaign to encourage individuals to report wrongdoing in financial services. The campaign, 'In confidence, with confidence' includes materials for firms to share with employees, and stresses the confidentiality processes in place to protect whistleblowers.
Posted: 2021-03-24
On 15th January the UK’s Supreme Court handed down its judgment for the COVID-19 business interruption insurance test case between the Financial Conduct Authority and a group initially consisting of eight insurers.
Posted: 2021-03-24
As news emerges that pub landlords in the UK may be able to bar entry to people who have not been vaccinated, the issue of vaccination passport security is the latest facing the beleaguered travel and hospitality industries, according to Adam Schrader, director of operations at travel risk intelligence company, Riskline
Posted: 2021-03-24
We know that 2020 saw the pandemic accelerate widespread adoption of digital channels by businesses and individuals alike. But there is a dark side to our societies’ greater and deeper digital dependency; a parallel rise in fraud and online crime. Cyber security experts have reported on a ‘gold rush’ of COVID-19-themed cyber attacks globally, and insurers are encountering a similar rise in assumed fraud rates.
Posted: 2021-03-23
With a huge focus on change and turmoil as a result of the pandemic, the timing of this book could not be better. “Never before has the pace of change been so fast and yet it will never again be so slow,” Darren Roos, CEO of enterprise software firm, IFS writes in his forward to The Future Starts Now. “It shone a spotlight on the socio-economic divide, differing political value systems, growing nationalism, and climate change but most of all, it highlighted the speed with which the world can change. No longer can we reflect on the future as a point in time that may never arrive.”
Posted: 2021-03-23
Two-thirds of CEOs and other C-suite executives in the UK have experienced decision paralysis as a result of cognitive overload or fatigue, with roughly the same number considering decision making to be more complicated than ever before. This comes at a time when quality decision-making is paramount.
Posted: 2021-03-23
Partners from across the private and humanitarian sectors have launched a catastrophe bond for volcano-related disasters on behalf of the Danish Red Cross. The cat bond covers 10 volcanoes across three continents, aiming to raise up to US$3m from investors for aid in the aftermath of an eruption.
Posted: 2021-03-22
Catastrophe risk solutions company, RMS is to launch a new suite of climate change models to help customers assess the near and long term impacts of climate change on physical assets and their businesses.
Posted: 2021-03-22
The rapid pace of digital transformation due to the COVID-19 pandemic – which saw businesses move services online, supply chains disrupted and employees work from home – has pushed cyber security to the top of the agenda for UK CEOs.
Posted: 2021-03-19
The government has launched a consultation on a series of wide-ranging proposals for reform of the UK’s audit and corporate governance regime in the wake of large-scale company failures such as Carillion, Thomas Cook and BHS.
Posted: 2021-03-18
Electronics giant Samsung expects the continuing global shortage of semiconductors to impact on its production as it tries to manage what it describes as a “serious imbalance” in global supply.
Posted: 2021-03-18
The Financial Conduct Authority has announced that it has commenced criminal proceedings against NatWest, accusing the bank of failing to prevent money laundering within its commercial banking division. It is the first time the FCA has brought a prosecution under rules introduced in 2007.
Posted: 2021-03-17
Tokio Marine HCC has appointed Des Burke as its new chief information officer. Mr. Burke joins from Lloyd’s, where he was global CIO and head of change before becoming chief technology officer, leading the Future at Lloyd’s initiative.
Posted: 2021-03-17
New research from think tank, the Institute of Employment Rights, has found the risk of COVID-19 transmission in the workplace remains significant and is being downplayed by what it calls the UK government’s “light-touch” approach.
Posted: 2021-03-16
Just under 10,000 chain stores disappeared from Great Britain’s retail locations in 2020, amid a warning that the full impact of the pandemic is still to be felt as further ‘temporarily closed’ stores may not re-open. But despite the uncertainty and volatility of the past year, some operators are still expanding and finding the right physical stores in the right sector and the right location
Posted: 2021-03-15
85% of consumer business leaders are prioritising growth in 2021, despite greater cost reductions and smaller profits, according to research by Deloitte.
Posted: 2021-03-15
Disputes concerning business interruption cover, changes in working practices, and an acceleration in digitisation are changing the global insurance landscape, according to report published today by Global Insurance Law Connect.
Posted: 2021-03-15
The Polar Vortex that affected most of the United States from 12th to 20th February generated record-breaking cold temperatures – the prolonged stretch of winter weather conditions extending as far south as the US/Mexico border. The event is poised to exceed a record US$10bn in direct economic loss.
Posted: 2021-03-12
An influx of employment tribunal claims and a backlog of cases, which reached record highs in February, is unlikely to have peaked, according to legal advice and protection provider, ARAG.
Posted: 2021-03-12
The UK’s workplace testing programme has reached 48,000 businesses.
Posted: 2021-03-12
Commercial awareness around potential changes to fire safety regulations is thought to be lacking across the UK, as a poll suggests more than a quarter of professionals responsible for fire safety report a lack of knowledge around the incoming Fire Safety Bill. The bill, anticipated to come into effect next month, is set to amend the Regulatory Reform (Fire Safety) Order 2005.
Posted: 2021-03-11
AI-powered predictive analytics platform, Arturo has entered into a partnership with Urban Sky to incorporate the company’s stratospheric photos into Arturo’s US property images database.
Posted: 2021-03-11
The Chartered Insurance Institute has launched a Well-being Hub, which pulls together on demand resources designed to help including articles, videos, webcasts and tailored content from its affinity benefits scheme, Perks.
Posted: 2021-03-10
The global economy is expected to recover from the pandemic-induced recession but with major divergences in pace, and mostly dependent on how quickly people can be vaccinated and lockdowns ended. The speedy development of COVID-19 vaccines, the election of Joe Biden and the agreement of a Brexit deal improved an otherwise gloomy picture for 2020.
Posted: 2021-03-10
The global electric vertical take-off and landing aircraft market is expected to reach £148m by 2027 at a CAGR of 18.4%, driven by increasing road traffic congestion in urban areas, rapid urbanisation, and high demand for efficient transportation systems.
Posted: 2021-03-10
Global Risk Solutions has strengthened its complex and major risk capabilities with the appointment of a team of 14 specialist adjusters and technicians.
Posted: 2021-03-09
A team of travel risk management experts from International SOS have completed a complex evacuation and repatriation involving four ICU COVID-19 patients from La Réunion to Paris. Onboard, portable blood analysers, an ultrasound machine, two ECMO machines and backup ventilators represented one ton of medical equipment.
Posted: 2021-03-09
COVID-19, changes in legislation and regulation, and business and supply chain interruption dominate the thoughts of British businesses, with climate change shunted down the list of priorities as firms concentrate on what’s right in front of them.
Posted: 2021-03-08
Lockton Global Real Estate and Construction is working with Moody’s Four Twenty Seven to help clients evaluate climate-related risks and exposures within their portfolios.
Posted: 2021-03-08
UK manufacturers must step up their energy resilience planning if they are to meet the challenges of tomorrow. This is the warning from technology firm, Siemens, which is warning the sector of increased operational pressures and evolving energy requirements.
