Risk Management
Vicarious liability broadening unlikely to impact policy wordings
Insurers are unlikely to tighten policy wordings in light of a Supreme Court ruling relating to the vicarious liability doctrine, as lawyers warn the industry to expect further widening of the principle in the future.
Risk management must improve as some slavery reporting falls short
Companies must step up their risk management activities as reporting requirements around the new Modern Slavery Act come into force this year, with lobby groups claiming some of those already reporting are falling short.
Concerns raised on effectiveness of FCA’s general insurance scorecards
Issues with the Financial Conduct Authority’s pilot of general insurance scorecards have been highlighted by industry players who remain unconvinced a focus on claims data and a ‘one size fits all’ approach is what is required.
Eight countries see reduction in political risk, Aon finds
For the first time in three years, more countries have experienced a reduction in political risk than an increase, Aon's 2016 political risk map shows.
Cash-for-Crash Fraud: Beating the fraudsters
The Welsh Police have done a sterling job breaking a large car insurance fraud ring in South Wales – but there are fears such scams will go undetected unless the British insurance industry improves its detection powers
Editor's Comment: The gloves are off
Mayor of London Boris Johnson’s relationship with London’s corporate sector has featured both highs and lows during his tenure so far.
Litigation likely to test limitation clauses in data breach cases
Litigation will test the effectiveness of companies seeking to absolve themselves of data protection and data security responsibilities via clauses in contracts as companies increasingly believe it's "worth a go", according to cyber insurance experts.
FCA to draw up strategy on older consumers
The Financial Conduct Authority has released a paper to spark debate on how to better address the needs of the UK’s ageing population.
Former Towergate CRO joins Aon
Former Towergate group chief risk officer Keith Jackson has joined Aon UK as CRO.
Europe: Talking Turkey on cyber risks
Following recent cyber attacks - purportedly carried out by hacktivist group Anonymous, there is growing understanding of the value of covering cyber liabilities.
Penny Black's Social World - 18 February 2016
All the latest news from the worldwide web
Legal Update: Time for insurers to get ready
A growing number of cyber incidents means insurers must prepare strategies to deal with a range of new business interruption liabilities.
Intellectual Property: Protecting bright ideas
It is a sad fact that most businesses only appreciate the value of intellectual property insurance once it is too late. So why is it vital?
Editor's comment: Be prepared
With the very definition of insurance being something that provides protection against a possible eventuality, I like to imagine that all insurers must have been scouts.
SME flood scheme to prove 'challenging' to implement despite government talks
Efforts to establish an affordable flood insurance solution for small businesses are ongoing at industry and government level, despite concerns that creating a Flood Re type scheme for SMEs will be “fundamentally challenging”.
Industry will have time to deal with business implications of Brexit
Market commentators are divided over whether it is too early to start contingency planning ahead of the planned referendum on the UK's membership of the European Union, despite a senior Lloyd's official warning the sector to be prepared for all possible…
Blog: A rose by any other name still needs insurance
Love is in the air and behind the scenes, risk management and trade receivables insurance are facilitating the delivery of roses which so many choose to give.
Quiz of the week – 12 February
Test your knowledge of the week's insurance news, with the Post insurance quiz of the week.
Winter storm learnings key for Flood Re's future
Learning from the December 2015 floods and longer term data trends will be key to making Flood Re a success, according to its CEO Brendan McCafferty.
XL Catlin partners with Ventus on SME offering
XL Catlin has partnered with Ventus Risk Management to allow the managing general underwriter to provide commercial property insurance for SMEs.
Editor's Comment: Gaining an equal footing
I believe that women are – and should be treated as – intellectual and social equals to men.
Aon international broking revenue falls 10% to $2.76bn despite organic gains
Aon has today reported its international broking arm – which includes the UK – saw revenue fall 10% to $2.76bn (2014: $3.05bn) in 2015. A figure that jumps to 12% less currency impact.
Flood losses caused by storms Eva and Frank hit £526m
Insured property market losses resulting from flooding caused by storms Eva and Frank in December and from further low pressure systems last month totalled £526m, according to the catastrophe insurance data firm Perils.
Tianjin claims expected to rise above $5bn, says IUMI
Insurance industry losses from the explosion at China's Tianjin port could rise above $5bn (£3.43bn) according to an industry expert.