The cycle of risk facing corporate UK continues to evolve and the pace of this evolution is most evident in the relatively new area of Cyber Liability. The speed of this change is attributed to advances in technology and proactive criminals who are constantly searching for new ways to make money.
2019 proved to be one of the most difficult for UK buyers of Professional Indemnity Insurance (PII). Several factors, across various sectors, created a perfect storm in the market which came as a shock for any policyholder that was not pre-warned by their Insurance Broker.
Today’s increasingly complex business environment makes supply chain disruption a fundamental risk that organisations face across virtually all sectors requiring in-depth mapping of the chain and an understanding of interdependencies across primary, secondary level suppliers and beyond.
The Air Ambulance Service has flown more than 35,000 missions in the fight to save lives making it one of the busiest air ambulance organisations in the UK. Franklands chosen charity for 2019 and 2020 The Derbyshire, Leicestershire and Rutland Air Ambulance Service completed 3,933 missions in 2019 alone.
Initial estimates from the Association of British Insurers (ABI) put the cost of the recent flood damage claims in Yorkshire and the Midlands at over £100 million.
In the immediate aftermath of the flooding Insurers have already made initial emergency payments of over £1.2 million to help flooded businesses and homeowners.
Wishing you all a very Happy Christmas and a Prosperous New Year
Research indicates that over 100 people are killed, or seriously injured, every week in crashes involving someone who was on the road for work purposes. Driving a vehicle is a hazardous task exposing the driver, any passengers, pedestrians and others in the vicinity to a number of risks and it is important that drivers are able to concentrate on the task in hand.
The Association of British Insurers (ABI) has revealed that 99% of claims made on ABI member Cyber Insurance policies in 2018 were paid. This is one of the highest claims acceptance rates across all insurance products.
New research on behalf of the Charity Commission confirms that charities are increasingly aware of the risk of cybercrime, a term which includes phishing, malicious emails, hacking and extortion attacks on a charity’s data or systems.
A fraudulent insurance claim is often seen as a ‘victimless crime’ but in reality every honest policyholder is paying an inflated premium to cover these payments. The scale of this problem is growing, and the latest figures published by the Association of British Insurers (ABI) indicate that the total number of fraudulent claims detected in 2018 rose by 3% over the previous year to 469,000, and their value increased by 6%.
The announcement of the General Election in December, and the recent flooding in the North of England, has prompted the British Insurance Brokers’ Association (BIBA) to call upon the future Government to confirm that it will continue with its commitment to ring-fence money collected through Insurance Premium Tax (IPT) for flood defence spending.
Franklands was again delighted to support the East Staffordshire and South Derbyshire Business Awards, sponsoring the Medium Business of the Year category for businesses with 21 to 100 employees.
Business Interruption insurance policies are designed to return companies to the trading position they were in before a loss. It is one of the most important covers for any business. After all there seems little point in rebuilding, re-equipping and restocking a factory if the customer base disappears during the period of inactivity, following damage caused by an insured peril.
The AA has expressed safety concerns about the removal of the hard shoulder from hundreds of miles of so-called smart motorways. Drivers and Fleet Managers should ensure that they are familiar with the rules that apply to these new highways.
The Financial Press likes a headline about insurance companies turning down a claim:
“Home Insurance that’s not worth the paper it’s written on”
Daily Mail 24th September 2019
Whilst any claim presented that falls outside of the cover provided by the policy understandably creates an unhappy client, it is worth reminding policy holders of the positive contribution made by the UK insurance profession.