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COVID-19 proves importance of Solvency II, says EIOPA
31st July 2020
According to the European Insurance and Occupational Pensions Authority (EIOPA), over the last few months the COVID-19 outbreak has further proved the importance of the Solvency II regulatory framework. The EIOPA argues that the framework has helped re/insurers to better align capital to risk, build-up resilience and enhance risk management practices, ... Read the full article
P&C industry has entered into a “new era of catastrophe losses” – KBRA
10th June 2020
The ongoing COVID-19 pandemic, coupled with the recent wave of civil unrest and the looming cyber risk threat, has altered the risk landscape for property and casualty (P&C) insurers and reinsurers, reports Kroll Bond Rating Agency (KBRA). As explained by KBRA, for the global P&C sector the definition of "catastrophe" has, ... Read the full article
CAC Specialty partners with Liberty Advisor Group
28th May 2020
Specialty insurance broker and investment banking platform CAC Specialty has entered into a new strategic partnership with consulting firm Liberty Advisor Group. Together, Liberty Advisor Group and CAC Specialty will work to create a new solution for insurance clients through a real-time data analytics platform. The platform will allow clients to analyse ... Read the full article
Lloyd’s has been too slow reacting to change: CEO John Neal
7th November 2019
Lloyd’s has not reacted quickly enough to changes in the risk landscape and must offer products and services that are more closely aligned with what customers want and need, according to Chief Executive of the marketplace John Neal. Speaking at a lecture today in Lloyd’s Old Library building, Neal emphasised the ... Read the full article
CFC targets improved incident response capabilities with acquisition
9th October 2019
London headquartered specialist insurer, CFC, has expanded its in-house cyber incident response capabilities with the acquisition of Texas-domiciled incident response provider, Solis Security. CFC's large in-house cyber claims and incident response team has handled almost 1,500 cyber claims this year alone. Now, with the addition of Solis Security, CFC has deepened ... Read the full article
Market players must think differently following record cat losses: Aon
30th August 2019
While the overall re/insurance market remains resilient despite record losses throughout 2017 and 2018, industry players must adjust to a rapidly hardening market and think differently from the way they have in the last decade, according to a report by Aon. Wildfires, cyclones and severe thunderstorms caused $225 billion in economic ... Read the full article
Marriott faces £99mn GDPR fine days after record BA penalty
10th July 2019
Marriott International, the multinational hotel chain, is facing a £99.2 million fine for non-compliance with data protection laws following a 2018 cyber attack that exposed personal data on 339 million guest records. The Information Commissioner’s Office (ICO) notified Marriott of its intentions just days after levelling a record £183 ... Read the full article
British Airways hit with record £183mn GDPR fine for data breach
8th July 2019
British Airways is facing a record fine of £183 million following a "sophisticated, malicious" cyber attack last year that compromised the personal details of around 500,000 customers. The Information Commissioner’s Office (ICO) imposed the penalty for non-compliance with new General Data Protection Regulation (GDPR) rules, although some had expected a more lenient ... Read the full article
Email outage could cause multi-billion dollar insured losses
24th June 2019
Analysis by predictive cyber risk modelling firm, Kovrr highlights the potential for significant insurance and reinsurance industry losses as a result of an email service outage in the UK. According to statistics, some 290 billion emails are sent every day across the world by around 3.9 billion users. While the numbers ... Read the full article
Urgent need to modernise is the greatest threat to global insurers: PwC
11th June 2019
A poll of more than 900 insurance industry experts reveals that the very urgent need for business and technology modernisation is the greatest threat to the global insurance sector. A survey and accompanying report from The Centre for the Study ... Read the full article
Shipping losses at record low, but incident frequency remains high: Allianz (AGCS)
7th June 2019
Large shipping losses are currently at their lowest level this century, according to a report by Allianz Global Corporate & Specialty SE (AGCS), although the overall number of reported incidents shows little decline. In 2018, AGCS recorded 46 total losses of vessels around the shipping world, down from 98 in the ... Read the full article
LockerGoga ransomware threatens industrial firms with “chaos,” say experts
3rd April 2019
LockerGoga, the strain of ransomware that is suspected to be behind the recent Norsk Hydro cyber attack, utilises an unusually disruptive hacking approach that can cause “chaos” for the industrial firms that it targets, according to cyber experts. Norsk Hydro, a Norway-based aluminium manufacturing, was forced to disable part of ... Read the full article
Hiscox Re and MS&AD invest in AkinovA’s electronic marketplace
16th January 2019
Hiscox Re and MS&AD have made investments in digital insurtech firm AkinovA to support the development of its electronic marketplace for the transfer and trading of re/insurance risk. AkinovA claimed that the investments would further accelerate its progress ahead of the marketplace’s launch. The company is currently building its marketplace in collaboration ... Read the full article
International discord hindering ability to tackle global risks: WEF
16th January 2019
Deteriorating international relations are hindering the world’s ability to foster collective action and tackle the most serious global risks, according to the World Economic Forum (WEF). The Forum’s Global Risks Report 2019 said that international cooperation looks set to worsen further over the coming year, with experts identifying rising geopolitical and ... Read the full article
Cat modellers can learn from tech industry: Simplitium’s Lay & Jones
10th January 2019
With recent developments driving the need for ever more efficiency in the re/insurance industry, catastrophe modellers could benefit from emulating the approach of the technology sector, according to Simplitium’s James Lay and Matthew Jones. Lay and Jones noted that cost reduction was a central theme for many re/insurers during 2018, as ... Read the full article