News

Whether or not political risk insurance is purchased, organisations should function as though uninsured, adopting thoughtful risk management tactics, according to RIMS new Executive Report.
Posted: 2024-03-28
The Competition and Markets Authority has instructed ASOS, Boohoo and Asda to change the way they display, describe and promote their green credentials. The warning comes after the CMA launched an investigation into ASOS, Boohoo and George at Asda to scrutinise their green fashion claims in July 2022, having identified concerns of possible greenwashing during its initial review of the fashion sector.
Posted: 2024-03-28
Six individuals are missing, and one is in a critical condition following the collapse of the Key Bridge in Baltimore after a container ship lost power and struck a column of the bridge. The MV Dali is a Singapore-flagged container ship, chartered by Maersk, and was carrying 3,000 containers from the Port of Baltimore when the tragic accident took place.
Posted: 2024-03-27
While it is too early and not appropriate to comment on who is at fault at this time, as the authorities focus on a rescue operation, due to the marine insurance required by a ship of this type and size to trade internationally, the ship will be insured for its liabilities by one of the international group of P&I Clubs, insurers who cover ship owners, operators, and charterers for liabilities with limits in the billions, through a complex and multi-layered insurance solution spread across London, Bermuda and the world.
Posted: 2024-03-27
Global non-life run-off reserves are estimated to exceed US$1 trillion for the first time. After a few years of hard market conditions, business that has recently entered run-off is more profitable than that written in the soft market years of 2014 to 2018, implying a lower loss ratio compared with previous estimates.
Posted: 2024-03-27
WTW has teamed up with the University of Geneva to study the rare but catastrophic effects of significant volcanic eruptions on climate, food security and society. It is hoped that the collaboration will produce a body of research that will help organisations to understand how a substantial volcanic eruption may affect their operations and portfolios, and to better manage their exposures to the risk over the long term by modelling their effects on weather-related extremes (such as frost, floods and droughts) over the next few decades.
Posted: 2024-03-26
HM Treasury and Pool Re have backed formal proposals to transform the current terrorism backstop scheme to make way for a modernised aggregate catastrophe excess of loss treaty designed to ensure the scheme remains fit for purpose in the digital age.
Posted: 2024-03-26
Apollo has partnered with Munich Re Syndicate and Tokio Marine HCC International to lead the new Lloyd’s Marine Builders’ Risk Consortium. The new consortium offers brokers lead line capacity up to US$75m per vessel.
Posted: 2024-03-25
Chaucer has launched parametric cover for weather-driven business interruption losses from events that fall outside a pre-established range of variables such as temperature, wind speed or precipitation.
Posted: 2024-03-25
The number of law firms closing due to difficulties obtaining professional indemnity over has fallen from a high of 65 in 2019/20 to 34 in 2022/23 (to the end of October). This is amongst the findings of research conducted by Hazlewoods Chartered Accountants and Business Advisers.
Posted: 2024-03-25
Health and safety has emerged as the top risk for directors and officers, according to the 2024 Global Directors’ and Officers’ Survey Report from WTW and Clyde & Co. The joint report analyses the key risks for directors and officers worldwide (in the UK, Europe, Asia, Australasia, Latin America, North America, Africa and the Middle East).
Posted: 2024-03-22
Zurich is expanding its offering in the Baltic region. Zurich Nordic will be offering its insurance and risk mitigation services in the middle-market segment in Estonia, Latvia and Lithuania. The carrier has been operating in the Nordic market for nearly 150 years.
Posted: 2024-03-22
Lloyd’s has progressed a partnership with the United Nations Capital Development Fund and the Sustainable Markets Initiative’s Insurance Task Force to deliver two training workshops in Papua New Guinea and in Fiji.
Posted: 2024-03-22
Corporate concerns are shifting from environmental issues to social – with human rights, modern slavery and community programmes taking centre stage in corporate ESG strategies. This is the conclusion of research conducted by consultancy S-RM, whose 2024 ESG Report points to a “seismic shift” as companies re-evaluate their priorities.
Posted: 2024-03-21
HMRC tax receipts data shows that Insurance Premium Tax collected a total of £1.5bn in February, taking the total collected through the first 11 months of the financial year to £8.1bn and setting a record annual total with one month of receipts still to come.
Posted: 2024-03-21
The British Library suffered a ransomware attack in October 2023, and then published a paper on the lessons from that attack and its subsequent response and recovery. These types of account are rare.
Posted: 2024-03-21
From the days of the Lloyd’s coffee shop to the era of permacrisis, gaining an accurate understanding of cargo onboard a vessel or in a port has long presented a significant challenge for the maritime insurance industry. To tackle this, Dun & Bradstreet has partnered with Concirrus to develop a tool designed to analyse port, vessel and warehouse cargo aggregations.
Posted: 2024-03-19
Specialist insurance provider CFC has today announced its entry in the carbon insurance market, launching its first policy designed to cover both the physical and political risks faced by businesses purchasing voluntary carbon credits on a forward basis.
Posted: 2024-03-19
Complex compliance, tax and coverage issues surrounding the purchase of directors and officers liability cover by multinational companies are addressed in a new guide published today by the International Underwriting Association.
Posted: 2024-03-19
The US Agency for International Development has agreed to provide funding to help develop WTW’s Resilience Wrapper, designed to de-risk loans to private enterprises from key climate risks.
Posted: 2024-03-18
Agile Underwriting Services has received in-principle approval from Lloyd’s to create Agile Syndicate 2427 (AUS 2427), subject to regulatory approvals. Syndicate 2427 will be established under the syndicate-in-a-box framework and be managed by Asta through its third-party managing agency platform at Lloyd’s.
Posted: 2024-03-18
Global Secure Accreditation, GSA Security and Risk, GSA Cyber Secure, GSA Resourcing and MHG Corporate Risks have merged to form a combined specialist risk and security firm.
Posted: 2024-03-18
Long-term uncertainty stemming from macroeconomic competition and geopolitical insecurity are leading to greater economic divergence between sectors and economies, at a time when unpredictable and disruptive security events are increasing in frequency. This is amongst the findings of Marsh Specialty’s 2024 Political Risk Report, published this week.
Posted: 2024-03-15
EU ambassadors today gave the green light to the delayed Corporate Sustainability Due Diligence Directive. The CSDDD requires large EU limited liability companies and non-EU companies active in the bloc to recognise and evaluate environmental damages and breaches of human rights throughout their value chains, and initiate measures to prevent and eradicate them.
Posted: 2024-03-15
The London Mayor’s Office has this week been reprimanded by the Information Commissioner’s Office for a glitch that potentially revealed the personal information of people who had complained about the Metropolitan Police Service.
Posted: 2024-03-15
A 360% rise in insured losses in the past 30 years from the increased frequency and intensity of natural disasters is leading to a hike in premiums, with some insurers exiting particularly high-risk areas, according to a new report from Bloomberg Intelligence.
Posted: 2024-03-14
Lockton is joining forces with food science company, Campden BRI, to support the food and drink industry by providing risk mitigation and management support. As part of the wider initiative, Lockton will be collaborating with Campden on a new position paper seeking to address the growing global problem of food fraud – currently exacerbated by supply chain frictions and raw ingredient shortages.
Posted: 2024-03-14
The fourth annual National Sustainability Awards, recognising the pioneers of sustainability, are now open for nominations. Seeking great stories of innovation and breadth of impact across all sectors that can help build a more sustainable and better future, this year has added extra categories so that more organisations from an even wider range of activities can help demonstrate their commitment and share best practice.
Posted: 2024-03-14
Brit has launched a new cyber offering for large institutional clients with revenues of US$10bn or more.
Posted: 2024-03-13
Inigo is partnering with Insurwave to build and maintain a real-time view of aggregate aviation war exposure across its portfolio. Through Insurwave’s live location tracking of assets on an interactive risk map, the insurer gains easy access to monitoring and alerts on events as they arise around the world through designated and custom search zones.
Posted: 2024-03-13
McGill and Partners and the ABI have launched a Fire Safety Reinsurance Facility to help improve the availability of insurance for higher-risk residential buildings awaiting work to fix fire safety issues – providing support for leaseholders in multi-occupancy buildings where flammable materials and building safety issues have led to increased premiums.
Posted: 2024-03-13
The rapid evolution of generative artificial intelligence technology is reshaping the cyber risk landscape, requiring businesses to build greater resilience to the evolving threats, as GenAI augments both threat actor and defensive capabilities. Cyber insurance, therefore, has a key role to play in supporting businesses and broader society in manage this emerging risk.
Posted: 2024-03-12
Insurtech Bolttech has partnered with Middle East-based telecommunications company, Stc Group to provide Stc’s customers with embedded device protection.
Posted: 2024-03-12
The insurance industry expects carbon offset cover to be a fast-growing insurance category as more companies commit to tree planting initiatives, according to research from Chaucer.
Some 24% of FTSE 100 companies say they are now investing in tree planting programmes with the specific objective of offsetting carbon emissions, whilst 27% are sequestering carbon or increasing biodiversity more generally, as part of their ESG strategy.
Posted: 2024-03-12
Sarah Stanford has been officially named CEO of Aspen UK, following her appointment as interim CEO earlier this year.
Posted: 2024-03-11
The Chartered Institute of Internal Auditors has today announced an overhaul of its two Codes of Practice.
Posted: 2024-03-11
NeuralMetrics has announced the launch of its AI-powered A-Star commercial underwriting platform.
Posted: 2024-03-11
The winners of the 2024 National Insurance Awards were announced last night at a gala dinner and awards ceremony at the London Marriott Hotel, Grosvenor Square. Hosted by the brilliant Hal Cruttendon, the fastest growing awards in the insurance industry highlight the very best in general insurance provision and management.
Posted: 2024-03-08
The landscape for women’s safety risks and rights is an ever changing one, but in many parts of the world, those changes are currently predominantly negative - something employers should be aware of in their duty of care to female staff. Ahead of International Women’s Day on Friday, travel risk management provider, Healix, is calling for organisations to consider the unique risks faced by women in the workplace, and in particular, whilst travelling to countries where women’s rights have deteriorated.
Posted: 2024-03-07
Retailers are optimistic about their prospects for the future – including the future of physical stores. This is amongst the findings of research carried out by WTW into the risks faced by the sector as it battles challenging trading conditions. Despite this, retailers expect their strategies to reap rewards in the near term, with 58% anticipating higher profits within two years.
Posted: 2024-03-07
Allianz Trade has today launched a new B2B e-commerce payment solution.
Posted: 2024-03-06
CGI has today unveiled its AI-powered platform to help brokers and insurers settle accounts. Released under the CGI Elements Insurance suite of solutions, CGI Elements360 ARC-IBA (Accounts Reconciliation Centre – Insurer Broker Accounting), aims to help improve operational workflow, cost savings and improved cash conversion.
Posted: 2024-03-06
Despite welcoming some of the measures introduced in today’s Budget, the British Insurance Brokers' Association this afternoon flagged a number of missed opportunities to further improve economic security and better manage the risks of the future, amongst them addressing the ongoing IPT raid.
Posted: 2024-03-06
Flood Re has joined the British Insurance Brokers’ Association as a partner, becoming the first public body to do so. BIBA and Flood Re have worked together on a number of initiatives including the launch of the Flood Insurance Directory, with the ABI, two years ago.
Posted: 2024-03-05
The London and International Insurance Brokers’ Association has today confirmed that the Financial Conduct Authority’s conduct rules do not apply to distribution services carried out outside UK.
Posted: 2024-03-05
Kroll has launched two new digital solutions designed to help organisations identify and manage compliance, fraud and legal risks with the support of artificial intelligence capabilities.
Posted: 2024-03-05
Marsh, Lloyd’s and the Ukrainian government have announced an extension to the Unity insurance facility first established in November last year. Initially, it provided affordable war risk insurance for grain shipments and other critical food supplies globally. This has now been extended to all non-military cargo – such as iron ore, steel, and containerised shipping.
Posted: 2024-03-04
Axa Commercial is offering customers a free online health check to identify issues and signpost resources to fill knowledge gaps. The online health check can be completed on a mobile phone or tablet and features around 30 simple questions covering key health and safety and compliance issues related to occupational road risk.
Posted: 2024-03-04
Charles Taylor has announced added expertise and capabilities to strengthen its aviation offering.
Posted: 2024-03-04
Nearly two thirds (62%) of senior leaders at large UK businesses are concerned that their ESG targets put them at risk of litigation, with close to three quarters (72%) admitting they felt pressure to set the targets without being sure on how they were going to reach them, according to new research by Gallagher.
Posted: 2024-03-01
Miller is expanding into the parametric insurance market with the launch of a dedicated global team.
Posted: 2024-03-01
Blink Parametric has partnered with cyber risk specialist Buckler México to support the rollout of its Blink Cyber solution to Ethics Data Analytics.
