News

WTW has announced the launch of a research programme, coordinated by the WTW Research Network, focusing on the geopolitical risk drivers and management.
Posted: 2022-11-30
Sedgwick has announced the launch of resource division to help clients with both temporary and permanent placements across various claims-handling units. Developed in response to a post-Covid increases in claims volumes and skills shortages in the market, the new resource solutions team has grown from nine to 24 members in the UK.
Posted: 2022-11-30
NTT Data has launched a complimentary Cybersecurity Posture Evaluation report.
Posted: 2022-11-30
The FCA is becoming increasingly concerned about the impact of the rising cost of living on consumers. Early analysis from the FCA’s 2022 Financial Lives Survey indicates that in May 2022,12.9 million (or 1 in 4) of all UK adults had low financial resilience , this was up from the 10.7 million reported in the 2020 survey. Over the coming months, insurers will face several financial and non-financial resilience issues as a result of this shocking decline in consumer financial resilience.
Posted: 2022-11-29
Facctum has today launched an open access search version of its FacctView platform, an enterprise grade risk detection technology for sanctions and financial crime risk management.
Posted: 2022-11-29
Instanda has been chosen by MGAM as technology partner on the new government-backed professional indemnity insurance scheme for EWS1 assessors.
Posted: 2022-11-29
Newcastle University and the Met Office have collaborated on a study, published in the journal Environmental Research Letters, pointing to a picture of changing weather patterns, including more frequent storms with more energy.
Posted: 2022-11-28
CyberCube has launched Version 4.0 of its Account Manager solution for single risk re/insurance underwriters.
Posted: 2022-11-28
2022 was certainly a time of change for the cyber insurance market and it’s looking like more of the same over the next 12 months. However, in my view, 2023 should see a number of positive changes that will benefit insureds and deliver a more sustainable market that will attract new capacity and deliver even greater choice.
Posted: 2022-11-28
Fire, collision and sinking and damaged cargo are the top causes of marine insurance losses by value, according to Allianz Global Corporate & Specialty’s analysis of over 240,000 claims worth €9.2bn.
Posted: 2022-11-25
The Chartered Institute of Internal Auditors has this week raised concerns about serious audit and corporate governance shortfalls at regulated energy suppliers.
Posted: 2022-11-25
The winners of the 2022 Risk Management Awards were revealed at last night's gala dinner and ceremony. Hosted by comedian Suzy Ruffell, the awards were attended by over 350 guests at the London Marriott Hotel in Grosvenor Square. Congratulations to everyone shortlisted, and particularly to...
Posted: 2022-11-24
The UK arm of international defence and security company, Leonardo, has selected Rizikon, Crossword’s supplier assurance and third party risk management platform, to assist in its assessment of cyber risk in the supply chain.
Posted: 2022-11-24
Marsh has placed insurance cover for the first space rocket launch from UK soil. Arranged on behalf of Space Forge and placed with Beazley, the policy covers risk of loss to the Forgestar payload. The launch will carry Space Forge’s Forgestar-0 prototype space factory that can create materials that cannot be made on Earth.
Posted: 2022-11-23
Experian has launched a new tool designed to provide lenders with an understanding of ESG risks within their SME portfolios.
Posted: 2022-11-22
There is certainly never a dull moment in Westminster. After a series of scandals that culminated in the departure in September of Boris Johnson from Downing Street, and the subsequent appointment of not one, but two new prime ministers since, the furore surrounding Suella Braverman’s on-the-go Gmails may seem like small fry in comparison.
Posted: 2022-11-22
A lack of alignment between business-critical risks and the insurance cover purchased for them is leaving food and drinks companies exposed at a time of already heightened supply chain risks, according to research from Lloyd’s and WTW.
Posted: 2022-11-21
Over the course of 2023, application programming interface security will come into focus as more organisations continue their digitalisation journeys. Today's organisations rely on APIs to deliver digital services and key business initiatives.
Posted: 2022-11-21
As we enter 2023, my hope and prediction is that the global insurance industry is about to undergo an exciting shift in perception through the fusion of talent and technology. For years, our reputation has been tarnished with stereotypical claims of being staid, conservative and faceless, but today we are seeing a new spirit of restless ambition that is challenging this and empowering us to punch above our weight and shake things up.
Posted: 2022-11-18
Databarracks has been accepted as a supplier on the G-Cloud 13 framework.
Posted: 2022-11-18
Disruption within the global supply chain continues to drive up the risk of cargo theft. Electrical goods are the biggest target for cargo theft globally, with the US reporting over 70% of these losses. The split in general between theft from vehicles and depots is in the order of two-thirds versus one-third. This is a consistent finding, though vehicles ‘at rest’ as opposed to hijackings are more prevalent targets.
Posted: 2022-11-18
Inflation continues to be insurers' key concern, according to Swiss Re Institute's latest sigma report. The effect of inflation on the global economy has led to total global insurance premium falling slightly by an estimated 0.2% in real terms in 2022. The silver lining for the industry lies in anticipated investment results due to central bank rate rises.
Posted: 2022-11-17
The northern hemisphere’s summer of 2022 left one certainty: the impacts of climate change have become more acute, and they will feed into the pre-existing inflationary pressures that have driven a rise in civil unrest risks worldwide.
Posted: 2022-11-17
Charles Taylor Adjusting has expanded its natural resources capability in Asia with the opening of a new office in Vietnam.
Posted: 2022-11-17
Businesses face an “historically broad and deep set of risks in 2023” which will pose interconnected and even existential threats, sector-wide, according to risk consultancy, Control Risks. Launching its annual RiskMap forecast today, Control Risks identifies the top risks for business as fractious geopolitics, armed conflict, disrupted energy systems, economic strife and disarray in digital networks during the coming year.
Posted: 2022-11-16
'Once a century’ climate events now occur yearly due to the global impact of climate change, presenting a major threat to businesses in 2023, both operationally and in terms of protecting personnel.
Posted: 2022-11-16
AI-related intellectual property insurance claims are outpacing traditional healthcare incidents, making up nearly a fifth of digital healthcare claims, while 70% of claims come from areas that would not be covered under a traditional medical malpractice solution.
Posted: 2022-11-16
Employees are reporting low levels of well-being, regardless of working in a hybrid or non-hybrid environment, according to research from the International SOS Foundation. Some 40% of staff are experiencing burnout, the report’s authors say.
Posted: 2022-11-15
The Managing General Agents’ Association has partnered with Searchlight Insurance Training, part of the UKGI Group, to deliver face-to-face and online training solutions for members.
Posted: 2022-11-15
From attacks on critical infrastructure to individual businesses, it’s clear that in today’s threat landscape no systems are safe and there are no signs of cyber criminals slowing down their efforts.
Posted: 2022-11-15
Digital commercial insurance platform, Aurora, has today launched its Global Specialist Health offering for UK SMEs.
Posted: 2022-11-14
Three more UK insurers have joined Flood Re’s Build Back Better Scheme. Covea, Hiscox and RSA have joined initial participating insurers, Ageas, Aviva, NFU Mutual, Lloyds Banking Group (Bank of Scotland, Halifax, and Lloyds Bank home insurance products) and LV= General Insurance.
Posted: 2022-11-14
Medical and safety technology firm, Dräger, is calling for increased regulation and more detailed safety guidance within the tunnelling industry, following recent research highlighting safety as a major concern.
Posted: 2022-11-14
The first ever pay-out by the Mesoamerican Reef Insurance Programme was triggered on 2nd November, when the Turneffe Atoll, off the coast of Belize, was hit by Hurricane Lisa. The cat 1 hurricane event triggered a US$175,000 pay-out under the programme’s parametric policy and will finance immediate reef recovery and restoration.
Posted: 2022-11-11
Nicola Critchley, a partner at DWF, has been elected as president of the Forum of Insurance Lawyers.
Posted: 2022-11-11
As stakeholder expectations around sustainability grow, a new Geneva Association report highlights the insurance industry’s “abundant, inherent social benefit in providing financial stability and peace of mind” to people and businesses, estimating that insurers contribute between US$5-5.5trn a year to global financial resilience through insurance claims and benefit payouts.
Posted: 2022-11-11
Large UK businesses are most concerned about cyber-attacks, potentially leaving them open to other types of fraud including insider and supplier fraud, according to research by fraud prevention service Cifas.
Posted: 2022-11-10
Over a third (36%) of companies who paid a ransom to cyber criminals went on to be targeted for a second time, according to a new report by Hiscox, which also found that 41% of those that paid ransom demands to cyber criminals failed to recover all their data.
Posted: 2022-11-10
The impact of rapid inflation, debt crises, and the cost of living crisis are the biggest threats to doing business over the next two years in G20 countries, according to new data from the World Economic Forum.
Posted: 2022-11-10
FM Global has opened its first experiential risk management facility in Asia Pacific. Designed to meet the complex and diverse needs of the Asia-Pacific region, the FM Global Centre aims to help clients and prospects in the region to protect their assets while increasing their longer-term resilience.
Posted: 2022-11-09
Digital asset custody provider Copper.co has acquired US$500m of insurance for digital assets in cold storage. Cover has been arranged by Aon, using a panel of insurers led by re/insurer and Lloyd’s syndicate Canopius.
Posted: 2022-11-09
Tesla is recalling around 40,000 cars in the US over concerns for a power-steering assist problem which may cause it to fail on rough roads.
Posted: 2022-11-09
Workers at packaging firm DS Smith have voted for industrial action, raising the prospect of a shortage of supplies at one of retail's busiest times of the year. Almost 1,000 GMB members at the firm – which makes corrugated packaging for Amazon, Chivas, Princes and Seabrooks Crisps among others – are balloting for industrial action over a real terms pay cut.
Posted: 2022-11-08
Marine markets face a profusion of ‘total loss’ claims for trapped ships early in 2023, one year after the shut-down of Ukrainian ports, a London audience of practitioners was told.
Posted: 2022-11-08
Global society is heading towards a ‘ruin scenario’, even under the current targets set out in the Glasgow Pact, according to a new report by the Institute and Faculty of Actuaries written in collaboration with The Climate Crisis Advisory Group. It says policymakers need to take a risk management approach to identify, measure and mitigate the effects of further temperature rises.
Posted: 2022-11-07
Business leaders have been urged to consider the importance of the voluntary carbon market to help protect rainforests and limit global temperature rise. Josh Tosteson, President of Everland, signalled to business leaders that a scalable solution for protecting threatened forests is readily available to help meet the ambitions of the Paris Climate Agreement.
Posted: 2022-11-07
The Information Commissioner’s Office has issued a reprimand to the Department for Education following the prolonged misuse of the personal information of up to 28 million children. An investigation found that a database of pupils’ learning records was ultimately used by Trust Systems Software UK (trading as Trustopia), an employment screening firm, to check whether people opening online gambling accounts were 18.
Posted: 2022-11-07
Liability risk analytics company Praedicat has launched Nekomodel X, the next generation of its probabilistic casualty catastrophe model. It is designed to expand on the underwriting applications of previous model releases and to facilitate exposure-based pricing and reserving.
Posted: 2022-11-04
The Chartered Institute of Internal Auditors has urged the government to move forward with plans to revamp the audit industry. In letters to the Prime Minister, Business Secretary and Chancellor of the Exchequer, the Chartered IIA said the government needs to provide a “clear schedule” for its intentions to reform the country’s audit industry to secure long-term economic resilience and stability.
Posted: 2022-11-04
Insurers TT Club and UK P&I Club have teamed up with scientific consultants Brookes Bell to issue a whitepaper highlighting the continuing safety threat created by the transportation of lithium-ion batteries.
Posted: 2022-11-04
Business confidence among UK’s SME manufacturers has fallen sharply, as output and the volume of new orders declined in the three months to October 2022, according to the CBI’s latest SME trends survey.