Posted: 2021-03-05
Verisk Sequel has signed a definitive investment and acquisition agreement with Whitespace Software. As part of the agreement, Whitespace will maintain its brand and autonomy.
Posted: 2021-03-04
Climate change, and its impact on natural catastrophe losses, is one of the most significant risks for non-life and composite insurers and for reinsurers. Despite the challenges, the re/insurance industry has all the tools at hand to manage the risk, according to a new report from Fitch Ratings.
Posted: 2021-03-04
Human resources departments within UK-based businesses are planning to double down on their efforts to manage the health and well-being of their employees over the next 18 months, according to a survey.
Posted: 2021-03-04
Private equity firm Cinven and sovereign wealth fund GIC have completed the acquisition of re/insurance broker, Miller, from Willis Towers Watson. Miller operates in the UK, Lloyd’s and internationally, operating across a number of specialist areas, including marine, energy, credit and political risks, delegated authorities, professional risks, property, casualty, sports and entertainment and re/insurance. Headquartered in London, it places around £2bn in premiums annually.
Posted: 2021-03-03
In its initial response to Rishi Sunak’s Budget, the CBI has praised the chancellor on a series of commitments that it believes will succeed in getting businesses and people through the COVID-induced crisis. Its focus should now be on the UK’s competitive position in the round, including fundamental reform of the unfair Business Rates system.
Posted: 2021-03-03
Aon has announced a collaboration with specialist insurer, Realm and insurtech platform Nayms to support cryptocurrency investors in insuring crypto risk. It is believed that the pilot will mark the first tokenised blockchain-enabled, placement of insurance ever conducted with regulated, professional insurance entities.
Posted: 2021-03-03
Insurance brokers must face up to the reputational risks confronting them if they are to engender confidence and trust in the profession once more.

This is the warning from the Society of Insurance Broking, which is urging action on a range of reputational risk areas, from commission-based remuneration to diversity.
Posted: 2021-03-02
With its world-leading vaccination programme in full swing, the UK is beginning to gear up for the next big return to work. As they address the options in the final weeks of the current country-wide lockdown, business group Resilience First is warning office-based firms not to plan for full occupancy.
Posted: 2021-03-02
Munich Re has joined forces with Google Cloud and Allianz Global Corporate & Specialty to provide cloud-specific business insurance. Google Cloud enables users to retrieve a bespoke report on their security position on the platform using their new Risk Manager tool. When applying for coverage, organisations share the Risk Manager report with insurers, simplifying the application and underwriting process.
Posted: 2021-03-02
Iprism has launched a new Unoccupied Commercial and Residential Property Owners product to address an anticipated spike in unoccupied properties post-lockdown.
Posted: 2021-03-01
AIR Worldwide is making its Catastrophe Exposure Data Exchange database schema available as an open standard.
Posted: 2021-03-01
Some of the best-known names in British music are lending their voices to a campaign to help reboot the live entertainment sector from this summer. They are joining MPs and a number of industry associations in urging the government to extend existing underwriting schemes, such as the £500m fund set up for the film and television sector, to other creative industries.
Posted: 2021-03-01
Beazley has unveiled its new multi-disciplinary digital business unit. Headed up initially by COO Ian Fantozzi, the new unit will build on Beazley’s already strong foundations in e-trading, and will bring together its established, product-specific online trading portals, including the myBeazley platform.
Posted: 2021-02-26
February's verdict for Lloyd's in the first COVID-19 business interruption lawsuit to go to trial highlights insurers' strength in such cases in the US, according to a new report published by Bloomberg Intelligence.
Posted: 2021-02-26
Demand for export credit insurance remains strong, with the first quarter of the year reflecting increased demand, particularly for short-term business, according to the Q1 2021 Berne Union Business Confidence Survey.
Posted: 2021-02-26
Pool Re has completed its three-year £2.475bn retrocession placement with 56 international reinsurers. The programme is led by Munich Re with Hannover Re and Fidelis providing significant capacity. The retrocession covers property damage arising from nuclear, biological, chemical, and radiological attacks; cyber-triggered terrorist losses; as well as conventional terrorist acts.
Posted: 2021-02-25
Unless distribution plans for vaccines are perfectly executed, challenges will arise in protecting the single most valuable cargo of all in the coming months. Thefts of cargo in transit make up the highest proportion of total cargo thefts across the whole of 2020, according to a report from TT Club and BSI, with other high-value targets including PPE, face masks and anti-bacterial gel.
Posted: 2021-02-25
More than 600 businesses, with annual revenues of more than £2trn and employing more than 10 million people across 150 countries, are joining a new collaboration between think tank, The Resilience Shift and Resilience First.
Posted: 2021-02-25
Re/insurance group for climate risk assessment, the Geneva Association, has published its first major report. The group, convened to develop climate risk assessment methodologies and tools for the industry, uses its report to present an integrated decision-making framework for climate risk assessment that considers four dimensions
Posted: 2021-02-25
Ongoing uncertainty surrounding the COVID-19 crisis presents huge challenges for corporate travel. In some countries, infections are falling, while in other regions, mutated viruses are undergoing a rapid spread. Other additional hazards are coming to the fore in some regions with often severe consequences.
Posted: 2021-02-24
Zurich Insurance has launched a new tool to support the management of international insurance programmes.
Posted: 2021-02-24
The Institute of Risk Management, Imperial College London and the Grantham Institute have teamed up to deliver a practical training course on climate change risk management.
Posted: 2021-02-24
Zurich is working with electric car subscription service, Onto, to improve road safety and dynamic insurance with predictive risk analytics.
Posted: 2021-02-23
More than half of enterprise risk management programmes shifted in focus to health and safety and business continuity in response to the COVID-19 pandemic, according to RIMS's 2020 Enterprise Risk Management Benchmark Survey. The society says 22% of its 613 respondents saw an increase in resource allocation for ERM as a result of COVID-19 challenges.
Posted: 2021-02-23
The Association of British Insurers believes that post-Brexit improvements to the Solvency II regulatory regime for the insurance and long-term savings sector could free up billions while upholding high level protections for customers.
Posted: 2021-02-23
Digital infrastructure helped the UK to absorb and rebound from the economic effects of COVID-19, according to Euler Hermes. Germany and the US were able to limit the economic impact of COVID-19 thanks to the strength of their digital offering and the proportion of their economies within the services sector.
Posted: 2021-02-22
Willis Towers Watson and Liberty Specialty Markets have launched their joint Reputational Crisis Insurance offering for clients in the leisure and hospitality, manufacturing, retail and transportation sectors.
Posted: 2021-02-22
Financial services institutions could be looking to increase their use of gig economy workers, according to a report from PwC, which says that the digital and specialist skillsets of such workers is “critical to driving digitisation and upskilling” within the sector.
Posted: 2021-02-22
Boris Johnson has revealed the UK’s four-step roadmap out of lockdown, starting with the reopening of schools in two weeks, and, if successful, culminating in the removal of all COVID-related social contact limits by the end of June.