Posted: 2024-03-01
There can be no doubt that global supply chains are undergoing great transformation – by myriad forces both within and outside of our control.
Posted: 2024-02-29
It is always difficult to get a clear view of how the NHS is performing. Clearly, after the challenges of the pandemic, some metrics are showing encouraging movement in the right direction.
Posted: 2024-02-29
Fusion Risk Management has announced general availability of its AI-powered assistant. Based on industry best practices and 20 years of practical resilience and continuity experience, Resilience Copilot has been designed to allow practitioners to automate manual and time-consuming activities, obtain deeper insights into incidents, and rapidly respond to disruptions.
Posted: 2024-02-29
The ABI has produced a guide to responsible AI innovation aimed at helping organisations respond to the rapid growth in the technology and its developing regulatory framework.
Posted: 2024-02-28
The wars in Ukraine and Gaza (and the possibility that these will spread wider) as well as the growing tension between China and Taiwan (and the US) are creating increased levels of geopolitical risk. Higher levels of global geopolitical risk (whether real or perceived) lead to a decline in economic activity, rapidly depressed stock markets and reduced investor confidence, particularly in emerging economies, with capital flowing back to safe havens.
Posted: 2024-02-28
In today’s interconnected world, geopolitical risks are becoming increasingly complex and dynamic, posing significant challenges to organisations across the globe. From trade tensions and economic sanctions to cyber warfare and climate change, the landscape of geopolitical risks is constantly evolving, requiring organisations to adopt a proactive and adaptive approach to mitigating potential disruptions.
Posted: 2024-02-28
Specialist insurer Ecclesiastical has launched a new risk maturity assessment tool to help organisations strengthen their risk management arrangements and become more resilient to the risks facing them.
Posted: 2024-02-27
More than half of UK exporters report having been impacted by ongoing disruption to shipping in the Red Sea. Roughly the same proportion of manufacturers and B2C firms, including retailers, also say they have been affected through increased costs and delays resulting from ongoing events in the crucial shipping artery.
Posted: 2024-02-27
European product recalls increased for the fifth consecutive year in 2023, recording 12,498 total events, according to a report by Sedgwick. It represents an 18.5% increase over the previous record of 10,545 events, which was set in 2022.
Posted: 2024-02-26
Efforts tied to Sedgwick’s international claims fraud strategy saved its clients £49.4m in 2023, the provider has claimed. The first quarter of 2023 saw continued double-digit inflation, which placed added financial pressure on motorists, homeowners and businesses alike, and contributed to an 8% increase in claims identified as suspect across Sedgwick’s UK book of business.
Posted: 2024-02-26
The deadline for the 2024 Business Continuity Awards has been extended by two weeks. Celebrating achievement in business continuity, security and resilience, the Business Continuity Awards are the most anticipated and celebrated event in the business continuity calendar, providing unrivalled networking, alongside a night of entertainment and celebration.
Posted: 2024-02-26
Air pollution is the fastest growing protection gap in insurance coverage for climate risks, according to a survey of Airmic members.
Posted: 2024-02-23
A third of UK employers (34%) have experienced increased employee absence in the last year, with employers recording an average of 4.8 days lost per employee per year, according to the latest absence management survey by WTW.
Posted: 2024-02-22
Despite a track record of concerning failure events in the global battery energy storage systems market, underwriters are optimistic about the sector's potential, provided key risks are managed. This is amongst the findings of a report produced by renewable energy underwriter, GCube, which emphasises an increasing recognition of the sector's importance to the energy transition.
Posted: 2024-02-22
The National Crime Agency has announced a joint-agency operation to disrupt the operations of LockBit, widely seen as the world’s most harmful cyber crime group. The NCA says that after infiltrating the group’s network, it has taken control of LockBit’s services, compromising its entire criminal enterprise.
Posted: 2024-02-21
Specialty insurer, Beazley, has today announced the merger of its in-house cyber services team with its wholly-owned cyber security company, Lodestone, creating an integrated cyber risk management company, Beazley Security.
Posted: 2024-02-21
Artificial intelligence and spatial analytics technology provider, Hayden AI, has partnered with intelligent connected traffic technology solutions company, LYT, to develop solutions to help transit agencies improve road safety, on-time bus performance and accessibility.
Posted: 2024-02-21
The value of reported UK fraud increased to £2.3bn in 2023 according to a report by BDO, more than double the previous year and the second largest annual fraud value recorded by the firm in 20 years. True figures could be much higher however, with a recent survey suggesting that fewer than one in seven fraud offences are reported to the police.
Posted: 2024-02-20
Brokerslink has added White Gate Consulting to its global network. White Gate is a Singapore-based technology consultancy which specialises in digital transformation and optimisation in the insurance, broking and fintech markets.
Posted: 2024-02-20
CRIF has today launched its new ESG Analytics solution. Designed to support companies in the assessment of their UK and EU-based suppliers', partners' and customers' ESG profiles, the tool draws on over 130 key indicators from UK and EU data points, analysing information on such areas as water usage, waste production, emission, health and safety, and modern slavery.
Posted: 2024-02-19
Cyber risk management solutions provider, Kynd, has secured investment from Verisk and additional investment from existing backer, BGF to grow is cyber offering. Founded in 2018 by Andy Thomas and Melanie Hayes, Kynd has developed a cyber risk monitoring platform designed to deliver insights into cyber risk profiles.
Posted: 2024-02-16
Corporate intelligence and cyber security consultancy S-RM has opened a new office in Kuala Lumpur, Malaysia – expanding its regional footprint to three offices in APAC. Based in Hong Kong, Morgan Stark is head of Asia with oversight and responsibility for the delivery of all S-RM service lines. He is joined by a senior leadership team that includes Anna Beare, Naresh Sakhrani, Kath Lau and Cyrus Chiu, leading operations at the Hong Kong, Singapore and Malaysia offices
Posted: 2024-02-16
Specialty insurer, Tokio Marine Kiln, has announced the appointment of Matthew Shaw as CEO. From 1st April, Shaw will succeed Brad Irick, who is taking up the position of co-head of international business for Tokio Marine Holdings.
Posted: 2024-02-16
In response to the Oil Price Cap Coalition’s announcement of additional measures to reduce the possibility of circumvention of the oil price cap, the Lloyd’s Market Association has published revised clauses for hull and cargo.
Posted: 2024-02-15
The insider threat, AI, ransomware, deepfakes and malware are the top five cyber security threats for mid-market companies in the UK. This is amongst the findings of Node4’s Mid-Market IT Priorities Report 2024, which explores confidence levels in the face of rising attacks, cyber security solution adoption trends and barriers to successful cyber security policy implementation.
Posted: 2024-02-15
This is not just another cyber security book. This is a cyber security book that recognises that cyber security is not only a technology issue, but a strategy and leadership issue, too.
Posted: 2024-02-15
Data privacy and compliance company Kiteworks has released a digital rights management solution to support organisations in sending and sharing sensitive content.
Posted: 2024-02-14
WTW has launched its new International CyCore Facility, a cyber solution for international clients with revenues up to the equivalent of US$1bn, headquartered outside of Britain and the US.
Posted: 2024-02-14
Sompo International has been granted a licence to write primary insurance in France.
Posted: 2024-02-14
ACORD has announced the establishment and inaugural meeting of the ACORD Global Advisory Council. The GAC will play a central role in increasing efficiencies and digital readiness amongst stakeholders by ensuring alignment of ACORD global initiatives with the needs and objectives of the ACORD member community, as well as facilitating the adoption of ACORD Data Standards in key markets.
Posted: 2024-02-13
Marsh has announced the next phase in the rollout of its digital trading initiative for risks placed in the London insurance market, set to be delivered through Verisk’s Whitespace platform.
Posted: 2024-02-13
Wipro has become a majority shareholder in insurtech company, Aggne. Founded in 2019, Aggne is incorporated in the US and India, with 230 employees based in both countries. Aggne offers IP-led consulting, implementation and managed services with a strong focus on the Duck Creek platform.
Posted: 2024-02-13
The 2024 Business Continuity Awards are open for entries. Celebrating achievement in business continuity, security and resilience, the Business Continuity Awards are the most anticipated and celebrated event in the business continuity calendar, providing unrivalled networking, alongside a night of entertainment and celebration.
Posted: 2024-02-12
Tokio Marine HCC International has today announced the appointment of Nicola Hannay as head of power generation in its London-based energy practice. She takes up her new role with immediate effect and reports to Ben Kinder, chief underwriting officer, marine, energy and renewables.
Posted: 2024-02-12
Asta, through its third-party managing agency at Lloyd’s, has received “in-principle” approval for a SIAB to deliver an insurance product that could accelerate the development of new therapeutic drugs. MCI Syndicate 1966, supplemented by Lloyd’s consortia, is planning to commence underwriting from April 2024 with a forecast annual GWP for 2024 of £75m, subject to the necessary final checks and processes from Lloyd’s.
Posted: 2024-02-08
RSA Insurance has bolstered its UK Specialty Lines business with the appointment of two new underwriters.
Posted: 2024-02-08
M&S is removing over four million units of plastic packaging in cafes across UK, and IKEA has slashed its carbon footprint by 22%. Marks & Spencer has introduced new recyclable paper packaging across its range of sandwiches and toasties available in all M&S Cafés across the UK.
Posted: 2024-02-08
Tokio Marine HCC International has acquired shipping, power and energy specialist MGA and Lloyd’s coverholder, Lavaretus Underwriting.
Posted: 2024-02-07
Healix has launched a digital healthcare solution for UK SMEs, available to employees through its My Healix App
Posted: 2024-02-07
Comedian Hal Cruttenden has been confirmed as the host for this year’s National Insurance Awards

A comedian, actor and writer, his credits stretch from Eastenders and Shackleton all the way to Have I Got News for You and Mock The Week.
Posted: 2024-02-07
The British Insurance Brokers’ Association has called on the government to make multi-occupancy residential buildings that require building safety-related remediation exempt from Insurance Premium Tax. In its pre-Budget submission to the Treasury, BIBA has also urged the government to invest in flood defences.
Posted: 2024-02-06
The cyber attack on Israel during the Israel-Hamas war as one of the most impactful cyber incidents of 2023. This is amongst the findings of research compiled by the cyber team at Tokio Marine HCC International, whose Top 10 Cyber Incidents 2023 report uncovers the worst and most significant cyber incidents in terms of financial impact and reputational damage.
Posted: 2024-02-05
Substandard and potentially dangerous items of PPE remain widely available and in use in the UK, posing serious risks to users. Between December 2022 and December 2023, the British Safety Industry Federation examined 123 non-member products, assessing advertised performance, marking adequacy and compliance with standards. BSIF said that just 21% – 26 products – proved fully compliant, leaving some 79% – 97 products – falling short of testing criteria.
Posted: 2024-02-05
Global commercial insurance rates increased by 2% in the fourth quarter of 2023 (down from a 3% increase in Q3), which was the 25th consecutive quarter of rate increases, according to the Marsh Global Insurance Market Index, released today.
Posted: 2024-02-05
Financial data belonging to as many as 52.8million individuals was compromised in cyber attacks in the UK in the year to 30 September 2023) a 90% increase on the 27.8m compromised in the previous year, according to data from Chaucer.
Posted: 2024-02-02
The Government of Gibraltar and Insurtech UK have renewed the Statement of Intent that was entered into in 2021, enhancing support for UK-based insurtech companies seeking authorisation in Gibraltar, and creating opportunities for Gibraltar licensed firms in the UK.
Posted: 2024-02-02
Descartes Insurance has launched a parametric insurance product for SME manufacturing and retail clients that triggers on independent confirmation that a cyber encryption incident has occurred at the insured organisation as part of a ransomware attack. The cover pays a fixed daily limit for each day the event prevents normal business operations.
Posted: 2024-02-01
BMS Re, the specialty reinsurance arm of broker BMS Group, has appointed Andrew Wheeler and Russ McGuire as interim co-CEOs of BMS Re. The appointments follow Pete Chandler stepping down as CEO to take up a role as vice-chair.
Posted: 2024-02-01
Howden has launched a first-of-its-kind insurance facility covering the leakage of carbon dioxide from commercial-scale carbon capture and storage facilities. Led by SCOR’s syndicate at Lloyd’s, the facility provides cover for environmental damage and loss of revenue arising from the sudden or gradual leakage of CO2 from CCS projects into the air, land and water.
Posted: 2024-02-01
Markel has appointed Sebastian Rice as a senior underwriter and head of business development for Europe.
Posted: 2024-01-26
Having secured collateralised capacity through a number of investors worldwide, MS Amlin Asia Pacific has successfully renewed its local special purpose reinsurance vehicle, Phoenix 2 Re.
Posted: 2024-01-26
Databarracks has successfully achieved ISO 22301 certification, the international standard that defines the requirements and best practices for business continuity management. This means that Databarracks has demonstrated it has the procedures and practices in place to adequately manage risks to its own continuity of operations, and to its ability to continue providing services to its clients.