Posted: 2022-11-03
To support its work in helping organisations meet their duty of care responsibilities, International SOS has launched a new learning module to help provide security and privacy advice for mobile workers.
Posted: 2022-11-03
The interconnected challenges of global security partnerships, financial integration, supply chain resilience, and migration are now top of the agenda and will likely continue to stay there in the year ahead, according to a new S&P Global Market Intelligence report.
Posted: 2022-11-03
The first global knowledge platform dedicated to climate and health has been launched by the Joint Office of the World Health Organization and World Meteorological Organization, with support from the Wellcome Trust. It aims to provide actionable information to protect people from the health risks of climate change and other environmental hazards.
Posted: 2022-11-02
More than a third of the UK’s hospitality sector is at risk of business failure in early 2023 due to the cost of doing business crisis, according to a new survey by UKHospitality, the British Beer and Pub Association, the British Institute of Innkeeping, and Hospitality Ulster. It found that 35% of respondents were expecting to be operating at a loss or be unviable by the end of the year.
Posted: 2022-11-02
Businesses are overlooking remote working in their data backup and recovery plans, leading to a failure to ensure operational compliance and business continuity when faced with fragmented data and dispersed technology, according to a survey of IT decision makers by backup and storage provider Arcserve.
Posted: 2022-11-02
Converge is rolling out CyberCube’s platforms to strengthen cyber protection across its ecosystem.
Posted: 2022-11-01
Specialist international freight transport insurer TT Club has signed up to the UN’s Principles for Sustainable Insurance Initiative.
Posted: 2022-11-01
Brokerslink has added a new German affiliate, Gossler, Gobert and Wolters to its global network.
Posted: 2022-10-31
Biodiversity determines the capacity of an environment to mitigate and adapt to the effects of climate change, according to climate experts at Zurich Insurance Group. The group’s fifth annual Climate Change Scorecard also suggests that voluntary carbon markets have a much greater potential for positive impact on climate change if they factor in biodiversity.
Posted: 2022-10-31
Fraudulent instruction as a form of cyber attack is on the rise, according to Beazley’s new Cyber Services Snapshot report.
Posted: 2022-10-31
Chaucer has partnered with K2 Parametric to provide coverage for US mid-size corporates and municipalities against hurricane and earthquake damage.
Posted: 2022-10-28
Business email compromise incidents are on the rise in the ‘deep fake’ era, while ransomware remains a top cyber risk for organisations globally.
Posted: 2022-10-28
Refinitiv has launched a a global digital onboarding solution to help businesses streamline their approach to onboarding customers.
Posted: 2022-10-28
Inflationary pressures, monetary tightening, the global energy crisis and supply chain disruptions are jeopardising cash flows. And after two years of decline, Allianz Trade expects a broad-based acceleration in global business insolvencies.
Posted: 2022-10-27
Rolls-Royce and Neste have signed an MOU to build a strategic partnership on the implementation of sustainable fuels for diesel engines.
Posted: 2022-10-27
SentinelOne has announced the launch of the WatchTower Vital Signs Report app.
Posted: 2022-10-27
The Financial Conduct Authority is seeking views on the potential competition benefits and harms from Big Tech firms’ entry into financial services. The watchdog said Big Tech firms have clearly demonstrated their potential to disrupt established markets, drive innovation and reduce costs for consumers, developing “transformative new products” in payments, deposits and consumer credit.
Posted: 2022-10-26
Global commercial insurance prices were up 6% in the third quarter of 2022 (down from an 9% increase in Q2), according to Marsh’s latest Global Insurance Market Index.
Posted: 2022-10-26
International law firm RPC has welcomed this week’s announcement by the Financial Conduct Authority that it intends to crack down on greenwashing in the market.
Posted: 2022-10-26
Nestle has been fined after an employee suffered life-changing injuries at one of its UK factories, when in November 2020, the man was drawn into a roller mechanism on a conveyor machine.
Posted: 2022-10-25
JBA Risk Management has launched a comprehensive set of global climate change tools designed to help re/insurance market, risk managers and lenders understand future flood risk.
Posted: 2022-10-25
SCOR has announced the appointment of David Guest as head of crisis management for SCOR UK and the SCOR Syndicate. Based in London, Guest’s remit includes terrorism and political, and he will report to Marie Biggas, CUO of SCOR UK and active underwriter of the SCOR Syndicate.
Posted: 2022-10-25
European boutique MGA, Alta Signa Europe, has announced its move into the directors’ and officer’s liability market, providing tailored primary D&O insurance for SMEs with revenue of EUR50 to EUR500m.
Posted: 2022-10-24
Opinions on the UK's risk outlook have converged amongst the general public and the risk management community, as both groups have been found to consider geopolitical instability and energy risks among the top three risks on the horizon. This is among the findings of AXA’s Future Risks Report 2022, published today.
Posted: 2022-10-24
Interest in sustainability across the IT industry is at a record high, and continuing to grow. So says sustainability certification company, TCO Certified, which has this week reached a milestone of 1,000 certified new product models, as defined by strict environmental and social sustainability criteria.
Posted: 2022-10-21
Following the success of the first Resilience Series event in 2022, CIR will be holding its next event in May 2023.
Posted: 2022-10-21
Leaders that grapple with risk are better prepared to navigate through and succeed during highly volatile times and economic uncertainty. This is among the findings of a new Aon study, which found that while 79% of business leaders expect a recession this year, a select group of leaders – just 35% – report feeling very prepared for it.
Posted: 2022-10-21
The financial impacts of extreme weather and natural catastrophe events are outpacing the development of mitigation strategies in the North American renewables market, whilst a combination of supply chain and inflation challenges are exacerbating the complexity of nat cat claims.
Posted: 2022-10-19
Insurer Allianz is calling for greater efforts and higher sustainability standards in motor repairs. Increasing the green repair rates by 2 percentage points could reduce annual Europe-wide CO2 emissions by 30,000 tons, the insurer has said.
Posted: 2022-10-19
After seven years at the Financial Conduct Authority, Mark Steward is to step down as executive director of Enforcement and Market Oversight. Since joining the FCA in 2015, Steward has led the delivery of some of the watchdog's most high-profile and precedent-setting enforcement cases, with many notable successes against major global financial institutions and individuals.
Posted: 2022-10-18
Swiss Re estimates preliminary claims from Hurricane Ian at around US$1.3bn, resulting in an expected group net loss of approximately US$0.5bn for Q3 of 2022. While the 2022 target of 10% group ROE is unlikely to be reached given the impact from natural catastrophes, the Ukraine war and financial market volatility, the group says it remains confident in the mid-term outlook and committed to its 2024 profitability goals.
Posted: 2022-10-18
Lloyd’s re/insurer MS Amlin has won key parts of a case against the Stonegate Pub Company.
Posted: 2022-10-18
There is a growing familiarity with the trends driving developments in the global cyber insurance market; rapid digitalisation accelerated by the pandemic, the shift to remote work and cyber attacks that are ever more sophisticated and localised.
Posted: 2022-10-17
Pool Re has announced the appointment of Jonathan Gray (pictured) as chief underwriting officer-elect.
Posted: 2022-10-17
In just under two weeks’ time, Airmic will be holding its inaugural Island of Ireland Forum, a one-day event of presentations, panels and sessions – including a keynote from Seán Fleming TD, Minister of State with responsibility for financial services, credit unions and insurance.
Posted: 2022-10-14
The pandemic, global warming and now the war in Ukraine have forced organisations to rethink how they keep up with the speed of new risks emerging, the profile of risks changing, and how risk management practices must adapt as a result
Posted: 2022-10-14
The only way to stay relevant is to keep on unlearning, learning and relearning. The pandemic continues to shape our lives; the climate emergency is upon us; war in Europe threatens energy security and inflation undermines our economic stability. What skills do you and your organisation need to meet and succeed against such radical challenges?
Posted: 2022-10-14
Rishi Sunak has been named the UK’s next prime minister. He will replace Liz Truss, who resigned last week after a mere 45 days in office. Welcoming the news, CBI director-general, Tony Danker, said Sunak has a track record of seeing the economy through difficult times and comes in at a time of "great uncertainty with tough choices ahead".
Posted: 2022-10-14
Global data analytics provider, Verisk, has launched its new Building Identification Numbering System, which uses geospatial data and proprietary technology to create an inventory of commercial and residential structures.
Posted: 2022-10-13
The insurance industry is being urged to help customers build greater resilience against the long-term effects of the war in Ukraine. Whilst a number of specific solutions are already addressing some of the key concerns, more needs to be done to bolster resilience, according to a report published today.
Posted: 2022-10-13
Demand for sustainable goods and services is becoming increasingly important in consumers’ purchasing decisions, according to a major study published this week.
Posted: 2022-10-13
FM Global has this week unveiled two new climate resilience tools.
Posted: 2022-10-12
Mortality in the third quarter of 2022 was 9% higher than in the same quarter of 2019, before the pandemic, and higher than in any third quarter since 2010. This contrasts with the first half of 2022, which had similar mortality to 2019.
Posted: 2022-10-12
Schneider Electric has announced a new strategic alliance with Munich Re and subsidiary HSB to develop new solutions for the global electrical and equipment risk markets. The new alliance will blend uptime guarantees and unwarned failure warranties with IoT technology services.
Posted: 2022-10-12
Whilst the potential for an increase in occurrence of natural disasters remains high in China, government support should mitigate the negative credit impact on issuers’ profiles, according to Fitch Ratings.
Posted: 2022-10-11
Organisations that adopt and embed ESG factors into their business strategy are more likely to create value and accelerate growth, while minimising legal and regulatory risks, according to a joint report from law firm, Dechert, and global advisory business, StoneTurn.
Posted: 2022-10-11
Fusion Risk Management has today announced a multi-region alliance with PwC to support clients in achieving their organisational resilience objectives.
Posted: 2022-10-11
WTW has today launched its new Risk Intelligence Quantified, or Risk IQ, portal.
Posted: 2022-10-10
Lloyd’s is working with the LMA and other experts from industry on the development of the Earth and Space Sustainability Initiative kitemark.
Posted: 2022-10-10
The Department for Levelling up has taken the first step in legal action against Grey GR Limited Partnership, a freeholder of a fifteen-storey tower block in Stevenage, which has been given 21 days to commit to remediating the tower’s fire safety defects before an application will be made to the courts.
Posted: 2022-10-10
Lockton has expanded the remit of its employee benefits practice to incorporate wider workforce engagement.
Posted: 2022-10-07
Amid concerns that electricity and other sources of energy could become scarce in Europe this winter, companies are being advised to draw up thorough plans to address any threats to business continuity.
Posted: 2022-10-07
The range of security vulnerabilities that cyber attackers are exploiting continues to amplify, as does the level of threat across all geographies and industries. But while the increased demand has led to growth of capacity in the insurance market, the severity of attacks means that insurers are becoming warier about risks they are willing to insure.
Posted: 2022-10-07
Raul Vargas has been appointed chief executive officer of Farmers Group.
Posted: 2022-10-06
Caroline Stone has been appointed as Dual UK’s chief risk officer.
Posted: 2022-10-06
Carbon metrics on their own lack the necessary forward-looking insights for a full assessment of the financial risks and opportunities of transitioning to a low-carbon economy, according to a survey of investment professionals conducted by WTW.
Posted: 2022-10-06
Aon has bolstered its data and analytics capabilities for reputational risk with the acquisition of Pentland Analytics' 'reputation crisis database', proprietary modelling algorithms and a cloud-based web app.
Posted: 2022-10-05
A new study has revealed the impact and return on investment of the property flood resilience measures promoted by Flood Re's recent Build Back Better initiative. JBA Risk Management’s review modelled flood risk impacts up to 2050 on residential properties in the UK.
Posted: 2022-10-05
French mutual Macif has migrated its largest business line to Guidewire’s InsuranceSuite.
