Latest News
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Fourth human case of H5N1 detected at US dairy farm
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Allianz Partners to support Paris Olympics
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IRM’s Robinson appointed as new head of partnerships for Asia
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TMK and Kita agree carbon credit projects partnership
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PSR and FCA launch joint call for input on digital wallets
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Mortality tracking pre-pandemic lows – IFoA
News
Tokio Marine Kiln has partnered with Kita to develop political risk insurance for developers of, and investors in, carbon credits projects.
Posted: 2024-07-15
The Payments Systems Regulator and Financial Conduct Authority are seeking views on the benefits and risks digital wallets bring to businesses and individuals. The use of digital wallets has grown rapidly over the last few years. More than half of UK adults are now estimated to use one. Apple Pay, Google Pay and PayPal are the most widely used digital wallets in the UK today.
Posted: 2024-07-15
Allianz Partners has been appointed by the Paris 2024 Organising Committee for the Olympic and Paralympic Games to provide medical assistance and repatriation during the games. Given the scale of the Paris 2024 Olympic and Paralympic Games, it is thought that the potential number of additional patients could challenge the French hospital system.
Posted: 2024-07-12
A fourth human case of avian influenza (HPAI) A (H5N1), associated with the ongoing multi-state outbreak amongst dairy cows in the US, has been detected – this time in a Colorado dairy farm worker.
Posted: 2024-07-12
Mortality in the first half of 2024 was similar to the record low mortality seen in the first half of 2019, with all age groups seeing lower mortality in the first half of 2024 than in the first half of 2023, according to data from the Institute and Faculty of Actuaries.
Posted: 2024-07-12
The Institute of Risk Management has appointed Vicky Robinson (pictured) as its new head of partnerships for Asia. In her new role, Robinson will lead the institute’s recently announced growth strategy across Asia, focusing on expanding the region's risk management community and building purposeful partnerships.
Posted: 2024-07-11
Tokio Marine HCC International has launched a dedicated French website. The French product suite is supported by the TMHCCI teams based in France who specialise in marine, contingency, disability, surety, credit and political risk and Japanese business – as well as by the TMHCCI team based in Spain dedicated to financial lines, cyber, intellectual property, transaction risk and crisis management.
Posted: 2024-07-11
Clean technology company, Altilium, and energy storage systems developer, Connected Energy, have joined forces to explore ways of extending the life of electric vehicle batteries.
Posted: 2024-07-11
Sedgwick has this week launched a sustainable damage management solution for the UK market. Following a scientific assessment of damage extent, recovery options prioritise sustainability, including a greater emphasis on restoration, more energy-efficient drying, the use of resilient repair materials and the repurposing and recycling of waste streams.
Posted: 2024-07-10
New guidelines designed to provide a framework for data sharing in smart cities have been published as a British standard by BSI.
Posted: 2024-07-10
UK councils recorded some 5,000 data security breaches in 2023, according to responses to Freedom of Information requests submitted earlier this year by Apricorn.
Posted: 2024-07-10
Satellite monitoring provider ICEYE has announced an agreement with the Ministry of Defence of Ukraine to further strengthen their cooperation in remote sensing of the Earth in the interest of the country’s national security and defence.
Posted: 2024-07-09
Gallagher has agreed a partnership with The Law Society of England and Wales which will see it provide members with cyber insurance cover created specifically for the legal industry.
Posted: 2024-07-09
The National Insurance Awards are open for entries. Celebrating excellence in the sector, the National Insurance Awards highlight the very best in general insurance provision and management in the UK.
Posted: 2024-07-09
The F1 motor racing governing body, the Fédération Internationale de l'Automobile, has been hit by hackers who have gained access to sensitive data following a cyber attack. The incident saw several FIA employee’s email accounts accessed through phishing emails.
Posted: 2024-07-08
Crawford & Company has launched a multinational corporate client practice, appointing Wayne Brand to lead the new team.
Posted: 2024-07-08
Insurance intermediary Specialist Risk Group has acquired Tristar Special Risks, which specialises in terrorism insurance and supports broker partners across the UK through coverage for commercial and residential risks including political and religious properties.
Posted: 2024-07-05
The National Crime Agency has coordinated global action against illicit software which has been used by cybercriminals for over a decade to infiltrate victims’ IT systems and conduct attacks. Unlicensed versions of Cobalt Strike, a penetration testing tool used to check for vulnerabilities in a company’s network and help improve cyber security, were targeted during a week of action in late June.
Posted: 2024-07-04
A new joint report from the International Federation of Accountants, ICAEW and Basel Institute outlines an approach to anti-corruption initiatives by utilising an integrated mindset across business functions.
Posted: 2024-07-04
As Hurricane Beryl batters the Caribbean, the strength and timing of the storm has set alarm bells ringing for insurers around the world, fearful of a potentially extended and costly storm season. Beryl is the earliest Category 5 storm ever recorded in the Atlantic, with 165 mph sustained winds fuelled by record warm waters.
Posted: 2024-07-03
UK water companies could be at risk of major pollution lawsuits following a landmark ruling at the Supreme Court. The case was brought by the Manchester Ship Canal Company which won an appeal enabling it to sue United Utilities over discharges of water contaminated with untreated sewage.
Posted: 2024-07-03
Non-US territories are set to capture 54% of growth in the cyber insurance sector up to 2030, according to a new report from Howden, with huge potential for growth in other regions as well as significant scope for serving a broader client base amongst SMEs globally.
Posted: 2024-07-02
Corporates have reported that their Scope 3 supply chain emissions were, on average, 26 times greater than their emissions from direct operations (Scopes 1 and 2) last year, according to a new report by Boston Consulting Group and CDP. It found that upstream emissions from the manufacturing, retail and materials sectors had a footprint 1.4 times the total CO2 emitted in the EU in 2022.
Posted: 2024-07-02
FERMA has released its EU policy manifesto which presents its priorities for the policymakers in the EU Institutions for the next institutional mandate (2024-2029) and outlines how the Federation can contribute to these.
Posted: 2024-07-01
The sustainable investment arm of ISS STOXX has launched a new cyber risk solution for investors which aims to help them identify and manage cyber risk across their investment portfolios.
Posted: 2024-07-01
Internal auditors are becoming increasingly concerned about the potential for cyber criminals to weaponise artificial intelligence to commit bigger, more sophisticated and more dangerous crimes. The Chartered Institute of Internal Auditors canvassed the views of chief internal auditors across Europe on the top risks surrounding AI...
Posted: 2024-06-28
The risk of solar and wind turbine fires, combined with the growth of co-located energy storage, are leading to escalating fire hazards in the clean energy space. This is amongst the findings of a report published this week by Firetrace International into what it says is a serious and growing danger.
Posted: 2024-06-28
A large proportion of life science companies believe the high cost of new drug development is among the emerging themes that will have the greatest negative impact on the sector in the next 3 to 5 years, according to global Life Science Risk Report 2024 published this week by WTW.
Posted: 2024-06-28
FloodFlash has announced its expansion to cover all mainland US locations. The insurance technology company is known for providing flood coverage in excess of the National Flood Insurance Program where the private markets are unable to quote, particularly in real estate, sports and entertainment, manufacturing, energy and healthcare lines.
Posted: 2024-06-27
The deadline for entering the 2024 Risk Management Awards is now just three weeks away. The Risk Management Awards celebrate excellence in the risk management arena, and are the pinnacle of achievement in the field – recognising the best people, products and programmes in the sector for over a decade.
Posted: 2024-06-27
Legal and business services provider, DWF, has agreed to acquire Australian claims management business, Proclaim. Proclaim was founded in 1999 by Jon Broome, who remains as the company's managing director and will continue to lead the team post-transaction.
Posted: 2024-06-27
Cogitanda is expanding its cyber offering to clients with annual revenues of up to E250m in Germany and Austria.
Posted: 2024-06-26
Over half of the £15trn already committed to financing the climate transition through to 2030 will require additional insurance coverage. This is amongst the findings of joint research published by Howden and Boston Consulting Group on the role of insurance in mobilising the climate transition.
Posted: 2024-06-26
Work is underway to develop an independently verifiable international standard on net zero. Designed to provide clarity on the net zero transition, work on the standard will take place over the next 18 months, with a view to being launched at COP30 in November 2025.
Posted: 2024-06-26
Howden has announced the placement of what is thought to be the first carbon credits warranty and indemnity insurance policy. The W&I policy provided insurance cover on the sale of carbon credits for the reforestation project of degraded forest lands by Mere Plantations, a UK-based company that owns and operates a teak plantation in Ghana, West Africa.
Posted: 2024-06-25
Beazley Security goes live today as an integrated cyber risk management company, following the merger earlier this year of Beazley’s in-house cyber services team and its wholly-owned cyber security company, Lodestone.
Posted: 2024-06-25
KYB solutions provider, Ondorse, has secured major contracts with PayXpert (Societe Generale), Kota and Assurdeal in its bid to expand into the UK and Ireland. Since its launch in 2021, the Paris, France-based provider has raised total funding of £5.2m over two rounds, and has expanded its client base to include major European companies.
Posted: 2024-06-25
Axa Commercial is advising London businesses to review their fire risk assessments and staff training after London Fire Brigade announced it would no longer respond to daytime activations of automatic fire alarms in most non-residential buildings from October.
Posted: 2024-06-24
The cutover to Blueprint Two phase one digital services has been postponed.
Posted: 2024-06-24
The 26th annual Business Continuity Awards took place last week at the London Marriott Grosvenor Square. Congratulations to all our finalists and especially to Business Continuity Resilience Manager of the Year, James Parrish from London Stansted Airport, Newcomer of the Year, Adam Bartlett from Virgin Atlantic...
Posted: 2024-06-24
Aon has launched a new Fleet Risk Intelligence tool to help motor fleet operators understand where risk is within their fleet.
Posted: 2024-06-20
More than two-thirds of organisations have seen an uptick in network security threats over the last 18 months, according to research from Daisy Corporate Services. Cyber security threats are the biggest networking challenge. Hybrid working is one of the main contributors to heightened threat levels.
Posted: 2024-06-19
A Transactional Liability Committee has been established for the London Company market, with senior underwriting participants from IUA member firms.
Posted: 2024-06-19
This week sees the launch of the International Maritime Cyber Security Organisation, which aims to raise the standard of cyber security risk assessment across the maritime industry.
Posted: 2024-06-19
Technology and business resilience specialist, Databarracks, has secured a growth finance facility from Allica Bank to help fuel its further expansion.
Posted: 2024-06-18
Some 83% of UK insurers have either implemented, or are in the process of implementing, AI chatbots and generative AI, according to data from Gallagher Bassett. These technologies, it says, are proving instrumental in optimising customer service and enhancing claims processing.
Posted: 2024-06-18
Disaster recovery firm, Belfor UK, has announced a major expansion of its team and regionalised service offering, following a period of significant growth.
Posted: 2024-06-18
Facilities management company, Mitie, has achieved ISO 31000:2018 certification, the international standard that validates organisations’ guidelines and principles for risk management.
Posted: 2024-06-17
Insured losses from recent flooding in Germany will likely fall within the range of €2bn to €3bn, according to estimates from Moody’s RMS Event Response.
Posted: 2024-06-17
Specialist marine MGA, Amphitrite Underwriting London, has announced the launch of a new cargo division, to be led by Scott Sykes.
Posted: 2024-06-17
Financial services provider, Apex Group, has partnered with governance, risk and compliance advisor, ACA Group, to offer their respective clients a broader range of services
Posted: 2024-06-14
With four months remaining until the deadline for implementation, EU member states are being urged to finalise their preparations for compliance with the new Network and Information Security Directive.
Posted: 2024-06-14
The Insurance Development Forum and the French Development Agency Group have announced the formation of the Integrated Disaster Risk Management Alliance.
Posted: 2024-06-14
The Chartered Insurance Institute has announced the appointment of two new board members: Dr Desmond Bermingham, chair of the Education and Learning Committee; and Jon Graham, chair of the Audit and Risk Committee.
Posted: 2024-06-13
The British Insurance Brokers’ Association has renewed its professional indemnity accredited broker agreement with Griffiths & Armour for a further three years. Griffiths & Armour has more than 90 years’ experience in PI, has been a BIBA accredited provider since 2013.
Posted: 2024-06-12
The risk landscape is now ‘many times more complex’ than it was just three years ago at the height of the Covid crisis, with complicated and often contradictory global regulatory risk cited amongst the major obstacles to corporate growth. This is the conclusion of a report compiled by law firm, Clyde & Co, which found that escalating threats on multiple fronts are creating a ‘polycrisis’ of risk.
Posted: 2024-06-12
In a bumper year for elections, risk professionals are monitoring political risk, but remain "unperturbed" as regards a rise of the far right. Whilst 31% of risk professionals canvassed for Airmic’s latest Big Question poll say they have been monitoring EU politics, for 63% of risk professionals, it will be ‘business as usual’.
Posted: 2024-06-12
CFC has launched a new insurance solution for buyers of voluntary carbon credits.
Carbon Cancellation Insurance is designed to safeguard purchased carbon credits from financial and management risks in the event of cancellation or invalidation resulting from political risks.
Carbon Cancellation Insurance is designed to safeguard purchased carbon credits from financial and management risks in the event of cancellation or invalidation resulting from political risks.