Posted: 2021-02-22
Willis Towers Watson has today responded to the UK Government’s call for evidence on its review of Solvency II. With the Brexit transition period now expired, the government is considering areas of Solvency II that could better reflect the particular structures, products and business models of the UK insurance sector.
Posted: 2021-02-19
The Supreme Court has passed judgment in a landmark case against Uber, bringing a four-year battle to an end by determining that Uber drivers are not self-employed, but are workers entitled to workers’ rights including holiday pay, a guaranteed minimum wage and an entitlement to breaks.
Posted: 2021-02-19
CBI president, Lord Bilimoria, has been appointed as a visiting fellow at the University of Oxford, based at its Oxford University Centre for Corporate Reputation, the Saïd Business School-based research centre that seeks to understand how the reputations of organisations are created, sustained, enhanced, destroyed and rehabilitated.
Posted: 2021-02-18
Lockton has teamed up with HCA to provide clients with access to an independent occupational health and clinical advice committee. The new Clinical Advisory Service offers support across a range of specialist areas, including access to qualified medical officers for ad-hoc queries; clinical review and advice on well-being strategy, HR policy and employee communications; independent advice to trustees of healthcare trusts and second opinion services for complex health and risk claims.
Posted: 2021-02-18
John Lewis, Timpson, Boots, Ikea and Marks and Spencer are among a number of companies supporting the rollout of the UK’s vaccination programme. John Lewis has donated space at its Waitrose head office to be used as a local vaccination hub. The company is also actively encouraging partners to sign up as volunteers to support the rollout.
Posted: 2021-02-17
The COVID-19 pandemic and worldwide trend towards the digitisation of medicine are bringing about rapid technological change, and with it, the need to reassess risk liabilities, according to Willis Towers Watson.
Posted: 2021-02-17
The insurance industry is making significant progress in disclosing their preparedness and response to climate change, according to the ClimateWise Principles Independent Review. In this pivotal year for climate negotiations, and one in which the COP26 summit will be hosted by the UK, the review highlights the active role ClimateWise’s insurer members are playing in shaping international climate policy and regulation.
Posted: 2021-02-17
Increasingly connected ICS have long been a creeping risk for industrials as they build more bridges between physical assets and the internet, and as cyber threats become more sophisticated. While cyber risks have previously been considered unlikely to materially impact the physical market, growing connectivity is changing the risk profile of these assets.
Posted: 2021-02-16
Agri-food research organisation, Campden BRI has developed a new test procedure for determining whether air cleaning systems can effectively inactivate and remove the virus that causes COVID-19 from the air and surfaces.
Posted: 2021-02-16
Companies face up to £86bn in costs from environmental risks in their supply chains by 2026, according to new research.

The sectors that report the most potential cost increases are manufacturing (£46bn), food, beverage and agriculture (£12bn) and power generation (£8bn).
Posted: 2021-02-15
Enterprise risk management and other existing frameworks are perfectly sufficient for the management of risks relating to environmental pollution, human rights violations and climate change.
Posted: 2021-02-15
The European Council has agreed the regulations that creates its Recovery and Resilience Facility and will make €672.5bn in grants and loans available for public investment and reforms in the 27 member states to help them address the impact of the COVID-19 pandemic, and to “foster the green and digital transitions and to build resilient and inclusive societies”.
Posted: 2021-02-12
The voices calling for regulation to prevent the reimbursement of ransom payments are becoming increasingly louder, whilst at the same time pointing an accusing finger at cyber insurers for funding cyber criminals as paying ransoms is the “lowest cost option”.
Posted: 2021-02-12
Specialist insurer Beazley has today launched a suite of contingency policies to protect media producers and production companies against a range of risks that can cause productions to be held up or called off.
Posted: 2021-02-11
Aqueous Underwriting has moved to incorporate lockdown unoccupancy cover as standard for all of its non-essential retail and hospitality customers, providing insureds with automatic cover following any future government-driven regional or national lockdown resulting from an existing or future COVID or SARS variant.
Posted: 2021-02-11
The date of the 2021 National Insurance Awards has changed. The Awards Gala Dinner will now be taking place on 14th July 2021, at the Waldorf Hilton in London. Supported by the Chartered Insurance Institute, the National Insurance Awards showcase outstanding performance in general insurance. Entries remain open and the deadline is 18th March 2021.
Posted: 2021-02-11
CMAC Group is partnering with F24 to provide a streamlined business continuity offering, combining CMAC’s emergency transport services with F24’s crisis management and emergency notification solution.
Posted: 2021-02-10
The British Insurance Brokers’ Association has welcomed government plans to design a state-backed scheme to cover professionals carrying out EWS1 form surveys who are unable to obtain professional indemnity insurance.
Posted: 2021-02-10
Significant fines and even a 10-year sentence await those who fail to comply with new quarantine measures being written into English law this week. Whilst cases of coronavirus have fallen and vaccinations have already protected 12.2m people, the emergence of new variants has forced a change in strategy for the island’s borders.
Posted: 2021-02-09
It may be contrary to human nature, the world must wake up to the need to address long-term and low probability risks. This was among the headline messages in the World Economic Forum’s annual Global Risks Report, published ahead of the organisation’s 51st annual Davos gatherings.
Posted: 2021-02-09
SMEs are increasingly finding themselves in the firing line for large fines from regulatory bodies, according to data from insurance risk and commercial law firm, BLM. Smaller businesses in the UK have been handed over £100m in fines in the last four years, according to the law firm’s new D&O tracker, including large penalties of over £50,000 for cyber liabilities.
Posted: 2021-02-08
Lloyd’s is today launching a new global platform and online community dedicated to driving greater societal and economic resilience to the world’s most challenging risks.
Posted: 2021-02-08
The Chartered Insurance Institute has announced that its Aspire apprenticeship scheme will only now available to employers who have made a commitment to non-discriminatory hiring practices.
Posted: 2021-02-08
Total insurance M&A deals in Q4 2020 worth US$4.57bn were announced in the US -- a decrease of 5.2% over the previous quarter and 5.6% on the last four-quarter average, according to GlobalData.
Posted: 2021-02-05
The Health and Safety Executive has updated its guidance on disinfecting premises during the coronavirus pandemic to include joint advice on risks to health that can be created by using walk-through spraying or misting systems. Spraying people with disinfectants is not recommended under any circumstances.
Posted: 2021-02-05
Sometimes, it can feel that insurance payouts are elusive creatures. Small risks are too inconsequential to merit a payout, and are dispensed with by excesses. Huge risks, on the other hand, are either excluded or subject to arbitrary payment limits. So getting a payout becomes a question of hitting the sweet spot between a claim event that is too small and a claim event that is too big. There are many sound commercial reasons for insurance companies excluding both small and very large claims, but it can create a feeling that the sector runs a ‘heads you lose, tails I win’ approach.
Posted: 2021-02-05
The emergence of COVID-19 demonstrates how important it is for businesses to rethink risk management strategies, as a study reveals this week that the vast majority of risk registers had not featured health crises amongst their top ten risks prior to the pandemic.
Posted: 2021-02-04
Economic nationalism and creeping EU regulation are the cause of increasing concern amongst companies in the technology, media and telecommunication sectors, according to a whitepaper published today by Willis Towers Watson.