Posted: 2022-10-05
A Financial Conduct Authority review of business interruption claims handling has applauded insurers for quickly paying out interim payments, reallocating resources quickly and proactively communicating with policyholders to help them with claims, following last year’s test case judgment handed down by the Supreme Court.
Posted: 2022-10-04
Chartered insurance broker Verlingue has achieved bronze accreditation for its environmental, social and governance approach from independent assessor, EcoVadis.
Posted: 2022-10-04
Specialist insurer CFC has taken on new premises in Leadenhall to accommodate its growing research and development team.
Posted: 2022-10-04
Global law firm Ashurst has established a risk advisory business in the UK. Led by a team of three partners, Ashurst Risk Advisory will provide consulting services that complement the firm's core legal services, initially focusing on financial services.
Posted: 2022-10-03
In Simon Ashby’s preface to his latest book, he writes that, whilst he began his risk management studies in 1991, it was not until 1999 that he first heard the term ‘operational risk’; and that in those early days, research and practice in the field was “like the Wild West”.
Posted: 2022-10-03
US risk management society, RIMS, has welcomed Friday's extension of the National Flood Insurance Program, as the expiring legislation was included in Congress’ Continuing Resolution.
Posted: 2022-10-03
Tokio Marine HCC International has today issued a new whitepaper detailing the exposures of three key industries – manufacturing, financial institutions, and transport and logistics – to cyber security risks.
Posted: 2022-09-30
Premium income for the London company market has risen by over 7%, according to figures published by the International Underwriting Association. Inflationary claims pressures were a principal driving factor behind premium growth. The year saw increased nat cat costs and companies reported strengthening market conditions across multiple lines.
Posted: 2022-09-30
Crawford and Company has introduced a new soil management policy designed to promote sustainable soil management in the aftermath of a polluting incident.
Posted: 2022-09-30
Professors at the Toulouse Business School and Audencia have observed a direct link between CEOs' exposure to abnormally high temperatures, and the decrease in carbon emissions from their companies. Professors Alexandre Garel and Arthur Petit-Romec’s analysis builds on an emerging body of research on the 'local warming' effect.
Posted: 2022-09-29
Mott MacDonald has teamed up with the Coalition for Climate Resilient Investment to develop a tool that aims to help asset owners and investors understand the exposure of critical infrastructure to climate risks.
Posted: 2022-09-29
The Lloyd’s Market Association has begun its Graduate Wording Training Scheme, its new initiative designed to produce qualified and technically trained solicitors for the London insurance market.
Posted: 2022-09-29
Marsh McLennan has appointed John Q. Doyle as president and CEO.
Posted: 2022-09-28
Hurricane Ian made landfall near Cayo Costa in Florida on Wednesday as a Category 4 hurricane, with winds of 150mph – the first major hurricane to make landfall since Hurricane Ida in 2021.
Posted: 2022-09-28
Optio Group is to establish an MGA and reinsurance broker in Dubai, subject to final approvals from the UAE regulatory authorities.
Posted: 2022-09-28
Apex Group has expanded its ESG offering with the launch of an EU Taxonomy Solution to ensure clients’ alignment, ahead of growing disclosure requirements.
Posted: 2022-09-27
Guy Carpenter has entered an agreement with location-based traffic-crash intelligence and predictive analytics firm, TNEDICCA, to provide enhanced auto analytics to its insurance carrier clients.
Posted: 2022-09-27
A new professional indemnity insurance scheme for EWS1 (external wall fire review form) assessors is now available, after many months in development. Initially announced in February of this year, and scheduled for delivery in September, the new scheme is delivered by MGAM through an insurance provided by SCOR UK, and reinsured by the government.
Posted: 2022-09-26
Small and medium-sized companies across the UK are most concerned about the impact of employee mental health and well-being, financial uncertainty and health and safety on their businesses over the next 12 months.
Posted: 2022-09-26
Research from Axa UK has found that 48% of business owners find it hard to know who to speak to about business troubles, leaving 44% of the 500 SME owners questioned believing they are unable to do the best job for both them and their staff.
Posted: 2022-09-26
Fidelis is implementing extended ESG underwriting guidelines, with four umbrella groups (environmental, human and labour rights, animal welfare, rule of law) and six industry-specific guidelines (defence and armaments, forestry and agriculture, mining, coal, oil and gas, nuclear).
Posted: 2022-09-23
Plexus Law has announced a new partnership with Expert.ai to use its natural language capabilities to automate document processing of medical reports.
Posted: 2022-09-23
Kwasi Kwarteng’s so-called 'mini-budget' has received mixed reviews today, as the Chancellor detailed a series of tax cuts, including a U-turn on plans to raise corporation tax to 25%, major changes to SDLT, and further cuts to income tax and NI.
Posted: 2022-09-23
WTW has teamed up with the University of Cambridge’s Centre for Risk Studies to develop an Airport Risk Index. The new index compares 110 of the world’s busiest airports by passenger volumes, against 19 identified threats.
Posted: 2022-09-22
Liberty Specialty Markets has teamed up with REIN to provide Sony Electronics with an insurance product to offer drone purchasers and operators an instantly accessible coverage option.
Posted: 2022-09-22
Clyde & Co has today announced the launch of a new end-to-end international offering to help organisations manage and respond to cyber risk.
Posted: 2022-09-22
The Health and Safety Executive is joining forces with workplaces up and down the country in a study designed to better understand respiratory virus transmission risk in the workplace.The Wear-It Study aims to better understand and control the risk of transmission of SARS-CoV-2 as we adapt to living with the disease.
Posted: 2022-09-21
EigenRisk has launched a new version of its catastrophe risk management platform that integrates traditional catastrophe modeling capabilities with climate change impact analysis.
Posted: 2022-09-21
Extreme biodiversity loss, widespread pollution and the over-consumption of natural resources present direct challenges for key industries and exacerbate critical challenges associated with climate change, societal health, supply chain reliability and food security.
Posted: 2022-09-21
Howden has completed its acquisition of Théorème, a family-owned corporate insurance broker headquartered in Paris.
Posted: 2022-09-20
A new business risk survey, released today, has found that the war in Ukraine, coupled with the cost-of-living crisis, has significantly changed business attitudes on the risks they face with geopolitical tensions exacerbating and intensifying a wide range of business-critical risks.
Posted: 2022-09-20
The Personal Finance Society and the Chartered Insurance Institute have this week reached an agreement in principle on a range of matters, aided by the appointment of new CEOs at both organisations.
Posted: 2022-09-20
UK retail sales fell significantly more than forecast during August, as the cost of living reduces households’ disposable income. Sales volumes dropped 1.6% month-on-month according to figures from the Office for National Statistics, the biggest fall since December 2021.
Posted: 2022-09-16
The world is facing an unprecedented rise in civil unrest as governments grapple with the impacts of inflation on the prices of food and energy, according to a report from risk intelligence firm Verisk Maplecroft.
Posted: 2022-09-16
Natural catastrophe data provide ICEYE has partnered with If P&C Insurance on a pilot scheme for the use of its Flood Insights product.
Posted: 2022-09-15
Lloyd’s today hosted a ceremony to remember Queen Elizabeth II and to mark the accession of King Charles III. Beginning with a single ring of the Lutine Bell to mark the death of the Queen, and ending with two rings to acclaim the new King, the ceremony took place in the Underwriting Room at One Lime Street.

Image: Shaun Jeffers / Shutterstock.com
Posted: 2022-09-15
Data analytics firm EXL has collaborated with cyber risk specialist CyberCube to jointly develop cyber insurance solutions for the property and casualty (P&C) insurance industry.
Posted: 2022-09-15
Falls from height remain one of the biggest causes of injury and fatalities in the workplace, with sometimes even relatively small drops causing significant harm, warns freight transport liability insurer TT Club.
Posted: 2022-09-14
Risk managers in the power sector must tackle an entirely new risk landscape brought about by war in Ukraine, global inflation, the energy transition, and climate change, according to WTW.
Posted: 2022-09-14
The price of a smart device is a greater priority for homeworkers than its security credentials, potentially putting home and business cybersecurity at risk, according to a survey by Blackberry.
Posted: 2022-09-13
The reinsurance sector could grow between 2-3% during the next two years according to research by Munich Re, despite extreme inflation, rising interest rates and asset slumps currently posing challenges for the entire insurance industry, alongside burdens from the war in Ukraine.
Posted: 2022-09-13
Global geopolitical tensions, macroeconomic developments and climate change are resulting in heightened demand for risk protection warns Swiss Re, outlining possible implications for renewals season. It said the re/insurance industry needs to focus on modelling and contract certainty to ensure pricing is adequate for the risks taken and thereby increasing its capacity.
Posted: 2022-09-12
300 hospitality CEOs have signed a letter asking the chancellor to urgently deliver a package of support to help the sector as it faces estimated cost increases of 238%.
Posted: 2022-09-12
Following the death of Her Majesty Queen Elizabeth II, businesses are paying tribute to Britain’s much loved and longest reigning monarch, who passed away peacefully at Balmoral yesterday at the age of 96, having reigned for 70 years.

Image: Shaun Jeffers / Shutterstock.com
Posted: 2022-09-09
The confluence of secondary peril losses, geopolitical turmoil and reset macroeconomic fundamentals have led to a US$46bn reduction in capital at 1H22 and a projected year-end decline for the first time since the global financial crisis, according to a report from Howden.
Posted: 2022-09-08
Sedgwick has acquired full ownership of Sedgwick Leif Hansen in Denmark, or which the firm was previously a minority shareholder
Posted: 2022-09-08
TUI Group is rolling out F24’s CIM solution as its core global system for incident and crisis management.
Posted: 2022-09-08
Law firm DWF has acquired Manchester-based Acumension, which provides costs management services to a number of DWF clients, including NHS Resolution and NFU Mutual.
Posted: 2022-09-07
Moody’s has today launched a new ESG insurance underwriting solution for P/C insurers, borne out of a collaboration with global specialty re/insurer, Chaucer Group.
Posted: 2022-09-07
Markel International has launched a new solution for brokers and policyholders operating within the media and entertainment space.
Posted: 2022-09-05
Liz Truss has won the race to become the UK's next Prime Minister, following a two-month leadership contest that ended with the foreign secretary defeating Rishi Sunak by securing the backing over 81,000 Conservative Party members to become their new leader.
Posted: 2022-09-05
Praedicat has teamed up with Experian to create a portfolio analysis tool for underwriters of D&O in the US.
Posted: 2022-09-05
Beazley has announced the launch of a new online portal, created in partnership with Paragon, for its Weather Guard clients.
Posted: 2022-09-02
A lack of climate risk expertise and data are the main obstacles for climate financial disclosure in the Philippines and Singapore, according to a new report published this week by WTW. With Southeast Asia being one of the most vulnerable regions to climate change, companies in two of its markets, Singapore and the Philippines, are increasingly aware of the financial impact of climate change but are falling behind schedule with TCFD preparations.
Posted: 2022-09-02
Cyber security services firm, Bridewell, has opened its new 24/7 Security Operations Centre in Wales.
Posted: 2022-09-02
Lithium-ion batteries are an increasing cause for concern in shipping, as reflected in the number of fires on roll-on roll-off car carriers and container ships. The risks of Lithium-ion battery fires in cargo that is not stored, handled or transported correctly means loss prevention is vital for the industry, particularly given the difficulties involved in extinguishing battery fires at sea.
Posted: 2022-09-01
The International Underwriting Association has worked with the UK Government’s Department of Levelling Up, Housing and Communities to develop a new model insurance clause for residential tower repairs.
Posted: 2022-09-01
Introducing 3D printing technology in the clothes manufacturing industry will reinforce, not change, current power dynamics weighted in favour of retailers, research from ESCP Business School suggests. The report's authors predict that retailers will likely react to increased production speeds and higher market competition by decreasing purchasing prices and the duration of fashion trends.
Posted: 2022-08-31
Operational risk association ORX has today launched a Controls Library for operational risk.