Posted: 2024-01-25
Origami Risk has announced the launch of a new mobile application with enhanced user experience to support the environmental, health and safety and risk management functions.
Posted: 2024-01-25
Healix has developed a new Workplace Mental Health Screening tool that screens against all major psychiatric disorders. Accessible through a secure, self-service portal, the tool can be used to screen staff working in high-stress roles; to scree before, during and after business trips; and also in support of employee welfare assistance programmes.
Posted: 2024-01-25
Almost 400 global natural disaster events caused a £298bn (2022: £278bn) economic loss in 2023 – 22% above the 21st-century average, with earthquakes and severe convective storms in the US and Europe the greatest drivers.
Posted: 2024-01-24
NFP has today announced its acquisition of independent insurance broker Advanced Insurance Consultants Ltd. As part of the deal, which closed on 15th December, the entire AIC team will join NFP.
Posted: 2024-01-24
Global specialty re/insurance group Chaucer has announced the appointment of Richard Milner as group chief executive officer. He will be responsible for the general oversight, management and strategic development of the business which includes composite Syndicate 1084, specialty nuclear Syndicate 1176 and their insurance company in Dublin.
Posted: 2024-01-24
The Chartered Institute of Internal Auditors has welcomed the publication this week of the revised UK Corporate Governance Code, and in particular its increased focus on internal controls. At the same time, the organisation has also called on the government to accelerate other vital aspects of the audit and corporate governance reform programme.
Posted: 2024-01-23
The Lloyd’s Market Association has this week unveiled its priorities for the year. Announced in its 2024 Strategic Focus, the LMA will be focused on innovation, technical expertise, regulatory engagement, talent development and member engagement.
Posted: 2024-01-23
The UK marine industry is expected to grow by 2025 but not before contracting this year. This is amongst the findings of research conducted by QBE, Oxford Economics and Control Risks, which points to a contraction of 8.5% in the UK marine industry in 2023 – the sharpest decline since 2016 (aside from 2020 when the industry was grappling with the pandemic).
Posted: 2024-01-22
Telenor Group has extended its partnership with F24 to roll out the provider’s CIM solution as its central crisis preparedness tool. The international telecommunications company provides mobile, broadband and TV services to over 200 million customers in the Nordics and Asia.
Posted: 2024-01-22
The news that the British Library is preparing to restore its full online service after a devastating cyber attack that forced it to go offline for almost a month is a reminder that cyber security continues to be a pressing concern for many organisations.
Posted: 2024-01-22
In our interconnected global economy, the recent disruptions in the Red Sea have reverberated throughout the realm of continuity insurance and risk management. The attacks carried out by Houthi rebels on commercial vessels in the Bab-el-Mandeb strait have already had substantial repercussions. Shipping cost increases have intensified over the past few weeks along routes that traditionally rely on the Suez Canal.
Posted: 2024-01-19
Alta Signa Europe has launched a European marine underwriting business. The new unit will focus on core marine lines of business, backed by the MGA's insurance partners Axeria IARD, SiriusPoint and Sompo International.
Posted: 2024-01-19
Estimated indirect economic consequences of climate induced sea level rise are much higher than previous studies imply. A research team led by Delft University of Technology and including the PBL Dutch Environmental Assessment Agency, the European Institute on Economics and the Environment in Italy looked at the impact on 271 European regions until 2100.
Posted: 2024-01-19
Companies are facing rising political and security risks in emerging market nearshoring hubs, as they pivot supply chains to decrease exposure to growing geopolitical tensions between the West and China. Analysis of trends in 40 emerging markets that make up a major bloc of the nearshoring, or ‘friendshoring’ universe reveals a combination of risks in the key manufacturing hubs of Indonesia, Mexico, Poland, Thailand and Turkey, amongst others.
Posted: 2024-01-18
The newly launched Cyber Monitoring Centre has announced the appointment of Ciaran Martin at technical committee chair. Martin (pictured), who previously set up and led the UK’s National Cyber Security Centre, is a leading advisor to a number of governments on cyber security.
Posted: 2024-01-18
West P&I Club has today launched West Piracy Protection. Designed to help manage the evolving threat of piracy in high-risk waters, the new product provides cover for vessels entering a war and piracy breach area, such as the Gulf of Aden or the Gulf of Guinea, where there is a heightened risk of vessels being seized.
Posted: 2024-01-18
Rising Edge has expanded its commercial D&O suite to offer cover tailored exclusively for non-executive directors.
Posted: 2024-01-17
Total insured losses from the M7.5 earthquake that struck the Noto Peninsula, Japan, on 1st January are likely to fall within the range of JPY ¥ 435bn to JPY ¥ 870bn (US$3bn to US$6bn), according to estimates from Moody’s RMS.
Posted: 2024-01-17
Aspen has announced the appointment of Sarah Stanford as interim CEO, Aspen UK, effective immediately.
Posted: 2024-01-17
Swiss Re has purchased the cyber market’s first retrocession ILW, brokered by Gallagher Re and supported by a number of specialist reinsurers. Swiss Re secured US$50m of catastrophic US cyber insurance event protection, including cover against widespread malicious ransomware or malware, prolonged catastrophic cloud outage and systemic data breach.
Posted: 2024-01-16
Rob Powell has resumed his role as global chief claims officer at Marsh, following his previously announced appointment with WTW in October 2023.
Posted: 2024-01-16
Sensor-enabled parametric flood insurance provider, FloodFlash, has today announced its expansion to a further 10 US states. Delaware, Iowa, Missouri, New Jersey, New York, Oregon, South Carolina, Washington, Vermont and Massachusetts now have unrestricted access to the parametric product. They join Florida, Texas, California, Virginia and Louisiana.
Posted: 2024-01-16
Freight insurance provider TT Club is promoting awareness of a freight supply chain ‘black hole’. Much freight crime is perpetrated by organised crime with profit, similar to commercial businesses as the ultimate aim. The process of storage, transport, distribution and marketing of stolen goods often shadow those of legitimate supply chains with criminals acquiring sophisticated logistics skills, TT Club says.
Posted: 2024-01-15
The Chartered Insurance Institute has announced the appointment of Matthew Hill as its new chief executive. Mr Hill is currently chief executive of the Legal Services Board, a position he has held since August 2019. His background also includes spells with the General Dental Council and Gambling Commission, following more than twenty years in central government in a range of areas.
Posted: 2024-01-15
Direct Commercial is to roll out a series of regional claims clinics in February, focusing on commercial fleet claims.
Posted: 2024-01-15
Politics, artificial intelligence and the campaign to get underwriters and brokers back into Lloyd’s Underwriting Room are at the core of broker body LIIBA’s agenda for the year.
Posted: 2024-01-12
As you might expect from one of the most dynamic areas of insurance today, the cyber insurance market experienced a further year of change and challenges and we can expect more of the same in 2024 for brokers and risk managers working with large corporates.
Posted: 2024-01-12
Risk management solutions provider, Riskonnect, has acquired risk, insurance and underwriting technology solutions provider, Ventiv Technology.
Posted: 2024-01-12
Transport and logistics companies are struggling to access the insurance and risk data they need to manage supply chain risks. A report published this week shows that whilst 90% of the companies polled consider insurance for supply chain risk to be critical, 77% said that the challenges of obtaining it, as well as the data to fully comprehend the risks, were among the greatest challenges to their businesses.
Posted: 2024-01-11
Clyde & Co’s team in Thailand has successfully represented insurers in securing a major decision from the Thai Court confirming denial of coverage for a catastrophic failure of a wind turbine. The decision held that the manufacturer and contractor’s reliance on ‘industry practice’ was insufficient to overcome evidence of gross negligence put forward by insurers.
Posted: 2024-01-11
Companies feel overwhelmingly more exposed to cyber crime now than they did twelve months ago, with some 81% of organisations polled by the World Economic Forum feeling more at risk today than they did last year.
Posted: 2024-01-11
The prevailing global risks landscape is one in which progress in human development is being “chipped away slowly”, leaving businesses, states and individuals vulnerable to new and resurgent risks. This is the key takeaway from the World Economic Forum’s annual Global Risks Report.
Posted: 2024-01-10
DLA Piper has incorporated software-as-a-service solution, LiveDiligence, to conduct due diligence in its renewables transaction advisory services division.
Posted: 2024-01-10
James Henderson has been appointed as CEO of Healix International, while former CEO Charlie Butcher moves to director of group development. Henderson has held senior roles in financial services, utilities and retail, including British Gas, Munich Re Group and John Lewis, as well as SMEs and start-ups including DAS UK and Zest Capital.
Posted: 2024-01-09
CFC has announced the appointment of Dan Trueman as chief underwriting officer. Trueman was previously global head of cyber at Axis Insurance, a role he held for over six years following the insurer’s 2017 acquisition of Lloyd’s carrier Novae, where he had served as chief innovation officer.
Posted: 2024-01-09
RSA Insurance’s UK specialty lines business has teamed up with Brit to launch a project cargo consortium. BUILD, which offers capacity of up to US$285m for project cargo risks worldwide, offers delay in start-up and advanced loss of profits, mainly as a lead, or in a follow capacity where applicable.
Posted: 2024-01-09
Cyber insurance provider Cowbell is extending its market reach to mid-market businesses n the UK with an annual turnover of up to £1bn.
Posted: 2024-01-08
Organisations have become more reliant than ever before on their IT systems, with two-thirds of respondents to a Databarracks survey reporting that they would not survive a day without them. Some 68% of respondents to the vendor's Data Health Check research report revealed that they could survive less than 24 hours without IT access.
Posted: 2024-01-08
Aspen Insurance Holdings has partnered with Surefire Cyber to launch Aspen Cyber Risk Services, a suite of offerings designed to enable its primary cyber insureds to proactively tackle cyber security threats, from pre-incident to response and resilience.
Posted: 2024-01-08
The Travelers Companies has this week completed its previously announced acquisition of cyber insurance managing general underwriter, Corvus Insurance Holdings Inc.
Posted: 2024-01-03
David Arick is to serve as the 70th president of US-based risk management society, RIMS. Mr Arick, assistant treasurer, global risk management at International Paper Company, a producer of fibre-based packaging and pulp. Based in Memphis, Tennessee, his team is responsible for risk financing and captive management, insurance programmes and claims management and property loss prevention engineering.
Posted: 2024-01-03
The LRQA CEO identifies how the top five trends that influenced the development of ESG in the past 12 months will shape the trajectory of supply chain management throughout the coming year.
Posted: 2024-01-03
Beazley has today closed its first 144A cyber catastrophe bond providing cover of US$140m. The specialist insurer’s inaugural 144A bond builds on its US$81.5m cyber cat bond programme of 2023. The Class A notes are designed to cover remote probability catastrophic and systemic events.
Posted: 2024-01-02
The supply chain risk management expert details seven supply chain risk management issues to look out for in 2024.
Posted: 2024-01-02
The Kahramanmaras Earthquake Sequence in Turkey on 6 February generated an industry loss of US$5.8bn – becoming the largest non-US event loss in 2023, and the largest ever cat loss for Turkey’s insurance market.
Posted: 2024-01-02
As more injury claims fall under fixed recoverable costs rules, 2024 will see plaintiff solicitors seeking creative ways of maximising the value of claims.
Posted: 2023-12-21
US based parametric re/insurance group, NormanMax Insurance Holdings, has received ‘approval in principle’ from Lloyd’s to launch a syndicate in 2024, to be managed by Apollo Syndicate Management.
Posted: 2023-12-21
The risks of imposing disruptive technologies, such as AI, shot up the agenda for UK C-suite executives in the financial services industry over the last two years, according to a poll conducted by Accenture.
Posted: 2023-12-21
Web 3.0 presents the gaming industry with new monetisation opportunities, but a lack of regulatory certainty could lead to disputes on issues including data privacy and asset ownership
Posted: 2023-12-20
Howden has acquired VLC & Partners Holding B.V., one of the largest independent insurance brokers in the Netherlands, scaling its existing operations in one of Europe’s major insurance markets.
Posted: 2023-12-20
The direct cost of a cyber incident increased by 11% in 2023 to an average of £1.3m, with this cost rising to an average £2.1m for organisations without cyber insurance. This is amongst the findings of research carried out by global corporate intelligence and cyber security consultancy, S-RM.
Posted: 2023-12-19
Allianz has successfully sponsored a new cat bond that will provide the group with multi-year risk transfer capacity of E250m to protect itself against European windstorms. This is the first cat bond protecting Allianz’ own account in over a decade. Allianz entered into a three-year reinsurance agreement with Blue Sky Re DAC, a special purpose vehicle incorporated in Ireland.
Posted: 2023-12-19
The global infrastructure sector saw economic losses equivalent to at least £119bn in 2023 – with the majority of losses sustained in Ukraine, which saw over 27,000km of road damaged.