Posted: 2021-02-04
Commercial insurance pricing increased by an average of 22% in the fourth quarter of 2020, according to Marsh’s Global Insurance Market Index -- representing the largest increase since the index began in 2012, and following average increases of 20% y-o-y. Companies in the UK and Pacific saw the greatest rises.
Posted: 2021-02-04
Convex Group is partnering with Praedicat to help it identify, underwrite and manage complex emerging liability risks.
Posted: 2021-02-03
An absence of goods in transit insurance cover for perishable goods is putting the reputation of insurers at risk, according to analysts at GlobalData.
Posted: 2021-02-03
Rising premiums and a reduction in the scope of cover and capacity are fuelling the use of captives amongst risk professionals, according to Airmic’s latest market survey. The association’s Harsh Market report also confirmed an increase in the number of challenges to claims throughout 2020.
Posted: 2021-02-03
The government has launched a consultation on proposed changes to the Flood Re scheme. The consultation closes on 26th April 2021.In a statement, the Department for Environment, Rood and Rural Affairs, said: “The first two of these proposals seek to encourage householders and insurers to install property flood resilience by offering financial incentives to do so.
Posted: 2021-02-02
Pool Re is to hold a virtual event focused on the potential challenges of bioterrorism, and the respective risk and reinsurance considerations.
Posted: 2021-02-02
Rolls-Royce's Power Systems division has this week expanded its MTU portfolio to include uninterruptible power supply systems.
Posted: 2021-02-02
Catastrophe insurance data analyst Perils has revised its loss estimate for the South East Queensland hailstorms on 31st October to £725m, up from the £685m estimated in December
Posted: 2021-02-01
Airmic is preparing for the return in Autumn of its popular annual conference and exhibition – in a move which has necessitated changing the venue from Manchester to Brighton. The association’s headline event will – COVID permitting – see the return of face-to-face networking and meetings.
Posted: 2021-02-01
Cyber insurance policies that pay out on ransomware attacks are funding cyber criminals and creating a vicious cycle of further attacks, according to disaster recovery specialists at Databarracks.
Posted: 2021-02-01
The UK government has renewed its global healthcare contract with Healix International.
Posted: 2021-02-01
As COVID-19 vaccines are rolled out around the world, opportunities for employers to provide vaccination programmes for employees have begun to appear. International SOS has developed a vaccine tracker to help companies understand when, where and how they can roll out vaccination programmes for employees.
Posted: 2021-01-29
A global semiconductor shortage is disrupting automotive production and may delay a recovery of new vehicle sales and profitability in the sector, according to Fitch Ratings. Increased demand for consumer electronics during lockdowns has led to the global microchip shortage, first reported in December.
Posted: 2021-01-29
The number of policies traded on the Polaris Imarket commercial insurance platform grew by 4% to an all-time high of 482,000 policies in the year to 31st December 2020.
Posted: 2021-01-27
Tech-enabled mobile security services company, the Keyholding Company, has launched a smart lock solution, which, it says, promises savings up to 87% on physical key management and access services costs.
Posted: 2021-01-27
The recent purchase of Debenhams by Boohoo was an unusual turn of events, and one that holds some valuable lessons for insurers.
Posted: 2021-01-27
Aon has announced the future leadership team following the completion this year of its proposed acquisition of Willis Towers Watson.
Posted: 2021-01-27
European insurance alliance, Eurapco and blockchain initiative, B3i Services have together launched a global operational solution for the transfer of facultative risks.
Posted: 2021-01-26
The International Underwriting Association has established a Climate Risk Committee, made up of member practitioners, to work with regulators on the industry’s supervisory framework in this area. In the year that the UK plays host to the UN’s COP26 conference, the group will examine in depth the role of general insurance in the global political and economic drive towards reducing carbon emissions.
Posted: 2021-01-26
Sollers Consulting is to become the first system integrator on the Willis Towers Watson Radar Live Collaboration programme, designed to help insurers, MGAs and intermediaries to convey rates rapidly and accurately to the market.
Posted: 2021-01-26
Despite their genuine desire to hit the government’s 2050 net zero target, business leaders do not fully understand the implications for their companies. This is among the findings of standards body, BSI’s first Net Zero Barometer Report, which surveys 1,000 senior decision makers and sustainability professionals in the UK.
Posted: 2021-01-25
Latin America and the Caribbean is the emerging market to have suffered the most as a result of the COVID-19 pandemic, according to economists from Atradius.
Posted: 2021-01-25
Beazley has enhanced its reputational risk insurance policy by providing artificial intelligence-enabled tools to help policyholders control their corporate brand and reputation more effectively.
Posted: 2021-01-25
Businesses in the UK are being warned to brace for further possible extreme weather and flooding across many parts of Northern England as Storm Christoph continues its rampage across parts of the country.
Posted: 2021-01-22
Automation will be a key factor in the future of transportation, and Flock and Sompo are well placed to support the development of the technology and insurances for the growing UAVs market.
Posted: 2021-01-22
The Health and Safety Executive is to increase the number of spot checks and inspections it has been carrying out to ensure workplaces are COVID-secure. Employers found to fall short of the expected level of risk management may face action and even prosecution.
Posted: 2021-01-22
An overhaul of the Prompt Payment Code (PPC) to crack down on delayed invoices owed to small businesses has been announced by the UK government. Under new reforms, companies that have signed up to the Prompt Payment Code will be obliged to pay small businesses within 30 days – half the time outlined in the current code.
Posted: 2021-01-21
DAC Beachcroft believes insurers will come under pressure in the months ahead from an uptick in deteriorating workplace safety and fraudulent claims.

The law firm said: “A global recession will inevitably lead to more cost-cutting, insolvencies and greater business uncertainty. We predict that in some industries this will mean reduced investment in plant and training, resulting in some employees being asked to fulfil roles for which they do not have the requisite competence or equipment.
Posted: 2021-01-21
I would like to wish you all a Happy New Year. The year has got off to a difficult, but not entirely unexpected, start. Many countries are back in lockdown due to the pandemic, but with the vaccine rollout on the horizon, there is a light at the end of the proverbial tunnel. In the UK, the post-Brexit landscape has changed how people and goods move between the UK and mainland Europe. This will undoubtedly be keeping those of you dealing with supply chains busy as you navigate the new ways of working and ensure business continuity.
Posted: 2021-01-21
The recent extension of the UK government's trade credit reinsurance scheme was not an unexpected development, given the tough trading environment for businesses during the pandemic period of 2020-2021. UK Treasury initiatives send a strong message of support to protect business and position them for post COVID-19 recovery.
Posted: 2021-01-21
Cyber has been the ‘golden class’ for a number of years. Much hyped by insurers and brokers as the key new category of the future, and sometimes even viewed as a replacement for many ‘old-fashioned’ physical risk-focused policies; buyers have begun to see it as a necessary purchase and part of their regular suite of business cover.
Posted: 2021-01-21
The City of London Police has uncovered a sizable cannabis factory in a quiet street in the City of London.

Evidently taking advantage of the lockdown lull in the metropolis, the building had become home to over 800 plants, which have since between removed and destroyed.