Posted: 2024-06-11
Allianz Engineering Inspection Services has revealed its ambitious plan to become the biggest engineer surveyor team in the UK by growing its workforce to over 800 in the next four years
Posted: 2024-06-11
Argenta Holdings has appointed Niranjan Nathan as group chief risk officer. Subject to regulatory approvals, Nathan will take over from Carol-Ann Burton, who will continue as group general counsel and compliance director. Based in London and reporting to Nick Moore, CEO of Argenta Holdings and managing director of Argenta Syndicate Management, Nathan will also join the board of ASML.
Posted: 2024-06-11
Ardonagh Italia has confirmed completion of its previously announced acquisitions of Mediass S.p.A. and Mansutti S.r.l.
Posted: 2024-06-10
A new London Market committee has been established by the International Underwriting Association to review progress on the adoption of new digital services.
Posted: 2024-06-10
Businesses need to change the way they respond to global risks if they want to stay competitive, according to a new report from accountancy and business advisory firm, BDO. It suggests that business leaders are now facing almost permanent disruption. Indeed, 84% of respondents to its survey said that the global risk landscape is now more defined by crisis than at any time in recent history.
Posted: 2024-06-10
Over a quarter UK SMEs would not for a survive for more than a month if critical equipment malfunctioned, highlighting the financial fragility prevalent amongst this group. According to research conducted by HSB UK and Ireland, which gathered responses from SMEs across multiple UK industries, there exists a concerning gap in preparedness for sudden and unforeseen equipment breakdown.
Posted: 2024-06-07
The Cargo Integrity Group has identified a number of cargoes, commonly carried in containers, that under certain conditions can cause dangerous incidents.
Posted: 2024-06-07
The term ‘behavioural science’ emerged in the mid-20th century to describe the interdisciplinary study of human behaviour, with American psychologist BF Skinner a notable player in the development of the ‘movement’ between the 1930s and 1970s
Posted: 2024-06-07
Healthcare and travel risk management services provider, Healix, has announced a strategic partnership with risk, security and resilience management consultancy, GSA Global.
Posted: 2024-06-06
Rolls-Royce has received an order from its distributor, Smith Power Products, to provide two 1,500kW mtu Kinetic PowerPacks for NOVVA Datacenters. The two KPPs will provide emergency backup power for an expansion at the company’s Colorado Springs datacentre.
Posted: 2024-06-06
CFC has announced an update to its cyber risk heat map to include more detail on the key exposures for a broad range of industry sectors, including construction, education, healthcare, transport and logistics.
Posted: 2024-06-06
Chartered insurance broker, Verlingue, has established a new dedicated construction practice. Led by Harvey Monk, the new practice brings together a team of specialists from across Verlingue in one hub of 12 specialists.
Posted: 2024-06-05
Earnix has entered into a strategic collaboration with Verisk to integrate its ISO Electronic Rating Content solution into its pricing and rating platform.
Posted: 2024-06-05
Specialist Risk Group’s MGA, MX, has announced a new capacity agreement with Accredited Insurance Europe. Accredited has licenses throughout Europe, which will enable MX to explore new products and territories while expanding its underwriting capabilities and trade appetite.
Posted: 2024-06-05
CFC has overhauled its existing fintech insurance cover for the UK, Canada and Australia.
Posted: 2024-06-04
Early results from the rollout of the commercial insurance industry’s first neutral digital ecosystem have seen renewal times dramatically reduced and data quality significantly improved, according to the technology's developers and partners. Big Ticket promises to fix the “broken renewal process” in the global commercial insurance industry.
Posted: 2024-06-04
Risk professionals are making tentative moves towards the adoption of generative AI.
Posted: 2024-06-04
WTW has today unveiled a new tool designed to quantify the financial impact on an organisation of climate change, as well as supporting business planning, due diligence, strategic decision-making and compliance with evolving regulatory requirements.
Posted: 2024-06-03
A third human case of avian influenza (HPAI) A (H5N1), associated with the ongoing multi-state outbreak amongst dairy cows in the US, has been detected in a Michigan dairy farm worker.
Posted: 2024-06-03
A rise in sea surface temperatures and a weaker La Niña weather phase will contribute to a “very active” 2024 hurricane season, according to a report from Acrisure Re.
Posted: 2024-05-31
Data belonging to as many as 20.4 million people was compromised in cyber attacks on financial services firms in 2023, according to figures released by the Information Commissioners’ Office.
Posted: 2024-05-31
The ICO received 15,335 complaints against organisations over DSAR obligations failures in 2023 – making up 45% of all complaints made to the ICO over the year. Following Brexit, the UK government has proposed to amend the UK Data Protection Law in a shift away from GDPR, with the Data Protection and Digital Information Bill, which is expected to pass in 2024 (subject to the upcoming election).
Posted: 2024-05-31
Sompo has launched a new insurance offering for UK technology and telecoms service providers, providing property, casualty, professional indemnity and cyber cover.
Posted: 2024-05-30
UK-based flood science specialist JBA Risk Management is partnering with Oxford University to study the impacts of climate extremes on infrastructure networks. The Oxford Programme for Sustainable Infrastructure Systems, led by Jim Hall, will be provided with access to JBA’s global flood maps and event sets to help generate new insights into present day and future infrastructure risks.
Posted: 2024-05-30
Climate risk consultancy, South Pole, has appointed Dame Inga Beale as chair of its board. The former CEO of Lloyd's will work with recently-appointed CEO Daniel Klier and the wider executive team to help steer the business towards it next phase of growth.
Posted: 2024-05-30
Digital processes are firmly embedded throughout the insurance customer journey, including the use of chatbots as a core piece of technology. This is amongst the findings of Altus Consulting’s Digital Bar research programme, analysing technology use amongst insurers over a ten-year period.
Posted: 2024-05-29
A major space storm could cost insurers even more than a hurricane like Katrina (£43bn in 2005, or £70bn today) given the capacity to interfere with comms and power. According to a new report from Bloomberg Intelligence, the recent space storm could be a taste of what's to come, with the current solar cycle forecast to peak in 2025.
Posted: 2024-05-29
Gallagher Re is partnering with Colorado State University to study tropical cyclone risk trends, with the goal of advancing risk mitigation, adaptation and resilience.
Posted: 2024-05-29
The UK’s fire services attended 46% more fires linked to lithium-ion batteries in 2023 than in 2022, as batteries that power electric vehicles including bikes, scooters and cars were involved in almost three fires a day last year. Data collected by QBE from Freedom of Information requests to all UK fire services suggests almost a third of li-ion fires involved e-bikes.
Posted: 2024-05-28
A study published today by the Lord Mayor of London and the Royal Society of Chemistry suggests that global temperatures are on track to increase by over 3 degrees by 2100.
Posted: 2024-05-28
The health and pharmaceuticals sectors are expected to be the hardest hit by the adverse effects of artificial intelligence over the next decade, according to a new report by Swiss Re Institute.
Posted: 2024-05-24
Safeguarding against risks is a key challenge for investors in Ukraine, with those related to the war being the most significant for the insurance market. The reverberations from Russia’s invasion have triggered an unprecedented conundrum for the Ukrainian economy, where the quest for viable coverage stands as a test of both resilience and ingenuity.
Posted: 2024-05-24
Global broking business, Brokerslink, has added a new specialist affiliate, Air Courtage Assurances, to its network. Air Courtage Assurances is a French brokerage firm focused on aviation-related risks and operates in France, Switzerland and the UK.
Posted: 2024-05-23
Almost half of companies in the food and drink sector cite business interruption as the biggest internal risk to their success, closely followed by supply chain risk. This is amongst the findings of the 2024 Global Food and Beverage Risk Outlook, published today by WTW.
Posted: 2024-05-23
A second human case of avian influenza (HPAI) A (H5N1) associated with the ongoing multi-state outbreak amongst dairy cows has been found in the US.
Posted: 2024-05-23
Kroll has this week published its Q1 2024 frontline threat intelligence report, Cyber Threat Landscape – Insider Threat & Phishing Evolve Under AI Auspices, exploring proprietary data from the consultancy’s Cyber Threat Intelligence team.
Posted: 2024-05-22
As the Financial Conduct Authority’s deadline for compliance with new rules to counter greenwashing, insurers are being warned that the rules apply to all products and services communications.
Posted: 2024-05-22
The 10th May saw an historic in-person event with our East African, Nigerian, Zimbabwe and South African Groups for ‘IRM’s Strategy for the African continent’ combined with the institute’s maiden board visit to Kenya. Set against this backdrop, the meeting offered a unique opportunity for around 150 senior-level professionals specialising in risk, quality assurance, compliance, audit and accounting to convene.
Posted: 2024-05-22
Howden has launched a cyber insurance platform for SMEs. Designed for businesses with revenues of up to US$250m, cyber insurance can be purchased in four steps directly through the platform, and promises no lengthy questionnaires or complex terminology used to get a quote.
Posted: 2024-05-21
In February, the Financial Conduct Authority published proposals to make far more of its investigations public than it ever has before. The proposals have triggered debate and a certain amount of alarm. Some believe this will mean greater protection for consumers. For others, it will represent a punishment for firms before the regulator has had a chance to make a proper judgement. The debate raises interesting questions about both reputational and regulatory risks.
Posted: 2024-05-21
RSA Insurance has partnered with Q Underwriting to develop a bespoke management liability product.
Posted: 2024-05-20
The London Market contributes nearly £50bn to the UK economy – 2% of GDP overall. Employing 60,000 people, the world’s largest specialty insurance market is almost twice as large as its nearest competitor.
Posted: 2024-05-20
Howden has announced its acquisition of MiCRO, a microinsurance specialist that designs and implements parametric insurance coverage for underserved populations in Latin America against natural catastrophes.
Posted: 2024-05-20
US national public health agency, the Centers for Disease Control and Prevention, this week rolled out a new influenza A wastewater surveillance dashboard to better ascertain where H5N1 (a subtype of influenza A) might be spreading. As at 4th May, influenza A virus was detected in higher-than-average levels in Alaska, California, Florida, Illinois and Kansas, amongst other states.
Posted: 2024-05-17
The board of the International Underwriting Association is to welcome another senior London Market figure, as president of UK and MENA at Liberty Specialty Markets, Luis Prato, joins the IUA in July.
Posted: 2024-05-17
Technology and business resilience specialist Databarracks has acquired Glasgow-based PlanB Consulting. Customers of the combined business can now benefit from a full suite of end-to-end operational resilience services. from data protection, disaster recovery, business continuity and incident response, through to cyber incident exercising.
Posted: 2024-05-16
A BSI study of over 1,000 senior decision makers in UK businesses points to big net zero goals, and even bigger barriers, as 83% are committed to achieving the UK’s legally binding net zero emissions target, but 92% say barriers are hindering efforts.
Posted: 2024-05-16
Businesses are being urged to address stress and burnout amongst employees, as a study published in Mental Health Awareness Week suggest that 80% of risk management experts believe stress and burnout will impact their business in the year ahead. According to the Risk Outlook 2024 report from International SOS, employee burnout due to mounting crisis fatigue is becoming a critical issue.
Posted: 2024-05-16
The British Insurance Brokers’ Association has launched a guide for members that arrange premium finance for customers. The new guide, launched today by BIBA CEO, Graeme Trudgill, in his opening address at the association’s annual conference, aims to help members demonstrate fair value in the provision of premium finance.
Posted: 2024-05-15
The British Insurance Brokers’ Association has launched a guide aimed at demystifying the commission model. The new guide, launched today at BIBA’s annual conference, aims to help consumers and businesses understand the benefits to them of the commission model, which has been used for centuries. Further, it will help dispel suggestions that commissions should be removed or capped.
Posted: 2024-05-15
The WTW Research Network is partnering with a team of academic research fellows to examine and quantify the security aspects of climate change, and their effects on the international business environment.
Posted: 2024-05-15
Aon has developed a new insurance product designed specifically for international transport and storage companies engaged in storing carbon dioxide.
Posted: 2024-05-14
DWF has signed up to the AI Code of Conduct for the insurance claims industry.
Posted: 2024-05-14
Tokio Marine HCC – Specialty Group is launching a new product recall offering in London, with two senior appointments to its crisis management team.
Posted: 2024-05-14
The Information Commissioner’s Office has called for organisations to step up their cyber security measures and improve the protection around the personal information they hold. The ICO said cyber attacks were a growing threat and that more than 3,000 cyber breaches were reported to the ICO in 2023, with the finance (22%), retail (18%) and education (11%) sectors reporting the most incidents.
Posted: 2024-05-13
Tokio Marine dR is rolling out Fathom’s API for on-demand access to the provider’s fluvial, pluvial or coastal flood risk data.
Posted: 2024-05-13
Risk, safety and insurance technology specialist Origami Risk has identified a mismatch in how prepared firms think they are in relation to risk and the actual steps they have taken to mitigate risk. The findings were reported in its third annual State of Risk report.
Posted: 2024-05-13
With just over two months to go, insurers are running short of time to ensure closed products comply with the Financial Conduct Authority’s new Consumer Duty rules. The next FCA Consumer Duty deadline for insurance providers is 31st July 2024, at which point all products – those currently being sold as well as those still held by customers but no longer on sale – will fall under the regulation.
Posted: 2024-05-10
A Yorkshire metals recycling company has been fined £1.2m after a worker was injured after being struck by a wagon at a processing site.