Posted: 2023-12-19
Registrations are now open for the 2024 CIR Resilience Series. Our topical agenda for the day features presentations, panels and debates, curated to help resilience professionals understand, explore and debate today's most pressing resilience challenges.
Posted: 2023-12-18
The Chartered Insurance Institute has appointed two new international vice-presidents. Enas Asiri and Suresh Nair (both pictured) will support the international work of the CII, strengthening the member experience of those based outside the UK, as well developing the range of products and services to build public trust in the insurance and financial planning professions.
Posted: 2023-12-18
Cyber risk specialist KYND and broker Consilium have announced a strategic partnership to deliver cyber risk assessments for prospective and existing clients. KYND says its offering will help Consilium’s clients to assess their organisational exposure, enabling them to promote cyber readiness, and drive sustainable revenue growth.
Posted: 2023-12-15
Datacentres operating in the UK will be required to have tougher security and resilience measures to protect against potential disruption, including cyber attacks and extreme weather events, under new plans drawn up by the UK government.
Posted: 2023-12-15
Rapid advances in genomic medicine – with the NHS now able to perform whole genomic sequencing – present many welcome opportunities but are also raising significant legal issues that need to be addressed, warns law firm Kennedy’s.
Posted: 2023-12-14
A group of trade bodies and major food retailers are calling for urgent action to reform the apprenticeship levy system and address what they describe as “critical and persistent” labour shortages in UK food supply chains.
Posted: 2023-12-14
The UK is at high risk of ‘catastrophic’ ransomware attacks that could cost the country billions of pounds, according to a parliamentary committee report. The warning comes from the Joint Committee on the National Security Strategy which says the country is not effectively planning to prevent a large-scale cyber attack.
Posted: 2023-12-14
Insurer Hiscox has collaborated with Google Cloud to create an AI-enhanced lead underwriting model which it says is the first in the London Market insurance industry.
Posted: 2023-12-13
Board members and company executives can be held liable for an increasing number of scenarios as potential exposures continue to broaden in their scope, according to the latest D&O insurance report by Allianz Commercial.
Posted: 2023-12-13
Despite increased investments in third-party cybersecurity risk management over the past two years, 45% of organisations experienced third party-related business interruptions, according to a new survey by Gartner.
Posted: 2023-12-13
Organisations will require innovative defence strategies to address the transformative role of generative AI in the cyber threat landscape and a likely rise of sophisticated social engineering tactics and identity theft powered tools in the year ahead, according to cyber security specialist Trend Micro.
Posted: 2023-12-12
Marsh has collaborated with specialist insurer Beazley to offer construction contractors access to additional professional indemnity cover based on their environmental, social and governance performance. The additional capacity is available globally to clients outside of the US that complete Marsh’s ESG risk rating, subject to their score meeting a set threshold.
Posted: 2023-12-12
Remote access risks continue to rise according to a new report by cybersecurity firm WatchGuard. Finding suggest increasing instances of remote access software abuse, and growing cases of cyber adversaries using password-stealers and info-stealers to steal valuable credentials.
Posted: 2023-12-12
Allianz has integrated AI technology into its claims processes in an attempt to combat fraud. The insurer has developed a machine-learning tool called Incognito, designed to identify fraudulent claims, which are then referred to a fraud expert for review and investigation.
Posted: 2023-12-11
Supply chain cyber risk remains a persistent problem for UK businesses, with 97% of respondents to a recent survey by cybersecurity firm BlueVoyant reporting having suffered negative impacts from a breach in a third party or supplier partner in the last year.
Posted: 2023-12-11
The potential insured losses resulting from US wildfires are growing even as their frequency decreases because close to 99m Americans live in the transition zone between unoccupied and developed land, according to the Insurance Information Institute.
Posted: 2023-12-11
It is believed that BNP Paribas Personal Finance has decided to terminate its premium finance offerings next year.
Posted: 2023-12-10
Pressures on water availability need to be carefully managed if the world wants to reach zero emissions and adapt to the impacts of extreme weather events, according to a new report by sustainability charity CDP.
Posted: 2023-12-08
Natural catastrophes will once again break several loss records in 2023 as a high number of low-to-medium-severity events will add up to insured losses of more than US$100bn in 2023, according to estimates by Swiss Re Institute, with severe thunderstorms being the main contributor.
Posted: 2023-12-08
Businesses must ensure privacy concerns are addressed from the outset of new AI products if they are to avoid next year becoming one of distrust in the technology, UK Information Commissioner John Edwards has warned.
Posted: 2023-12-07
The government is underprepared for extreme weather events, such as severe floods, which have the potential to cause significant disruption, according to a new report by the National Audit Office. It warns that the government needs to step up its measures and processes to limit the impact on people, businesses, and communities.
Posted: 2023-12-07
The National Cyber Security Centre has launched a new cyber incident exercising scheme, giving organisations access to NCSC-assured exercising providers for the first time.
Posted: 2023-12-07
Geopolitical risks will dominate the agenda for financial sector organisations, according to a survey carried out by Protecht. The survey, conducted in Summer amongst 400 UK-based companies, highlights current challenges around operational resilience, third party risk management, and the changing interface of customer relations and management.
Posted: 2023-12-05
Premium Credit has signed a multi-year agreement with Broker Insights. Broker Insights uses data to better connect insurers and brokers, streamlining workflows with its Vision platform.
Posted: 2023-12-05
Millennial Shift Technologies Inc has announced a strategic collaboration with CyberCube to develop an integrated solution to streamline workflows and client experience.
Posted: 2023-12-04
Enterprise risk management teams are encountering “significant challenges” when trying to select a tool that meet the needs of a diverse set of stakeholders, according to research from Gartner.
Posted: 2023-12-04
Changing priorities in privacy, security and trust are among the top risks facing telecoms companies in 2024, according to the latest telecoms risk radar by EY. The report suggests that cyber-resilience is under pressure, with generative artificial intelligence throwing into question existing data governance strategies.
Posted: 2023-12-01
Organisations are showing incremental developments in the quality of climate reporting but the rate of improvement is not enough to fully support climate commitments, according to the latest EY global climate risk barometer.
Posted: 2023-12-01
The winners of the 2023 Risk Management Awards were revealed at a gala dinner and ceremony yesterday evening.
Posted: 2023-12-01
International freight insurance provider TT Club has warned organisations involved in the supply of plastic pellets or ‘nurdles’ of the dangers to the marine environment of spillage, urging them to take steps to ensure their safe carriage.
Posted: 2023-11-30
NorthStandard’s Strike & Delay class has introduced weather cover into its suite of risks, providing shipowners and charterers with what it says is the first marine insurance protection to mitigate the threat posed to ships solely by adverse weather conditions.
Posted: 2023-11-30
High government expenditures during the pandemic, coupled with global inflation and increased interest rates in 2023, have contributed to an escalating debt crisis in emerging markets, according to the latest political index report by WTW.
Posted: 2023-11-30
The UK’s flood defences offer only limited protection against the likely impact of climate change, according to a new study by Moody’s RMS and Flood Re. The report suggests that investment in flood defences, while effective in reducing additional losses, will see diminishing returns beyond a certain level.
Posted: 2023-11-29
Cyber security risk consultancy S-RM has warned that over the last two months law firms have increasing become targets for cybercriminal groups that specialise in business email compromises.
Posted: 2023-11-29
Many local authorities and government departments lack policies or plans to adopt cyber insurance according to findings from FoI requests by hard drive manufacturer Apricorn.
Posted: 2023-11-29
The UK Civil Aviation Authority has unveiled proposals which it says aim to make drone flights safer and to make it easier for drone users to understand and comply with regulations.
Posted: 2023-11-28
Financial services firms are gearing up for the opportunities presented by generative AI as well as preparing for the potential risks, according to a survey by UK Finance and management consultancy Oliver Wyman.
Posted: 2023-11-28
The FCA has announced several new measures aimed at improving the trust and transparency of sustainable investment products and minimise greenwashing.
Posted: 2023-11-28
The Information Commissioner has warned some of the UK’s top websites they face enforcement action if they do not make changes to comply with data protection law.
Posted: 2023-11-27
Cyber actors linked to North Korea are increasingly targeting software supply chain products to attack organisations around the world, according to an advisory from the UK National Cyber Security Centre.
Posted: 2023-11-27
The UK’s National Cyber Security Centre has partnered with the US Cybersecurity and Infrastructure Security Agency to create a set of global guidelines aimed at ensuring the secure development of AI technology. Agencies from 17 other countries have confirmed they will endorse and co-seal the new guidelines
Posted: 2023-11-27
New EU crimes include pollution caused by ships, mercury use, and the illegal depletion of water resources. A provisional agreement on an update of EU environmental crimes and sanctions rules to strengthen ecosystem protection will also include the import and use of fluorinated greenhouse gases and the import of invasive species.
Posted: 2023-11-24
As COP 28 approaches, a new report on supply chain due diligence is sounding the alarm for business leaders to tackle immediate and long term ESG risks in their supply chains. Published today, Supply Chain ESG Risks: Harnessing the Potential of Internal Audit examines the critical need for organisations to align their supply chains with their own ESG targets.
Posted: 2023-11-24
Solace Cyber has achieved recognition as an Assured Service Provider under the National Cyber Security Centre’s Cyber Incident Response (Level 2) scheme.
Posted: 2023-11-23
The 2024 Business Continuity Awards are open for entries. Celebrating achievement in business continuity, security and resilience, the Business Continuity Awards are the most anticipated and celebrated event in the business continuity calendar, providing unrivalled networking, alongside a night of entertainment and celebration.
Posted: 2023-11-23
Compliance is the main concern for a considerable 79% of IT decision makers when it comes to managing data. And 66% are worried that data is spiralling out of control in their organisation. These are amongst the findings of research from Cloudera, whose survey of 850 IT decision makers across EMEA suggests that 63% of organisations are finding that siloed data is making it harder to comply with regulation.
Posted: 2023-11-23
The Government’s AI summit at Bletchley Park put artificial intelligence at the top of the agenda recently, with the summit’s declaration listing regulation as one of the ‘critically important’ factors needed for it to ‘transform and enhance human well-being, peace and prosperity’.
Posted: 2023-11-22
Bombs have been terrorists’ choice of weapon in more than half of the attacks on public surface transportation around the world since 2004. This is amongst the findings of a study carried out by the Mineta Transportation Institute’s Brian Michael Jenkins and Bruce R Butterworth on the frequency and lethality of attacks on public surface transportation between 2004 and 2021.
Posted: 2023-11-22
Growing consumerism, the globalisation of supply chains, the emergence of new technologies and the need to innovate are driving an increase in product liability claims around the world. In particular, electronics, software and digital devices are now subject to a wider range of claims, including those involving cyber security and data privacy.
Posted: 2023-11-22
The total capital value of wind farms worldwide has reached approximately £1.9trn, according to figures from Chaucer. It says that with so much capital invested in clean energy assets it is vital that those wind farms and solar farms are adequately insured.
Posted: 2023-11-21
Imagine corporate governance as the guiding star for a company’s ship. When this guiding light flickers, it’s like sailing into a storm. This system of rules, processes and practices directs and controls how things work, and is crucial for maintaining trust and confidence, as well as being the bedrock of effective enterprise risk management.
Posted: 2023-11-21
Specialist insurance provider, CFC, has upgraded its packaged cyber insurance policies for professional services businesses.
Posted: 2023-11-21
PepsiCo has been sued by New York state for plastic pollution along Buffalo River that is allegedly contaminating the water and harming wildlife.
Posted: 2023-11-17
The global trade credit insurance market reached a premium volume of £11.2bn in 2022, covering insured shipments valued at just over £5.6trn, with a penetration rate of 13.16% of world trade as measured by the World Bank. This is amongst the findings of analysis carried out by ICISA, which suggests that private market participants, particularly ICISA members, contribute 69% of this protection.
Posted: 2023-11-17
A lack of cyber budget is a challenge for nearly a third of organisations, as a year-on-year growth of 3.1% to £21.8m falls below the 5% rise anticipated by senior IT professionals. This is amongst the findings of research carried out by global intelligence and cyber security consultancy, S-RM, whose Cyber Security Insights Report 2023 suggests that, on average, cyber budgets make up a quarter of an organisation's overall IT budget.
Posted: 2023-11-17
Direct Commercial has launched a new broker portal providing brokers with more functionality and accessibility to the MGA’s services.
Posted: 2023-11-16
Despite concerns over the macroeconomic and geopolitical climate, UK PI insurers remain confident as 2024 approaches. A significant majority (95%) expect their appetite for business to increase or at least to remain the same over the coming year, according to law firm Clyde & Co’s latest annual survey of the market.
Posted: 2023-11-15
SMEs are optimistic for the coming year, anticipating that revenue will rise – despite ongoing concerns about inflation and higher interest rates. This is amongst the findings of research carried out by premium finance company, Premium Credit.