Posted: 2022-08-31
DARAG Group has today announced the conclusion of a new agreement with an undisclosed captive insurance company.
Posted: 2022-08-30
Baldwin Risk Partners has partnered with cyber risk analytics specialist, CyberCube, as part of which the independent insurance distribution firm will roll out Broking Manager, CyberCube’s consulting service Concierge, and learning platform CyberCube Academy.
Posted: 2022-08-30
The government’s latest price index for the agricultural sector shows that farm input costs rose a record 33.1% in the year to June 2022, as rising energy prices set costs soaring. The agricultural output value of oats soared by 88%, wheat 54%, rapeseed by 66% and milk by 41% in the year to June.
Posted: 2022-08-30
A successful summer season for live events and festivals is cause for optimism, but the risk landscape of live entertainment also poses new challenges for event organisers, according to Allianz Global Corporate & Specialty. AGCS says many events will require new risk assessments.
Posted: 2022-08-26
Ocorian has reported a significant increase in the number of captives it supports with its Bermuda offices. The firm's insurance specialists now support over 137 Bermuda-registered captive insurance companies, as well as 93 commercial and special purpose insurers.
Posted: 2022-08-25
The four largest European reinsurers – Munich Re, Swiss Re, Hannover Re and SCOR – reported a 47% decline in combined net profits for the first half of 2022, according to figures released today by Moody’s.
Posted: 2022-08-25
After more than a decade of counter-piracy operations, the shipping industry is removing the Indian Ocean High Risk Area. Measures enacted to secure the waters by military, political, civil society and the shipping industry have reduced the threat of piracy. No attacks against merchant ships have occurred off Somalia since 2018.
Posted: 2022-08-24
The first insurance placement for the new Marine Cargo and War facility launched earlier this month by Marsh and Ascot has been secured.
Posted: 2022-08-24
Axa Climate has reached an agreement with RMA to use the modelling firm’s HWind analytics tool as a principal trigger metric for its relevant US parametric insurance policies.
Posted: 2022-08-24
Sapphire Re has selected Eurobase’s Synergy2 platform to support its end-to-end captive operations. The Synergy2 platform is a release-based solution helping captives achieve sustainable, strategic growth.
Posted: 2022-08-23
Tryg A/S, the largest non-life insurance company in Scandinavia, is joining the RSA’s Global Network as a Strategic Network Partner.
Posted: 2022-08-23
The Cyber Resilience Centre for the South East has reached a new milestone, having signed up its 1,000th business member.
Posted: 2022-08-23
As the hospitality sector gradually recovers from the impact of lockdowns and wider pandemic-related losses, businesses in the sector are urged to closely evaluate building reinstatement values to avoid being inadvertently underinsured. The risk is further exacerbated with rising inflation, according to Lockton.
Posted: 2022-08-22
Marsh has today launched a re/insurance facility that provides dedicated capacity for new and existing green and blue hydrogen energy projects. Developed with Liberty Specialty Markets and AIG, the facility provides up to US$300m of cover per risk for the construction and start up phases of hydrogen projects.
Posted: 2022-08-22
Gamma Location Intelligence has joined forces with climate data analytics provider, Sust Global, to offer clients actionable insight into the impact of climate change risks on property portfolios.
Posted: 2022-08-22
Roads in the UK could see self-driving vehicles by 2025 under government plans announced today. Some cars, coaches and lorries with self-driving features could even be operating on motorways in the next year, according to the Department for Transport. The Government has allocated a total of £100m, with £34m directed at safety developments and legislation.
Posted: 2022-08-19
The Financial Conduct Authority has fined Citigroup Global Markets £12,553,800 for failing to properly implement the Market Abuse Regulation trade surveillance requirements relating to the detection of market abuse.
Posted: 2022-08-19
The latest UK Health Security Agency data reflects a decline in the number of new cases of monkeypox being identified.
Posted: 2022-08-19
The UK Government has this week announced a series of measures aimed at bolstering the UK’s resilience, including the long awaited launch of a public emergency text alert system for the UK, as well as changes to the Civil Contingencies Secretariat.
Posted: 2022-08-18
M&A activity in the global insurance industry reached the highest growth rate for 10 years in the first half of 2022, according to Clyde & Co’s Insurance Growth Report mid-year update.
Posted: 2022-08-18
Aerial mapping company Bluesky International has been granted a contract extension from the Geospatial Commission to continue to supply aerial photography, 3D height models and colour infrared imagery, to public sector organisations across Britain.
Posted: 2022-08-17
As the wildfire season enters its peak, International SOS is advising organisations on the preparations that will best protect their people and ensure business continuity through to October.
Posted: 2022-08-16
Shipping company A.P. Moller-Maersk has opted for full-scale implementation of the HydroPen firefighting system, designed for direct firefighting in stacked shipping containers onboard commercial vessels.
Posted: 2022-08-16
The threat of attacks on public surface transportation and staff in countries with advanced economies has changed so significantly in the past two decades, that a fresh approach to security strategies is needed.
Posted: 2022-08-16
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: 2022-08-15
Compre has acquired the hospital liability portfolio of German insurer Basler Sachversicherungs-AG, of the Baloise Group.
Posted: 2022-08-15
Whilst supply chain woes focus predominantly on cargoes on the move, safety concerns at the locations where goods are ‘at rest’ are just as critical, according to the latest TT Club Brief.
Posted: 2022-08-15
Over 100 of the UK’s retail brands have written to police and crime commissioners in England and Wales, calling on them to commit to making retail crime a priority in local policing strategies.
Posted: 2022-08-12
A software outage that has affected the running of the NHS 111 service across the UK has been confirmed as a ransomware attack.
Posted: 2022-08-12
An official drought has been declared in southern, central, and eastern parts of England. The move was announced following a meeting of the National Drought Group – made up of senior decision makers from the Environment Agency, government, water companies, and environmental protection groups. It comes after a prolonged period of dry weather and on the second day of a four-day heatwave during which temperatures are expected to reach 35C across large areas of the country.
Posted: 2022-08-12
An amber warning for extreme heat from the Met Office is now in place as another spell of hot weather is expected to last until the start of next week.
Posted: 2022-08-11
The International Air Transport Association has launched AVSEC Insight, an online platform offering users a range of open-source information to aid in identifying potential security risks and threats to their operations and businesses.
Posted: 2022-08-11
Ransomware attacks have increased by 24% in Q2 of 2022 according to the latest threat report by digital security specialist Avast.
Posted: 2022-08-11
The UK construction sector is set to face increased insolvency, exacerbating price rises while rivalling inflation as a threat to successful project delivery, according to consultants Turner & Townsend.
Posted: 2022-08-10
Integrated risk management platform RiskSmart has launched in the UK following an investment of over £1m from NPIF Maven Equity Finance and other institutional investors.
Posted: 2022-08-10
Russia’s invasion of Ukraine immediately slowed the recovery from the Covid-19 pandemic and set the global economy on a course of lower growth and rising inflation according to the OECD. In its latest economic outlook, the organisation forecasts global growth to decelerate sharply to around 3% this year and 2.8% in 2023, well below the recovery projected in the previous outlook issued last December.
Posted: 2022-08-10
Gallagher has acquired crisis and risk management consultancy AnotherDay. Founded in 2016, the UK-based firm aims to help organisations pre-empt and prepare for complex threats, react to crises and investigate criminality through the use of intelligence and technology.
Posted: 2022-08-09
Increases in renewable and low carbon energy generation will be constrained by a significant shortage of skilled labour which cannot be addressed from the existing UK energy sector workforce alone, according to research by PwC.
Posted: 2022-08-09
Insurer FM Global has announced that it will allocate approximately US$300m to clients in the form of a ‘resilience credit’ intended to help them to invest in climate resilience solutions.
Posted: 2022-08-09
The UK Health Security Agency has published its latest technical briefing which suggests early signs that the outbreak is plateauing. The figures show that as of 4 August, there are 2,859 confirmed and highly probable cases of monkeypox in the UK.
Posted: 2022-08-08
The FCA has appointed Ruairi O’Connell, OBE, as the new director of international. He will be responsible for helping to shape the FCA’s international strategy as well as overseeing the organisation’s international engagement including matters arising from the UK withdrawal from the EU.
Posted: 2022-08-08
A software outage that has affected the running of the NHS 111 service across the UK was caused by a cyberattack on managed services provider Advanced. The incident, first reported early on Thursday 4 August, affected several of the firm’s healthcare customers, but it says the majority of the 140 NHS trusts that use its software were unaffected.
Posted: 2022-08-08
There is a growing disparity between the perceived and actual cost of recovering from a ransomware attack, according to analysis carried out by cloud security provider, Menlo Security.
Posted: 2022-08-05
Europe saw the highest growth in insurtech investment in 2021, with three mega-deals (Wefox, Bought by Many and Alan) totalling a combined value of US$1.2bn.
Posted: 2022-08-05
Global Secure Accreditation has developed a simple online survey to help organisations get to grips with travel risk management policies.
Posted: 2022-08-05
Former Sungard resilience lead, Chris Butler, has joined Databarracks as a managing consultant.
Posted: 2022-08-04
Digital insurance platform provider, EIS, has announced the acquisition of Metromile’s Enterprise Business Solutions, Lemonade’s SaaS-based claims automation and fraud detection solution.
Posted: 2022-08-04
Axa has selected Cognizant to operate, streamline and digitally enable part of the insurer’s legacy IT environment in its UK and Ireland businesses, with the goal of creating a more data-rich, secure and sustainable environment.
Posted: 2022-08-04
Tokio Marine Kiln has completed the sale of Tokio Marine Highland’s US construction division to Intact Insurance Group USA.
Posted: 2022-08-02
Cyber security membership organisation, CREST, has announced the release of its Defensible Penetration Test, a specification that provides recommendations on how penetration tests should be scoped, delivered and signed off.
Posted: 2022-08-02
Quotech has raised £1m from a syndicate of angel investors, including Convex Group
Posted: 2022-08-02
The global commercial insurance industry is predicted to continue its growth trajectory over the next decade, with estimates suggesting the sector could generate revenues of more than £542m by 2028 globally, compared with £287m in 2020. Despite this positive outlook, fears are growing of a number of external challenges to the industry’s success, according to KPMG’s Future of Large Commercial Insurance report.
Posted: 2022-08-01
The majority of global semiconductor businesses are still operating with “questionable” risk management strategies, with just 29% reporting supply chain risk management as embedded in strategic planning, capital allocation and other business processes, according to a new report.
Posted: 2022-08-01
Ground transport specialist CMAC Group has announced the latest in a series of initiatives to support the company's goal to become carbon neutral by the end of 2023.
Posted: 2022-08-01
The Competition and Markets Authority has today said it will be scrutinising sustainability claims made about fashion products by ASOS, Boohoo and Asda. Part of the CMA’s ongoing probe into potential greenwashing, the investigation follows concerns around the way the firms’ products are being marketed to customers as "eco-friendly".
Posted: 2022-07-29
Technology provider to the global maritime, defence, and government, energy and aerospace and maritime sectors, Survitec, has been placed on the Yorkshire Purchasing Organisation’s Dynamic Purchasing System for the provision of public sector emergency response and rescue equipment.
Posted: 2022-07-29
Spatial data provider, EarthDefine, has added over 27 million new commercial and residential structures to its high-resolution 3D building footprint database, bringing its total footprint count to over 183 million commercial and residential structures across the Continental US.
Posted: 2022-07-29
Nottingham-based Weather Logistics is launching new software that produces climate model simulations for the coming quarter, and provides advisory around local hazards such as heatwaves and flooding.
Posted: 2022-07-28
The ability to diversify and hedge portfolios and supply chains to reduce dependence on single suppliers will be key to minimising risk exposure for businesses, as they tackle the risks emanating from the Russia-Ukraine war, according to a new report from Lloyd’s and Aon.