Posted: 2024-05-10
Larger carriers assume a disproportionate amount of nat cat risk compared with cyber, despite the fact that nat cat historically produces more significant losses – both in economic and insured terms. By contrast, cedents with relatively smaller balance sheets are often markedly more exposed to cyber as a percentage of business mix, with several establishing themselves as leaders in this rapidly evolving market.
Posted: 2024-05-10
Freedom of Information requests have found that at least 2,000 devices were reported lost or stolen across seven government departments throughout 2023; and that data of at least 10,200 customers was put at risk by HM Revenue and Customs over the same period.
Posted: 2024-05-09
Veriforce CHAS has launched a mental health and well-being evaluation tool for the construction industry. Recent studies point to an alarming rate of mental health issues within the UK construction industry.
Posted: 2024-05-09
Aon has announced an update to its Pricing Platform.
Posted: 2024-05-09
US-based cyber security firm Arctic Wolf has released its new Cyber Resilience Assessment tool, designed to help businesses map their security posture against industry-standard cyber security insurance frameworks.
Posted: 2024-05-08
London Market wholesale insurance broker, Evolin Broking (formerly GAWS), has launched a new terrorism facility, Assailant Protect, underwritten at Lloyd’s of London.
Posted: 2024-05-08
WTW has today announced enhancements to its global cyber facility. Following the launch of CyXS in January 2023, WTW has increased its capacity by 50%. The facility now also includes coverage for cyber induced physical damage, which is becoming increasingly relevant as cyber exclusions become prevalent.
Posted: 2024-05-08
Technology and supply chain management company, ByBox, has rolled out a a battery-powered locker solution using radio frequency identification. Designed to enhance product tracking accuracy and reduce stock loss by minimising the risk of human error, the new lockers use radio frequency identification to scan products in and out and internet of things networks to update the locker contents to the ByBox Cloud.
Posted: 2024-05-07
Global claims services provider McLarens has achieved the Planet Mark Business Certification, recognising its efforts in carbon footprint measurement and reduction, and underlining its commitment to sustainability.
Posted: 2024-05-07
As it enters its second year of trading, casualty-focused MGA, Casper Specialty UK, has secured two new capacity providers. Chaucer and TMK have joined Argenta to provide additional capacity as the business continues to scale.
Posted: 2024-05-07
The Institute of Risk Management is embarking on a significant milestone in its globalisation strategy with a forthcoming board visit to Kenya. The purpose of this visit is to showcase the strategic commitment of the IRM and the East Africa Regional Group to the risk management profession in Africa.
Posted: 2024-05-03
Whitespace has released Digital Follow, the first of its workflow automation solutions. Developed with underwriters’ needs in mind, Digital Follow will be trialled by a select set of customers in the Whitespace sandbox environment before a wider launch in the second half of this year.
Posted: 2024-05-03
ICEYE has announced the launch of its Flood Insights and Flood Early Warning products for Canada.
Posted: 2024-05-03
The Risk Management Awards 2024 are open for entries. The awards represent the pinnacle of achievement in risk management. Submit your entry by 18th July 2024 for your chance to be a part of the most exciting event in the risk management calendar.
Posted: 2024-05-02
Origami Risk is expected to launch a new package of GenAI solutions for risk managers at next week's RIMS Conference in San Diego. The risk software provider is launching two prototypes that aim to safely guide risk and insurance professionals through the strategic adoption of AI.
Posted: 2024-05-02
Marsh McLennan has launched an AI-powered platform with integrated advisory services. Developed by Marsh and Oliver Wyman, Sentrisk uses supply chain mapping AI and geospatial satellite imaging to help organisations map their supply chains comprehensively, and to develop risk mitigation, transfer and management strategies that align to their business needs.
Posted: 2024-05-02
Arch Insurance International has today announced the promotion of Barbara Rizzi to chief claims officer. In her new role, Rizzi will be responsible for leading Arch’s claims function and strategy, including the London Market, UK regional market, Australia and the EU. Based in London, she will report to Kirsten Valder, deputy CEO, Arch Insurance International.
Posted: 2024-05-01
Agile Underwriting Services has received permission to underwrite from Lloyd’s for its Agile Underwriting Services Syndicate 2427 (AUS 2427).
Posted: 2024-05-01
The International Underwriting Association has strongly opposed plans proposed by the Financial Conduct Authority to publish details of future regulatory investigations before they reach their conclusion. Under proposals announced by the FCA, details of ongoing enquiries into alleged misconduct would be made publicly available.
Posted: 2024-04-30
GC Tech, the subsidiary of legal advisor, HF, has partnered with the University of Salford to create an AI-based product designed to streamline insurance claims handling.
Posted: 2024-04-30
Dual Australia has today announced the launch of a new business line offered by its specialist title insurance team, Dual Asset.
Posted: 2024-04-30
WTW has joined forces with Riskonnect to pilot an analytical delivery tool that connects claims and exposure data through its new WTW Risk IQ API, with the goal of helping clients better evaluate their claims data to identify, assess and quantify inefficiencies, and reduce errors and anomalies by eliminating manual processes.
Posted: 2024-04-29
Insurtech MGA Loadsure has announced its launch in Europe. Effective immediately, Loadsure is approved to write business in Europe, with an initial focus on the Benelux region, Germany, France, Denmark, Norway, Finland and Sweden. In addition, Ben Brough has joined the firm as director of Europe, and Loadsure will continue to expand the European team moving forward.
Posted: 2024-04-29
The UK P&I Club has announced the launch of its new Safety and Risk Management division.
Posted: 2024-04-29
The majority of the world’s biggest financial firms are using external GenAI tools, and about a fifth of them have yet to decide where responsibility for AI lies. This is amongst the findings of an ORX survey of 26 of the world’s biggest banks and insurers, of which most were using Microsoft Copilot, followed by ChatGPT and Google Bard/Gemini.
Posted: 2024-04-26
Marsh has launched a Global Alternative Risk Solutions practice offering parametric solutions, alternative risk transfer, captives and complex risk.
Posted: 2024-04-26
Funds transfer fraud and business email compromise were the predominant cause of cyber insurance claims made by insurer Coalition’s clients during 2023.
Posted: 2024-04-25
Audit, risk and compliance progamme platform, AuditBoard, has today announced the general availability of its new artificial intelligence capabilities, incorporating GenAI and other private AI models to help audit, risk, information security and ESG teams collaborate securely.
Posted: 2024-04-25
As dozens of countries head to the polls in 2024, political risk is the biggest threat to businesses, according to a survey of 3,500 global business leaders, with 30% voicing their concern about one of the most volatile global political landscapes in decades.
Posted: 2024-04-25
Former GCHQ director-general for technology, Gaven Smith, has joined the Cyber Monitoring Centre’s Technical Committee. Mr Smith is an internationally recognised technology and cyber leader with more than 30 years of experience in UK National Security. Until late 2023, he was the director-general for technology and chief technology officer at GCHQ.
Posted: 2024-04-24
TT Club has produced an ESG toolkit to assist insureds in meeting the complex demands involved in developing ESG policies. It provides signposts to strategies and solutions to challenges such as emissions calculation, reduction and reporting.
Posted: 2024-04-24
Crawford & Company has announced the appointment of Debbie Little to the role of chief customer officer, UK and Ireland. In this newly-created role, Little will be responsible for evolving and enhancing Crawford’s customer strategy by developing customer metrics, and using data and analytics to improve customer experience.
Posted: 2024-04-24
MS Amlin has teamed up with global catastrophe risk modelling and solutions company, Moody’s RMS.
Posted: 2024-04-23
The Financial Conduct Authority is publishing guidance to help financial services companies address forthcoming anti-greenwashing rules. In force from 31st May, the new rules are designed to protect consumers by ensuring sustainable products and services they are sold are accurately described.
Posted: 2024-04-23
Geo-coding and property intelligence platform, Addresscloud, has partnered with flood risk analytics provider, JBA Risk Management, to map the flood risk of over 280 million buildings. The new service is designed to help re/insurers and brokers to identify in less than a second the indicated flood risk at a building level across Europe using just an address.
Posted: 2024-04-23
MNK Group has completed the purchase of Oceánica de Seguros, an insurer based in San José, Costa Rica.
Posted: 2024-04-22
Claims fell by 18% in Q1/24 year-on-year, according to the latest data from trade credit insurer, Atradius. Despite this, high claims one some key sectors mean the impact of a persistently high interest rate could weigh heavy on many businesses, the insurer warns.
Posted: 2024-04-22
Managed services provider, Abacus Group, has today unveiled a revamp of its integrated IT and security solutions and services.
Posted: 2024-04-22
The World Health Organization has this week expressed concern regarding the potential for transmission of avian influenza to other species, including humans. During a press briefing in Geneva Thursday, WHO's chief scientist, Jeremy Farrar, referred to the situation as one of "enormous concern".
Posted: 2024-04-19
Historic rainfall in the UAE and Oman saw more than 14cm fall on Tuesday, with the rising death toll currently standing at 20 people.
Posted: 2024-04-19
Sapiens has launched its IntegrateAI machine learning tool.
Posted: 2024-04-19
Macquarie Insurance Facility is to expand its insurance capabilities following its approval as a Lloyd’s coverholder, and a new binding authority agreement with Mosaic Insurance. The new agreement gives Macquarie follow form binding authority on behalf of Mosaic Syndicates 1609 and 5399, enabling it to write transactional liability insurance using capacity provided by Mosaic.
Posted: 2024-04-18
Insurers’ underwriting capabilities are being restricted by organisational constraints, with just 8% of property casualty insurers regarded as underwriting “trailblazers”. This is amongst the conclusions of Capgemini’s latest World Property and Casualty Insurance Report, published this week.
Posted: 2024-04-18
AEGIS London has strengthened its position in the cyber market with the hire of a new underwriting team. Daniel Johnson has been appointed to the role of class underwriter for cyber and is joined by Lydia Lambert, who becomes cyber underwriter. Both join AEGIS London from AIG.
Posted: 2024-04-18
Ethical organisational cultures have a limited impact on addressing uncertainty about how to be compliant, according to a survey carried out by Gartner. There are three primary situations that lead to non-compliance: Situations of uncertainty (not understanding how to comply), rationalisation (thinking that non-compliance is not wrong in a certain context), and malice (not complying despite knowing it is wrong).
Posted: 2024-04-17
Specialist insurance provider, CFC, is acquiring Australian managing general agent, Solution Underwriting. Headquartered in Melbourne, with offices in Sydney, Brisbane and Perth, Solution is a specialist insurance underwriter focused largely on financial lines. With over 14 years’ experience in the Australian market, Solution has a broad broker distribution network serving SMEs across the country.
Posted: 2024-04-17
Howden has launched a cargo war risk facility specifically designed to protect vessels from drone and missile strikes by Yemeni-based militia groups in the Red Sea. Howden’s cargo war facility offers up to US$50m of coverage per insured vessel, and the largest limit quoted so far is US$150m per vessel.
Posted: 2024-04-16
Analysis of the energy insurance market conducted by WTW points to a stark divide with the emergence of a widening desirability gulf, according to the broker’s Energy Market Review.
Posted: 2024-04-16
Dual Europe has acquired Swiss Re's Genoa-based marine team, with the authority to write marine business for Swiss Re going forward.
Posted: 2024-04-16
Cyber security business, McAfee, has joined the Brokerslink network. The firm joins the global broking business as a B.Tech affiliate, providing access to its range of services to Brokerslink’s partners and affiliates across 133 countries.
Posted: 2024-04-15
Parametrix has partnered with Hannover Re to issue the first ever catastrophe bond specifically created to cover losses arising from sustained cloud outage risk. Cumulus Re protects the reinsurer against cloud outage loss accumulation within its large cyber reinsurance portfolio. Parametrix acts as modelling and calculation agent on the annual bonds.
Posted: 2024-04-15
The re/insurance industry is being urged to brace itself for potential attacks on the public sector, as government and election infrastructure pose an under-secured and attractive target for cyber attackers. This is amongst the findings of cyber risk analytics provider, CyberCube’s latest report, which implores government agencies and officials to increase their cyber security measures, to enhance election integrity safeguards.
Posted: 2024-04-15
High inflation continues to be the primary macroeconomic driver of rising cargo crime – particularly evident in the soaring theft of food and beverages. This is the amongst the key findings of BSI SCREEN Intelligence and TT Club’s latest annual Cargo Theft Report. Stolen food and beverages rose from 16% to 24% of the global total.
Posted: 2024-04-12
Mortality in the first quarter of 2024 was similar to the low mortality seen in the first quarters of 2019, 2020 and 2022, according to data from the Institute and Faculty of Actuaries. This significant improvement was primarily driven by older age mortality where most deaths occur, according to IFoA’s Continuous Mortality Investigation data, which notes that mortality rates in the working age population are still “significantly higher” than pre-pandemic lows.
Posted: 2024-04-12
The International Underwriting Association has welcomed modified changes to professional indemnity insurance arrangements for accountants in the UK.
Posted: 2024-04-12
Managed services provider, Abacus Group, has appointed Anthony J D’Ambrosi as its new chief executive officer. He replaces Chris Grandi, who will now be chairperson.
Posted: 2024-04-11
RSA Insurance has today confirmed its new regional trading structure ahead of the integration of NIG in May.
