"Events such as the war in Ukraine and growing inflation have “significantly altered” business leaders’ perceptions of risks, with corresponding risk resilience falling dramatically since 2021.

This is according to insurer Beazley’s latest Risk and Resilience 2021 research, published today (13 June 2022). This showed that the proportion of surveyed UK and US business leaders ranking war and terror as their biggest risk was up by 46% compared to last year’s survey."

(Insurance Times - June 2022)

"New and insidious Microsoft Office vulnerability discovered, major warning issued for MSPs, Eurovision under attack and malware now being spread by telegram...

There's no rest for the wicked, and there was plenty of wicked cyber activity going on in the month of May.”

(CFC - May 2022)

"Because each small business faces unique risks and challenges, there is no one-size-fits-all policy that caters to every insurance need. The type of coverage a company will require depends on a range of factors, including its business activities and the number of employees.

Business insurance providers across the UK offer various policies that can help protect small enterprises against the different risks they face. The selection is diverse, but according to industry experts, these are some of the most essential coverages small businesses need to protect their operations.”

(Insurance Business UK - May 2022)

Cyber risk trends are reported in a joint survey/study with Microsoft. Having the right insurance cover in place is only one way way of mitigating potential damage.

"After three years of unrelenting workplace disruption, digital transformation, and ransomware attacks, business leaders are no more confident in their ability to manage cyber risk than they were two years ago..."

(Insurance Business UK - May 2022)

"The Financial Conduct Authority (FCA) is making headway in its review of the way the market for multi-occupancy buildings insurance operates, as indicated in the regulator’s update to Secretary of State for Levelling Up, Housing & Communities Michael Gove.

In the FCA’s letter to the MP, the watchdog said its work over the past three months has focussed on gathering data and engaging with insurers and intermediaries to better understand their approach to pricing; considering the drivers of harm which may be impacting leaseholders; and developing initial options for ways the FCA could address any harms identified..."

(Insurance Business UK - May 2022)

The Association of British Insurers estimates a total of £473m and 169,500 claims in property damages have resulted from UK storms Dudley, Eunice and Franklin in February 2022. This Insurance Age article shows the importance of and how insurance brokers can help during natural emergencies and disasters.

(Insurance Age - April 2022)

"As president of the Chartered Insurance Institute (CII) and group CEO of Aston Lark, Peter Blanc (pictured) has something of a bird’s-eye-view of the UK insurance market – a view that lends itself well to forecasting what the future has to hold for insurance professionals.

“It has been an interesting few years because, as we’ve moved more and more online with so many activities, I’m a bit worried that insurance hasn’t quite found its proper niche yet,” he said. “There’s lots of insurance being sold online where it’s questionable whether the quality of the product is quite as it should be. Of course, one of the big problems with insurance is that you never quite know how good the product is until the point of claim. And the point of claim is far too late to be finding out you bought something that wasn’t quite right.”

(Insurance Business UK - February 2022)

"Ever since it first emerged as the new kid on the insurance block a few decades ago, cyber insurance has displayed many of the characteristics of a rolling stone – steadily picking up speed and energy and never staying still long enough to gather any real predictability. The trends and shifts sweeping the space are innumerate, but as highlighted by Lindsey Nelson (pictured), cyber development leader at CFC, among these are some key developments."

(Insurance Business UK - February 2022)

"A quarter of UK properties are at risk of flood, according to a new flood model released by JBA Risk Management. The model also estimated that floods could cost UK residential properties £527 million, and that figure could rise to £1.9 billion without flood defences."

(Insurance Business UK - February 2022)

"Drones, medical malpractice and cyber are the top technology-related risks for this year, according to international law firm DAC Beachcroft.

Its latest global insurance industry predictions lists technology as one of six key themes for 2022. Other important categories for this year are class action lawsuits, climate change, global risks, regulation and modernising the workplace."