Posted: 2023-11-15
The Lloyd's Market Association and the London and International Insurance Brokers' Association have joined forces to lead digital transformation in delegated authority business, with the introduction of computable contracts, in a move designed to enhance efficiency, ensure data accuracy and boost analytics for a digitally connected marketplace.
Posted: 2023-11-15
Severe weather pattern changes are playing a key role in increasing North American wildfire risk in four regions that were previously considered to be at low risk, according to research from Chaucer. The Appalachians, Southern Rocky States, Alberta and British Columbia and Texas are quickly becoming areas of concern for catastrophic wildfire insurance losses, the data suggests.
Posted: 2023-11-14
Insurtech Anansi has partnered with Tokio Marine HCC, Liberty Mutual and Arch Insurance to develop a specialist parametric goods-in-transit insurance tailored for large retailers.
Posted: 2023-11-14
WTW has expanded its Alert:24 crisis management offering with the opening of two additional operations centres in Houston, US and Sydney, Australia; and the wider growth of its teams in the US and Singapore.
Posted: 2023-11-14
ICEYE has launched four new synthetic aperture radar satellites. The launch on SpaceX’s Transporter-9 smallsat rideshare mission via Exolaunch was conducted from Vandenberg Space Force Base in California. Each spacecraft has successfully established communications and is undergoing routine early operations.
Posted: 2023-11-13
The deadline for the 2024 National Insurance Awards has been extended. Celebrating excellence in the sector, the National Insurance Awards highlight the very best in general insurance provision and management in the UK.
Posted: 2023-11-13
Neil Gibson has been named CEO of Sedgwick in the UK.
Posted: 2023-11-13
Emergency and mass communications software provider, Everbridge, is to address the COP28 summit on the value of public safety technology in mitigating the threat of climate change.
Posted: 2023-11-10
A “trilemma of tension’ is being faced by the global power sector, emphasising the need for risk managers to invest in horizon-scanning to assess and manage their unique risk profile.
Posted: 2023-11-09
Arch Insurance Australia has announced the establishment of a new cyber insurance practice, led by Rachel Green as national cyber underwriting manager for Australia and the Pacific region.
Posted: 2023-11-09
In a welcome easing of inflationary pressure on property insurers in the UK, overall prices for property repair materials fell in the last quarter by 1.4%, according to analysis from Verisk. Fluctuations in material prices were not uniform across the UK. In Wales, the Midlands, the Northeast and the Southeast, prices fell in line with the national average. In the South West, London and Northern Ireland, prices remained broadly the same as in Q2.
Posted: 2023-11-09
Human capital issues are no longer simply a ‘people problem’, but a key business risk that is fuelled by rising the competition for talent, workforce shortages, and a lack of retirement preparedness, according to the latest edition of Aon’s biennial global risk management report.
Posted: 2023-11-08
Broker WTW has launched an Asia Pacific climate risk centre in Singapore. The centre will provide climate risk quantification and management capabilities to support the region’s resilience and transition to net-zero.
Posted: 2023-11-08
Data analytics provider Verisk estimates that the industry insured losses from Storm Ciarán could range from €800m to €1.3bn, the majority of which are expected to be in France.
Posted: 2023-11-08
Recent adverse weather could leave the insurance sector exposed to heightened fraud risk, according to claims services provider McLarens. The firm, which focusses on complex, commercial and specialty markets, has warned insurance and claims professionals to be vigilant as fraudsters look to take advantage of recent surge events.
Posted: 2023-11-07
A consumer group has reported brands including Coca-Cola, Danone and Nestlé for what it says are misleading commercial claims about the recyclability of their products. BEUC says that the beverage industry makes recyclability claims that are “too vague, inaccurate and insufficiently substantiated”.
Posted: 2023-11-07
Organisations are increasingly aware of the potential cost of reputational damage, but as awareness increases, confidence in their risk management systems and crisis response capabilities has fallen since 2021, according to a report by WTW.
Posted: 2023-11-06
Spiralling costs caused by inflation is one of the biggest risks facing the charity sector, according to a new report from Ecclesiastical Insurance. The specialist insurer has published its third charity risk barometer, examining the immediate and emerging risks facing organisations.
Posted: 2023-11-06
Critical events solutions provider Everbridge has secured a patent related to the use of AI in technology such as analytics dashboards for critical event management software systems.
Posted: 2023-11-06
Incidents of individuals stealing from their employer and customer accounts have increased by nearly three-quarters (74%) when compared with 2022, according to figures from fraud prevention service Cifas. In its latest Fraudscape update, employees carrying out theft from customer accounts also rose by 27%.
Posted: 2023-11-03
As businesses, communities and the insurance sector count the cost of the latest storm to hit the UK, there are calls to better integrate insurance and resilience to create a system that is fit for purpose.
Posted: 2023-11-03
Amid this week’s focus on AI Safety Summit at Bletchley Park, the Royal Academy of Engineering has warned that a digital and engineering skills shortage could prevent the UK from meeting its ambitions to be a global leader in AI.
Posted: 2023-11-03
Major incidents have been declared in a number of areas of southern England as Storm Ciarán brings strong winds and heavy rain. Hundreds of schools closed today (Thursday) while train operators have suspended or greatly reduced services, advising commuters to work from home wherever possible.
Posted: 2023-11-02
Pharmaceutical giant Bayer has been ordered by a judge in California to pay US$332m after being found liable in a case brought by a man who claimed exposure to the firm’s Roundup weed killer was the cause of his cancer.
Posted: 2023-11-02
Global commercial insurance prices increased 3% in Q3 2023, the same as the previous quarter, according to figures from broker and risk advisor Marsh.
Posted: 2023-11-02
RSA Insurance has introduced a new design and construct professional indemnity product. Available to brokers and their clients via RSA’s mid-market business, it is aimed at contractors who are responsible for professional activities and duties, whether it is undertaken by their own design team or department, or subcontracted out.
Posted: 2023-11-01
AXA XL Risk Consulting has launched a water impact and sustainability evaluation tool, intended to offer a remote, customisable solution to helps risk managers to evaluate and act on water risks.
Posted: 2023-11-01
The UK has signed a statement of intent on a European Bank for Reconstruction and Development war-risk insurance scheme for Ukraine. The aim is to help UK companies to do business in Ukraine and support its reconstruction.
Posted: 2023-11-01
The risk associated with dependence on a particular cloud provider for multiple business capabilities is in the top five emerging risks for organisations for the second consecutive quarter, according to a survey by Gartner.
Posted: 2023-10-31
Risks relating to artificial intelligence and data feature in the top 10 of areas for concern for both UK experts and the general public for the first time, according to a new report. The research by AXA reveals that the UK public are more worried about the impact of AI than their European counterparts, who do not rank it as one of their top 10 concerns.
Posted: 2023-10-31
The number of UK companies developing plans to tackle climate change has increased significantly in the past year, according to a new report by Aviva. Almost half (44%) of UK companies now have a structured plan in place to reduce their carbon footprint and climate impact, up from 34% one year ago.
Posted: 2023-10-31
KYND has added a new internal security feature to its KYND ON cyber risk monitoring product, to provide an internal as well as an external perspective of an organisation’s security posture. The new feature aims to enhance the ability to identify any areas of risk or exposure and prioritise mitigation efforts to strengthen cyber resilience.
Posted: 2023-10-30
Hurricane Otis has been declared the strongest to make landfall in Mexico, surpassing Hurricane Patricia in 2015 and becoming the first Category 5 major hurricane to make landfall from the Eastern North Pacific since records began.
Posted: 2023-10-30
Food production in Northern Ireland could face disruption as union members of the Veterinary Service Animal Health Group begin a five-day strike. The strike over pay by Northern Irish vets and meat inspectors will mean that no slaughter of cattle, pigs, sheep and poultry can take place across the whole of Northern Ireland this week.
Posted: 2023-10-30
Equipment sharing agreements could land participants with potential liability issues if appropriate insurance cover is not in place, warns freight transport and cargo insurer TT Club. It says while such arrangements can be an efficient use of resources, a lack of formal definition in contracts can lead to potential exposure.
Posted: 2023-10-27
Travel association ABTA has published new guidance for members with an overview of the legal framework that businesses must consider when they market and advertise their environmental credentials, including advice on how to avoid greenwashing.
Posted: 2023-10-27
Early detection is becoming more important than ever in the battle against ransomware and extortion claims as cyber threats continue to evolve, according to a new report by Allianz Commercial.
Posted: 2023-10-27
Law firm Kennedys, in association with Thomson Reuters Practical Law, has produced a guide that sets out key climate change considerations for the insurance and reinsurance industry. It explains the financial impact of climate change on the industry, the main regulatory obligations on insurers and the key risks and changes that are occurring in different lines of business.
Posted: 2023-10-26
A new public health taxonomy for social listening on respiratory pathogens has been released by the World Health Organisation, alongside other useful tools for infodemic management.
Posted: 2023-10-26
Ahead of a summit next week, a government report into the potential for generative AI warns that it could increase the risk of cyber attacks and even assist terrorists in planning biological or chemical attacks. It adds that by 2025, it is likely AI will help to create faster-paced, more effective and larger scale cyber attacks.
Posted: 2023-10-26
Cyberattacks are now the leading cause of IT downtime for the first time according to research by Databarracks. Its latest data health check report, which surveyed 500 UK IT decision makers, nearly a quarter of responses said that cyberattacks were the biggest reason for downtime, and for the second year running were also the leading cause of data loss.
Posted: 2023-10-25
Marsh has announced the launch of a new Marsh Specialty global cyber practice, appointing Tom Reagan as global specialty head of cyber.
Posted: 2023-10-25
Ransomware attacks continue at a record-breaking pace with Q3 2023 global ransomware attack frequency up 11% over Q2 and 95% year-over-year, according to figures from cyber underwriter Corvus Insurance.
Posted: 2023-10-25
With Storm Babet leaving vast areas of farmland underwater, the NFU has called for the government to address the importance of UK food security by taking greater steps on water management.
Posted: 2023-10-24
The biggest issues of concern for UK firms are the impact of financial uncertainty (34%), employee health and wellbeing (31%), and supply chain disruption (23%) on their businesses over the next 12 months, according to report by broker and risk advisor Marsh.
Posted: 2023-10-24
Six projects have been chosen for trials under a UK Civil Aviation Authority scheme that will help make ‘beyond visual line of sight’ drone flights an everyday reality. Among those included are schemes that involve medical drone deliveries, energy infrastructure, and ‘sky highways’.
Posted: 2023-10-24
The total number of national elections will increase 14% next year, from 56 globally in 2023 to 64 in 2024, according to research by specialty re/insurance group Chaucer, leading to a steady increase in demand for political risk insurance.
Posted: 2023-10-23
The Royal Institute of Chartered Surveyors has partnered with health & wellbeing consultancy Ekkist to launch a new guide to designing, delivering and managing healthier buildings.
Posted: 2023-10-23
Global insured losses from natural disaster events reached US$88bn by the end of Q3 2023 – 17% higher than the 21st century annual average, driven by notable Q3 events such as US and Italian severe convective storms and the Maui wildfire, according to figures from Aon.
Posted: 2023-10-23
Global broking business Brokerslink has announced that Toyota Tsusho Insurance Management Corporation has joined the broking network as an affiliate.
Posted: 2023-10-20
Zurich UK is offering commercial customers with a sub £1bn revenue free access to its newly launched Cyber Complete service. The service, which equates to over 20 hours of free consultation, has been developed and tested over the past six months in collaboration with Zurich Resilience Solutions, a specialist team developed to help customers build resilience.
Posted: 2023-10-20
The Institute of Directors is calling on the UK government to re-evaluate its ‘wait and see’ approach to AI regulation and establish a principles-based regime on a statutory basis as a matter of urgency.
Posted: 2023-10-20
FERMA has urged risk managers to continue to demonstrate the vital role they play in enabling the risk-based decision making critical to the sustainability and competitiveness of corporations.
Posted: 2023-10-19
AXA XL Risk Consulting has today announced the launch of AXA Immersive Solutions, a new training solution leveraging virtual reality and digital twin technologies.
Posted: 2023-10-19
Canada-based P/C insurer, Intact Financial Corporation, and subsidiary RSA, have received approval today to complete the acquisition of Direct Line Insurance Group plc’s brokered Commercial Lines operations.
Posted: 2023-10-19
Whilst companies have become increasingly reliant on digital support from third parties, the potential perils of cyber supply chains receive much less attention than other major cyber threats. This is amongst the conclusions drawn by authors of a whitepaper published by the International Underwriting Association and cyber risk analytics firm, CyberCube.
Posted: 2023-10-18
Howden has announced the creation of Howden Climate Parametrics, a global practice that brings together re/insurance, climate and data expertise to focus parametric risk transfer solutions on meeting the escalating demand for sector-wide climate de-risking capabilities.
