General Insurance news and articles written by acturies for actuaries - read the latest research pieces, today's news and latest articles in the non-life market.

Cyber Risk for Actuaries – Fact or Fiction?

By Tim Smith partner at leading risk and insurance law business, BLM 
 
Threats to actuaries
Cyber risk is a broad umbrella term for a number of very real and substantive risks faced by all professionals. In particular it encompasses:
  1. The loss or theft of personal data.
  2. The loss or theft of trade secrets, confidential and commercially sensitive information.
  3. Multi-media risk (including defamation, copyright and trademark infringement and domain name disputes).
  4. Physical damage caused by the use of computers and/or the internet.
  5. Denial of service attacks and/or hardware and software malfunction.
  6. Cyber extortion. 
The use of personal data is governed by the Data Protection Act. In essence, it includes any data from which a person may be identified such as names, addresses, credit card details and medical data. Actuaries may find themselves dealing with significant amounts of personal data.
 
In addition to facing claims from clients for losing their information and the reputational harm caused to the actuaries themselves, any actuarial business will also face the risk of regulatory fines imp...Read More

The countdown to Solvency II

By Omar Rippon, partner in Moore Stephens Insurance Industry group
 
PRA stance follows the directive
The PRA’s stance has always been that the Solvency II rules represent an EU initiative driven to a large extent by the European Insurance and Occupational Pensions Authority to maximise harmonisation across the EU. This is reflected in the PRA’s proposed transposition into UK regulations, as there is little or no change in its translation and application of the Solvency II directive. This is not a bad thing as the UK insurance industry on the whole is ahead of the game...Read More

Insurers are warned to innovate or perish

According to Aon,“many of the risks that businesses list as their most pressing are uninsurable within current policy structures, which is both disappointing and cause for real concern. To remain sustainable and support clients, the risk industry must find ways of staying relevant as traditional risks get bigger and non-traditional risks pose new threats.”

Lambros Lambrou, CEO for Aon Risk Solutions in Australia, made these comments in the wake of this year’s Aon Advanced Risk Finance Conference, while warning that the future of risk financing will look very different from that of the past.

“Our industry is...Read More

"Generation Lost" speaks - Global Risks Report 2014

Latest World News

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Lifestyle Actuary

The trappings of fast paced city lifestyles rarely take into account the charm and elegance that a room, a dinner or a cup of tea can afford; characteristics lost to a by-gone era of debutante balls and black tie for dinner.

The Luddite

Sam Richardson looks into the up and coming and the outgoing of the technology and gadgetry world in 2014.

Travelling Actuary

This month's Travelling Actuary takes us to the iconic Boston to experience New England at it’s very best.

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