Posted: 2024-04-11
Allianz Trade has launched a new trade credit insurance product for the UK and Ireland. The new offering provides a range of new features to enhance efficiency for brokers and insureds, featuring a range of enhancements to existing provisions, including fully retrospective cover for approved buyer risks; CEND political risk coverage as standard; and enhanced delayed effect cover.
Posted: 2024-04-11
Fenchurch Law is to offer its specialist legal support outside of the UK for the first time, announcing plans to open a new office in Singapore.
Posted: 2024-04-10
Cloud back-up and recovery provider, Keepit, has opened two datacentres in Switzerland.
Posted: 2024-04-10
Send Technology Solutions and software company Decerto have announced a new strategic partnership to deliver Send’s underwriting platform to commercial and speciality insurers in Europe and North America.
Posted: 2024-04-10
Protector Insurance has renewed its partnership with disaster recovery provider, Belfor UK. Since entering the UK market in 2016, Protector Insurance has made significant strides to develop a comprehensive, single-source claims service solution. Over the past six-years, Belfor has managed over 5,000 end-to-end claims.
Posted: 2024-04-08
Antares syndicate 1274 has launched a consortium for the underwriting of credit and political risk insurance.
Posted: 2024-04-08
Verisk has launched a new suite of over 100 new catastrophe risk models to support insurers and reinsurers in their evaluation of losses from extreme events.
Posted: 2024-04-08
Ordnance Survey has completed a number of significant data enhancements to its OS National Geographic Database Buildings data. Its most significant update in four years will be of particular benefit to users across the public sector and emergency services, as well as the insurance and financial sectors.
Posted: 2024-04-05
Research suggests that only a small number of UK firms are confident that they will be able to meet the requirements of incoming terrorism preparedness legislation. The Terrorism (Protection of Premises) Bill, or Martyn’s Law, will require businesses to consider the types of attacks that could occur at their premises and take action to reduce potential harm to the public.
Posted: 2024-04-05
There was a 5 % rise in insurance claims vacancies nationally compared with 2022, with recruitment volumes in 2024 remaining stable thus far. Demand for claims roles in London has surged by 24% year-on-year. These are amongst the findings of the latest UK Insurance Labour Market Trends Report from Harrison Holgate and labour market data analytics firm, Vacancysoft.
Posted: 2024-04-05
Global Insurance Law Connect has welcomed Stratulat Albulescu as the latest member of its legal network. The full service law firm becomes the 23rd member of a network covering 26 jurisdictions.
Posted: 2024-04-04
Howden has entered into an agreement to acquire OFRACAR, an independent brokerage group headquartered in Rouen, France, expanding its geographical footprint and capabilities to clients in north-west France.
Posted: 2024-04-04
The Health and Safety Executive is working with the Environment Agency to prepare a restriction dossier that will assess the risks of PFAS (polyfluoroalkyl substances) in firefighting foams.
Posted: 2024-04-04
Andreas Berger is to become group CEO of Swiss Re. At the same time, he will step down as the CEO of Corporate Solutions. Mr Berger takes over from Christian Mumenthaler on 1st July 2024. Mr Berger joined Swiss Re in March 2019 as chief executive officer Corporate Solutions. Prior to that, he held leadership positions at Boston Consulting Group, Gerling and Allianz. In 2009, he was appointed Allianz Global Corporate and Specialty CEO in London.
Posted: 2024-04-03
Moody’s RMS is partnering with Augment Risk to develop parametric risk transfer tools.
The collaboration is designed to benefit large corporates with captives, Lloyd’s syndicates and ILS funds, and will focus on a variety of perils including windstorms, earthquakes, wildfires and severe convective storms.
The collaboration is designed to benefit large corporates with captives, Lloyd’s syndicates and ILS funds, and will focus on a variety of perils including windstorms, earthquakes, wildfires and severe convective storms.
Posted: 2024-04-03
ICEYE is to deliver flood impact data and analysis to the Centers for Disease Control’s Geospatial’s Research, Analysis and Services Program. GRASP partners with groups across the agency to map complex data sets, and explore linkages between location and public health.
Posted: 2024-04-03
Following a challenging period for cedents, market conditions since the 1st January reinsurance renewals have continued to favour reinsurance buyers, with a “dramatic shift” towards “ample” property catastrophe reinsurance capacity, driven by attractive levels of risk-adjusted returns over the past year.
Posted: 2024-04-02
M2 Recovery has today launched an insurance policy designed to cover the legal costs associated with recovering stolen cryptocurrencies. Crypto crime hit a new all-time high in 2023, accounting for a record-setting US$20.6bn worth of blockchain transactions last year, with the number of blockchain transactions affected by criminal activity doubling compared with 2022.
Posted: 2024-04-02
The UK will be increasingly tested by droughts, such as the one experienced in 2022, which was the joint hottest and fifth driest since the 1890s. The study, carried out by the UK Centre for Ecology and Hydrology, outlines how the drought evolved and its impacts on water resources, wildlife and people.
Posted: 2024-04-02
Whether or not political risk insurance is purchased, organisations should function as though uninsured, adopting thoughtful risk management tactics, according to RIMS new Executive Report.
Posted: 2024-03-28
The Competition and Markets Authority has instructed ASOS, Boohoo and Asda to change the way they display, describe and promote their green credentials. The warning comes after the CMA launched an investigation into ASOS, Boohoo and George at Asda to scrutinise their green fashion claims in July 2022, having identified concerns of possible greenwashing during its initial review of the fashion sector.
Posted: 2024-03-28
Six individuals are missing, and one is in a critical condition following the collapse of the Key Bridge in Baltimore after a container ship lost power and struck a column of the bridge. The MV Dali is a Singapore-flagged container ship, chartered by Maersk, and was carrying 3,000 containers from the Port of Baltimore when the tragic accident took place.
Posted: 2024-03-27
While it is too early and not appropriate to comment on who is at fault at this time, as the authorities focus on a rescue operation, due to the marine insurance required by a ship of this type and size to trade internationally, the ship will be insured for its liabilities by one of the international group of P&I Clubs, insurers who cover ship owners, operators, and charterers for liabilities with limits in the billions, through a complex and multi-layered insurance solution spread across London, Bermuda and the world.
Posted: 2024-03-27
Global non-life run-off reserves are estimated to exceed US$1 trillion for the first time. After a few years of hard market conditions, business that has recently entered run-off is more profitable than that written in the soft market years of 2014 to 2018, implying a lower loss ratio compared with previous estimates.
Posted: 2024-03-27
WTW has teamed up with the University of Geneva to study the rare but catastrophic effects of significant volcanic eruptions on climate, food security and society. It is hoped that the collaboration will produce a body of research that will help organisations to understand how a substantial volcanic eruption may affect their operations and portfolios, and to better manage their exposures to the risk over the long term by modelling their effects on weather-related extremes (such as frost, floods and droughts) over the next few decades.
Posted: 2024-03-26
Marsh has launched an insurance facility for custodians of digital assets, providing capacity up to US$825m. Designed in the main for corporations with assets held in cold storage, Marsh says the facility will also cover “certain elements of risks” for assets secured by multi-party computation or other custody solutions not operating entirely offline.
Posted: 2024-03-26
HM Treasury and Pool Re have backed formal proposals to transform the current terrorism backstop scheme to make way for a modernised aggregate catastrophe excess of loss treaty designed to ensure the scheme remains fit for purpose in the digital age.
Posted: 2024-03-26
Apollo has partnered with Munich Re Syndicate and Tokio Marine HCC International to lead the new Lloyd’s Marine Builders’ Risk Consortium. The new consortium offers brokers lead line capacity up to US$75m per vessel.
Posted: 2024-03-25
Chaucer has launched parametric cover for weather-driven business interruption losses from events that fall outside a pre-established range of variables such as temperature, wind speed or precipitation.
Posted: 2024-03-25
The number of law firms closing due to difficulties obtaining professional indemnity has fallen from a high of 65 in 2019/20 to 34 in 2022/23 (to the end of October). This is amongst the findings of research conducted by Hazlewoods Chartered Accountants and Business Advisers.
Posted: 2024-03-25
Health and safety has emerged as the top risk for directors and officers, according to the 2024 Global Directors’ and Officers’ Survey Report from WTW and Clyde & Co. The joint report analyses the key risks for directors and officers worldwide (in the UK, Europe, Asia, Australasia, Latin America, North America, Africa and the Middle East).
Posted: 2024-03-22
Zurich is expanding its offering in the Baltic region. Zurich Nordic will be offering its insurance and risk mitigation services in the middle-market segment in Estonia, Latvia and Lithuania. The carrier has been operating in the Nordic market for nearly 150 years.
Posted: 2024-03-22
Lloyd’s has progressed a partnership with the United Nations Capital Development Fund and the Sustainable Markets Initiative’s Insurance Task Force to deliver two training workshops in Papua New Guinea and in Fiji.
Posted: 2024-03-22
Corporate concerns are shifting from environmental issues to social – with human rights, modern slavery and community programmes taking centre stage in corporate ESG strategies. This is the conclusion of research conducted by consultancy S-RM, whose 2024 ESG Report points to a “seismic shift” as companies re-evaluate their priorities.
Posted: 2024-03-21
HMRC tax receipts data shows that Insurance Premium Tax collected a total of £1.5bn in February, taking the total collected through the first 11 months of the financial year to £8.1bn and setting a record annual total with one month of receipts still to come.
Posted: 2024-03-21
The British Library suffered a ransomware attack in October 2023, and then published a paper on the lessons from that attack and its subsequent response and recovery. These types of account are rare.
Posted: 2024-03-21
From the days of the Lloyd’s coffee shop to the era of permacrisis, gaining an accurate understanding of cargo onboard a vessel or in a port has long presented a significant challenge for the maritime insurance industry. To tackle this, Dun & Bradstreet has partnered with Concirrus to develop a tool designed to analyse port, vessel and warehouse cargo aggregations.
Posted: 2024-03-19
Specialist insurance provider CFC has today announced its entry in the carbon insurance market, launching its first policy designed to cover both the physical and political risks faced by businesses purchasing voluntary carbon credits on a forward basis.
Posted: 2024-03-19
Complex compliance, tax and coverage issues surrounding the purchase of directors and officers liability cover by multinational companies are addressed in a new guide published today by the International Underwriting Association.
Posted: 2024-03-19
The US Agency for International Development has agreed to provide funding to help develop WTW’s Resilience Wrapper, designed to de-risk loans to private enterprises from key climate risks.
Posted: 2024-03-18
Agile Underwriting Services has received in-principle approval from Lloyd’s to create Agile Syndicate 2427 (AUS 2427), subject to regulatory approvals. Syndicate 2427 will be established under the syndicate-in-a-box framework and be managed by Asta through its third-party managing agency platform at Lloyd’s.
Posted: 2024-03-18
Global Secure Accreditation, GSA Security and Risk, GSA Cyber Secure, GSA Resourcing and MHG Corporate Risks have merged to form a combined specialist risk and security firm.
Posted: 2024-03-18
Long-term uncertainty stemming from macroeconomic competition and geopolitical insecurity are leading to greater economic divergence between sectors and economies, at a time when unpredictable and disruptive security events are increasing in frequency. This is amongst the findings of Marsh Specialty’s 2024 Political Risk Report, published this week.
Posted: 2024-03-15
EU ambassadors today gave the green light to the delayed Corporate Sustainability Due Diligence Directive. The CSDDD requires large EU limited liability companies and non-EU companies active in the bloc to recognise and evaluate environmental damages and breaches of human rights throughout their value chains, and initiate measures to prevent and eradicate them.
Posted: 2024-03-15
The London Mayor’s Office has this week been reprimanded by the Information Commissioner’s Office for a glitch that potentially revealed the personal information of people who had complained about the Metropolitan Police Service.
Posted: 2024-03-15
A 360% rise in insured losses in the past 30 years from the increased frequency and intensity of natural disasters is leading to a hike in premiums, with some insurers exiting particularly high-risk areas, according to a new report from Bloomberg Intelligence.
Posted: 2024-03-14
Lockton is joining forces with food science company, Campden BRI, to support the food and drink industry by providing risk mitigation and management support. As part of the wider initiative, Lockton will be collaborating with Campden on a new position paper seeking to address the growing global problem of food fraud – currently exacerbated by supply chain frictions and raw ingredient shortages.
Posted: 2024-03-14
The fourth annual National Sustainability Awards, recognising the pioneers of sustainability, are now open for nominations. Seeking great stories of innovation and breadth of impact across all sectors that can help build a more sustainable and better future, this year has added extra categories so that more organisations from an even wider range of activities can help demonstrate their commitment and share best practice.
Posted: 2024-03-14
Brit has launched a new cyber offering for large institutional clients with revenues of US$10bn or more.
Posted: 2024-03-13
Inigo is partnering with Insurwave to build and maintain a real-time view of aggregate aviation war exposure across its portfolio. Through Insurwave’s live location tracking of assets on an interactive risk map, the insurer gains easy access to monitoring and alerts on events as they arise around the world through designated and custom search zones.
Posted: 2024-03-13
McGill and Partners and the ABI have launched a Fire Safety Reinsurance Facility to help improve the availability of insurance for higher-risk residential buildings awaiting work to fix fire safety issues – providing support for leaseholders in multi-occupancy buildings where flammable materials and building safety issues have led to increased premiums.