(Insurance Times - January 2022)

"Scotland’s leading home insurance providers have assured policyholders that their coverage will not be invalidated should they fail to meet the new smoke alarm regulations that the government is set to implement on February 01.

This comes amid concerns that non-compliance with the legislation – which will require homes to be fitted with interlinked fire alarms, with a smoke alarm in every room and hallway – will result in the invalidation of home insurance claims."

(Insurance Business UK - January 2022)

"The regulator for property and probate lawyers, the Council for Licensed Conveyancers (CLC), has launched a consultation to update its policy on professional indemnity (PI) insurance requirements for conveyancers and probate lawyers.

All firms regulated by the CLC are required to have PI insurance in place to safeguard consumers’ assets and savings."

(Insurance Times - January 2022)

"The number of estate agents being targeted by criminals via cyber attacks is to increase this year, a leading industry body has warned.

The Guild of Property Professionals regularly gets reports from firms hit by hackers trying to defraud their clients, while the increase in remote working has made many smaller agents connecting to their networks more susceptible to cyberattack, says compliance officer Paul Offley. He predicts incidents will rise even further this year "

(The Negotiator - January 2022)

"The Department for Digital, Culture, Media and Sport (DCMS) commissioned the Cyber Security Breaches Survey of UK businesses, charities and educational institutions as part of the National Cyber Security Programme. Among the key findings of the report was the revelation that 39% of businesses and 26% of charities have reported cyber security breaches or attacks in the last 12 months.

Among the impacted businesses and charities, one in five ended up losing money, data or other assets while 35% of those businesses report being negatively impacted by other considerations including post-breach measures, lost staff time or wider business disruption. "

(Insurance Business UK - December 2021)

"Materials cost index reveals rising costs and added pressures

Commercial property premiums could rise next year as latest data reveals the soaring costs of materials.

Construction material costs in the UK have reached a 40-year high based on the annual growth of the index."

(Insurance Times - December 2021)

"Financial institutions may appear as bastions of strength and security, and despite selling intangible and often complex products, they convince many to hand over their money for wealth creation and long-term protection.

But, as company failures and mis-selling debacles have proved, they are far from invincible. Beneath the surface, there are rapier-sharp risks swirling around and what is more, these are increasing. This is a place for the expert broker – although they must stay ahead of the game and be prepared to negotiate hard with insurers to ensure cover can be as encompassing as possible."

(Insurance Age - December 2021)

"Many senior leaders could find that they are not covered in the event of a claim, says insurer

Senior leaders may not understand their own directors’ and officers’ (D&O) exposure, according to new research published by insurer QBE today (26 November 2021).

D&O insurance is intended to protect company leaders from personal losses if they are sued as a result of serving as a director or as an officer of a business or other type of organisation. Typically, it covers the cost of defending legal proceedings and investigations, damages if the individual is found liable, as well as civil fines and penalties."

(Insurance Times - November 2021)

"The penetration rate for EL cover has gradually fallen over the last four years, signposting the need for greater education around this type of insurance, says data and analytics business

GlobalData believes this leaves some UK SMEs “open to the risk of large payouts in the event of an injury to one of their employees and also leaves some SMEs breaking the law”.

(Insurance Times - November 2021)

"Almost 200 countries have agreed to the Glasgow Climate Pact at this year's COP26 climate summit – and, of course, the insurance industry is one of the industries committed to addressing climate change.

During the conference, 190 countries agreed to the Glasgow Climate Pact at COP26 to “phase down” coal, deemed the biggest industrial source of greenhouse gas emissions, and develop stronger climate plans in 2022.”

(Insurance Business UK - November 2021)

"Aviva has published the second edition of its annual look into the biggest risks facing businesses in the UK, and public health events no longer holds the top spot...according to the 43-page 2021 Aviva Risk Insights Report.”

Read the full Insurance Business UK article on “major risks that business leaders believe they are particularly exposed to."

(Insurance Business UK - November 2021)