Posted: 2021-01-21
Liberty Specialty Markets (LSM) has launched new terrorism insurance coverage in the German market.
Posted: 2021-01-20
The risk of employee burn-out during the pandemic is one of the biggest risks facing the charity sector, according to a new report from Ecclesiastical Insurance. Research by the insurer for its second Charity Risk Barometer also found loss of funding remains one of the biggest threats to the sector, with the pandemic significantly amplifying financial concerns.
Posted: 2021-01-20
Governments and businesses need to do more to address the long-term risks that they face if they are to minimise the impact of major challenges ahead, according to the World Economic Forum’s 2021 Global Risks Report.
Posted: 2021-01-19
2020 saw a record fall in the value and volume of alleged fraud cases heard in UK courts, according to the latest data released in KPMG’s annual Fraud Barometer.
Posted: 2021-01-19
AXA has announced plans to extend its flexible working strategy to all of its operations, implementing a hybrid way of working, combining remote work and office presence by offering employees the option to work remotely two days a week.
Posted: 2021-01-19
The Scottish Environment Protection Agency (SEPA) is continuing to count the cost of an ongoing ransomware attack that it believes is likely to be by international serious and organised cyber-crime groups. The agency also confirmed the theft of 1.2 GB of data and the support available to staff and affected partners, while seeking to reassure the public that regulatory, monitoring, flood forecasting and warning services are adapting and continuing to operate.
Posted: 2021-01-18
The aviation industry will need additional financial support if it is to survive another extended period of COVID-19 lockdown restrictions warns the Airport Operators Association. The sector was dealt another blow with the suspension of the UK’s travel corridor arrangements from 0400 on Monday 18 January.
Posted: 2021-01-18
Audi is the latest car manufacturer to be forced to slow production because of a computer-chip shortage that could see it produce 10,000 fewer vehicles in Q1 of 2021.
Posted: 2021-01-18
Willis Towers Watson has introduced two new cyber risk assessment services in response to the findings from its recent cyber claims insight report. The report found that human error was the single biggest root-cause of global cyber incidents and claims, and that ransomware – and its subsequent business interruption – is the most significant risk when considering direct financial costs to businesses.
Posted: 2021-01-15
The Supreme Court has today delivered its judgment in the Financial Conduct Authority’s business interruption insurance test case. It has substantially allowed the FCA’s appeal on behalf of policyholders, meaning that thousands of policyholders will now have their claims for coronavirus-related business interruption losses paid.
Posted: 2021-01-15
The LIBOR administrator, ICE Benchmark Administration, is consulting on ceasing publication of all sterling LIBOR settings at the end of 2021, leaving just one year for firms to remove their remaining reliance on these benchmarks.
Posted: 2021-01-14
Agility has acquired US-based provider of business continuity software and consultancy services, RecoveryPlanner. In addition to tools for business continuity planning, incident management and risk management, the RecoveryPlanner team, including CEO Monica Goldstein and the company’s business continuity planners will now be part of the Agility team and offering.
Posted: 2021-01-14
Towns in the south-east of England are likely to be among the worst hit by the retail fallout of the COVID-19 pandemic, with as many as 400,000 job losses possible. A report by KPMG has examined the future of towns and cities after the threat from the virus has subsided and suggests that affluent commuter towns could see more than a quarter of their office workers continue to operate from home (27.4%) after the pandemic, dramatically reducing consumer footfall in these areas.
Posted: 2021-01-14
The banking and insurance sectors should look at ways to work more closely together in order to help their customers become more resilient, according to Barclays’ managing director of group insurance, Farhad Jamooji.
Posted: 2021-01-14
The coronavirus pandemic has exacerbated the late payments burden hitting UK businesses, according to new figures from the Institute of Directors (IoD). Over a third of company directors surveyed said they had faced an increase in late payments during the pandemic, with almost one in ten reporting they had experienced significantly more problems than usual. The IoD warned that the challenge could worsen as restrictions continue.
Posted: 2021-01-13
71% of UK workers feel unsafe in their buildings and almost two-thirds have not received any safety training, according to a survey on workers’ perceptions and feeling on health and safety in their workplace. The research, conducted for Honeywell by Wakefield Research, found that a majority of the UK workforce does not feel completely safe working in their employer’s buildings.
Posted: 2021-01-13
Businesses in Scotland face further tightening of lockdown trading restrictions following an announcement by the Scottish government today. The new measures - which come into effect from Saturday 16 January - prevent shops offering non-essential 'click and collect' services, while takeaways will be banned from allowing customers inside the building.
Posted: 2021-01-13
TechAssure is partnering with CyberCube to roll out its Broking Manager product to the network’s members worldwide.
Posted: 2021-01-12
Two thirds of incidents related to cargo damage are caused or exacerbated by poor freight container packing practices, with such supply chain malpractice resulting in multi-million dollar losses and, worse still: loss of life. These are the findings of international freight transport and logistics insurer, TT Club, which is urging cargo owners to be more aware of safety issues arising from poorly packed containers and misdeclared goods -- indeed, it should form part of their environmental, social and governance policies.
Posted: 2021-01-12
The coronavirus pandemic, global protectionism and China’s ‘dual-circulation agenda’ are together accelerating diversification in the global supply chain away from the world’s largest exporting country. Vietnam is the destination of choice for companies relocating parts of the supply chain, thanks to low wage costs, participation in several trade agreements and favourable policies for incoming FDI.
Posted: 2021-01-11
New Dawn Risk has launched a new UK division providing liability and specialty solutions to insurance buyers. It will also partner with regional brokers looking for bespoke and specialist services.
Posted: 2021-01-11
Storm Filomena has brought considerable disruption across Spain, causing havoc for travellers across Spain, Morocco and the UK, as well as knock-on effects to travellers in other countries due flying to Spain. Transport solutions firm, CMAC Group, has been rescuing stranded passengers, working day and night to repatriate more than 3,000 individuals.
Posted: 2021-01-11
The cyber insurance market is currently at the most challenging point in its history due to a marked increase in the severity of losses being experienced, and driven almost entirely by bigger ransomware events.
Posted: 2021-01-11
International arrivals to the UK will from next week be required to prove negative COVID-19 test results before departure. It is hoped that today’s somewhat delayed reaction to the rising number of COVID cases and deaths in the UK will help provide an additional layer of safety from imported cases of the virus.
Posted: 2021-01-08
The urgency presented by the pandemic has shown that sharing scientific data can help us overcome certain hurdles at warp speed. This pooling of knowledge was key to the delivery of safe, effective vaccines in such a timely manner. Sadly, it’s likely that this level of transparency will be short lived, due to the highly competitive nature of this sector and rising costs associated with drug development. It’s a shame because over the long term such collaboration could lead to safer drugs and reduced insurance spend.
Posted: 2021-01-08
The Financial Conduct Authority has this morning published data revealing the impact of the pandemic-induced economic downturn on firms’ solvency. Collected before the recent extension of the government’s furlough scheme, positive vaccine developments and the announcement of new rules and restrictions, the numbers reflect a still evolving situation.