Posted: 2022-07-28
Sedgwick’s UK repair solutions division has achieved carbon-neutral status.
Posted: 2022-07-28
The cost of a 200-year flood event could rise by some 42% to £5bn by the middle of the century under an intermediate emissions scenario (RCP4.5). Further, if no action is taken to reduce emissions, the UK could see a hike of up to 87% in average annual losses to residential properties.
Posted: 2022-07-27
Specialist insurer, CFC, has announced the expansion of its cyber threat analysis capability into North America and Australia.
Posted: 2022-07-27
BSI and the Department for Levelling Up, Housing and Communities have today published three new standards, which set out competence requirements for building safety management. The standards aim to support industry reform, in line with the new Building Safety Act, and are intended to minimise safety risks and improve protection to residents.
Posted: 2022-07-27
As part of a major product update, the alerting system app FACT24 ENS+, is being bolstered by a series of new features, including a dedicated protection solution for people working alone.
Posted: 2022-07-26
National Standards Body, BSI has published a new standard to support safety in automated driving technology.
Posted: 2022-07-26
Robin Simcox has been appointed as the substantive commissioner for Countering Extremism.
Posted: 2022-07-26
Damage from large wildfires in Europe has jumped dramatically, with a 75% increase in the amount of land burnt in 2020, according to analysis by Chaucer. That year, 787,130 hectares of land were burnt across 35 European countries, up from 450,250 hectares in 2019.
Posted: 2022-07-25
Cyber attacks are now the number one cause of data loss, according to research from Databarracks, marking the first time cyber has overtaken human error as the top cause of data loss.
Posted: 2022-07-25
Grain shipments from Ukraine’s Black Sea ports are expected to resume under the terms of new deal, brokered in Istanbul by Ukraine, Turkey, the UN and Russia.
Posted: 2022-07-25
The Port of Dover has criticised the “woefully inadequate” resource at the French border overnight and early this morning, declaring a critical incident as passengers and HGV drivers face hours of queues at the Kent port.
Posted: 2022-07-22
Legislation that promises to enhance the competitiveness of the UK financial services sector and “unlock tens of billions of pounds of investment across the economy” was introduced to Parliament this week.
Posted: 2022-07-22
The Bank of England, Prudential Regulation Authority and Financial Conduct Authority have set out a series of potential measures designed to strengthen the resilience of services provided by critical third parties to the UK financial sector. As the Bank of England’s Financial Policy Committee highlighted in 2021, financial stability could be affected by disruption at a small number of third-party service providers.
Posted: 2022-07-22
The Worldwide Broker Network has expanded its European presence, with the addition of Risk Solution Broker and Fortius Inter Partes as new members in Croatia and Söderberg and Partners in the Netherlands.
Posted: 2022-07-21
The Institute and Faculty of Actuaries has welcomed proposals put forward by the Treasury on the future path of Solvency II in the UK, and has reiterated its support for HMT’s underpinning objectives, while considering approaches in the Fundamental Spread methodology.
Posted: 2022-07-21
The High Court this week ruled that the Government’s net-zero strategy breaches the Climate Change Act and needs to be strengthened.
Posted: 2022-07-21
Against a backdrop of rising inflation and intensifying economic headwinds, almost two-thirds of finance leaders expect a recession within the next year, according to Deloitte’s UK CFO Survey Q2 2022. Over two-thirds (68%) believe high inflation will continue, anticipating it to remain higher for longer and to exceed economists’ expectations.
Posted: 2022-07-20
A new free app to help frontline managers, security officers and other staff prepare for upcoming new counter-terrorism training rules has been launched.
Posted: 2022-07-20
Marsh McLennan has updated its flood risk index which maps how a changing climate could shape flood risk in the future. The Flood Risk Index 2.0 includes risk scores for 180 countries in present-day conditions and in 1.5°C, 2°C and 3.5°C warming scenarios. The index shows that a 3.5°C warming would lead to a dramatic increase in flood risk globally, and that even limiting temperature rise to 1.5 or 2°C would substantially worsen the threat of flooding.
Posted: 2022-07-20
Businesses and consumers are at growing risk of identity fraud as criminals look to target consumers during the cost of living crisis according to fraud prevention service Cifas. The warning comes as 200,000 cases of fraudulent conduct were filed to the National Fraud Database in the first six months of 2022 – a rise of 11% on the previous year.
Posted: 2022-07-19
Fire and explosion, natural catastrophes and faulty workmanship or maintenance have been the major causes of loss by value of insurance claims over the past five years, according to figures from the Global Claims Review 2022 by Allianz Global Corporate & Specialty.
Posted: 2022-07-19
Labour and skills shortages risk significant damage to the UK economy, reducing the country's productivity and ability to invest, grow and raise wages sustainably, according to new research by the Recruitment & Employment Confederation.
Posted: 2022-07-19
Environmental, social and governance investing and reporting is facing existential questions associated with a lack of standardisation, regulation and common purpose, according to a new study published by EY and Oxford Analytica.
Posted: 2022-07-18
To help physicians and medical practices mitigate their exposure to risk of a malpractice lawsuit, Professional Risk Associates has launched Procuity, a risk tool which aims to help identify areas of potential liability for medical malpractice.
Posted: 2022-07-18
Wildfires in western and southern France have intensified just as record high temperatures are forecast for today of up to 42C. In the southwestern Gironde region, an estimated 11,000 hectares of forest have been lost to blazes in the past week. French authorities have evacuated 16,000 people from areas most at risk, while in Spain, around 20 wildfires are reported to be active.
Posted: 2022-07-18
Norton Rose Fulbright has won a hugely significant case on behalf of Martlet Homes, in what is the first High Court judgment on a claim concerning fire safety defects in a high rise building since Grenfell. Martlet’s claim against Mulalley concerned defective design and installation of cladding manufactured by Sto Ltd, which was installed by Mulalley in residential high-rises.
Posted: 2022-07-15
Businesses may not be sufficiently prioritising threats from vulnerabilities within the value chain, beyond the immediate boundaries of their own organizations, according to a survey by Tata Consultancy Services.
Posted: 2022-07-15
The global insurance market is forecast for strong growth in 2022 and 2023 with total premium volumes expected to rise above US$7 trillion in nominal terms for the first time ever by the end of this year, according to the latest World Insurance Sigma report published by Swiss Re Institute.
Posted: 2022-07-15
Temperatures of 40C have been forecast in the UK for the first time and the Met Office has issued its first ever red warning for exceptional heat.
Posted: 2022-07-15
Firetrace International has opened facilities in India and China, bringing its fire safety support to these rapidly expanding renewable energy markets.
Posted: 2022-07-14
Cyber risk analytics provider CyberCube has been chosen by re/insurance broker McGill and Partners for its Portfolio Manager and Broking Manager platforms.
Posted: 2022-07-14
EY has introduced its Virtual Internal Auditor which aims to provide a holistic view of an organisation’s risks across their audit processes. The platform brings together a new internal audit value proposition, methodology, governance, and people model that is supported by SaaS technology.
Posted: 2022-07-14
Cyber insurance provider CFC has warned of an emerging method of ransomware attack – dubbed ‘BazarCall’ – which is targeting small businesses. The firm says that the BazarCall attack method has been growing in use among well-known ransomware groups and is responsible for an increasing number of malware infections observed over the past three months.
Posted: 2022-07-13
Risk advisory and crisis response firm, Inherent Risks has collaborated with Atrium Underwriting to develop an interactive risk map to help users determine where emergency medical, evacuation and personal accident insurance cover is available in Ukraine.
Posted: 2022-07-13
A host of internal and external challenges facing Lloyd’s of London remain concerns for the world’s largest insurance market, despite its positive trajectory in performance, market reform and return to profitability in 2021, according to a report by Gallagher Re.
Posted: 2022-07-13
Sales in the hospitality sector are back to pre-pandemic levels but a slew of major challenges such as labour shortages, rising costs, and falling consumer confidence, are dashing hopes of a swift recovery, according to a new report by UKHospitality and CGA.
Posted: 2022-07-13
Companies face an increasing but under-recognised threat from cyberattacks on building systems and facilities managers need to act now with IT professionals to address the issue, warns research and advisory firm Verdantix.
Posted: 2022-07-12
Integrated risk management solutions provider Riskonnect has announced the acquisition of Castellan, adding the firm’s enterprise resilience management offering to its portfolio.
Posted: 2022-07-12
Cyber risk remains a persistent threat to organisations with no appreciable change in incidence, but a new sophistication in threat actors’ approach is emerging, according to a new report from Beazley.
Posted: 2022-07-12
Lawyers have been asked to play their part in helping to tackle the rise in organisations paying out to ransomware criminals. The National Cyber Security Centre and Information Commissioner’s Office believe that some businesses are paying ransoms with the expectation that this is the right thing to do and they do not need to engage with the ICO as a regulator, or incorrectly assume they will gain benefit from it by way of reduced enforcement.
Posted: 2022-07-11
Over three-quarters (76%) of UK businesses say employers have a learning and development responsibility to encourage office workers back to the office, according to a PwC survey of 150 UK employers. The same number (76%) believe employers have an economic responsibility to encourage workers back.
Posted: 2022-07-11
The National Cyber Security Centre has warned UK organisations to prepare for an extended period of heightened threat in relation to the war in Ukraine.
Posted: 2022-07-11
**UPDATE on 11th July 2022: The UKHSA has since issued a Level 3 alert for the East Midlands and South West regions** A Level 2 health-alert in 3 regions of the country has today been issued by the UK Health Security Agency, with the Met Office forecasting high temperatures throughout next week. In offices or similar environments, the temperature in workplaces must be reasonable but there is no law in the UK for maximum working temperature, or when it's too hot to work.
Posted: 2022-07-08
HM Treasury has today announced the appointment of Ashley Alder as the Financial Conduct Authority's new chair.
Posted: 2022-07-08
The government must stop "playing musical chairs" with health secretaries, as urgent decisions need to be made to protect public health, a UK-based Covid testing expert has said. Dr Quinton Fivelman has urged the new (or latest, given the ongoing cabinet crisis) minister to reintroduce face masks and reinstate free testing.
Posted: 2022-07-07
Former chancellor Rishi Sunak’s ambition to make the UK a “global cryptoasset hub” has not won the confidence of tech experts.
Posted: 2022-07-07
After a dramatic few days in Westminster, the resignation this morning of Boris Johnson saw the pound lift against the dollar and the FTSE 100 shift into positive territory. Volatility remains for now, however, as a new leader is sought, and British politics enter yet another new period of uncertainty.
Posted: 2022-07-07
Howden has acquired Auckland-based broker Wallace McLean as part of its plans for strategic growth in New Zealand.
Posted: 2022-07-06
The erosion of traditional buffer mechanisms to ensure the continual supply of goods demands a new assessment of potential risks, according to industry specialists. The ongoing effects of the pandemic, with its associated lockdowns and the war in Ukraine are proving catalysts to ignite underlying economic and environmental trends that will continue to fuel long-term changes in the pattern of global supply and demand.
Posted: 2022-07-06
Supply chain risk management organisation, CHAS, has launched a compliance verification service for materials suppliers, which shows commitment to quality practices, as well as compliance with UK GDPR, the Health and Safety at Work etc. Act 1974, the Modern Slavery Act 2015, the Environment Act 2021 and the Equality Act 2010.
Posted: 2022-07-05
Ardonagh Europe has agreed to acquire Léons Group, an independent family-owned insurance brokerage and consultancy firm in the Netherlands.
Posted: 2022-07-05
The LMG’s Data Council and Lloyd’s have launched a consultation process ahead of the revision of the Market Reform Contract.
Posted: 2022-07-05
There are just three weeks left to submit your views on government plans to strengthen the security and resilience of the UK’s data infrastructure. Essential services and the wider economy are becoming ever more reliant on large-scale data storage and processing services.
