Week in Post: Caterpillars, DIY and D&O

When I imagine the amount of possible claims, business disruption and reputational damage SSP is having to munch through as the bugs with its Pure system continue, I wonder if the software house is covered against stomach ache.

And what if it bought its insurance policy through one of its broker clients? Is it now uninsured as some of those brokers' policyholders potentially are?

As SSP still can't tell when full service will be restored, I appreciate the panache of CPP. The credit card insurer confirmed it would spend £6.5m to develop its own IT platform - as the saying goes: if you want something done, do it yourself.

But what if you can't do it yourself? Well, in this case, you may want to read this blog by Red Crake listing the seven questions brokers need to ask their software provider.

UK firms are becoming increasingly aware of digital risks: a survey published this week has found that 29% of businesses are now buying cyber cover. And Chubb is alive to that trend as it is expanding its cyber risk engineering capabilities in the UK and Ireland.

Meanwhile, Aviva said it would cut 85 full-time roles from its commercial underwriting teams in Leicester and London as a result of a refocus on its digital and local trading solutions.

For more optimistic news, look the way of the Treasury Committee, which is set to examine Solvency II in the wake of Brexit, with the possibility of exiting the regulatory regime entirely. Fitch Ratings says the inquiry is likely to examine capital requirements for annuities and potential risks for reinsurers. Or the way of the courts. And a landmark ruling could rewrite the rulebook for insurers using the fundamental dishonesty defence against fraudulent personal injury claims. 

Other recommended reads this week include our interview with McLarens Europe MD Graham Smart, our feature on mis-selling by appointed representatives - is it a new PPI scandal? - and our piece on innovation in directors' and officers' liability insurance.

Talking of which, I wonder whether SSP's CEO Laurence Walker has D&O cover...