Posted: 2024-03-13
The rapid evolution of generative artificial intelligence technology is reshaping the cyber risk landscape, requiring businesses to build greater resilience to the evolving threats, as GenAI augments both threat actor and defensive capabilities. Cyber insurance, therefore, has a key role to play in supporting businesses and broader society in manage this emerging risk.
Posted: 2024-03-12
Insurtech Bolttech has partnered with Middle East-based telecommunications company, Stc Group to provide Stc’s customers with embedded device protection.
Posted: 2024-03-12
The insurance industry expects carbon offset cover to be a fast-growing insurance category as more companies commit to tree planting initiatives, according to research from Chaucer.
Some 24% of FTSE 100 companies say they are now investing in tree planting programmes with the specific objective of offsetting carbon emissions, whilst 27% are sequestering carbon or increasing biodiversity more generally, as part of their ESG strategy.
Some 24% of FTSE 100 companies say they are now investing in tree planting programmes with the specific objective of offsetting carbon emissions, whilst 27% are sequestering carbon or increasing biodiversity more generally, as part of their ESG strategy.
Posted: 2024-03-12
Sarah Stanford has been officially named CEO of Aspen UK, following her appointment as interim CEO earlier this year.
Posted: 2024-03-11
The Chartered Institute of Internal Auditors has today announced an overhaul of its two Codes of Practice.
Posted: 2024-03-11
NeuralMetrics has announced the launch of its AI-powered A-Star commercial underwriting platform.
Posted: 2024-03-11
The winners of the 2024 National Insurance Awards were announced last night at a gala dinner and awards ceremony at the London Marriott Hotel, Grosvenor Square. Hosted by the brilliant Hal Cruttendon, the fastest growing awards in the insurance industry highlight the very best in general insurance provision and management.
Posted: 2024-03-08
The landscape for women’s safety risks and rights is an ever changing one, but in many parts of the world, those changes are currently predominantly negative - something employers should be aware of in their duty of care to female staff. Ahead of International Women’s Day on Friday, travel risk management provider, Healix, is calling for organisations to consider the unique risks faced by women in the workplace, and in particular, whilst travelling to countries where women’s rights have deteriorated.
Posted: 2024-03-07
Retailers are optimistic about their prospects for the future – including the future of physical stores. This is amongst the findings of research carried out by WTW into the risks faced by the sector as it battles challenging trading conditions. Despite this, retailers expect their strategies to reap rewards in the near term, with 58% anticipating higher profits within two years.
Posted: 2024-03-07
Allianz Trade has today launched a new B2B e-commerce payment solution.
Posted: 2024-03-06
CGI has today unveiled its AI-powered platform to help brokers and insurers settle accounts. Released under the CGI Elements Insurance suite of solutions, CGI Elements360 ARC-IBA (Accounts Reconciliation Centre – Insurer Broker Accounting), aims to help improve operational workflow, cost savings and improved cash conversion.
Posted: 2024-03-06
Despite welcoming some of the measures introduced in today’s Budget, the British Insurance Brokers' Association this afternoon flagged a number of missed opportunities to further improve economic security and better manage the risks of the future, amongst them addressing the ongoing IPT raid.
Posted: 2024-03-06
Flood Re has joined the British Insurance Brokers’ Association as a partner, becoming the first public body to do so. BIBA and Flood Re have worked together on a number of initiatives including the launch of the Flood Insurance Directory, with the ABI, two years ago.
Posted: 2024-03-05
The London and International Insurance Brokers’ Association has today confirmed that the Financial Conduct Authority’s conduct rules do not apply to distribution services carried out outside UK.
Posted: 2024-03-05
Kroll has launched two new digital solutions designed to help organisations identify and manage compliance, fraud and legal risks with the support of artificial intelligence capabilities.
Posted: 2024-03-05
Marsh, Lloyd’s and the Ukrainian government have announced an extension to the Unity insurance facility first established in November last year. Initially, it provided affordable war risk insurance for grain shipments and other critical food supplies globally. This has now been extended to all non-military cargo – such as iron ore, steel, and containerised shipping.
Posted: 2024-03-04
Axa Commercial is offering customers a free online health check to identify issues and signpost resources to fill knowledge gaps. The online health check can be completed on a mobile phone or tablet and features around 30 simple questions covering key health and safety and compliance issues related to occupational road risk.
Posted: 2024-03-04
Charles Taylor has announced added expertise and capabilities to strengthen its aviation offering.
Posted: 2024-03-04
Nearly two thirds (62%) of senior leaders at large UK businesses are concerned that their ESG targets put them at risk of litigation, with close to three quarters (72%) admitting they felt pressure to set the targets without being sure on how they were going to reach them, according to new research by Gallagher.
Posted: 2024-03-01
Miller is expanding into the parametric insurance market with the launch of a dedicated global team.
Posted: 2024-03-01
Blink Parametric has partnered with cyber risk specialist Buckler México to support the rollout of its Blink Cyber solution to Ethics Data Analytics.
Posted: 2024-03-01
There can be no doubt that global supply chains are undergoing great transformation – by myriad forces both within and outside of our control.
Posted: 2024-02-29
It is always difficult to get a clear view of how the NHS is performing. Clearly, after the challenges of the pandemic, some metrics are showing encouraging movement in the right direction.
Posted: 2024-02-29
Fusion Risk Management has announced general availability of its AI-powered assistant. Based on industry best practices and 20 years of practical resilience and continuity experience, Resilience Copilot has been designed to allow practitioners to automate manual and time-consuming activities, obtain deeper insights into incidents, and rapidly respond to disruptions.
Posted: 2024-02-29
The ABI has produced a guide to responsible AI innovation aimed at helping organisations respond to the rapid growth in the technology and its developing regulatory framework.
Posted: 2024-02-28
The wars in Ukraine and Gaza (and the possibility that these will spread wider) as well as the growing tension between China and Taiwan (and the US) are creating increased levels of geopolitical risk. Higher levels of global geopolitical risk (whether real or perceived) lead to a decline in economic activity, rapidly depressed stock markets and reduced investor confidence, particularly in emerging economies, with capital flowing back to safe havens.
Posted: 2024-02-28
In today’s interconnected world, geopolitical risks are becoming increasingly complex and dynamic, posing significant challenges to organisations across the globe. From trade tensions and economic sanctions to cyber warfare and climate change, the landscape of geopolitical risks is constantly evolving, requiring organisations to adopt a proactive and adaptive approach to mitigating potential disruptions.
Posted: 2024-02-28
Specialist insurer Ecclesiastical has launched a new risk maturity assessment tool to help organisations strengthen their risk management arrangements and become more resilient to the risks facing them.
Posted: 2024-02-27
More than half of UK exporters report having been impacted by ongoing disruption to shipping in the Red Sea. Roughly the same proportion of manufacturers and B2C firms, including retailers, also say they have been affected through increased costs and delays resulting from ongoing events in the crucial shipping artery.
Posted: 2024-02-27
European product recalls increased for the fifth consecutive year in 2023, recording 12,498 total events, according to a report by Sedgwick. It represents an 18.5% increase over the previous record of 10,545 events, which was set in 2022.
Posted: 2024-02-26
Efforts tied to Sedgwick’s international claims fraud strategy saved its clients £49.4m in 2023, the provider has claimed. The first quarter of 2023 saw continued double-digit inflation, which placed added financial pressure on motorists, homeowners and businesses alike, and contributed to an 8% increase in claims identified as suspect across Sedgwick’s UK book of business.
Posted: 2024-02-26
The deadline for the 2024 Business Continuity Awards has been extended by two weeks. Celebrating achievement in business continuity, security and resilience, the Business Continuity Awards are the most anticipated and celebrated event in the business continuity calendar, providing unrivalled networking, alongside a night of entertainment and celebration.
Posted: 2024-02-26
Air pollution is the fastest growing protection gap in insurance coverage for climate risks, according to a survey of Airmic members.
Posted: 2024-02-23
A third of UK employers (34%) have experienced increased employee absence in the last year, with employers recording an average of 4.8 days lost per employee per year, according to the latest absence management survey by WTW.
Posted: 2024-02-22
Despite a track record of concerning failure events in the global battery energy storage systems market, underwriters are optimistic about the sector's potential, provided key risks are managed. This is amongst the findings of a report produced by renewable energy underwriter, GCube, which emphasises an increasing recognition of the sector's importance to the energy transition.
Posted: 2024-02-22
The National Crime Agency has announced a joint-agency operation to disrupt the operations of LockBit, widely seen as the world’s most harmful cyber crime group. The NCA says that after infiltrating the group’s network, it has taken control of LockBit’s services, compromising its entire criminal enterprise.
Posted: 2024-02-21
Specialty insurer, Beazley, has today announced the merger of its in-house cyber services team with its wholly-owned cyber security company, Lodestone, creating an integrated cyber risk management company, Beazley Security.
Posted: 2024-02-21
Artificial intelligence and spatial analytics technology provider, Hayden AI, has partnered with intelligent connected traffic technology solutions company, LYT, to develop solutions to help transit agencies improve road safety, on-time bus performance and accessibility.
Posted: 2024-02-21
The value of reported UK fraud increased to £2.3bn in 2023 according to a report by BDO, more than double the previous year and the second largest annual fraud value recorded by the firm in 20 years. True figures could be much higher however, with a recent survey suggesting that fewer than one in seven fraud offences are reported to the police.
Posted: 2024-02-20
Brokerslink has added White Gate Consulting to its global network. White Gate is a Singapore-based technology consultancy which specialises in digital transformation and optimisation in the insurance, broking and fintech markets.
Posted: 2024-02-20
CRIF has today launched its new ESG Analytics solution. Designed to support companies in the assessment of their UK and EU-based suppliers', partners' and customers' ESG profiles, the tool draws on over 130 key indicators from UK and EU data points, analysing information on such areas as water usage, waste production, emission, health and safety, and modern slavery.
Posted: 2024-02-19
Cyber risk management solutions provider, Kynd, has secured investment from Verisk and additional investment from existing backer, BGF to grow is cyber offering. Founded in 2018 by Andy Thomas and Melanie Hayes, Kynd has developed a cyber risk monitoring platform designed to deliver insights into cyber risk profiles.
Posted: 2024-02-16
Corporate intelligence and cyber security consultancy S-RM has opened a new office in Kuala Lumpur, Malaysia – expanding its regional footprint to three offices in APAC. Based in Hong Kong, Morgan Stark is head of Asia with oversight and responsibility for the delivery of all S-RM service lines. He is joined by a senior leadership team that includes Anna Beare, Naresh Sakhrani, Kath Lau and Cyrus Chiu, leading operations at the Hong Kong, Singapore and Malaysia offices
Posted: 2024-02-16
Specialty insurer, Tokio Marine Kiln, has announced the appointment of Matthew Shaw as CEO. From 1st April, Shaw will succeed Brad Irick, who is taking up the position of co-head of international business for Tokio Marine Holdings.
Posted: 2024-02-16
In response to the Oil Price Cap Coalition’s announcement of additional measures to reduce the possibility of circumvention of the oil price cap, the Lloyd’s Market Association has published revised clauses for hull and cargo.
Posted: 2024-02-15
The insider threat, AI, ransomware, deepfakes and malware are the top five cyber security threats for mid-market companies in the UK. This is amongst the findings of Node4’s Mid-Market IT Priorities Report 2024, which explores confidence levels in the face of rising attacks, cyber security solution adoption trends and barriers to successful cyber security policy implementation.
Posted: 2024-02-15
This is not just another cyber security book. This is a cyber security book that recognises that cyber security is not only a technology issue, but a strategy and leadership issue, too.
Posted: 2024-02-15
Data privacy and compliance company Kiteworks has released a digital rights management solution to support organisations in sending and sharing sensitive content.
Posted: 2024-02-14
WTW has launched its new International CyCore Facility, a cyber solution for international clients with revenues up to the equivalent of US$1bn, headquartered outside of Britain and the US.
Posted: 2024-02-14
Sompo International has been granted a licence to write primary insurance in France.
Posted: 2024-02-14
ACORD has announced the establishment and inaugural meeting of the ACORD Global Advisory Council. The GAC will play a central role in increasing efficiencies and digital readiness amongst stakeholders by ensuring alignment of ACORD global initiatives with the needs and objectives of the ACORD member community, as well as facilitating the adoption of ACORD Data Standards in key markets.
Posted: 2024-02-13
Marsh has announced the next phase in the rollout of its digital trading initiative for risks placed in the London insurance market, set to be delivered through Verisk’s Whitespace platform.
Posted: 2024-02-13
Wipro has become a majority shareholder in insurtech company, Aggne. Founded in 2019, Aggne is incorporated in the US and India, with 230 employees based in both countries. Aggne offers IP-led consulting, implementation and managed services with a strong focus on the Duck Creek platform.
Posted: 2024-02-13
The 2024 Business Continuity Awards are open for entries. Celebrating achievement in business continuity, security and resilience, the Business Continuity Awards are the most anticipated and celebrated event in the business continuity calendar, providing unrivalled networking, alongside a night of entertainment and celebration.
Posted: 2024-02-12
Tokio Marine HCC International has today announced the appointment of Nicola Hannay as head of power generation in its London-based energy practice. She takes up her new role with immediate effect and reports to Ben Kinder, chief underwriting officer, marine, energy and renewables.