Posted: 2022-07-04
Global law firm Clyde & Co’s merger with UK and Ireland law firm BLM goes live today.
Posted: 2022-07-04
Charles Taylor has acquired maritime assurance and surveying group V&B.
Posted: 2022-07-04
Critical national infrastructure and privately-owned assets face mounting cyber threats against the backdrop of an increasingly tense geopolitical landscape. Effective risk management and insurance are vital for asset owners in building resilience to virtual attacks that trigger physical disruption, which a new report shows is becoming increasingly commonplace.
Posted: 2022-07-01
Marsh has this week announced several enhancements to its directors and officers liability insurance offerings that could benefit with clients with superior environmental, social and governance frameworks.
Posted: 2022-07-01
Tim Rayner has been named CEO and president of Verisk Specialty Business Solutions (formerly known as Sequel).
Posted: 2022-07-01
Fusion Risk Management has launched its new Fusion Intelligent Incident Manager, and expanded the functionality of its Dynamic Response capability.
Posted: 2022-06-29
The application deadline for the government’s Live Events Reinsurance Scheme is less than one month away.
Posted: 2022-06-29
Energy market regulation and onerous bureaucracy in the planning system are standing in the way of the government’s net-zero target, the CBI has said in its response to the Committee for Climate Change UK Net-Zero Annual Report.
Posted: 2022-06-29
Marsh has announced the launch of its Cyber Incident Management service.
Posted: 2022-06-28
A study of climate policy commitments in the emerging world has identified the governments of Bangladesh, Malaysia, the Philippines, Chile and Senegal among the nations and territories most strongly committed to prioritising climate when making public policy.
Posted: 2022-06-28
A new professional indemnity insurance scheme for EWS1 (external wall fire review form) assessors is set to be delivered by MGAM through an insurance provided by SCOR UK, and reinsured by the government.
Posted: 2022-06-28
Specialist insurer Beazley is to offer clients that opt in to Marsh’s Environmental, Social and Governance Risk Rating global access to additional capacity through its Lloyd’s of London Syndicate 4321.
Posted: 2022-06-27
Geo data specialist Fugro has entered into an agreement with McKenzie Intelligence Services to provide the geospatial imagery and re/insurance data company with high-resolution aerial imagery recorded immediately after an incident.
Posted: 2022-06-27
Gallagher Re has appointed Antoine Bavandi in the newly created role of global head of Public Sector, Parametric and Climate Resilience Solutions, effective immediately.
Posted: 2022-06-27
Dairy Crest has been fined £1.5m by the Environment Agency – the largest such fine ever awarded in the South West. The UK’s largest dairy processing facility, and one of the biggest manufacturing sites in Europe, produces 57,000 tons of dairy products a year. Some 1.3 million litres of milk is brought to site daily from about 370 local dairy farms.
Posted: 2022-06-24
Miller has announced the appointment of Susana Bramwell to lead the broker’s expansion into media, TV and film.
Posted: 2022-06-24
Retrospect has launched its cloud storage offering, Retrospect Backup 19.
Posted: 2022-06-24
WTW and Solera Audatex have developed the inflation forecasting tool to help motor insurers more accurately allow for the future cost of motor repairs in their pricing.
Posted: 2022-06-23
With merger and acquisition deal values exceeding the equivalent of £815bn for the first time last year, brokers have a role in helping technology clients and their SME targets mitigate the unique risks they face when considering M&A, according to CFC.
Posted: 2022-06-23
Retail sales volumes fell slightly in the year to June, marking the third successive month in which volumes have failed to grow, according to analysis of 100 companies from the CBI. Stock levels in relation to expected sales were “too high” in June, and are expected to remain so in July.
Posted: 2022-06-23
The Food Authenticity Network has published a new online portal for professionals working in the food and drink supply chain, with information related to potential or actual disruption to supply chain resulting from the war in Ukraine.
Posted: 2022-06-22
JLT Specialty Limited has been fined £7,881,700 for financial crime control failings, which in one instance allowed bribery of over US$3m to take place, the Financial Conduct Authority has confirmed. JLTSL was part of JLT Group, which had a number of subsidiaries globally.
Posted: 2022-06-22
Interest in more sustainable smartphone devices is growing, with emerging brands leading the way.
Posted: 2022-06-22
A new UK-wide network of hydrological measuring equipment has been proposed to support the country’s research in, and resilience to, extreme weather events such as flood and drought. It is hoped that the government-led UK Research and Innovation will invest £38 million in the Floods and Droughts Research Infrastructure project, slated to start early next year.
Posted: 2022-06-21
The biggest rail strikes in 30 years will this week see 40,000 workers walk out on Tuesday, Thursday and Saturday, at a time when businesses are already struggling with post-pandemic recovery and ongoing supply chain disruption. The events and hospitality sectors are expected to suffer their latest disruptive blow, as staff are unable to get into work, and customers stay away.
Posted: 2022-06-21
The Government Actuary’s Department has worked with the Department for Education to extend its risk protection arrangement to include cyber incidents.
Posted: 2022-06-21
Intact Insurance Group has bought Tokio Marine Highland’s US construction division from Tokio Marine Kiln. The division provides primary and excess builders risk insurance in the US and employs around 40 people. It is headquartered in Naperville, Illinois.
Posted: 2022-06-20
QBE Insurance is to roll out a range of products from cyber risk analytics firm CyberCube.
Posted: 2022-06-20
Over half of UK employees polled by the Chartered Management Institute in March this year have reported having witnessed or experienced discrimination in the workplace.
Posted: 2022-06-20
It was a big night for CMAC and Royal Mail Group at the 2022 Business Continuity Awards. Find out who took home a trophy from the industry’s main event, hosted by the one and only Paul Sinha, at the London Marriott Grosvenor Square.

Congratulations to all our finalists and especially to...
Posted: 2022-06-17
Like 2021, 2022 has been a time of great change for our members and clients around the world. Global Insurance Law Connect recently published the fourth edition of our Risk Radar report, examining trends in members’ insurance markets. What is most striking from this edition is the rise of a group of megatrends that span every jurisdiction and by necessity, require a wholesale global response. Our members have been focused on cyber, climate risk, and the pandemic’s long tail – with an emphasis on the stability of the D&O market.
Posted: 2022-06-16
In a world where climate change is altering the substance of our physical environment, and new technologies are upending established norms, emerging risks are presenting novel challenges for businesses and insurers. As the global risk community deals with known risks, a new report calls attention to the less familiar emerging risks landscape.
Posted: 2022-06-16
Among the 200 largest worldwide insurers, fewer than 25% have truly digitalised the value chain, while more than 10% are not appreciably leveraging digital technologies within their current business processes.
Posted: 2022-06-16
Pine Walk Capital has launched its seventh MGA. Pernix Specialty specialises in political risk and non-payment risks and will be led by CEO Kade Spears and CUO Caroline Coulson.
Posted: 2022-06-15
The Investing and Saving Alliance has launched a Best Practice Guide to assist industry participants looking to complete the European ESG Template.
Posted: 2022-06-15
Zurich Insurance Group has announced plans to digitalise its international programmes business with the goal of providing stakeholders with a more efficient and sustainable service across insurance programme management, binding and renewals, and claims management.
Posted: 2022-06-15
A lack of awareness around the dangers of workplace slips, trips and fall persists in UK workplaces, with a significant impact businesses and their employees. This is among the findings of a new report into workplace STF, published today by accident prevention charity, The Royal Society for the Prevention of Accidents and insurer, RSA.
Posted: 2022-06-14
The destabilising potential of disrupted supply chains and the rising cost of living due to inflation could stir civil unrest, prompting risk specialists to warn companies to review business continuity and contingency plans. With confidence in leadership being concurrently undermined, the role of social media platforms in activating civil unrest is becoming increasingly influential, according to AGCS.
Posted: 2022-06-14
More than half of M&A dealmakers fear the impact of geopolitical uncertainty, with activity in Europe more likely to be significantly impacted than other markets. This is according to the latest Aon/Mergermarket Global M&A Risk in Review report, published today.
Posted: 2022-06-14
Recent geopolitical developments and economic turmoil have significantly altered business leaders’ perceptions of the risks they face and their resilience to those risks, which has fallen dramatically since 2021. The impact of inflation is a cause for particular concern, alongside the fear that global tensions are increasing the threat from external forces.
Posted: 2022-06-13
Losses at the top 100 UK restaurant groups grew 24% from £673m to £832m in the past six months, according to figures from accountancy group, UHY Hacker Young.
Posted: 2022-06-13
The Ghana Ministry of Finance, the United Nations Development Programme, the German government and the Insurance Development Forum have today announced the launch of a collaborative project to develop a sovereign risk transfer scheme for urban floods in Ghana, alongside long-term investments in the country’s capacity to leverage and integrate insurance and risk financing into their development strategies.
Posted: 2022-06-13
Allianz Trade is partnering with B2B e-commerce payments platform, Two, to develop the buy-now-pay-later finance market for SMEs and their clients.
Posted: 2022-06-10
Legislation was laid this week that will make monkeypox a notifiable infectious disease, compelling doctors to notify their local council or local Health Protection Team if they suspect a patient has monkeypox. The UKHSA has meanwhile detected 45 additional cases of monkeypox in the UK, bringing the total number confirmed to 366.
Posted: 2022-06-10
Most people who switched to homeworking during the pandemic plan to work in a hybrid capacity moving forward, according to data from the ONS’s Opinions and Lifestyle Survey.
Posted: 2022-06-10
Supply chain risk management organisation, CHAS, has joined forces with the Supply Chain Sustainability School to develop the Fairness, Inclusion and Respect Growth Assessment.
Posted: 2022-06-09
The British Insurance Brokers’ Association has announced a partnership with Travelers Europe.
Posted: 2022-06-09
A new group focusing on environmental, social and governance issues has been established by the International Underwriting Association. Among the issues discussed at the IUA committee’s first meeting were efforts to end modern slavery and forced labour and initiatives to measure ESG commitments in the insurance sector.
Posted: 2022-06-09
DXC Technology has won a multi-year contract to deliver network and security services to the European Space Agency. Pictured: Frame for Artemis IV. The fourth European Service Module structure to power astronauts on NASA's Orion spacecraft to the Moon is now complete. The structure is seen here at a Thales Alenia Space site in Turin, Italy.
Posted: 2022-06-08
Wefox has appointed Hanna Jacobsson as chief risk officer.
Posted: 2022-06-08
A large number of organisations have increased cyber security and data protocols over the past two years but still struggle with employee compliance. Whilst organisations have adapted security policies to accommodate hybrid work, they are still at risk due to lack of security awareness – particularly when data is on the move between work locations.
Posted: 2022-06-08
Investment in risk management appears to be paying off, as ransomware frequency data shows notable moderation, albeit from elevated levels.
Posted: 2022-06-07
The UK is well prepared to address climate-related risks, while the key manufacturing nations of India, Vietnam and some regions in China all rank poorly for both Climate Risk Exposure and Climate Risk Quality. This is among the findings of the 2022 FM Global Resilience Index, which examines climate vulnerabilities and resilience via 15 economic, risk quality and supply chain measures.
Posted: 2022-06-07
Airmic has launched a raft of new educational and thought leadership publications at its conference in Liverpool today, including the 2022 Annual Survey, and Explained Guides on general insurance, broker tenders and employee benefits.
Posted: 2022-06-07
Loss adjuster QuestGates is warning hospitality businesses that the accelerated use of QR codes is making them vulnerable to criminals looking to steal data and money. The warning follows an industry-wide uptake of the codes to facilitate trading during the pandemic.
Posted: 2022-06-06
WTW has today announced the enhanced capability of its Climate Diagnostic tool, which first launched just over a year ago.
Posted: 2022-06-06
Trust Payments has today announced a multi-year partnership with Feedzai’s cloud-based risk management platform, RiskOps.