Posted: 2021-01-07
The use of deep fake video and audio technologies could become a major cyber threat to businesses within the next two years, according to cyber analytics specialist, CyberCube.
Posted: 2021-01-07
Whose advice to follow in a crisis situation? General counsel, who will err on the side of caution and say as little as possible; or the communications director, who instead wants to speak up about how much the company cares – actively seeking to protect reputation? In other words: should you follow the litigation model or the mitigation model?
Posted: 2021-01-07
The TUC is calling for an update to workplace safety rules to protect essential workers and those who can’t work from home from the new, more transmissible variant of COVID-19. It is also calling for a greater crackdown on employers putting staff at risk.
Posted: 2021-01-06
In response to the latest national lockdown restrictions, Zurich UK has offered staff with childcare emergencies two weeks’ paid leave to help them balance work and childcare or other caring commitments.
Posted: 2021-01-06
Supply chain risk management organisation, CHAS is warning companies to prepare for a raft of changes that may have been eclipsed by COVID-related contingencies or pressures.
Posted: 2021-01-06
Regulation, technology and globalisation have had a significant impact on how the insurance industry has evolved over the last few decades. Nothing, however, has transformed the insurance industry as much as the changing needs of the consumer.
Posted: 2021-01-05
As we begin to look ahead to 2021 with a renewed sense of optimism given the recent vaccination rollout, it is also worth exploring the measures that companies can take to ensure their employees’ well-being in the new year. Never before has the health and well-being of employees played such a central part in defining how employers approach the range of benefits they offer staff. The pandemic has made companies reassess their priorities.
Posted: 2021-01-05
The Port of Dover has reopened to traffic heading to France following an agreement between the UK and French authorities. Whilst the COVID-related disruption at the port was limited to just two days, the sudden stop may have affected £2bn of exports between the UK and EU (£1.2bn for EU goods, £0.8bn for UK goods).
Posted: 2020-12-23
After two months of sharp declines, UK retail sales volumes stabilised for the year to December, with retailers viewing sales as good for the time of year to the greatest extent since March 2019. According to the CBI’s The CBI’s latest monthly Distributive Trades Survey, orders placed also broadly stabilised after 13 consecutive months of decline.
Posted: 2020-12-23
Scotland-based sensing technology company, Insignia has developed a solution that alerts users to the need to replace their face mask. With no current regulations in place to ensure that mask wearers are consistently changing their face coverings, Insignia’s label solution will create an additional level of reassurance where needed.
Posted: 2020-12-22
Back in the Spring of 2020, expectations in the global trade credit market were of near carnage
Posted: 2020-12-22
DARAG Group has announced the completion of its acquisition of Arisa Assurances, a motor and travel insurance company previously owned by ADAC Versicherung. The transaction was conducted through DARAG’s German risk carrier, DARAG Deutsche Versicherungs- und Rückversicherungs-AG, and has received all requisite regulatory approvals.
Posted: 2020-12-22
The deadline for entries is 26 March 2021.
Posted: 2020-12-21
The Financial Conduct Authority has fined Charles Schwab UK the sum of £8.96m for failing to adequately protect client assets, carrying out a regulated activity without permission and making a false statement to the FCA.
Posted: 2020-12-21
The new COVID-19 variant transmits more easily than other strains, although there is no evidence that the variant is more likely to cause severe disease or mortality. The discovery of the new strain comes as the higher Tier 4 restrictions were introduced for London and the South East.
Posted: 2020-12-21
The National Insurance Awards are open for entries. Celebrating excellence in the sector, the National Insurance Awards highlight the very best in general insurance provision and management. Featuring 31 categories for companies and teams that demonstrate excellence in their field.
Posted: 2020-12-18
Willis Towers Watson is partnering with data analytics firm, Polecat Intelligence, to develop insurance solutions to increasingly complex and interconnected challenges across life sciences, reputational risk, product recall risk, and D&O using Polecat’s artificial intelligence and machine learning capabilities.
Posted: 2020-12-18
From broad adoption of flash media to containerisation, the convergence of object and file storage to the use of hybrid cloud for data recovery, here are some of the key predictions for the data storage landscape in 2021.
Posted: 2020-12-17
Ransomware attacks are the biggest cyber threat facing organisations, according to specialist insurer Beazley.
Posted: 2020-12-17
The cyber security and information resilience team at BSI has announced the introduction of an Article 27 Representative Service to support organisations with GDPR compliance.
Posted: 2020-12-17
Ventiv Technology has announced the launch of the Ventiv Data Science Solution purpose-built platform integrating AI and predictive analytics. The new tool has been designed to help risk managers better understand their risk portfolio by making it easy to input, model and use their own and third-party data to proactively predict claim development.
Posted: 2020-12-16
Without a doubt, 2020 was a difficult year for many organisations, including managed service providers and small businesses – especially as it relates to cyber security. In a recent survey, MSPs reported that certain industries saw a rise in attacks during the pandemic – healthcare (59%), finance/insurance (50%), and government (45%). Although ransomware remains the most common malware threat, viruses, adware, spyware, and remote access trojans completed the top five security risks.
Posted: 2020-12-16
Origami Risk has developed a series of new online solutions for healthcare providers, nursing homes and employers in all sectors to track employee COVID-19 vaccinations as well as to monitor and facilitate reporting of workplace outbreaks.
Posted: 2020-12-16
Castel Underwriting has entered the renewable energy market with a new proposition primarily aimed at asset and revenue protection for wind and solar energy producers. Castel will underwrite a book of marine, construction and operating risks, business interruption, general liability, sabotage, terrorism and theft losses and natural catastrophe coverages.
Posted: 2020-12-15
Cyber insurance has been identified as a key growth market for London, as the City and the UK emerge from the pandemic. A report published today by the City of London Corporation and Accenture stresses the role of cyber resilience in the country’s post-pandemic, digital life.
Posted: 2020-12-11
A change to the self-isolation period from 14 to 10 days has been announced today by the UK Government. The change applies in England, Scotland and Northern Ireland from Monday 14th December. It already applies in Wales.
Posted: 2020-12-11
Water Direct has been appointed as a supplier on the new Crown Commercial Service Water, Wastewater and Ancillary Services Framework.
Posted: 2020-12-10
Almost all companies have suffered COVID-induced supply chain disruption this year, particularly those based in the US, according to a new study. Some 94% of companies reported some kind of disruption. Over a quarter of firms in the US reported severe levels of disruption, with machinery and equipment, IT, tech and telecoms and energy and utilities companies the most significantly affected.
Posted: 2020-12-10
The winners of this year’s Business Continuity Awards were announced last night via a special online broadcast.
Posted: 2020-12-10
The UK has signed trade continuity agreements with Canada, Singapore, Vietnam, Norway and Iceland.
Posted: 2020-12-09
The annual Climate Change Performance Index monitors the climate protection performance of 57 countries and the EU, and despite significant changes there is still no country that is high enough rated to meet any of the top three positions.
Posted: 2020-12-09
Today sees the launch of a global partnerships programme designed to help international financial institutions access British fintech solutions. Singapore, Australia and the US will be the first to benefit from the Leading Edge programme promoting UK-grown RPA and AI solutions, among other technologies.