Posted: 2024-02-12
Asta, through its third-party managing agency at Lloyd’s, has received “in-principle” approval for a SIAB to deliver an insurance product that could accelerate the development of new therapeutic drugs. MCI Syndicate 1966, supplemented by Lloyd’s consortia, is planning to commence underwriting from April 2024 with a forecast annual GWP for 2024 of £75m, subject to the necessary final checks and processes from Lloyd’s.
Posted: 2024-02-08
RSA Insurance has bolstered its UK Specialty Lines business with the appointment of two new underwriters.
Posted: 2024-02-08
M&S is removing over four million units of plastic packaging in cafes across UK, and IKEA has slashed its carbon footprint by 22%. Marks & Spencer has introduced new recyclable paper packaging across its range of sandwiches and toasties available in all M&S Cafés across the UK.
Posted: 2024-02-08
Tokio Marine HCC International has acquired shipping, power and energy specialist MGA and Lloyd’s coverholder, Lavaretus Underwriting.
Posted: 2024-02-07
Healix has launched a digital healthcare solution for UK SMEs, available to employees through its My Healix App
Posted: 2024-02-07
Comedian Hal Cruttenden has been confirmed as the host for this year’s National Insurance Awards
A comedian, actor and writer, his credits stretch from Eastenders and Shackleton all the way to Have I Got News for You and Mock The Week.
A comedian, actor and writer, his credits stretch from Eastenders and Shackleton all the way to Have I Got News for You and Mock The Week.
Posted: 2024-02-07
The British Insurance Brokers’ Association has called on the government to make multi-occupancy residential buildings that require building safety-related remediation exempt from Insurance Premium Tax. In its pre-Budget submission to the Treasury, BIBA has also urged the government to invest in flood defences.
Posted: 2024-02-06
The cyber attack on Israel during the Israel-Hamas war as one of the most impactful cyber incidents of 2023. This is amongst the findings of research compiled by the cyber team at Tokio Marine HCC International, whose Top 10 Cyber Incidents 2023 report uncovers the worst and most significant cyber incidents in terms of financial impact and reputational damage.
Posted: 2024-02-05
Substandard and potentially dangerous items of PPE remain widely available and in use in the UK, posing serious risks to users. Between December 2022 and December 2023, the British Safety Industry Federation examined 123 non-member products, assessing advertised performance, marking adequacy and compliance with standards. BSIF said that just 21% – 26 products – proved fully compliant, leaving some 79% – 97 products – falling short of testing criteria.
Posted: 2024-02-05
Global commercial insurance rates increased by 2% in the fourth quarter of 2023 (down from a 3% increase in Q3), which was the 25th consecutive quarter of rate increases, according to the Marsh Global Insurance Market Index, released today.
Posted: 2024-02-05
Financial data belonging to as many as 52.8million individuals was compromised in cyber attacks in the UK in the year to 30 September 2023) a 90% increase on the 27.8m compromised in the previous year, according to data from Chaucer.
Posted: 2024-02-02
The Government of Gibraltar and Insurtech UK have renewed the Statement of Intent that was entered into in 2021, enhancing support for UK-based insurtech companies seeking authorisation in Gibraltar, and creating opportunities for Gibraltar licensed firms in the UK.
Posted: 2024-02-02
Descartes Insurance has launched a parametric insurance product for SME manufacturing and retail clients that triggers on independent confirmation that a cyber encryption incident has occurred at the insured organisation as part of a ransomware attack. The cover pays a fixed daily limit for each day the event prevents normal business operations.
Posted: 2024-02-01
BMS Re, the specialty reinsurance arm of broker BMS Group, has appointed Andrew Wheeler and Russ McGuire as interim co-CEOs of BMS Re. The appointments follow Pete Chandler stepping down as CEO to take up a role as vice-chair.
Posted: 2024-02-01
Howden has launched a first-of-its-kind insurance facility covering the leakage of carbon dioxide from commercial-scale carbon capture and storage facilities. Led by SCOR’s syndicate at Lloyd’s, the facility provides cover for environmental damage and loss of revenue arising from the sudden or gradual leakage of CO2 from CCS projects into the air, land and water.
Posted: 2024-02-01
Markel has appointed Sebastian Rice as a senior underwriter and head of business development for Europe.
Posted: 2024-01-26
Having secured collateralised capacity through a number of investors worldwide, MS Amlin Asia Pacific has successfully renewed its local special purpose reinsurance vehicle, Phoenix 2 Re.
Posted: 2024-01-26
Databarracks has successfully achieved ISO 22301 certification, the international standard that defines the requirements and best practices for business continuity management. This means that Databarracks has demonstrated it has the procedures and practices in place to adequately manage risks to its own continuity of operations, and to its ability to continue providing services to its clients.
Posted: 2024-01-25
Origami Risk has announced the launch of a new mobile application with enhanced user experience to support the environmental, health and safety and risk management functions.
Posted: 2024-01-25
Healix has developed a new Workplace Mental Health Screening tool that screens against all major psychiatric disorders. Accessible through a secure, self-service portal, the tool can be used to screen staff working in high-stress roles; to scree before, during and after business trips; and also in support of employee welfare assistance programmes.
Posted: 2024-01-25
Almost 400 global natural disaster events caused a £298bn (2022: £278bn) economic loss in 2023 – 22% above the 21st-century average, with earthquakes and severe convective storms in the US and Europe the greatest drivers.
Posted: 2024-01-24
NFP has today announced its acquisition of independent insurance broker Advanced Insurance Consultants Ltd. As part of the deal, which closed on 15th December, the entire AIC team will join NFP.
Posted: 2024-01-24
Global specialty re/insurance group Chaucer has announced the appointment of Richard Milner as group chief executive officer. He will be responsible for the general oversight, management and strategic development of the business which includes composite Syndicate 1084, specialty nuclear Syndicate 1176 and their insurance company in Dublin.
Posted: 2024-01-24
The Chartered Institute of Internal Auditors has welcomed the publication this week of the revised UK Corporate Governance Code, and in particular its increased focus on internal controls. At the same time, the organisation has also called on the government to accelerate other vital aspects of the audit and corporate governance reform programme.
Posted: 2024-01-23
The Lloyd’s Market Association has this week unveiled its priorities for the year. Announced in its 2024 Strategic Focus, the LMA will be focused on innovation, technical expertise, regulatory engagement, talent development and member engagement.
Posted: 2024-01-23
The UK marine industry is expected to grow by 2025 but not before contracting this year. This is amongst the findings of research conducted by QBE, Oxford Economics and Control Risks, which points to a contraction of 8.5% in the UK marine industry in 2023 – the sharpest decline since 2016 (aside from 2020 when the industry was grappling with the pandemic).
Posted: 2024-01-22
Telenor Group has extended its partnership with F24 to roll out the provider’s CIM solution as its central crisis preparedness tool. The international telecommunications company provides mobile, broadband and TV services to over 200 million customers in the Nordics and Asia.
Posted: 2024-01-22
2024 Predictions: Political, technological and societal change will continue to plague UK businesses
The news that the British Library is preparing to restore its full online service after a devastating cyber attack that forced it to go offline for almost a month is a reminder that cyber security continues to be a pressing concern for many organisations.
Posted: 2024-01-22
In our interconnected global economy, the recent disruptions in the Red Sea have reverberated throughout the realm of continuity insurance and risk management. The attacks carried out by Houthi rebels on commercial vessels in the Bab-el-Mandeb strait have already had substantial repercussions. Shipping cost increases have intensified over the past few weeks along routes that traditionally rely on the Suez Canal.
Posted: 2024-01-19
Alta Signa Europe has launched a European marine underwriting business. The new unit will focus on core marine lines of business, backed by the MGA's insurance partners Axeria IARD, SiriusPoint and Sompo International.
Posted: 2024-01-19
Estimated indirect economic consequences of climate induced sea level rise are much higher than previous studies imply. A research team led by Delft University of Technology and including the PBL Dutch Environmental Assessment Agency, the European Institute on Economics and the Environment in Italy looked at the impact on 271 European regions until 2100.
Posted: 2024-01-19
Companies are facing rising political and security risks in emerging market nearshoring hubs, as they pivot supply chains to decrease exposure to growing geopolitical tensions between the West and China. Analysis of trends in 40 emerging markets that make up a major bloc of the nearshoring, or ‘friendshoring’ universe reveals a combination of risks in the key manufacturing hubs of Indonesia, Mexico, Poland, Thailand and Turkey, amongst others.
Posted: 2024-01-18
The newly launched Cyber Monitoring Centre has announced the appointment of Ciaran Martin at technical committee chair. Martin (pictured), who previously set up and led the UK’s National Cyber Security Centre, is a leading advisor to a number of governments on cyber security.
Posted: 2024-01-18
West P&I Club has today launched West Piracy Protection. Designed to help manage the evolving threat of piracy in high-risk waters, the new product provides cover for vessels entering a war and piracy breach area, such as the Gulf of Aden or the Gulf of Guinea, where there is a heightened risk of vessels being seized.
Posted: 2024-01-18
Rising Edge has expanded its commercial D&O suite to offer cover tailored exclusively for non-executive directors.
Posted: 2024-01-17
Total insured losses from the M7.5 earthquake that struck the Noto Peninsula, Japan, on 1st January are likely to fall within the range of JPY ¥ 435bn to JPY ¥ 870bn (US$3bn to US$6bn), according to estimates from Moody’s RMS.
Posted: 2024-01-17
Aspen has announced the appointment of Sarah Stanford as interim CEO, Aspen UK, effective immediately.
Posted: 2024-01-17
Swiss Re has purchased the cyber market’s first retrocession ILW, brokered by Gallagher Re and supported by a number of specialist reinsurers. Swiss Re secured US$50m of catastrophic US cyber insurance event protection, including cover against widespread malicious ransomware or malware, prolonged catastrophic cloud outage and systemic data breach.
Posted: 2024-01-16
Rob Powell has resumed his role as global chief claims officer at Marsh, following his previously announced appointment with WTW in October 2023.
Posted: 2024-01-16
Sensor-enabled parametric flood insurance provider, FloodFlash, has today announced its expansion to a further 10 US states. Delaware, Iowa, Missouri, New Jersey, New York, Oregon, South Carolina, Washington, Vermont and Massachusetts now have unrestricted access to the parametric product. They join Florida, Texas, California, Virginia and Louisiana.
Posted: 2024-01-16
Freight insurance provider TT Club is promoting awareness of a freight supply chain ‘black hole’. Much freight crime is perpetrated by organised crime with profit, similar to commercial businesses as the ultimate aim. The process of storage, transport, distribution and marketing of stolen goods often shadow those of legitimate supply chains with criminals acquiring sophisticated logistics skills, TT Club says.
Posted: 2024-01-15
The Chartered Insurance Institute has announced the appointment of Matthew Hill as its new chief executive. Mr Hill is currently chief executive of the Legal Services Board, a position he has held since August 2019. His background also includes spells with the General Dental Council and Gambling Commission, following more than twenty years in central government in a range of areas.
Posted: 2024-01-15
Direct Commercial is to roll out a series of regional claims clinics in February, focusing on commercial fleet claims.
Posted: 2024-01-15
Politics, artificial intelligence and the campaign to get underwriters and brokers back into Lloyd’s Underwriting Room are at the core of broker body LIIBA’s agenda for the year.
Posted: 2024-01-12
As you might expect from one of the most dynamic areas of insurance today, the cyber insurance market experienced a further year of change and challenges and we can expect more of the same in 2024 for brokers and risk managers working with large corporates.
Posted: 2024-01-12
Risk management solutions provider, Riskonnect, has acquired risk, insurance and underwriting technology solutions provider, Ventiv Technology.
Posted: 2024-01-12
Transport and logistics companies are struggling to access the insurance and risk data they need to manage supply chain risks. A report published this week shows that whilst 90% of the companies polled consider insurance for supply chain risk to be critical, 77% said that the challenges of obtaining it, as well as the data to fully comprehend the risks, were among the greatest challenges to their businesses.
Posted: 2024-01-11
Clyde & Co’s team in Thailand has successfully represented insurers in securing a major decision from the Thai Court confirming denial of coverage for a catastrophic failure of a wind turbine. The decision held that the manufacturer and contractor’s reliance on ‘industry practice’ was insufficient to overcome evidence of gross negligence put forward by insurers.
Posted: 2024-01-11
Companies feel overwhelmingly more exposed to cyber crime now than they did twelve months ago, with some 81% of organisations polled by the World Economic Forum feeling more at risk today than they did last year.
Posted: 2024-01-11
The prevailing global risks landscape is one in which progress in human development is being “chipped away slowly”, leaving businesses, states and individuals vulnerable to new and resurgent risks. This is the key takeaway from the World Economic Forum’s annual Global Risks Report.
Posted: 2024-01-10
DLA Piper has incorporated software-as-a-service solution, LiveDiligence, to conduct due diligence in its renewables transaction advisory services division.
Posted: 2024-01-10
James Henderson has been appointed as CEO of Healix International, while former CEO Charlie Butcher moves to director of group development. Henderson has held senior roles in financial services, utilities and retail, including British Gas, Munich Re Group and John Lewis, as well as SMEs and start-ups including DAS UK and Zest Capital.