Posted: 2022-06-06
Chief audit executives cite the war in Ukraine as the number one macroeconomic and geopolitical risk facing businesses today.
Posted: 2022-06-01
The UK Health Security Agency has this week published new guidance principles on how to effectively limit transmission of monkeypox. This includes advice and protocols for those testing positive for monkeypox, their close contacts and anyone involved in their treatment or care, including healthcare workers.
Posted: 2022-06-01
The percentage of UK exporters expecting turnover to fall this year has increased from 11% to 19% since the start of the Ukraine conflict, with fear of non-payment spiking since the invasion from 27% to 53%.
Posted: 2022-06-01
Zurich’ ESG rating has been upgraded to 'AAA' from 'AA' by MSCI. MSCI ESG Ratings aim to measure a company's resilience to long-term ESG risks. Companies are scored on an industry-relative AAA-CCC scale across the most relevant key Issues based on a company's business model.
Posted: 2022-06-01
The Chartered Institute of Internal Auditors has welcomed the government’s response to the audit White Paper consultation along with the commitment to publish a draft Audit Reform Bill, which, it said, was long overdue.
Posted: 2022-05-31
After six years of above-average seasons, catastrophe risk experts from AGCS and Allianz Re anticipate this trend to continue in the 2022 Atlantic hurricane season, which starts tomorrow. The 2022 season is expected to see 14 to 21 tropical storms and 6 to 10 hurricanes (including 3 to 6 major hurricanes).
Posted: 2022-05-31
F24 has widened its portfolio into the DACH region with the acquisition of Business-DNA Solutions, a provider of governance, risk and compliance tools.
Posted: 2022-05-30
The value of biometrically authenticated remote mobile payments may reach almost £1trn globally by 2027 (from £263bn in 2022), according to a new study from Juniper Research.
Posted: 2022-05-30
Like most children I was taught at an early age that lying is a bad thing. I should always tell the truth. As they grow up, children also learn that truth is a social construct. Some lies are acceptable when they spare another’s feelings, and not every truth, view, or opinion merits being shared. What my parents really meant is that I should be honest with them when they asked me a question about something I had done.
Posted: 2022-05-30
A report from broker Marsh and technology giant Microsoft has found the upheaval of recent workplace disruption and accelerated digital transformation has left most business leaders no more confident in managing their cyber risk than they were two years ago.
Posted: 2022-05-27
Beazley has launched an online incident response platform for US cyber policyholders. This new platform will serve as a central location to monitor and manage incidents, and centralise communications between the policyholder, Beazley and specialist service providers.
Posted: 2022-05-27
Cases of monkeypox continue to be confirmed and suspected in a number of non-endemic countries, in the largest recognised outbreak of this virus among people with no travel history to countries where the disease is endemic. As of 25th May, data from the Johns Hopkins Center for Health Security confirms 229 cases in 19 countries.
Posted: 2022-05-27
WTW has launched a specialist ports and terminals cyber product. CyNav for Ports and Terminals is designed to address the specific cyber threats faced by port and terminal owners and operators, providing cover for BI losses, including those arising from IT service providers, property damage, wrongful delivery of cargo, regulatory actions and crisis management expenses.
Posted: 2022-05-24
Jobs that require abstract thinking, people engagement and soft skills are less likely to be automated in the future, according to research just published by the London School of Economics and Political Science.
Posted: 2022-05-24
HDI Global and HDI Global Specialty’s UK and Ireland branches are to be aligned under a common leadership structure responsible for over £1bn in GWP.
Posted: 2022-05-24
Global recovery from the impact of the pandemic has been thwarted by the Russia-Ukraine conflict, which is having a negative impact on global growth, according to a report from insurer Atradius. Growth momentum for emerging market economies is weakening too, as fiscal and monetary support from other markets is being rapidly withdrawn.
Posted: 2022-05-23
ICEYE has announced the start of a pilot activity with the European Space Agency to support the Copernicus Emergency Management Services team with flood insights.
Posted: 2022-05-23
Thirty-six more cases of monkeypox have been identified by UKHSA since 7th May, bringing the total number of cases confirmed in England to 56.
Posted: 2022-05-23
UK manufacturing output grew at its fastest pace in ten months over the quarter to May, but output still failed to keep pace with demand, according to the latest CBI monthly industrial trends survey.
Posted: 2022-05-20
In the wake of Russia’s invasion of Ukraine and the shift to hybrid working, the Institute of Directors has found that 72% of business leaders view cyber risk as a significant concern for their organisation, with 58% believing that the risk of a cyber attack on their organisation has increased.
Posted: 2022-05-20
The pandemic, global warming and now the war in Ukraine have forced organisations to rethink how they keep up with the speed of new risks emerging, the profile of risks changing, and how risk management practices must adapt as a result.
Posted: 2022-05-20
Public health experts worldwide are on alert over several outbreaks of confirmed and suspected monkeypox in the UK, Portugal, Spain, Canada and the US. The World Health Organisation has begun extensive contact tracing and viral sequencing of the confirmed cases, while European health authorities are monitoring for any other suspected cases.
Posted: 2022-05-20
The UK’s Health Security Agency confirmed Friday that eleven more cases of monkeypox had been identified, bringing the total number of monkeypox cases confirmed in England since 6th May to 20.
Posted: 2022-05-20
Insurers need to fundamentally change their business models if they are to achieve climate resiliency, according to a new report by Capgemini and Efma.
Posted: 2022-05-19
Risk modelling solutions firm RMS has announced four new high definition models, including Europe Windstorm, North America Winterstorm, North America Severe Convective Storm, and Terrorism.
Posted: 2022-05-19
The war in Ukraine could prove to be the tipping point that forces millions of people around the world into hunger, warns the UN secretary general António Guterres. The climate emergency, the economic shock of the Covid-19 pandemic, and now conflict in Ukraine have all contributed to a worsening outlook that he says has already pushed an estimated 500,000 people into famine conditions.
Posted: 2022-05-19
A new app has been launched which allows users of social media and professional networking sites to better identify the hallmarks of fake profiles used by foreign spies and other malicious actors.
Posted: 2022-05-18
Supply chain congestion is increasing the time cargo sits idle during its journey and is increasing the risk of theft, according to a report for 2021 from transport and logistics insurer, TT Club and global provider of supply chain intelligence, BSI.
Posted: 2022-05-18
The Architects Registration Board (ARB) has published new draft guidance on the insurance arrangements architects are expected to have in place to remain compliant with its code of conduct as it looks to address the issue of spiralling costs of cover.
Posted: 2022-05-18
The vast majority of businesses and consumers feel overwhelmingly positive about their insurance providers and most of the insurance policies they buy, according to research by legal firm DWF. It found that 93% of consumers and 94% of businesses are satisfied with the service they receive from their current insurers.
Posted: 2022-05-18
Despite ongoing efforts and activity towards gender equality, workplace gender equity remains elusive, according to analysis by the Chartered Management Institute (CMI). The research has revealed that passive and even active resistance to gender equality, particularly from male managers, is prevalent.
Posted: 2022-05-17
One in five businesses across eight countries said that a cyber attack almost rendered them insolvent, according to the latest cyber readiness report by Hiscox; an increase of almost a quarter (24%) compared to the previous year. The frequency of cyber attacks increased by 12% year-on-year – with 48% of businesses saying they suffered a cyber attack in the past 12 months.
Posted: 2022-05-17
Munich Re has launched its new CertAI validation service, aimed at enhancing the acceptance of artificial intelligence (AI).
Posted: 2022-05-17
Most employers have skills shortages in their workforce or expect to have shortages in the next five years, according to research by PwC. A third of respondents said they were experiencing a current shortage in core business skills such as teamwork, leadership, relationship-building and communication skills, while a further 41% expected to have shortages in the year ahead.
Posted: 2022-05-16
The water sector has been identified as the industry most resilient to future disruption, and retail as the least, according to a new survey from professional services company GHD.
Posted: 2022-05-16
Churches across the UK are being urged to remain vigilant amid fears of a rise in metal theft. The warning comes from specialist insurer Ecclesiastical, which saw a fall in theft of metal claims during the pandemic, but says criminal activity is likely to rise again over the coming months.
Posted: 2022-05-16
Cyber attacks and data loss are the top liability risks facing directors and officers, with cyber extortion and the growth of ransomware attacks also flagged up as a significant source of financial or reputational risk, according to a survey by WTW and law firm Clyde & Co.
Posted: 2022-05-13
Accountancy group KPMG has been given a £14.4m fine after a tribunal found it had deliberately misled regulators during the course of its work for construction firm Carillion.
Posted: 2022-05-13
The UK financial sector’s view of current key risks has shifted according to a new Bank of England survey, with cyber, geopolitical and inflation-related concerns topping the list.
Posted: 2022-05-13
GMB Union and Deliveroo have signed a union recognition deal covering the company’s more than 90,000 self-employed riders. The Voluntary Partnership Agreement will see GMB have rights to collective bargaining on pay and consultation rights on benefits, riders' health, safety and well-being. GMB will also be able to represent individual riders in disputes.
Posted: 2022-05-12
Trigo Group has acquired industrial AI start-up Scortex.
Posted: 2022-05-12
Howden has acquired the business and assets of Singapore-based Aegis.
Posted: 2022-05-12
The Health Claims Bureau Group is renewing its partnership with Healix Health Services. In the last six months, HCB Group has helped over three quarters (77%) of those who used the service to return to work through its Early Intervention programme, while achieving other positive outcomes, such as partial return to work or referrals to specialists, for a further 9% of cases.
Posted: 2022-05-11
The systems that underpin the UK’s critical national infrastructure are under increasing cyber threat, according to a report from cyber security services firm, Bridewell. Some 72% of cyber security decision makers at UK CNI organisations have reported a rise in attacks since the start of the Ukraine war.
Posted: 2022-05-10
Rising competition for supremacy over soil, sea, and space is expected to fuel future global geopolitical tensions as nations seek to stake their claims on sea-based borders, previously untapped mineral resources and the cosmos, according to a new report from Marsh Specialty.
Posted: 2022-05-10
Pool Re has today announced the most significant reduction in its reinsurance pricing for 20 years. The extent of the reduction will vary according to geographical location. Overall, reinsurance pricing will reduce by about 20% outside central London, and could reduce by more than 30% in non-urban areas.
Posted: 2022-05-09
Some 59% of SMEs are relying on credit to pay for their insurance, borrowing on average around £1,105. Nearly 9% of those report having borrowed over £3,000 to fund their cover.
Posted: 2022-05-09
A new report released by environmental disclosure system CDP and Planet Tracker suggests that financial institutions are exposed to significant and growing risks posed by depleted and contaminated water supplies.
Posted: 2022-05-09
A new report published today by the Alliance for Sustainable Building Products highlights the challenges faced by developers in their attempts to reduce carbon emissions in new building projects.
Posted: 2022-05-05
Research carried out by cyber security firm, ESET, shows that the media sector has been hit the hardest by cyber crime with 39 reported incidents in the first quarter of this year, followed by online technology and telecoms, retailers and manufacturers.
Posted: 2022-05-05
Catalina General Insurance has entered into an agreement with subsidiaries of QBE Insurance Group for a loss portfolio transfer of QBE’s legacy North American Excess and Surplus lines prior accident year liabilities.
Posted: 2022-05-05
The value of the opportunity provided by the global transition to net-zero could be large enough to double the size of the London insurance market, according to the London and International Insurance Brokers’ Association.
Posted: 2022-05-04
The global offshore energy and shipping sectors are under a greater than expected threat from climate change as extreme weather becomes more commonplace.
Posted: 2022-05-04
Castel Underwriting has launched a contingency underwriting cell, focusing on the sports, leisure and entertainment industries.
Posted: 2022-05-03
Sword GRC has released the latest version of its Active Risk Manager solution. The risk, compliance and governance software and services provider's flagship product, ARM 2022, now offers a range of new usability features for comprehensive project and enterprise risk management.
