Lloyd’s warns on ‘slow-burn’ cyber threat
03 July 2017
Businesses are increasingly the target of sophisticated cyber attacks and risk underestimating the “slow-burn” costs of breaches, research from Lloyd’s says…
International
World Bank pandemic fund to launch
03 July 2017
The World Bank’s Pandemic Emergency Financing Facility will be operational this month after two years of preparation, with heavy involvement from the insurance industry, including Munich Re and Swiss Re…
UK cladding probe uncovers more failings
03 July 2017
Cladding on 181 UK tower blocks has failed fire safety tests enacted after the devastating blaze at London’s Grenfell Tower, which killed at least 80 people…
Fitch downgrades Lloyd’s outlook as market cuts jobs
03 July 2017
Fitch has revised Lloyd’s outlook to negative from stable due to its underwriting performance and increased exposure to catastrophe risk…
UK insurers say Brexit deal must guard ‘jewel in the crown’
03 July 2017
The right Brexit deal will not only ensure the insurance industry continues to be a “jewel in the UK’s crown”, but will also allow it to fulfil cross-border contracts, Association of British Insurers Director-General Huw Evans says…
Staff a potential weak link in cyber defences: RIMS
03 July 2017
Employee training and periodic testing of cyber-security protocols are as important as the latest security software, according to a new Risk and Insurance Management Society report…
IUMI calls for ‘creative and resourceful’ marine insurers
03 July 2017
Marine insurers must be “creative and resourceful” to help the logistics industry mitigate against increasingly sophisticated cyber attacks, the International Union of Marine Insurance says…
Residents evacuated as 60 UK buildings fail cladding test
26 June 2017
Cladding on 60 high-rise properties across the UK has failed fire safety tests, with 540 buildings still to be tested…
British regulator examines travel cover for cancer victims
26 June 2017
The UK’s Financial Conduct Authority is consulting on ways to improve cancer sufferers’ access to the travel insurance market…
Bright spots exist amid gloomy reinsurance scene: S&P
26 June 2017
Growth opportunities remain in the reinsurance market, which has been depressed in recent years by an influx of cheap alternative capital, S&P Global Market Intelligence says…
Bid to renew US flood scheme makes progress
26 June 2017
A US Congress committee has passed seven bills to reform and reauthorise the debt-ridden National Flood Insurance Program, which is due to expire on September 30…
Queen’s Speech flags whiplash crackdown
26 June 2017
The UK Government has indicated it will move ahead with a crackdown on whiplash fraud, the Association of British Insurers says…
Captive cyber coverage surges
26 June 2017
The number of Marsh-managed captive insurers writing cyber cover surged 19% last year as companies sought innovative ways to manage risk, according to the global broker…
Insurers urged to tackle cyber risk from top down
26 June 2017
Cyber risk must be addressed by insurers at the boardroom level, according to an EY report…
Insurers shift to standalone cyber products
26 June 2017
Top cyber underwriters are shifting away from packaged towards standalone policies due to expensive litigation, according to AM Best…
AIR Worldwide enhances US quake model
26 June 2017
Catastrophe modeller AIR Worldwide has released a significantly updated earthquake model for the US…
Cloud services, diseases among emerging risks: Swiss Re
19 June 2017
Infectious diseases and the widespread use of cloud services are among the top six emerging risks with high potential impacts, according to this year’s Swiss Re Sonar report…
Politicians split on debt-ridden US flood scheme
19 June 2017
A battle is brewing among US politicians over renewal of the National Flood Insurance Program, which is due to expire on September 30…
Companies ‘face hurdles in digitisation race’
19 June 2017
Significant barriers including lack of vision, inadequate implementation skills and siloed operations are stopping companies fully reaping the benefits of digital transformation, according to a new report by XL Catlin and the Harvard Business Review…
Shipping losses drop, but storm clouds gather
19 June 2017
Large shipping losses have halved in the past decade, but a “perfect storm” of regulatory pressure, narrow margins and new risks is gathering, according to Allianz Global Corporate & Specialty’s fifth annual shipping review…