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Heightened cyber threat demands risk focus

By Seth Berman, executive managing director of Stroz Friedberg
Cyber and terrorism have been rated the most significant emerging risks facing the insurance and reinsurance sector in 2015, according to a survey of US industry executives. It is a sentiment reflected by the UK government, which last month convened a group of CEOs from the country's largest insurers, to encourage collaboration and "to make the UK one of the safest places to do business in cyberspace". While the insurance sector is set to play a key role in minimising the long-term financial fallout from an attack, cyber risks cannot

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Water Risk: A Rising Issue

by Bill McCarthy, Managing Director, LexisNexis Risk Solutions.
The risk to the insurance industry from flooding and other types of water-related risk is rising. Leading reinsurer Swiss Re reported that global economic losses in 2013 from natural catastrophes and man-made disasters reached $140 billion. In 2013, insured losses were at $45 billion with a significant component of this $45 billion stemming from flooding and hail related events

Countdown to SII: Reflections of 2014 and a look ahead

By Vivek Syal, Director, Insurance, PwC
I don’t know about you, but at this time of year I tend to reflect about the year that was and start thinking through the year(s) ahead.
Looking back, there has been tangible progress made in the UK and Europe in preparation of the new regulatory regime. Insurers are coming to terms with effective risk and capital management as an enabler of business strategy & sustainable growth and not a hindrance to it; organisations have embarked on a journey of integrated underwriting,