Posted: 2022-05-03
Howden has promoted Jenny Lim to the role of CEO of its Singapore operations, the broker’s largest retail operation in Asia, and home to its regional headquarters.
Posted: 2022-05-03
Coverys has announced the launch of Coverys International Insurance Company.
Posted: 2022-04-29
Global investment in insurtechs broke all records in 2021. Total funds invested, at US$15.8bn, was the highest annual capital inflow ever – more than in 2020 and 2019 combined. The year’s 564-deal total broke a further record. New highs were also seen for international participation, unicorn creation, IPOs, and single-deal size, with Integrity Marketing Group's US$1.2bn in December among these.
Posted: 2022-04-29
In the week that US President Biden’s chief medical advisor, Dr Anthony Fauchi, said that the US was "transitioning" out of the pandemic phase, and the EU declared an end to its "emergency phase", most regions of the world have indeed continued to report decreasing trends in cases of Covid-19; but the devil is, as ever, in the detail.
Posted: 2022-04-29
The Institute and Faculty of Actuaries has welcomed the government’s long-anticipated consultation on ‘Solvency UK’, which it says represents a "major opportunity to overhaul Solvency II to ensure it aligns with a post-Brexit world".
Posted: 2022-04-28
Legal expenses insurance and assistance provider ARAG has reported its twelfth profitable year in succession, during which the company’s GWP passed £50m for the first time.
Posted: 2022-04-28
Swiss Re Institute forecasts a “stagflation-like” economic environment for 2022 and 2023 – or an economy characterised by higher inflation and lower real GDP growth. However, the risk of a 1970s-style economic environment is unlikely, it contends, as, unlike the structural stagflation of that era, this stagflation will be cyclical, with the slowdown in economic growth leading to lower but still very high inflation in 2023.
Posted: 2022-04-28
Cambridge Mobile Telematics has announced the release of Advanced Risk, a new solution that allows insurers to analyse and measure driver risk using such new variables as contextual speed, advanced distraction and compound events.
Posted: 2022-04-27
Global commercial insurance prices increased by 11% in the first quarter of the year, according to the Global Insurance Market Index published today by Marsh, continuing a trend of moderating rate increases that began in Q1 2021.
Posted: 2022-04-27
Global specialty re/insurance group, Chaucer, has announced its commitment to achieve net-zero greenhouse gas emissions across all business operations by 2050 or sooner. This includes its global underwriting and investment portfolios.
Posted: 2022-04-27
Half of UK senior decision makers are prioritising growth in their organisation while one in five are prioritising the reduction of carbon emissions, according to the BSI’s annual Net-Zero Barometer Report.
Posted: 2022-04-26
The UK government has announced a range of measures designed to support Ukraine in its conflict with Russia by removing all tariffs covered by the existing UK-Ukraine trade deal and imposing the Putin government with fresh sanctions.
Posted: 2022-04-26
Geo-coding and property intelligence specialist, Addresscloud, has partnered with flood and climate risk data provider, Ambiental Risk Analytics to help insurer clients better understand and mitigate potential financial losses or other negative consequences of the rapidly changing climate on their Europe-wide portfolios.
Posted: 2022-04-26
EigenRisk is to incorporate ICEYE's flood insights for large-scale flood events into the EigenPrism catastrophe risk management platform.
Posted: 2022-04-25
Hitachi Vantara is leveraging Risk Solved’s global risk management platform to bolster its
insurtech capabilities.
Posted: 2022-04-25
The Lloyd’s Market Association has announced the appointment of Janine Powell as claims director.
Posted: 2022-04-22
A review carried out by the Financial Conduct Authority has found that challenger banks need to improve how they assess financial crime risk, with some failing to adequately check their customers’ income and occupation. In some cases, challenger banks were found to have no financial crime risk assessments in place at all.
Posted: 2022-04-22
Research published today suggests that a large number of insurance brokers don’t have the resource or knowledge to tackle the climate crisis by setting carbon reduction targets. And some have no interest at all in net-zero...
Posted: 2022-04-22
Business resilience professionals predict 'peak risk' in the coming months, with geopolitical, war and economic risks dominating thinking – even before the invasion of Ukraine. This is among the findings of Beazley’s annual Risk and Resilience research of firms in the UK, the US, Canada and Singapore – undertaken prior to the invasion of Ukraine.
Posted: 2022-04-21
The Chartered Insurance Institute is offering insurance professionals help to address stress, after 65% identified heavy workloads as the greatest cause of work-related pressure.
Posted: 2022-04-21
The Financial Conduct Authority has finalised its review of the rules requiring listed companies to report information and to disclose against targets on the specific representation of women and ethnic minorities on their boards and among executive management.
Posted: 2022-04-20
The Department for Transport and the Centre for Connected and Autonomous Vehicles
have published the findings of cognitive testing research into whether the revised Highway Code wording about automated vehicles is clearly understood by drivers.
Posted: 2022-04-20
Supply chain risk management organisation, CHAS has introduced a new solution designed to enables buyers and suppliers to demonstrate their regulatory compliance around health and safety, environmental issues, modern slavery, diversity, equality and inclusion across the supply chain.
Posted: 2022-04-20
French reinsurer SCOR has said it expects heavy losses – running to double digit millions – from the ongoing war between Russia and Ukraine. It said its Russian subsidiary SCOR PO had stopped underwriting business while the group expected significant losses in lines including political risks, credit and surety, and aviation.
Posted: 2022-04-19
Financial data belonging to some 42.2 million people in the UK was compromised last year, up a staggering 1,777% from 2.2 million in 2019-20. Law firm RPC says the huge spike likely reflects an increase in the amount of data compromised, due in part to ransomware attacks. These can potentially involve significant quantities of data being copied at the same time as encrypting the target’s data.
Posted: 2022-04-19
Swiss Re has this week closed a multi-year stop-loss transaction, with financing provided by JP Morgan, among other institutional investors. The transaction, which covers underwriting risks across the entire Swiss Re Group, is understood to be the first of its kind in combining bank financing and insurance-linked securities.
Posted: 2022-04-14
Kenyon International Emergency Services has managed the evacuation for a large financial services firm of around 300 people from Ukraine following the Russian invasion. Kenyon supported employees and their families by providing remote mental health support to the company’s employees ahead of the invasion.
Posted: 2022-04-14
Bosch Service Solutions, app developer Sfara, and digital solutions provider eDriving have together developed a new driver risk management tool for fleet operators.
Posted: 2022-04-14
Risk management society, RIMS, has modernised its Risk Maturity Model Available online for organisations around the globe, the completely revamped RIMS RMM guides strategic risk professionals in identifying their risk programme’s maturity level, in targeting areas for improvement.
Posted: 2022-04-13
Optimism in UK financial services has fallen at the quickest pace since September 2019, according to the latest CBI/PwC Financial Services Survey. Operational resilience emerged as a key theme amongst respondents, with 92% at least citing resilience as the key priority for future business strategy and transformation plans.
Posted: 2022-04-13
Kennedys is to receive government funding to develop software that aims to identify and assess reputational risk. Awarded through the Innovate UK programme, the law firm will work with a consortium of academics and industry professionals to develop a real-time index of any risk relating to an organisation’s ‘corporate citizenship’, measured through ESG elements and practices.
Posted: 2022-04-13
The Lloyd’s building at London’s Lime Street was closed this morning after around 70 protesters from Extinction Rebellion blocked the entrances from 0700, preventing staff from entering, with the intention of shutting the Lloyd’s market for the day.
Posted: 2022-04-12
The Risk Management Awards 2022 are open for entries.
Posted: 2022-04-12
Tokio Marine Kiln has launched IP abatement insurance for clients in the US. The product will be available for SMEs with revenues under US$100m, in particular start-ups holding intellectual property rights. The abatement add-on product will cover legal representative’s fees and legal expenses incurred by organisations seeking to protect their filed intellectual property rights and will feature coverage limits of up to US$3m.
Posted: 2022-04-12
The Office for Product Safety and Standards has launched a new product safety alerts, reports and recalls site to help the British public, businesses and consumer groups identify unsafe products.
The new service helps users to search for previously recalled or reported products; filter pages by product category, risk level, measure type, date and type of alert; and subscribe to instant, daily, or weekly updates
Posted: 2022-04-11
Lime Global has launched a modular healthcare subscription service.
Posted: 2022-04-11
UN Secretary-General António Guterres has launched the High-Level Expert Group on the Net-Zero Emissions Commitments of Non-State Entities to provide scrutiny of corporate and non-state net-zero target standards and reporting.
Posted: 2022-04-11
The pandemic has spurred a behavioural reset when it comes to digital transformation, with the biggest investments made in machine learning (60%), artificial intelligence (50%) and document-centric process automation (50%).
Posted: 2022-04-08
Communities in the UK are being urged to share their experiences as part of a major independent review into the impacts of extremism. Dame Sara Khan, Independent Adviser for Social Cohesion and Resilience, launched the 8 week call for evidence to help examine the impact, harm and response to extremism at a local level.
Posted: 2022-04-08
The British Insurance Brokers’ Association has launched a new guide to the benefits of trade credit insurance.
Posted: 2022-04-08
The UK government’s new energy strategy sets an ambitious bar for a more resilient, low carbon energy system, but does not go far enough to address the current crisis, business group the CBI has said. Nuclear will provide clean and stable power for consumers and businesses, as will renewable technologies, and a commitment to planning reforms and rapid approvals.
Posted: 2022-04-07
The Industry and Regulators Committee has written to the economic secretary to the Treasury, John Glen (pictured), to outline the concerns about a lack of proportionality in the regulation of the London Market by the Financial Conduct Authority and the Prudential Regulation Authority, which was described as “overly demanding and burdensome”.
Posted: 2022-04-07
Live flood alert insurtech, Previsico, has today announced a partnership with flood resilience solutions provider, Watertight International.
Posted: 2022-04-07
The risk management community anticipates that travel and working patterns may stabilise by the end of 2022, according to a report published today. Working practices and employee expectations have changed radically as a result of the pandemic, as WFH has become entrenched, and 9 to 5 in the office is only for the few.
Posted: 2022-04-06
Matterport has released a motorised mount for smartphones, designed for use with the Matterport Capture app. The app creates 3D digital twins of any physical space to help useres operate, document, manage and measure properties virtually.
Posted: 2022-04-06
Verisk has formed the Verisk Climate Advisory Council, whose members will provide strategic guidance and feedback on the company's climate change solutions in development, such as the climate conditioning of the company’s extreme event models; and present research, specific to each members’ specialty area, regarding the evolving state of climate change.
Posted: 2022-04-06
Fines totalling almost half a billion pounds were handed out to UK companies during 2021, according to data published today by law firm, BLM. These include fines from four major UK regulators, including the Serious Fraud Office, the Financial Conduct Authority and the Information Commissioner’s Office.
Posted: 2022-04-05
Healix Health Services has launched its new digital health solution, providing employers with access to digital health support services.
Posted: 2022-04-05
The pressure to manage energy transition risk is being accelerated by the need to seek alternative sources of energy to oil and gas following events in eastern Europe, according to WTW’s latest annual Energy Market Review. The report reflects a volatile energy sector, with commodity prices surging to record levels, and growing concern around higher inflation rates.
Posted: 2022-04-05
Cyber risk in the transportation industry
The connected nature of the transport and logistics industries makes them an attractive target for hackers, with potentially disruptive and costly consequences. Between June 2020 and June 2021, the transportation industry saw an 186% increase in weekly ransomware attacks. At the same time, regulations and cyber security standards are lacking – creating weak postures across the board. This podcast explores the key risks. Published April 2022.

Political risk: A fresh perspective
CIR’s editor, Deborah Ritchie speaks with head of PCS at Verisk, Tom Johansmeyer about the confluence of political, nat cat and pandemic risks in a world that is becoming an increasingly risky place in which to do business. Published February 2022.