Posted: 2023-10-18
Lloyd’s has unveiled its second systemic risk scenario, modelling the ramifications of a major cyber attack, the potential global economic losses of which, it says, could reach US$3.5trn. The model explores the fall-out after a (hypothetical) unprecedented, simultaneous and highly sophisticated cyber attack takes place against multiple financial services organisations payment systems.
Posted: 2023-10-18
Target Group has rolled out Protecht’s ERM solution to centralise risk management activities for all of its 800 colleagues.
Posted: 2023-10-17
Charlotte Hedemark made her first address this week as new president of the Federation of European Risk Management Associations. Speaking at the official handover ceremony at the FERMA Seminar 2023 in Belgium on Monday, Hedemark outlined the strategic priorities for the Federation during her presidency.
Posted: 2023-10-17
Travelers and Aspen are to offer additional follow capacity through Lloyd’s syndicate, Ki. Effective 1st January 2024, Ki will become the first algorithmic underwriter in the market to offer additional capacity from multiple syndicates.
Posted: 2023-10-17
Today sees the launch of Howden Ventures, an investment and risk incubator with £500m of delegated underwriting capacity. Subject to Lloyd’s approval, Howden Ventures will draw expertise and resources from specialist innovation teams across the global insurance market. The platform is backed by leading Lloyd’s underwriters, including Tokio Marine Kiln, Chaucer and Liberty Specialty Markets.
Posted: 2023-10-16
Almost a third of employees have made mistakes that could impact the cyber security of their workplace, research from QBE has found. According to the survey, these ranged from falling victim to a phishing scam (5%), accidentally clicking a link that resulted in malware being added to a work device (7%), losing or having a work device stolen (6% and 7%) to sharing passwords with colleagues (13%).
Posted: 2023-10-16
Guy Carpenter won a competitive tender with Pool Re that will see its reinsurance broking contract renewed for three years, with an option to run to five.
Posted: 2023-10-16
Equifax has been fined over £11m for failing to manage and monitor the security of consumer data. The incident, which took place in 2017 and became one of the largest cyber security breaches in history, allowed hackers to access the personal data of approximately 13.8 million UK consumers because Equifax outsourced data to Equifax Inc’s servers in the US for processing
Posted: 2023-10-13
The Government of Ukraine has today launched a data platform allowing insurers, investors and governments to analyse war risks in the country. Designed with support from Marsh McLennan, the data platform aggregates data from the police, military, security services, rescue services, transport services and government institutions, to deliver detailed maps of war-related incidents in Ukraine (defined as individual events relating to Russian hostilities such as missile, drone or shelling attacks) since the Russian invasion in February 2022.
Posted: 2023-10-13
The Financial Conduct Authority has fined former CEO of Barclays, James Staley, £1.8m and banned him from holding a senior management or significant influence function in the UK financial services industry.
Posted: 2023-10-12
Sompo International has become the British Insurance Brokers’ Association's latest partner. The global commercial P/C insurance and reinsurance organisation has over 9,000 employees across operations in North America, the UK, Europe, Latin America and Asia-Pacific.
Posted: 2023-10-12
Growing consumerism, the globalisation of supply chains, the emergence of new technologies and the need to innovate are driving an increase in product liability claims globally. This is amongst the findings of Global Insurance Law Connect’s first Product Liability Report, providing insights and forecasts from 17 countries on product liability insurance in local markets.
Posted: 2023-10-11
A major incident was declared last night at London Luton Airport after a huge fire took hold in a car park at Terminal 2. Bedfordshire Fire and Rescue Service received calls just before 21:00 to a fire involving a car on level three of the multi-storey car park. The severe fire spread rapidly through the open structure, causing significant structural collapse.
Posted: 2023-10-11
Lloyd’s has today unveiled a systemic risk scenario tool that models the global economic impact of extreme weather events. The scenario explores how a hypothetical but plausible increase in extreme weather events could lead to crop failures and, subsequently, significant global food and water shortages.
Posted: 2023-10-11
LRQA has launched its new sustainability programme, outlining its internal ESG commitments over the next seven years, along with performance metrics.
Posted: 2023-10-10
Industrial AI company, Ada Mode, has today launched a hardware-free platform for maximising wind turbine health and availability. Windscope is designed to bring advanced health monitoring technology to asset managers and engineers in the wind energy sector, helping them to minimise downtime, maximise production and extend the operational lifetime of their assets.
Posted: 2023-10-10
Aon has digitised and automated its reinsurance claims process using the Appian platform.
Aon Reinsurance Solutions’ five-year long operational transformation programme encompassed adjustments to the daily roles and responsibilities for staff worldwide, as well as the introduction of new business processes and corresponding changes to critical business applications.
Posted: 2023-10-10
The London Market Group has launched a report on the role that insurance plays in helping to unlock, promote and facilitate the transition to net zero.
Posted: 2023-10-09
The Chartered Insurance Institute has launched its new qualifications brochure for 2024, detailing the learning opportunities and assessments available over the coming year.
Posted: 2023-10-09
Healix is this week launching a mental health services division to support clients’ employees when travelling for business. As part of Healix’s emergency services offering, clients will now be offered 24/7 telephone access to confidential mental health support for their people.
Posted: 2023-10-09
Confidence amongst financial services firms has increased, despite a dip in activity during Q3, according to a survey from the Confederation of British Industry. The survey found a balance of financial services firms reporting a rise in output versus a fall was 27%. Though down from 42% the quarter before, the CBI said this was significantly higher than the long-run average of 13%.
Posted: 2023-10-06
Acton-based cyber security company, JUMPSEC, has teamed up with Ealing Borough Council to deliver a cyber-focused careers event at a local primary school.
Posted: 2023-10-06
Steadfast Group, the largest general insurance broker network and underwriting agency group in Australasia, has announced its acquisition of ISU Group.
Posted: 2023-10-06
A poll of UK brokers conducted by specialist insurer CFC showed that IT departments are the number one obstacle to overcome when it comes to selling cyber policies. Almost half (49%) said that they had encountered a challenge from their client’s IT lead or department, stating that they “didn’t need” cyber insurance.
Posted: 2023-10-05
The CII and PFS have launched a Consumer Duty digital learning suite, adding to their already extensive toolkit of resources.
Posted: 2023-10-05
DUAL Europe has confirmed its expansion with the launch of a new marine team.
Posted: 2023-10-04
Tata Consultancy Services has won a multi-year contract with Asda to support the British supermarket giant’s digital transformation, following its divestiture from Walmart.
Posted: 2023-10-04
Less than a quarter of third sector organisations have introduced proportionate risk management software, security monitoring tools and cyber insurance, despite 57 per cent reporting a concern about the rising threat of cyber crime to their organisation.
Posted: 2023-10-03
The scramble for insurers to implement the first stage of the Financial Conduct Authority’s Consumer Duty is over, but the profession’s future relationship with its regulator will depend on whether it takes an adult, risk-based approach to the Duty, or opts for a more parent-child, compliance-based relationship.
Posted: 2023-10-03
In January 2023, the National Congress of Chile approved a law allowing the distribution of parametric insurance products. It also authorised more flexible rules regarding claims and adjustments for this insurance.
Posted: 2023-10-03
The Financial Conduct Authority has fined UK broker ADM Investor Services International £6,470,600 for inadequate anti-money laundering systems and controls.
Posted: 2023-10-02
Skyrisks has announced its operational readiness to welcome new business for the fast-growing insurance needs of the advanced air mobility sector.
Posted: 2023-10-02
AXA Commercial has used an artificial intelligence tool to establish if any buildings owned or occupied by customers may be impacted by the ongoing RAAC issue in the UK. The insurer deployed AI to review more than 70,000 multi-page documents in one week – a job, it said, would otherwise have taken 12 months to complete manually.
Posted: 2023-10-02
The Financial Conduct Authority today confirmed a series of measures designed to protect beleaguered leaseholders in multi-occupancy buildings. From the beginning of next year, insurers will be forced to act in leaseholders’ best interests, treating them as customers when designing new products.
Posted: 2023-09-29
A study carried out by researchers at UBC Sauder School of Business shows that when CEOs are accountable for performance failures, stock analysts value their companies more highly.
Posted: 2023-09-29
BIBA has welcomed the rule changes announced by the FCA today in its Policy Statement on residential multi-occupancy buildings.
Posted: 2023-09-29
The management of complex risks is no longer the concern of large and complex organisations alone. As author David Rubens points out in his latest book, Strategic Risk and Crisis Management: A Handbook for Modelling and Managing Complex Risks, whether a cyber attack, a pandemic or a natural disaster, the modern risk environment impacts all organisations’ ability to respond to and recover from high-impact events.
Posted: 2023-09-28
With the pace of innovation and development in technology continuing to accelerate, data and information ethics have fast become a critical issue – for businesses, individuals and society as a whole.
Posted: 2023-09-28
Aon has announced the launch of its new solution for financial institutions, FI Protect 360. Created in collaboration with a number of London Market insurers, FI Protect 360 is designed to address key operational risks faced by today’s financial institutions encompassing both technology and more traditional risks.
Posted: 2023-09-28
McGill and Partners has partnered with Renew Risk to develop catastrophe models for offshore wind portfolios, via an initial five models in the Oasis framework, an open-source cat model platform, covering Northeast US hurricane, Taiwan earthquake and typhoon and Japan earthquake and typhoon.
Posted: 2023-09-27
Insurtech MGA Loadsure has partnered with WeatherOptics to bring weather intelligence into its risk calculations.
Posted: 2023-09-27
Immersive Labs has today released its new Workforce Exercising solution, designed to help build and improve organisation-wide cyber resilience.
Posted: 2023-09-26
RSA Insurance has joined the Group for Autism, Insurance, Investment and Neurodiversity as an Industry Transformer member, signalling its recognition of the importance of neurodiversity to business.
Posted: 2023-09-26
CREST and IASME have agreed to partner with the National Cyber Security Centre to support the delivery of its new Cyber Incident Exercising scheme. Organisations wishing to join the CIE scheme will be assessed against the NCSC CIE Standard. CREST and IASME will manage the assessment, onboarding, monitoring and offboarding of providers assured under the scheme on behalf of the NCSC.
Posted: 2023-09-26
Next Gen will from 1st October become the only PPL platform available to place new risks. From this date the option to create a new firm order will be removed.
Posted: 2023-09-25
UK financial services firms reported 640 cyber security breaches to the Information Commissioner’s Office in the year to 30th June 2023, representing a threefold increase on the 187 cyber security breaches in the previous period, according to research conducted by law firm RPC.
Posted: 2023-09-25
CRIF has launched its ESG assessment tool, Synesgy, in the UK.
Posted: 2023-09-25
The Institute of Risk Management has announced the appointment of David Epstein as non-executive director. Mr Epstein, group ALM and treasury director at Aviva, and a director of subsidiary, Aviva Capital Partners, has over 20 years’ experience in financial services covering investment banking, pensions, insurance and reinsurance.
Posted: 2023-09-23
CDP, the not-for-profit which runs the global environmental disclosure system for companies, cities, states and regions, and XBRL International, which provides the digital language for reporting, have announced a partnership aimed at accelerating digital sustainability disclosure globally.
Posted: 2023-09-22
As the offshore wind sector sees significant growth and opportunities, the industry faces an increased and varied range of risk, according to a new report by Allianz Commercial. It warns that insurers and developers will need to adapt to the challenges posed by bigger turbines and increased natural catastrophe risks.
Posted: 2023-09-22
Supermarket chain Co-op has seen crime, shoplifting and antisocial behaviour increase by over a third year-on-year, with over 175,000 incidents recorded in the first six months of the year.
Posted: 2023-09-22
The world is falling dangerously short of the ambition that is needed to secure a safe future climate, according to new analysis by PwC, which found that no G20 country has achieved a decarbonisation rate of more than 11% in a single year since 2000.
Posted: 2023-09-21
Shipping continues to innovate in terms of vessel capacities, greener technologies, more modern operating practices, and the way in which goods are being carried, but these changes bring new risks which need to be addressed, warns the International Union of Marine Insurance.
Posted: 2023-09-21
US-based medical device manufacturer Medtronic is facing a legal battle over allegations that it shared a ‘treasure trove’ of diabetes patient data with tech giant Google. Data and analytics company GlobalData warns that the case could lead to heightened scrutiny of the sector.
Posted: 2023-09-21
Sedgwick has introduced a climate risk and resilience programme designed to address the impact of climate-related losses.
Posted: 2023-09-20
Flexible working is key to creating a more diverse and inclusive workforce, according to a new report by the University of Nottingham in association with Browne Jacobson. The research into equality, diversity and inclusion in the UK insurance industry also found that excessive alcohol consumption at team building and client events fuels inequality, discrimination and harassment.
Posted: 2023-09-20
Businesses found to have breached UK data protection laws when falling victim to cyber attacks could receive lower fines in respect of those infringements if they engage appropriately with the UK’s National Cyber Security Centre, under a new agreement between the NCSC and the Information Commissioner’s Office.
