The World Health Organisation (WHO) has declared the year-long outbreak of Ebola in the Democratic Republic of Congo (DRC) to be of “international concern”. However, borders remain open and the advice to business travellers is to carry on. Yesterday, the WHO said borders need not close and it is mindful of causing a huge economic dip by closing the borders…
This week’s change to the UK’s Ogden personal injury compensation rate has taken many by surprise and will disappoint large commercial insurance buyers, Airmic told CRE. It added its voice to those of insurers and other market players that warn the rate change to -0.25% from -0.75% is not enough to prevent overcompensation and will impact the cost of insurance.…
The two record GDPR fines proposed last week prove that companies must take this risk seriously and are a wakeup call for risk managers to test processes and responses, according to Airmic. Julia Graham, the association’s technical director and deputy CEO, also told Commercial Risk Europe that she is not surprised by the size of the intended fines. It was…
Almost 40% of South African risk managers have said risk management is not valued by their organisation. Responding to a survey from the Institute of Risk Management South Africa (IRMSA), 39.96% of risk managers said risk management was not valued in their organisation. As part of the 2019 annual member survey, 448 respondents were asked: “What obstacles do you encounter…
The UK government’s Active Cyber Defence (ACD) programme took down more than 140,000 phishing attacks and 190,000 fraudulent websites, most within 24 hours, during its second full year of operation, according to a report from GCHQ’s National Cyber Security Centre (NCSC). The report, Active Cyber Defence – The Second Year, also reveals that intervention in an email scam by criminals…
A new solution for mid-sized captives has been launched by International Re (I–RE), the specialist captive insurance and reinsurance MGA. The Lloyd’s coverholder has established I–RE SA, which the company describes as a “revolutionary mid-sized captive insurance and reinsurance solution”. I-RE began trading at the start of 2019, currently underwriting 18 lines of business for insureds and their captives. The…
The number of female CEOs running FTSE 350 companies has fallen during the past two years, missing UK government targets and failing to make any significant progress, according to the latest Women Count report. Funded by business diversity organisation Pipeline, the research found just 3.7% of FTSE 350 companies have female CEOs, down from 4.6% two years ago. Pipeline said it…
Insurers have warned that change of the UK’s personal injury compensation rate to -0.25% from -0.75% is not enough to prevent overcompensation and will impact the cost of insurance. The UK’s Lord Chancellor’s department announced the Ogden rate change this morning. The rate is applied by courts when large compensation sums are awarded, to adjust for investment returns. Insurers had…
Ferma and other observers say the two proposed record General Data Protection Regulation (GDPR) fines announced this week, for British Airways (BA) and Marriott International, confirm that regulators are intensifying their action and serve as a warning to companies and their risk managers to expect stricter enforcement of the rules going forward. The experts say risk managers must make sure…
Equipment breakdown is close to matching fire in both frequency and severity of large risk losses in excess of $3m and excluding nat cats, according to FM Global in its analysis of 2018 claims. The commercial property insurer said it received 232 large risk claims last year. Equipment breakdown accounted for 65 of the claims and 28% of FM Global’s…