Posted: 2024-01-09
CFC has announced the appointment of Dan Trueman as chief underwriting officer. Trueman was previously global head of cyber at Axis Insurance, a role he held for over six years following the insurer’s 2017 acquisition of Lloyd’s carrier Novae, where he had served as chief innovation officer.
Posted: 2024-01-09
RSA Insurance’s UK specialty lines business has teamed up with Brit to launch a project cargo consortium. BUILD, which offers capacity of up to US$285m for project cargo risks worldwide, offers delay in start-up and advanced loss of profits, mainly as a lead, or in a follow capacity where applicable.
Posted: 2024-01-09
Cyber insurance provider Cowbell is extending its market reach to mid-market businesses n the UK with an annual turnover of up to £1bn.
Posted: 2024-01-08
Organisations have become more reliant than ever before on their IT systems, with two-thirds of respondents to a Databarracks survey reporting that they would not survive a day without them. Some 68% of respondents to the vendor's Data Health Check research report revealed that they could survive less than 24 hours without IT access.
Posted: 2024-01-08
Aspen Insurance Holdings has partnered with Surefire Cyber to launch Aspen Cyber Risk Services, a suite of offerings designed to enable its primary cyber insureds to proactively tackle cyber security threats, from pre-incident to response and resilience.
Posted: 2024-01-08
The Travelers Companies has this week completed its previously announced acquisition of cyber insurance managing general underwriter, Corvus Insurance Holdings Inc.
Posted: 2024-01-03
David Arick is to serve as the 70th president of US-based risk management society, RIMS. Mr Arick, assistant treasurer, global risk management at International Paper Company, a producer of fibre-based packaging and pulp. Based in Memphis, Tennessee, his team is responsible for risk financing and captive management, insurance programmes and claims management and property loss prevention engineering.
Posted: 2024-01-03
The LRQA CEO identifies how the top five trends that influenced the development of ESG in the past 12 months will shape the trajectory of supply chain management throughout the coming year.
Posted: 2024-01-03
Beazley has today closed its first 144A cyber catastrophe bond providing cover of US$140m. The specialist insurer’s inaugural 144A bond builds on its US$81.5m cyber cat bond programme of 2023. The Class A notes are designed to cover remote probability catastrophic and systemic events.
Posted: 2024-01-02
The supply chain risk management expert details seven supply chain risk management issues to look out for in 2024.
Posted: 2024-01-02
The Kahramanmaras Earthquake Sequence in Turkey on 6 February generated an industry loss of US$5.8bn – becoming the largest non-US event loss in 2023, and the largest ever cat loss for Turkey’s insurance market.
Posted: 2024-01-02
As more injury claims fall under fixed recoverable costs rules, 2024 will see plaintiff solicitors seeking creative ways of maximising the value of claims.
Posted: 2023-12-21
US based parametric re/insurance group, NormanMax Insurance Holdings, has received ‘approval in principle’ from Lloyd’s to launch a syndicate in 2024, to be managed by Apollo Syndicate Management.
Posted: 2023-12-21
The risks of imposing disruptive technologies, such as AI, shot up the agenda for UK C-suite executives in the financial services industry over the last two years, according to a poll conducted by Accenture.
Posted: 2023-12-21
Web 3.0 presents the gaming industry with new monetisation opportunities, but a lack of regulatory certainty could lead to disputes on issues including data privacy and asset ownership
Posted: 2023-12-20
Howden has acquired VLC & Partners Holding B.V., one of the largest independent insurance brokers in the Netherlands, scaling its existing operations in one of Europe’s major insurance markets.
Posted: 2023-12-20
The direct cost of a cyber incident increased by 11% in 2023 to an average of £1.3m, with this cost rising to an average £2.1m for organisations without cyber insurance. This is amongst the findings of research carried out by global corporate intelligence and cyber security consultancy, S-RM.
Posted: 2023-12-19
Allianz has successfully sponsored a new cat bond that will provide the group with multi-year risk transfer capacity of E250m to protect itself against European windstorms. This is the first cat bond protecting Allianz’ own account in over a decade. Allianz entered into a three-year reinsurance agreement with Blue Sky Re DAC, a special purpose vehicle incorporated in Ireland.
Posted: 2023-12-19
The global infrastructure sector saw economic losses equivalent to at least £119bn in 2023 – with the majority of losses sustained in Ukraine, which saw over 27,000km of road damaged.
Posted: 2023-12-19
Registrations are now open for the 2024 CIR Resilience Series. Our topical agenda for the day features presentations, panels and debates, curated to help resilience professionals understand, explore and debate today's most pressing resilience challenges.
Posted: 2023-12-18
The Chartered Insurance Institute has appointed two new international vice-presidents. Enas Asiri and Suresh Nair (both pictured) will support the international work of the CII, strengthening the member experience of those based outside the UK, as well developing the range of products and services to build public trust in the insurance and financial planning professions.
Posted: 2023-12-18
Cyber risk specialist KYND and broker Consilium have announced a strategic partnership to deliver cyber risk assessments for prospective and existing clients. KYND says its offering will help Consilium’s clients to assess their organisational exposure, enabling them to promote cyber readiness, and drive sustainable revenue growth.
Posted: 2023-12-15
Datacentres operating in the UK will be required to have tougher security and resilience measures to protect against potential disruption, including cyber attacks and extreme weather events, under new plans drawn up by the UK government.
Posted: 2023-12-15
Rapid advances in genomic medicine – with the NHS now able to perform whole genomic sequencing – present many welcome opportunities but are also raising significant legal issues that need to be addressed, warns law firm Kennedy’s.
Posted: 2023-12-14
A group of trade bodies and major food retailers are calling for urgent action to reform the apprenticeship levy system and address what they describe as “critical and persistent” labour shortages in UK food supply chains.
Posted: 2023-12-14
The UK is at high risk of ‘catastrophic’ ransomware attacks that could cost the country billions of pounds, according to a parliamentary committee report. The warning comes from the Joint Committee on the National Security Strategy which says the country is not effectively planning to prevent a large-scale cyber attack.
Posted: 2023-12-14
Insurer Hiscox has collaborated with Google Cloud to create an AI-enhanced lead underwriting model which it says is the first in the London Market insurance industry.
Posted: 2023-12-13
Board members and company executives can be held liable for an increasing number of scenarios as potential exposures continue to broaden in their scope, according to the latest D&O insurance report by Allianz Commercial.
Posted: 2023-12-13
Despite increased investments in third-party cybersecurity risk management over the past two years, 45% of organisations experienced third party-related business interruptions, according to a new survey by Gartner.
Posted: 2023-12-13
Organisations will require innovative defence strategies to address the transformative role of generative AI in the cyber threat landscape and a likely rise of sophisticated social engineering tactics and identity theft powered tools in the year ahead, according to cyber security specialist Trend Micro.
Posted: 2023-12-12
Marsh has collaborated with specialist insurer Beazley to offer construction contractors access to additional professional indemnity cover based on their environmental, social and governance performance. The additional capacity is available globally to clients outside of the US that complete Marsh’s ESG risk rating, subject to their score meeting a set threshold.
Posted: 2023-12-12
Remote access risks continue to rise according to a new report by cybersecurity firm WatchGuard. Finding suggest increasing instances of remote access software abuse, and growing cases of cyber adversaries using password-stealers and info-stealers to steal valuable credentials.
Posted: 2023-12-12
Allianz has integrated AI technology into its claims processes in an attempt to combat fraud. The insurer has developed a machine-learning tool called Incognito, designed to identify fraudulent claims, which are then referred to a fraud expert for review and investigation.
Posted: 2023-12-11
Supply chain cyber risk remains a persistent problem for UK businesses, with 97% of respondents to a recent survey by cybersecurity firm BlueVoyant reporting having suffered negative impacts from a breach in a third party or supplier partner in the last year.
Posted: 2023-12-11
The potential insured losses resulting from US wildfires are growing even as their frequency decreases because close to 99m Americans live in the transition zone between unoccupied and developed land, according to the Insurance Information Institute.
Posted: 2023-12-11
It is believed that BNP Paribas Personal Finance has decided to terminate its premium finance offerings next year.
Posted: 2023-12-10
Pressures on water availability need to be carefully managed if the world wants to reach zero emissions and adapt to the impacts of extreme weather events, according to a new report by sustainability charity CDP.
Posted: 2023-12-08
Natural catastrophes will once again break several loss records in 2023 as a high number of low-to-medium-severity events will add up to insured losses of more than US$100bn in 2023, according to estimates by Swiss Re Institute, with severe thunderstorms being the main contributor.
Posted: 2023-12-08
Businesses must ensure privacy concerns are addressed from the outset of new AI products if they are to avoid next year becoming one of distrust in the technology, UK Information Commissioner John Edwards has warned.
Posted: 2023-12-07
The government is underprepared for extreme weather events, such as severe floods, which have the potential to cause significant disruption, according to a new report by the National Audit Office. It warns that the government needs to step up its measures and processes to limit the impact on people, businesses, and communities.
Posted: 2023-12-07
The National Cyber Security Centre has launched a new cyber incident exercising scheme, giving organisations access to NCSC-assured exercising providers for the first time.
Posted: 2023-12-07
Geopolitical risks will dominate the agenda for financial sector organisations, according to a survey carried out by Protecht. The survey, conducted in Summer amongst 400 UK-based companies, highlights current challenges around operational resilience, third party risk management, and the changing interface of customer relations and management.
Posted: 2023-12-05
Premium Credit has signed a multi-year agreement with Broker Insights. Broker Insights uses data to better connect insurers and brokers, streamlining workflows with its Vision platform.
Posted: 2023-12-05
Millennial Shift Technologies Inc has announced a strategic collaboration with CyberCube to develop an integrated solution to streamline workflows and client experience.
Posted: 2023-12-04
Enterprise risk management teams are encountering “significant challenges” when trying to select a tool that meet the needs of a diverse set of stakeholders, according to research from Gartner.
Posted: 2023-12-04
Changing priorities in privacy, security and trust are among the top risks facing telecoms companies in 2024, according to the latest telecoms risk radar by EY. The report suggests that cyber resilience is under pressure, with generative artificial intelligence throwing into question existing data governance strategies.
Posted: 2023-12-01
Organisations are showing incremental developments in the quality of climate reporting but the rate of improvement is not enough to fully support climate commitments, according to the latest EY global climate risk barometer.
Posted: 2023-12-01
The winners of the 2023 Risk Management Awards were revealed at a gala dinner and ceremony yesterday evening.
Posted: 2023-12-01
International freight insurance provider TT Club has warned organisations involved in the supply of plastic pellets or ‘nurdles’ of the dangers to the marine environment of spillage, urging them to take steps to ensure their safe carriage.
Posted: 2023-11-30
NorthStandard’s Strike & Delay class has introduced weather cover into its suite of risks, providing shipowners and charterers with what it says is the first marine insurance protection to mitigate the threat posed to ships solely by adverse weather conditions.
Posted: 2023-11-30
High government expenditures during the pandemic, coupled with global inflation and increased interest rates in 2023, have contributed to an escalating debt crisis in emerging markets, according to the latest political index report by WTW.
Posted: 2023-11-30
The UK’s flood defences offer only limited protection against the likely impact of climate change, according to a new study by Moody’s RMS and Flood Re. The report suggests that investment in flood defences, while effective in reducing additional losses, will see diminishing returns beyond a certain level.
Posted: 2023-11-29
Cyber security risk consultancy S-RM has warned that over the last two months law firms have increasing become targets for cybercriminal groups that specialise in business email compromises.
Posted: 2023-11-29
Many local authorities and government departments lack policies or plans to adopt cyber insurance according to findings from FoI requests by hard drive manufacturer Apricorn.
Posted: 2023-11-29
The UK Civil Aviation Authority has unveiled proposals which it says aim to make drone flights safer and to make it easier for drone users to understand and comply with regulations.
Posted: 2023-11-28
Financial services firms are gearing up for the opportunities presented by generative AI as well as preparing for the potential risks, according to a survey by UK Finance and management consultancy Oliver Wyman.
Posted: 2023-11-28
The FCA has announced several new measures aimed at improving the trust and transparency of sustainable investment products and minimise greenwashing.
Posted: 2023-11-28
The Information Commissioner has warned some of the UK’s top websites they face enforcement action if they do not make changes to comply with data protection law.
Posted: 2023-11-27
Cyber actors linked to North Korea are increasingly targeting software supply chain products to attack organisations around the world, according to an advisory from the UK National Cyber Security Centre.
Posted: 2023-11-27
The UK’s National Cyber Security Centre has partnered with the US Cybersecurity and Infrastructure Security Agency to create a set of global guidelines aimed at ensuring the secure development of AI technology. Agencies from 17 other countries have confirmed they will endorse and co-seal the new guidelines
Posted: 2023-11-27
New EU crimes include pollution caused by ships, mercury use, and the illegal depletion of water resources. A provisional agreement on an update of EU environmental crimes and sanctions rules to strengthen ecosystem protection will also include the import and use of fluorinated greenhouse gases and the import of invasive species.
Posted: 2023-11-24
As COP 28 approaches, a new report on supply chain due diligence is sounding the alarm for business leaders to tackle immediate and long term ESG risks in their supply chains. Published today, Supply Chain ESG Risks: Harnessing the Potential of Internal Audit examines the critical need for organisations to align their supply chains with their own ESG targets.