Posted: 2023-09-20
Aon has joined the International Emissions Trading Association as the first member with risk capital capabilities. IETA is a non-profit organisation that seeks to establish an international framework for trading in greenhouse gas emission reductions.
Posted: 2023-09-19
Over half (54%) of consumers say that they would stop buying from a company if they were found to have been misleading in their sustainability claims, according to new research from KPMG. The findings highlight that ‘greenwashing’ is widely recognised by consumers with almost half (45%) being aware of the term.
Posted: 2023-09-19
A lack of resources in corporate tax and global trade departments could expose business to a wide range of risks, according to research by Thomson Reuters. Its report suggests that under-resourced tax departments are more likely to face audits and penalties.
Posted: 2023-09-19
The world is not on track to hit the Paris Agreement targets and warming could exceed 1.5 degree Celsius as early as 2040 with huge potential implications for business, according to new research by Zurich Insurance.
Posted: 2023-09-18
Most AI decision makers in the insurance industry are happy with the state of their AI governance, with 90% of respondents to a recent survey by DLA Piper saying they believe their approach to be effective. The figure is 83% across all sectors.
Posted: 2023-09-18
Lloyd’s and Moody’s Analytics are to collaborate to develop a solution that will help to quantify greenhouse gas emissions across managing agents’ underwriting and investment portfolios. The solution being adopted aims to aid managing agents in meeting expected regulatory reporting requirements.
Posted: 2023-09-18
Risk, safety, and insurance software as a service technology firm Origami Risk has announced the acquisition of Dais Technology, a provider of no-code insurance technology. The acquisition increases Dais’ market reach and client support capabilities and expands Origami’s suite of property and casualty insurance solutions for MGAs, insurers and reinsurers.
Posted: 2023-09-15
Chubb has launched a new Lloyd’s of London consortium that is designed to provide insurance coverage for risks associated with the transit and storage of lithium batteries. The move seeks to address a lack of capacity in the marine cargo market for providing lithium battery transit and stock insurance.
Posted: 2023-09-15
Legal and compliance department investment in governance, risk, and compliance tools will increase 50% by 2026, according to Gartner. It says assurance leaders are seeking out technology solutions to help them address increasing regulatory attention on executive risk oversight and monitoring.
Posted: 2023-09-15
One of the best holiday decisions I made this year was to have a staycation in Kent at the end of August. The weather wasn’t up to much, but at least I avoided being trapped at an airport by the significant disruption to flights following a crippling failure of the UK’s air traffic control system.
Posted: 2023-09-14
US-based risk association, RIMS, has invested more than US$200,000 in the Spencer Educational Foundation in a three-year programme of support for undergraduate risk management course development at higher education institutions across the US.
Posted: 2023-09-14
Safetytech Accelerator has signed up major UK maritime insurers, the UK P&I Club and TT Club to its Cargo Fire and Loss Innovation Initiative.
Posted: 2023-09-14
Zurich Resilience Solutions and KPMG Switzerland have formed a strategic collaboration to offer advisory services to address the physical and transition risks associated with climate change.
Posted: 2023-09-13
Allianz has published its first comprehensive net-zero transition plan, outlining its commitment to achieve net-zero emissions by 2050 in its proprietary investment and P/C underwriting portfolios, and by 2030 within its own operations.
Posted: 2023-09-13
Moody’s RMS has announced the launch of a Cyber Industry Steering Group to develop industry initiatives that respond to the growth of the global cyber insurance market.
Posted: 2023-09-13
Lockton has signed a long-term strategic agreement with Jhasa, a Spanish independent insurance and reinsurance broker, under which the construction, energy and M&A specialist will become a partner for Lockton’s Global Commercial Insurance and People Solutions business in Spain.
Posted: 2023-09-12
Everbridge has unveiled its Everbridge 360 dashboard, a new tool designed to help organisations effectively manage critical events, minimise communication delays and improve overall operational resilience.
Posted: 2023-09-12
Operational risk association, ORX, has today launched its Risk Indicator Library for operational and non-financial risk.
Posted: 2023-09-12
Specialist reinsurance MGA, Connect Underwriting, has launched a new London-based MGA, Stability Risk UW.
Posted: 2023-09-11
Specialist international freight insurance provider, TT Club, has warned this week of the critical dangers of toxic gas emissions associated with lithium-ion battery fires. The failure of such batteries has the potential to occur with no warning, and with such speed that there is typically no time to react.
Posted: 2023-09-11
Total premium income in 2022 for the London company market was £44.071bn, according to International Underwriting Association figures – an increase of around one quarter on the previous year when an aggregate of £35.654bn was recorded. Premium growth has been largely driven by inflationary price increases, but new business acquisitions have also been a significant driver.
Posted: 2023-09-11
A new predictive strikes, riots, and civil commotion data model providing forecasts for thousands of global locations on the potential for damaging civil unrest events to emerge, has been launched by Verisk Maplecroft.
Posted: 2023-09-07
Nearly half of UK board members feel at risk of cyber attack according to a survey exploring directors’ views on the global threat landscape, cybersecurity priorities, and relationships with CISOs.
Posted: 2023-09-07
Renew Risk, a London-based clean-energy risk analytics SaaS startup, has raised £1.7m seed funding to improve its offering to assist with the financing, planning and insurance for renewable energy assets.
Posted: 2023-09-07
The International Federation of Red Cross and Red Crescent Societies has partnered with Aon, Lloyd’s Disaster Risk Facility and the Centre for Disaster Protection to launch a new risk transfer mechanism to ensure that rapid support is available when a disaster occurs. The tool provides a backstop for the IFRC's Disaster Response Emergency Fund.
Posted: 2023-09-06
NATS’ preliminary investigation has confirmed the root cause that led to last Monday’s air traffic control incident, and the company has reiterated its apology for the associated disruption to passengers, airlines and airports.
Posted: 2023-09-06
GCHQ’s National Cyber Security Centre and its international allies have issued a fresh warning to organisations about the importance of updating systems after malicious cyber attackers were found to be routinely targeting older software vulnerabilities in 2022.
Posted: 2023-09-05
Insurance standards-setting body ACORD has published a new contract, risk and pre-accounting implementation toolkit, aimed at facilitating the efficient exchange of insurance data.
Posted: 2023-09-05
Analytics firm Moody’s RMS estimates the total private market insured losses from Hurricane Idalia to be between US$3bn and US$5bn, with a best estimate of US$3.5bn. This estimate represents insured losses associated with wind, storm surge, and precipitation-induced flooding.
Posted: 2023-09-05
Nation-state cyber threat activity will push the boundaries of war exclusion language, warns cyber risk analytics specialist CyberCube, with some industry sectors potentially under-secured against the potential risks.
Posted: 2023-09-04
Compliance leaders are facing pressure to make the most of existing resources despite economic challenges and increased workload volume and complexity, according to Gartner.
It says that to face these challenges, leaders need to address three investment in technology.
Posted: 2023-09-04
One in four invoices received by large businesses are paid late and there has been no improvement in the average time it takes to pay suppliers, according to analysis of UK government data by the Chartered Institute of Procurement & Supply.
Posted: 2023-09-01
Specialist insurer Beazley has partnered with Sola Technologies and Spinnaker Insurance Company to provide a parametric tornado disaster benefit insurance for homeowners. The tornado crisis product uses National Weather Service data to automatically initiate the claims process.
Posted: 2023-09-01
Businesses have been warned to be vigilant of the potential risks from integrating AI-driven chatbots into their business, with research suggesting that they can be tricked into performing harmful tasks.
Posted: 2023-08-31
The Information Commissioner’s Office has warned organisations to use alternatives to the blind carbon copy (BCC) email function when sending emails containing sensitive personal information, following a series of business blunders.
Posted: 2023-08-31
Tysers has rolled out the Tconnect platform across the business, reducing the average time to process client queries by 60%. Tconnect uses a common Tysers data set that integrates with e-trading platforms such as PPL Next Gen and Whitespace and through a digital gateway, the platform is compatible with Blueprint 2 and the market’s Core Data Record.
Posted: 2023-08-30
Apollo is rolling out algorithmic underwriting solutions from insurtech, Artificial Labs. The collaboration will support brokers wherever and however they choose to transact – be it at the Box, through web portals, or anywhere in between.
Posted: 2023-08-30
In the first half of 2023, ransomware attacks rose by 87% in the UK, and by 37% globally, with a particular focus on financial services, insurance and IT companies. This is according to research from cyber consultancy, JUMPSEC, whose data suggests that the UK is the most targeted country outside the US, and that 20% of all European ransomware attacks occur in the country.
Posted: 2023-08-30
Risk orientation, stakeholder management and team leadership are the top three characteristics of the most effective chief audit executives, according to a survey carried out by Gartner. Risk orientation results in the CAE’s audit plan aligning with top enterprise risks and audit’s risk assessment aligning with other functions, it found.
Posted: 2023-08-29
The time and effort needed to secure cyber insurance is increasing significantly, with the number of companies requiring 6 months or more to do so rising each year. This is amongst the findings of PAM provider, Delinea’s, latest State of Cyber Insurance report.
Posted: 2023-08-29
UK SMEs are struggling to pay tax bills, with Corporation Tax and VAT top of the agenda.
Posted: 2023-08-29
Reinsurers are expected to generate underwriting profits in 2023, despite persistent elevated claims activity. So says AM Best in its Market Segment Report, Global Reinsurers Face Challenges Even as Conditions Improve, published this week ahead of the Rendez-Vous de Septembre in Monte Carlo.
Posted: 2023-08-25
Mastercard has opened a new global Centre for Advanced AI and Cyber Technology in Dubai, as part of an agreement with the United Arab Emirates' Artificial intelligence, Digital Economy and Remote Work Applications Office to advance AI capabilities and readiness in the UAE.
Posted: 2023-08-25
Aspen has appointed Andrew Dyer as chief risk officer of Aspen UK.
Posted: 2023-08-24
Insured losses from natural catastrophes in H1 2023 point to this year being the third consecutive year of weather-event claims topping US$100bn, with much of these coming from secondary perils such as floods, hail and wildfires – all of which are becoming more frequent as global temperatures rise.
Posted: 2023-08-24
The Hywind Tampen wind farm has been officially opened by Crown Prince Haakon of Norway, creating the world's largest floating offshore wind farm.
Posted: 2023-08-24
Economic losses from the recent Lahaina Conflagration and Kula wildfires in Hawaii could be in the region of US$4bn to US6bn, according to estimates from Moody’s RMS. A combination of ongoing drought conditions, low humidity levels, and localised strong wind gusts produced dangerous wildfire conditions between 8th and 11th August that led to the ignition and spread of multiple wildfires across the Islands.
Posted: 2023-08-23
Fusion Risk Management has today unveiled its new generative AI-powered assistant, Fusion Resilience Copilot.
Posted: 2023-08-23
Zurich Insurance Group’s global headquarters, Quai Zurich Campus, has received WELL Platinum certification, the highest award for employee well-being. Zurich is one of the first companies in Europe to achieve WELL Platinum status.
Posted: 2023-08-23
Environmental consultancy, GeoSmart, has been awarded £42,544 from the UK Space Agency to explore how satellite technology can help water resource management and disaster mitigation.
Posted: 2023-08-22
Placing Platform Limited has deployed its first major upgrade since Next Gen was launched in March 2023. This follows five releases that have introduced regular enhancements to the platform in the months since it was launched.
Posted: 2023-08-22
Brokerslink has added sports, music and entertainment contingency broker, 1783 Group, to its network.
Posted: 2023-08-22
The Chartered Insurance Institute has launched two new leadership-focused training programmes. Starting this October, Building a World Class Advisory Practice and Managers as Coaches are designed to optimise personal performance, effective team leadership and strong business development, with the former tailored to those working within the financial advice sector.
Posted: 2023-08-21
Markel has developed a new product for the UK construction sector
Posted: 2023-08-21
A misalignment between culture and strategy is often the biggest impediment on the road to effective risk management, according to a new RIMS report.
Posted: 2023-08-21
A new Omicron variant is gaining ground due to waning immunity, more people gathering indoors because of extreme heat, an uptick in large gatherings, fewer people taking precautions, and more people simply believing the risk of getting Covid-19 is low.
Posted: 2023-08-18
The government has announced a new multimillion pound investment in Artificial intelligence to transform the way industries cut their carbon emissions.

Twelve green AI initiatives will receive a share of £1m to decarbonise and boost generation of renewable energy, contributing to reaching the country’s net-zero goal by 2050.
Posted: 2023-08-17
Convex-backed MGA, Skyrisks, has teamed up with Quotech to deliver insurance coverage for the advanced air mobility space.
Posted: 2023-08-17
Robust IT asset management is vital to the ability to proactively manage vulnerabilities, respond to incidents efficiently and minimise the financial impact of cyber attacks, according to the latest S&P Global Ratings report
Posted: 2023-08-17
DWF has agreed a global claims management outsourcing contract with Aspen, following a six-month selection process.