Posted: 2020-12-09
Increased cyber security risks amid COVID-19-related contingencies have been well documented this year, and now a new report from Myers-Briggs says that, because stress affects different personality types in different ways, each individual employee has their own specific blind spot when it comes to cyber security.
Posted: 2020-12-08
Acrisure’s global reinsurance brokerage, Beach & Associates has been rebranded as Acrisure Re and Acrisure London Wholesale, part of moves made by the broker to better align its global offering and new tech-enabled strategy following its recent acquisition of artificial intelligence company, Tulco’s insurance assets.
Posted: 2020-12-08
Susan Taylor Martin is to take over as chief executive of the British Standards Institution, when Howard Kerr steps down after 12 years in the role.
Posted: 2020-12-08
The UK P&I Club has launched a comprehensive manual outlining current challenges and issues regarding crew changes in ports throughout the world.
Posted: 2020-12-07
The list of professions that qualify for exemptions from self-isolation or passenger locator form requirements has been updated to add certain senior executives, journalists, newly-signed elite sportspersons, performing arts professionals and television production professionals.
Posted: 2020-12-07
Advances in wind turbine design and technology expose the turbine to additional risk of catastrophic fires, which, if not managed, could lead to higher insurance premiums for owners and operators.
Posted: 2020-12-07
The continued effects of the COVID-19 pandemic, or a new public health crisis are the top risk concerns for Indian companies, according to a report published by US risk management society, RIMS and Marsh.
Posted: 2020-12-07
The Kent Resilience Forum and Highways England are planning to carry out a live test of EU exit contingency plans. Part of a series of measures aimed at keeping traffic moving during periods of cross-Channel disruption, a moveable barrier system on a section of the M20 will be in place from Friday next week.
Posted: 2020-12-04
The Health and Safety Executive has updated its guidance for employers on ventilation and air conditioning during the coronavirus pandemic.
Posted: 2020-12-04
Capco has acquired US-based consultancy, Neos, expanding its growing insurance services offering.
Posted: 2020-12-03
Rolls-Royce has acquired Servowatch Systems, the Essex-based international supplier of integrated marine automation solutions. Servowatch employs 35 people at its headquarters in Heybridge, with an additional 11 in India. Servowatch automation systems monitor and control the operation of numerous large ships, including large yachts and government vessels.
Posted: 2020-12-03
Just 24 hours remain for insurers to consider regulatory guidance and, where appropriate, apply COVID-19 related refunds or discounts on insurance policies. Accountancy firm, BDO says this important review will require due, thoughtful and documented decision-making, supported by actuarial analysis.
Posted: 2020-12-02
A major breakthrough in the fight against COVID-19 has been achieved with the approval for use in the UK of the Pfizer/BioNTech vaccine. This welcome news comes on the same day as the UK’s national lockdown is lifted, giving many businesses the green light after a month of closure, and making way for the three tier-based system.
Posted: 2020-12-02
Sedgwick has acquired the recall, remediation and retention solutions business from Stericycle. As part of the transaction, Sedgwick gains more than 300 new colleagues from the firm’s Expert Solutions service line in the US, Canada and Europe.
Posted: 2020-12-02
With just one month to go until the end of the transition period, the Financial Conduct Authority has warned firms that it expects them to ensure the right outcomes for their customers, and provide timely communications to enable them to make appropriate decisions.
Posted: 2020-12-01
Invoice insurance intermediary Nimbla estimates that invoices worth around £250m will remain unpaid following the collapse of retailer Arcadia Group. Flemming Bengtsen, CEO at Nimbla, said the Coronavirus Business Interruption Loan Scheme and the Bounce Back Loan Scheme had given a lifeline to many SMEs, but had also created a wave of companies that were highly vulnerable.
Posted: 2020-12-01
Insurance has not provided the support organisations need for their business interruption throughout the coronavirus pandemic, something the EU should help address to avert future crises, according to the Federation of European Risk Management Associations.
Posted: 2020-12-01
Now is an apposite time to examine how we have performed as a profession, and to consider what we should be focusing on next. Issues that existed before the pandemic are of course still there, and as the problems caused by the ongoing events of 2020 continue to unfold, the confluence of these creates ever more complex challenges in the way we live, work, and manage risk.
Posted: 2020-12-01
Sungard Availability Services has launched a new dedicated workplace recovery service.
Posted: 2020-11-30
A lack of IT expertise within SMEs, along with a reduction in investment in cyber resilience have led to a significant increase in cyber security risk and vulnerabilities, according to a poll conducted by Infosecurity Europe. This year’s COVID-related surge in remote workers was found to be the second most significant stumbling block for smaller businesses, according to the security event’s Twitter poll.
Posted: 2020-11-30
As the official 2020 Atlantic hurricane season draws to a close, commercial property insurer, FM Global, says records were shattered and more property was at risk throughout, as it highlights a number of key features of the annual weather event.
Posted: 2020-11-30
A cyber attack on IT systems at Manchester United has led to a week-long period of disruption at the Premier League club. The National Cyber Security Centre (NCSC) is assisting the club in investigating the cause and its impact.
Posted: 2020-11-27
More than half of insurance professionals do not believe it is economically sustainable for the government to continue to step in as an insurer of last resort, according to a survey of members by the Chartered Insurance Institute (CII).
Posted: 2020-11-27
Many firms have taken action to react to the risks, challenges and stresses caused by the COVID-19 pandemic.
Posted: 2020-11-27
Lloyd’s has received final approval from the High Court of England and Wales to transfer EEA policies to its Belgium-based subsidiary, Lloyd’s Insurance Company SA. The announcement follows previous confirmation that Lloyd’s intended to transfer the market’s existing European business which will be affected by the loss of passporting rights from Lloyd’s members to Lloyd’s Europe.
Posted: 2020-11-26
Under the new tier system announced by the UK government today, 98% of the country’s hospitality trade will now take place in tier 2 and 3 regions, according to trade organisation UKHospitality. It says that should the restrictions last the entire month of December, an estimated £7.8bn worth of trading is set to be lost, compared to 2019’s figures.
Posted: 2020-11-26
Two thirds (68%) of business leaders used automation to respond to the impact of the COVID-19 pandemic, according to new research from Deloitte on robotic and intelligent automation.
Posted: 2020-11-26
Boohoo has appointed a former High Court judge Sir Brian Leveson and KPMG to examine its business practices following allegations that a supplier was paying workers less than the minimum wage.
Posted: 2020-11-26
Pandemic-related disruption has damaged manufacturers’ Brexit plans, according to research conducted by Lockton. The insurance broker’s study of 500 UK manufacturers suggests that about half of UK manufacturers have seen plans derailed by pandemic-related disruption, and that, with just weeks until the end of the transition period, a quarter of the manufacturers surveyed don’t believe they will be ready.
Posted: 2020-11-26
The major UK telecoms network operators face large fines if they fail to adequately tighten security to meet the requirements of the Telecommunications Security Bill, which will remove the involvement of Chinese manufacturer Huawei in the country’s 5G network.