Posted: 2023-11-24
Solace Cyber has achieved recognition as an Assured Service Provider under the National Cyber Security Centre’s Cyber Incident Response (Level 2) scheme.
Posted: 2023-11-23
The 2024 Business Continuity Awards are open for entries. Celebrating achievement in business continuity, security and resilience, the Business Continuity Awards are the most anticipated and celebrated event in the business continuity calendar, providing unrivalled networking, alongside a night of entertainment and celebration.
Posted: 2023-11-23
Compliance is the main concern for a considerable 79% of IT decision makers when it comes to managing data. And 66% are worried that data is spiralling out of control in their organisation. These are amongst the findings of research from Cloudera, whose survey of 850 IT decision makers across EMEA suggests that 63% of organisations are finding that siloed data is making it harder to comply with regulation.
Posted: 2023-11-23
The Government’s AI summit at Bletchley Park put artificial intelligence at the top of the agenda recently, with the summit’s declaration listing regulation as one of the ‘critically important’ factors needed for it to ‘transform and enhance human well-being, peace and prosperity’.
Posted: 2023-11-22
Bombs have been terrorists’ choice of weapon in more than half of the attacks on public surface transportation around the world since 2004. This is amongst the findings of a study carried out by the Mineta Transportation Institute’s Brian Michael Jenkins and Bruce R Butterworth on the frequency and lethality of attacks on public surface transportation between 2004 and 2021.
Posted: 2023-11-22
Growing consumerism, the globalisation of supply chains, the emergence of new technologies and the need to innovate are driving an increase in product liability claims around the world. In particular, electronics, software and digital devices are now subject to a wider range of claims, including those involving cyber security and data privacy.
Posted: 2023-11-22
The total capital value of wind farms worldwide has reached approximately £1.9trn, according to figures from Chaucer. It says that with so much capital invested in clean energy assets it is vital that those wind farms and solar farms are adequately insured.
Posted: 2023-11-21
Imagine corporate governance as the guiding star for a company’s ship. When this guiding light flickers, it’s like sailing into a storm. This system of rules, processes and practices directs and controls how things work, and is crucial for maintaining trust and confidence, as well as being the bedrock of effective enterprise risk management.
Posted: 2023-11-21
Specialist insurance provider, CFC, has upgraded its packaged cyber insurance policies for professional services businesses.
Posted: 2023-11-21
PepsiCo has been sued by New York state for plastic pollution along Buffalo River that is allegedly contaminating the water and harming wildlife.
Posted: 2023-11-17
The global trade credit insurance market reached a premium volume of £11.2bn in 2022, covering insured shipments valued at just over £5.6trn, with a penetration rate of 13.16% of world trade as measured by the World Bank. This is amongst the findings of analysis carried out by ICISA, which suggests that private market participants, particularly ICISA members, contribute 69% of this protection.
Posted: 2023-11-17
A lack of cyber budget is a challenge for nearly a third of organisations, as a year-on-year growth of 3.1% to £21.8m falls below the 5% rise anticipated by senior IT professionals. This is amongst the findings of research carried out by global intelligence and cyber security consultancy, S-RM, whose Cyber Security Insights Report 2023 suggests that, on average, cyber budgets make up a quarter of an organisation's overall IT budget.
Posted: 2023-11-17
Direct Commercial has launched a new broker portal providing brokers with more functionality and accessibility to the MGA’s services.
Posted: 2023-11-16
Despite concerns over the macroeconomic and geopolitical climate, UK PI insurers remain confident as 2024 approaches. A significant majority (95%) expect their appetite for business to increase or at least to remain the same over the coming year, according to law firm Clyde & Co’s latest annual survey of the market.
Posted: 2023-11-15
SMEs are optimistic for the coming year, anticipating that revenue will rise – despite ongoing concerns about inflation and higher interest rates. This is amongst the findings of research carried out by premium finance company, Premium Credit.
Posted: 2023-11-15
The Lloyd's Market Association and the London and International Insurance Brokers' Association have joined forces to lead digital transformation in delegated authority business, with the introduction of computable contracts, in a move designed to enhance efficiency, ensure data accuracy and boost analytics for a digitally connected marketplace.
Posted: 2023-11-15
Severe weather pattern changes are playing a key role in increasing North American wildfire risk in four regions that were previously considered to be at low risk, according to research from Chaucer. The Appalachians, Southern Rocky States, Alberta and British Columbia and Texas are quickly becoming areas of concern for catastrophic wildfire insurance losses, the data suggests.
Posted: 2023-11-14
Insurtech Anansi has partnered with Tokio Marine HCC, Liberty Mutual and Arch Insurance to develop a specialist parametric goods-in-transit insurance tailored for large retailers.
Posted: 2023-11-14
WTW has expanded its Alert:24 crisis management offering with the opening of two additional operations centres in Houston, US and Sydney, Australia; and the wider growth of its teams in the US and Singapore.
Posted: 2023-11-14
ICEYE has launched four new synthetic aperture radar satellites. The launch on SpaceX’s Transporter-9 smallsat rideshare mission via Exolaunch was conducted from Vandenberg Space Force Base in California. Each spacecraft has successfully established communications and is undergoing routine early operations.
Posted: 2023-11-13
The deadline for the 2024 National Insurance Awards has been extended. Celebrating excellence in the sector, the National Insurance Awards highlight the very best in general insurance provision and management in the UK.
Posted: 2023-11-13
Neil Gibson has been named CEO of Sedgwick in the UK.
Posted: 2023-11-13
Emergency and mass communications software provider, Everbridge, is to address the COP28 summit on the value of public safety technology in mitigating the threat of climate change.
Posted: 2023-11-10
A “trilemma of tension’ is being faced by the global power sector, emphasising the need for risk managers to invest in horizon-scanning to assess and manage their unique risk profile.
Posted: 2023-11-09
Arch Insurance Australia has announced the establishment of a new cyber insurance practice, led by Rachel Green as national cyber underwriting manager for Australia and the Pacific region.
Posted: 2023-11-09
In a welcome easing of inflationary pressure on property insurers in the UK, overall prices for property repair materials fell in the last quarter by 1.4%, according to analysis from Verisk. Fluctuations in material prices were not uniform across the UK. In Wales, the Midlands, the Northeast and the Southeast, prices fell in line with the national average. In the South West, London and Northern Ireland, prices remained broadly the same as in Q2.
Posted: 2023-11-09
Human capital issues are no longer simply a ‘people problem’, but a key business risk that is fuelled by rising the competition for talent, workforce shortages, and a lack of retirement preparedness, according to the latest edition of Aon’s biennial global risk management report.
Posted: 2023-11-08
Broker WTW has launched an Asia Pacific climate risk centre in Singapore. The centre will provide climate risk quantification and management capabilities to support the region’s resilience and transition to net-zero.
Posted: 2023-11-08
Data analytics provider Verisk estimates that the industry insured losses from Storm Ciarán could range from €800m to €1.3bn, the majority of which are expected to be in France.
Posted: 2023-11-08
Recent adverse weather could leave the insurance sector exposed to heightened fraud risk, according to claims services provider McLarens. The firm, which focusses on complex, commercial and specialty markets, has warned insurance and claims professionals to be vigilant as fraudsters look to take advantage of recent surge events.
Posted: 2023-11-07
A consumer group has reported brands including Coca-Cola, Danone and Nestlé for what it says are misleading commercial claims about the recyclability of their products. BEUC says that the beverage industry makes recyclability claims that are “too vague, inaccurate and insufficiently substantiated”.
Posted: 2023-11-07
Organisations are increasingly aware of the potential cost of reputational damage, but as awareness increases, confidence in their risk management systems and crisis response capabilities has fallen since 2021, according to a report by WTW.
Posted: 2023-11-06
Spiralling costs caused by inflation is one of the biggest risks facing the charity sector, according to a new report from Ecclesiastical Insurance. The specialist insurer has published its third charity risk barometer, examining the immediate and emerging risks facing organisations.
Posted: 2023-11-06
Critical events solutions provider Everbridge has secured a patent related to the use of AI in technology such as analytics dashboards for critical event management software systems.
Posted: 2023-11-06
Incidents of individuals stealing from their employer and customer accounts have increased by nearly three-quarters (74%) when compared with 2022, according to figures from fraud prevention service Cifas. In its latest Fraudscape update, employees carrying out theft from customer accounts also rose by 27%.
Posted: 2023-11-03
As businesses, communities and the insurance sector count the cost of the latest storm to hit the UK, there are calls to better integrate insurance and resilience to create a system that is fit for purpose.
Posted: 2023-11-03
Amid this week’s focus on AI Safety Summit at Bletchley Park, the Royal Academy of Engineering has warned that a digital and engineering skills shortage could prevent the UK from meeting its ambitions to be a global leader in AI.
Posted: 2023-11-03
Major incidents have been declared in a number of areas of southern England as Storm Ciarán brings strong winds and heavy rain. Hundreds of schools closed today (Thursday) while train operators have suspended or greatly reduced services, advising commuters to work from home wherever possible.
Posted: 2023-11-02
Pharmaceutical giant Bayer has been ordered by a judge in California to pay US$332m after being found liable in a case brought by a man who claimed exposure to the firm’s Roundup weed killer was the cause of his cancer.
Posted: 2023-11-02
Global commercial insurance prices increased 3% in Q3 2023, the same as the previous quarter, according to figures from broker and risk advisor Marsh.
Posted: 2023-11-02
RSA Insurance has introduced a new design and construct professional indemnity product. Available to brokers and their clients via RSA’s mid-market business, it is aimed at contractors who are responsible for professional activities and duties, whether it is undertaken by their own design team or department, or subcontracted out.
Posted: 2023-11-01
AXA XL Risk Consulting has launched a water impact and sustainability evaluation tool, intended to offer a remote, customisable solution to helps risk managers to evaluate and act on water risks.
Posted: 2023-11-01
The UK has signed a statement of intent on a European Bank for Reconstruction and Development war-risk insurance scheme for Ukraine. The aim is to help UK companies to do business in Ukraine and support its reconstruction.
Posted: 2023-11-01
The risk associated with dependence on a particular cloud provider for multiple business capabilities is in the top five emerging risks for organisations for the second consecutive quarter, according to a survey by Gartner.
Posted: 2023-10-31
Risks relating to artificial intelligence and data feature in the top 10 of areas for concern for both UK experts and the general public for the first time, according to a new report. The research by AXA reveals that the UK public are more worried about the impact of AI than their European counterparts, who do not rank it as one of their top 10 concerns.
Posted: 2023-10-31
The number of UK companies developing plans to tackle climate change has increased significantly in the past year, according to a new report by Aviva. Almost half (44%) of UK companies now have a structured plan in place to reduce their carbon footprint and climate impact, up from 34% one year ago.
Posted: 2023-10-31
KYND has added a new internal security feature to its KYND ON cyber risk monitoring product, to provide an internal as well as an external perspective of an organisation’s security posture. The new feature aims to enhance the ability to identify any areas of risk or exposure and prioritise mitigation efforts to strengthen cyber resilience.
Posted: 2023-10-30
Hurricane Otis has been declared the strongest to make landfall in Mexico, surpassing Hurricane Patricia in 2015 and becoming the first Category 5 major hurricane to make landfall from the Eastern North Pacific since records began.
Posted: 2023-10-30
Food production in Northern Ireland could face disruption as union members of the Veterinary Service Animal Health Group begin a five-day strike. The strike over pay by Northern Irish vets and meat inspectors will mean that no slaughter of cattle, pigs, sheep and poultry can take place across the whole of Northern Ireland this week.
Posted: 2023-10-30
Equipment sharing agreements could land participants with potential liability issues if appropriate insurance cover is not in place, warns freight transport and cargo insurer TT Club. It says while such arrangements can be an efficient use of resources, a lack of formal definition in contracts can lead to potential exposure.
Posted: 2023-10-27
Travel association ABTA has published new guidance for members with an overview of the legal framework that businesses must consider when they market and advertise their environmental credentials, including advice on how to avoid greenwashing.
Posted: 2023-10-27
Early detection is becoming more important than ever in the battle against ransomware and extortion claims as cyber threats continue to evolve, according to a new report by Allianz Commercial.
Posted: 2023-10-27
Law firm Kennedys, in association with Thomson Reuters Practical Law, has produced a guide that sets out key climate change considerations for the insurance and reinsurance industry. It explains the financial impact of climate change on the industry, the main regulatory obligations on insurers and the key risks and changes that are occurring in different lines of business.
Posted: 2023-10-26
A new public health taxonomy for social listening on respiratory pathogens has been released by the World Health Organisation, alongside other useful tools for infodemic management.
Posted: 2023-10-26
Investec is disrupting premium finance – Podcast
Investec made waves in entering the premium finance market, where listening and evolving in response to brokers made a real difference.
Communicating in a crisis
Deborah Ritchie speaks to Chief Inspector Tracy Mortimer of the Specialist Operations Planning Unit in Greater Manchester Police's Civil Contingencies and Resilience Unit; Inspector Darren Spurgeon, AtHoc lead at Greater Manchester Police; and Chris Ullah, Solutions Expert at BlackBerry AtHoc, and himself a former Police Superintendent. For more information click here
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