Posted: 2023-08-16
All three of the largest global brokers: Aon, Marsh and WTW, are now live with Next Gen as the market heads towards full transition to the new platform by 1st October. Major London market specialty broker McGill & Partners and Guy Carpenter have also recently gone live, meaning that all the top ten brokers in the market are actively using PPL.
Posted: 2023-08-16
The British Insurance Brokers’ Association has launched a new member facility with customer lifecycle intelligence platform, FullCircl, that provides insurance brokers with information and insights on businesses in the UK and Ireland.
Posted: 2023-08-16
Discussions about ecological and social issues are becoming “more heated and politically charged”, according to analysis conducted by Cision.

It analysed articles in traditional media as well as posts on X, Facebook, Instagram, YouTube, Reddit and Tumblr in English, Spanish, French. German and Italian between January 2020 and June 2023.
Posted: 2023-08-15
Aon has bolstered its Risk Capital capability with the appointment of Joe Peiser as CEO of Commercial Risk Solutions and Paul Shedden as head of advanced risk analytics for Risk Capital, effective immediately.
Posted: 2023-08-15
The government’s National Cyber Security Centre is widening the scope of its Cyber Incident Response scheme, to provide assurance to a larger number of organisations. Until now, the scheme has focused on assuring companies that can provide incident response services to organisations running networks of national significance.
Posted: 2023-08-15
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. Judged by an independent panel of experts for exceptional performance, the awards provide an opportunity for organisations and individuals to showcase their strategies, software and successes from the past year.
Posted: 2023-08-14
Mergers and acquisitions in the global insurance industry fell sharply in the first half of this year, with just 171 completed deals worldwide (down from 207 in H2/22, and 242 at the same point last year) according to Clyde and Co’s Insurance Growth Report, released today.
Posted: 2023-08-11
Global law firm Norton Rose Fulbright has advised Wildfire Defense Systems on the establishment of the Wildfire Defense Syndicate 1996.
Posted: 2023-08-11
The Dubai Financial Services Authority has today published a report on its first industry-level cyber simulation exercise.
Posted: 2023-08-10
Terrorist attacks in less economically advanced countries are far more frequent and lethal than those in economically advanced countries, with the most lethal carried out by jihadist groups. This is amongst the findings of a body of work studying patterns of violence on public surface transportation.
Posted: 2023-08-10
The Institute of Risk Management has been awarded accreditation by OFQUAL for its internationally recognised International Certificate in Enterprise Risk Management. The IRM can now expand its portfolio and develop, deliver and award qualifications from Level 3 to Level 7.
Posted: 2023-08-09
Howden has launched a blended insurance product offering PI, crime and cyber liability cover under one policy and limit.
Posted: 2023-08-09
Sally Lake is to step down from her role at CFO of Beazley.
Posted: 2023-08-09
Construction companies are currently borrowing more than firms in other industries to fund insurance, according to proprietary data from credit insurer, Premium Credit.
Posted: 2023-08-08
The mass availability of generative AI, such as OpenAI’s ChatGPT and Google Bard, became a top concern for enterprise risk executives in the second quarter of 2023, according to a Gartner study released today.
Posted: 2023-08-08
NeuralMetrics has added lessor’s risk only capabilities to its risk-quality data platform. Powered by generative AI and large language models, the platform offers detailed, dynamic information on tenant occupancy risks, enabling insurers to advise property owners on suitable occupancy coverage and precise policy pricing.
Posted: 2023-08-08
Hiring intentions and business confidence saw declines across both the services and manufacturing sectors in July, with economic growth set to slow, according to a report from business advisory BDO. BDO’s Employment Index fell for the first time in six months as businesses reduced vacancies whilst battling higher interest rates, weak global demand, and ongoing supply difficulties.
Posted: 2023-08-07
New and emerging legislation of cyber-related disclosures and governance standards could improve cyber resilience, but at the same time will weigh on issuers' financial risk profiles by increasing the likelihood of penalties and necessitating investment to meet minimum standards.
Posted: 2023-08-07
International SOS has hired former British Army lieutenant-general, Giles Hill, as chair of its International Security Advisory Board. Hill has extensive UK MOD, cross-government, inter-agency and international/coalition experience.
Posted: 2023-08-07
The UK government has published a new edition of the National Risk Register. The new Register, the first since 2020, places a chance of another pandemic at between 5 per cent and 25 per cent. Deputy prime minister Oliver Dowden said in the document that “crucially, the Register is more transparent than ever. For the first time, it is based directly on the government’s internal, classified National Security Risk Assessment”.
Posted: 2023-08-04
Company disclosures on climate change will be based on the International Sustainability Standards Board standards, Business and Trade Secretary Kemi Badenoch has announced.
Posted: 2023-08-04
Ardonagh Advisory has acquired Sorvio Insurance Brokers, an independent broker, providing commercial insurance solutions to SME clients across the Southwest of England.
Posted: 2023-08-04
Business and technology resilience specialist, Databarracks, has today announced that it has been certified carbon-netural by Carbon Footprint. In a 12-month review of its activities and their carbon impact, the company found that datacentres were its biggest source of emissions.
Posted: 2023-08-03
An index measuring brand value has named UPS as the top logistics firm in the world, followed by American brand, FedEx. The Brand Finance Logistics 25 2023 ranking, which puts 5,000 of the biggest brands to the test annually, shows that UPS defied comparatively lower projected financial growth this year, which led to a negative influence on its brand value, to take the top spot.
Posted: 2023-08-03
The Ardonagh Group has completed its acquisition of high-net-worth broker Classicus, as it builds on its growth in The Netherlands.
Posted: 2023-08-02
The cat bond market continues to grow, currently exceeding £31bn in value - around double that of a decade ago. This is according to figures from Morningstar, which notes that growth in the value of the market correlates with the greater frequency of natural disasters.
Posted: 2023-08-02
Menlo Security has released a suite of threat prevention capabilities designed to detect and block highly evasive threats targeting users via the web browser.
Posted: 2023-08-01
Bridget Rosewell has been appointed as non-executive director and chair-designate for Flood Re.
Posted: 2023-08-01
Specialty re/insurer, Convex Group, has invested €20m in the Ocean 14 Capital Fund, which is working to clean up and revitalise the world’s oceans.
Posted: 2023-08-01
Global commercial insurance prices increased 3% in the second quarter of 2023, down from a 4% increase in Q1, marking the 23rd consecutive quarter of pricing increases, according to Marsh. Pricing was relatively consistent across all regions in Q2, driven largely by rate decreases for financial and professional lines and continued moderation in cyber, which was offset by property insurance increases.
Posted: 2023-07-31
The International Underwriting Association has published two new London Market model clauses to help insurers, brokers and clients deal with claims preparation costs.
Posted: 2023-07-31
Lockton Re is to licence CyberCube's Industry Exposure Database to perform benchmarking, sensitivity and real-time analyses for cyber risks.
Posted: 2023-07-31
MX Underwriting Europe is rolling out Gamma Location Intelligence's Perilfinder platform.
Posted: 2023-07-28
Telematics provider, Howden Driving Data, has signed a five-year contract extension with Unigarant, the insurance company belonging to the Dutch roadside recovery brand, The Royal Dutch Touring Club.
Posted: 2023-07-28
Howden Switzerland has acquired aviation broker, Hudson Sky International.
Posted: 2023-07-28
The Institute and Faculty of Actuaries has published a policy statement recognising the social, economic and financial risks posed by biodiversity loss. In addition to the global and systemic risks presented by biodiversity loss, the organisation has flagged the significant implications for the health and longevity of the global population.
Posted: 2023-07-27
Tysers has launched a new global division dedicated to servicing the needs of the global entertainment industry, covering music, theatre, live events, media and film, and advertising and commercials.
Posted: 2023-07-27
The summer of 2022 was a record-breaking one for UK weather, and is a sign of the changing climate, according to the latest Met Office State of the UK Climate report.
Posted: 2023-07-27
The Federation of European Risk Management Associations has called upon the Spanish presidency of the Council of the European Union to progress green and digital transitions - both to help bolster EU competitiveness and to ensure the ongoing effectiveness and affordability of the private re/insurance market there.
Posted: 2023-07-26
WTW has today announced the launch of Climate Vista, a new engagement tool designed to help company boards and senior management better understand their exposure to ESG and climate-related risks and opportunities.
Posted: 2023-07-26
The emerging El Niño could cause wind drought in North America, which in turn would have a significant effect on renewable energy production in the region. This is amongst the findings of a report compiled by WTW, which outlines how this year’s combination of El Niño and exceptional Atlantic warmth will affect weather patterns and temperatures.
Posted: 2023-07-26
This year’s wildfire season is off to an unprecedented start, with ongoing events in Greece this week bringing the risks into sharp focus. The wildfires in Canada, which started in May, are already scorching about 15 times the usual recorded area. International SOS has prepared a series of actions that organisations can share with their employees for wildfire preparedness.
Posted: 2023-07-25
The ongoing cyber security incident known as the global MOVEit MFT (Managed File Transfer) attack has affected companies and government agencies on both sides of the Atlantic.
Posted: 2023-07-25
Climate pressures and net zero goals are hampering efforts to safeguard critical national infrastructure from cyber security threats. This is amongst the conclusions drawn by research from cyber security services firm, Bridewell.
Posted: 2023-07-24
Zurich Insurance Group and researchers at ETH Zurich university have identified 10 controls that can reduce the risk of becoming a victim of the most common cyber attacks by up to 70%.
Posted: 2023-07-24
The Chartered Insurance Institute has published a new guide to help small and medium-sized brokers develop and incorporate ESG strategies.
Posted: 2023-07-24
Lockton Re has launched a new research series examining storm dynamics and the impact of climate change on the ability to predict future trends.
Posted: 2023-07-21
Economic losses stemming from global natural disasters reached an estimated US$194bn in the first half of 2023 according to a report from insurer Aon, the fifth highest on record and the highest since 2011. Earthquakes in Turkey and Syria were responsible for nearly half of the total, estimated at US$91bn.
Posted: 2023-07-21
DARAG Group has announced the conclusion of two transactions with undisclosed North American captive insurance companies.
Posted: 2023-07-20
The FCA has announced plans to further enhance its guidance to combat illegal and non-compliant financial promotions.
Posted: 2023-07-20
Three disposable vapes are being binned incorrectly every second in the UK, causing a surge in fires in council refuse trucks and waste processing plants, according to a study by Zurich Municipal.
Posted: 2023-07-19
Re/insurer Chaucer has promoted Chris Baker to head of global reinsurance, overseeing all lines of its reinsurance business and territories.
Posted: 2023-07-19
The first six months of 2023 featured above-average natural catastrophe losses as the National Oceanic and Atmospheric Administration and the World Meteorological Organization declared the official arrival of El Niño, which is poised to have further influence on global weather and climate events through the end of the year.
Posted: 2023-07-19
A current wave of extreme heat and rainfall events across the Northern hemisphere is further evidence of the urgent need for more action on climate change warns the World Meteorological Organisation. The call to action comes as Italy this week faces record temperatures of between 46-48°C, with weather records set to tumble in several countries.
Posted: 2023-07-18
Board directors serving Europe’s largest financial services firms currently hold an average of three board seats each, and over a quarter (26%) hold four or more, amid warnings that this could potentially put at risk their ability to properly fulfil their duty of governing a company.
Posted: 2023-07-18
A UN-led project to prevent a massive oil spill from the decaying FSO Safer supertanker off Yemen’s Red Sea coast has taken a major step forward when the replacement vessel Nautica sailed from Djibouti to head to the site.
Posted: 2023-07-18
The National Audit Office has announced plans to review the effectiveness of the Financial Conduct Authority and its ability to manage a growing set of responsibilities. The move comes as the FCA faces a widening set of sectors to oversee, including cryptoassets and the broader risks associated with artificial intelligence.
Posted: 2023-07-17
The current outbreaks of avian influenza have caused devastation in animal populations, including poultry, wild birds, and some mammals, but the outbreaks pose ongoing risks to humans according to the World Health Organisation.
Posted: 2023-07-17
COMMUNICATING IN A CRISIS
Deborah Ritchie speaks to Chief Inspector Tracy Mortimer of the Specialist Operations Planning Unit in Greater Manchester Police's Civil Contingencies and Resilience Unit; Inspector Darren Spurgeon, AtHoc lead at Greater Manchester Police; and Chris Ullah, Solutions Expert at BlackBerry AtHoc, and himself a former Police Superintendent. For more information click here

Modelling and measuring transition and physical risks
CIR's editor, Deborah Ritchie speaks with Giorgio Baldasarri, global head of the Analytical Innovation & Development Group at S&P Global Market Intelligence; and James McMahon, CEO of The Climate Service, a S&P Global company. April 2023