Posted: 2020-11-25
The biggest concern over outbound communications for UK public sector organisations is reputational damage, according to a survey of healthcare and local government IT and risk professionals.
Posted: 2020-11-25
Technological advancements, such as hydrogen and artificial intelligence (AI), will have a critical role to play in reaching net zero in a post-COVID-19 world, according to the 56th EY Renewable Energy Country Attractiveness Index. The Index highlights that climate change and renewables must stay at the top of the global agenda if the low-carbon transition is to be accelerated but notes that grid stability remains a significant barrier to faster renewables adoption.
Posted: 2020-11-25
First Central Group has rolled out Blue Prism’s cloud platform to help the insurer automate fraud checks on new policy applications and automate high-volume renewal processes.
By automating fraud checks on new policy applications within the first 24 hours, First Central has been able to increase the volume of new policies it can check by a factor of ten.
Posted: 2020-11-25
Retail sales volumes fell in the year to November, but online sales rose at the fastest pace in two years according to the latest CBI quarterly Distributive Trades Survey. The survey of 114 firms – including 57 retailers – found that overall retail sales volumes fell in the year to November at a similar pace to the previous month.
Posted: 2020-11-24
The financial cost of climate change risk, estimated to be upwards of US$1 trillion, poses a significant threat to businesses and requires an improvement in skillset according to a survey by Eversheds Sutherland and KPMG. Responses from 113 UK directors and executives from major global companies revealed that company boards and management recognise the need to upskill to confront climate-related risks.
Posted: 2020-11-24
Ground risk assessment specialist Terrafirma has launched National Ground Risk Model (NGRM): Climate, designed to help insurers understand how ground risk may impact their properties they insure in a changing climate.
Posted: 2020-11-24
COVID-19 has reshaped the risk landscape for chief audit executives, as they highlight IT governance to be the top risk for 2021 according to research by Gartner. A survey to identify the major risks facing boards, audit committees and executives found that a rapid shift to working from home has led organisations to jump years forward with their digital roadmaps in the space of just a few weeks.
Posted: 2020-11-23
Almost half (47%) of UK charities expect their reserves to run out within the next year, according to new research commissioned by Ecclesiastical Insurance. Over 250 charities were surveyed as part of a YouGov poll to assess the impact of COVID-19 on the sector, and over half (55%) of respondents said they were concerned about a loss of funding, with seven out of ten (71%) charities citing COVID-19 as a reason for their increased concern.
Posted: 2020-11-23
Businesses which import and export goods are facing rising costs as a result of global pressures on shipping demand that have caused major delays at the UK’s largest container port at Felixstowe, Suffolk. The port’s owner has warned of further delays, leading to concerns over shortages as stockpiling of goods such as PPE and post-Brexit orders have caused major backlogs.
Posted: 2020-11-20
Liability emerging risk modelling firm Praedicat has developed a suite of scenarios for the casualty insurance market that allows insurers to track exposures, establish reserves, and manage aggregations to help combat the impact of COVID-19 pandemic.
Posted: 2020-11-20
The CBI is calling on the government to establish a clear pathway out of lockdown ahead of the ending of the current restrictions on 2 December. With England halfway through its second national lockdown, the CBI is urging the government to publish a detailed exit strategy and guidance with at least seven days warning which it says is vital to help business prepare, strengthen supply and boost consumer confidence.
Posted: 2020-11-19
External attacks on companies result in the most expensive cyber insurance losses but it is employee mistakes and technical problems that are the most frequent cause of claims by number, according to a new report from Allianz Global Corporate & Specialty (AGCS).
Posted: 2020-11-19
UK companies saw levels of home working nearly quadruple from one-in-five employees (20%) in 2019 to nearly three-quarters (73%) in 2020 due to the COVID-19 pandemic, according to research from Willis Towers Watson.
Posted: 2020-11-19
Ransomware is the most common cyber threat to small and medium size enterprises, with remote working during the COVID-19 pandemic adding to the potential exposure, according to a survey of over 1,000 managed service providers by cloud software and technology provider Datto.
Posted: 2020-11-18
Catastrophe modelling firm AIR Worldwide has released its 2020 Global Modelled Catastrophe Losses report, detailing key loss figures from AIR’s global industry exceedance probability curve. Based on the report, AIR estimates that the global modelled insured average annual loss from catastrophes worldwide is nearly US$100bn.
Posted: 2020-11-17
Aerial mapping company Bluesky is releasing its entire catalogue of geographically referenced oblique aerial images of UK cities via a new subscription-based streaming service. Working with Geoxphere, a specialist in cloud-based geographic information systems, Bluesky will offer the MetroVista imagery via web viewer which also includes measurement tools for detailed analysis of building features, façade details and street furniture locations.
Posted: 2020-11-17
Recent measures to combat the spread of COVID-19 have seen consumer sentiment fall from -1 in September to -10 according to new data from PwC. This is the sharpest decline since the first lockdown began in March 2020 and undermines the progress made over the summer to pre-pandemic levels.
Posted: 2020-11-17
Trading on the Australian shares market was halted for most of Monday due to a technical problem. The Australian Securities Exchange said that the issue was a software error which showed inaccurate market information. In a statement, ASX and its technology provider Nasdaq said it had identified the root cause and a resolution path to fix it. A software issue limited to the trading of multiple securities in a single order (combination trading) created inaccurate market data.
Posted: 2020-11-16
Many large organisations have ignored or downplayed the potential impact of pandemics or epidemics on their business, leaving them hugely exposed to such events. A report by insurance buyer and claims resolution company Mactavish has revealed major flaws in the presentation of risk analysis and mitigation by FTSE 100 companies when it comes to assessing the potential impact of a pandemic.
Posted: 2020-11-16
Specialist insurer HSB is expanding its engineering services to offer consultancy services aimed at enabling businesses to improve efficiency and meet their compliance obligations. Using the technical knowledge of its engineers, HSB’s new range of consultancy services will provide businesses with improved analysis of their equipment and health and safety practices, with the aim of helping companies to understand and maximise operational efficiencies, reduce breakdown and risk, as well as lessen maintenance and energy costs.
Posted: 2020-11-16
Whilst this year was boom time for the likes of Amazon, Netflix and Zoom, few will miss 2020 and its restrictions, worries, cancellations and closures. In the deepest recession of our lifetimes, world gross domestic product is expected to contract by 4.1% this year. The focus is now firmly on recovery.
Posted: 2020-11-15
Financial institutions were early adopters of cyber security and insurance. Are they still on top of the game?
Managing huge amounts of sensitive data online makes financial institutions a prime target for hackers. As such, the sector was an early cohort for insurers in creating cyber cover. Since then, the market has evolved almost beyond recognition. It continues to challenge itself to this day, complying with rigorous regulatory demands and implementing avant-garde enhancements to keep abreast of the ever-changing risks. Published June 2021

Manufacturing: An industry at risk amid great technological change
Of the many sectors of business, manufacturing companies are among the most at risk from cyber threats. How has the sector evolved to make it so vulnerable and what does the task of managing cyber exposure in a manufacturing company look like? CIR’s latest podcast with Tokio Marine HCC sought to answer all these questions and more. Published April 2021