Belgian beer producer confident of maintaining supplies despite cyber-attack
Belgian beer firm Duvel is confident of maintaining supplies of its product despite a cyber-attack shutting down all of its production facilities. The company says it fell victim to the suspected ransomware attack and initially all five facilities were shut down – one later came back online in Puurs-Sint-Amands in Belgium. Four are in Belgium […]
Cyber-attacks remain major UK threat as gangs “re-brand” and use AI
Global ransomware attacks reached a record high in 2023 and despite success in tackling the BlackCat dark-web leak site and banking trojan Qakbot, the need for cyber insurance remains crucial with cyber-criminals able to attack, re-brand and strike again. In the UK, statistics show that 32% of businesses reported suffering a cyber-attack or a breach […]
FCA reveals latest proposals for UK Listing Rules
The Financial Conduct Authority (FCA) has published a further consultation paper, setting out its detailed proposals to reform the UK Listing Rules sourcebook. The latest consultation paper, Detailed proposals for listing rules reforms moves forward the blueprint outlined by the FCA in its May 2023 consultation, designed to streamline and enhance the competitiveness of the UK […]
US combat earplugs litigation highlights significant level of damages awarded
Multinational conglomerate 3M is to pay out over £197 million ($250 million) to veterans and military service members for defective ear plugs. The 3M Combat Arms Earplugs are at the centre of a larger, £4.7 billion ($6 billion) lawsuit, where more than 250,000 veterans and active service members said the earplugs caused hearing loss. The […]
FCA introduces “greenwashing” rules to help navigate investment market
The Financial Conduct Authority is introducing a package of measures to address “greenwashing” concerns and help consumers navigate the market for sustainable investment products. The FCA has acted in response to consumers increasingly demanding more sustainable products and services. As a result, there has been a growing number of products and services which claim to […]
Storm Babet costs eclipse three biggest UK storms of 2022
As the United Kingdom deals with the impact of yet more flooding, experts are predicting the costs of damage to residential and commercial properties caused by October’s storm Babet will be more than the combined insurance industry’s bill for three of the biggest storms of 2022. Storm Babet delivered what the Met Office called “exceptional […]
Insurance claims inflation not reflected in pricing
Claims inflation trends are likely to remain an important feature in 2024 but insurance pricing fails to adequately reflect this according to Bloomberg Intelligence’s (BI) European P&C insurance full-year outlook. Analysts noted the lag that exists between insurers raising rates and those dropping through to the bottom line. Aside from cyber insurance, BI says there […]
Natural catastrophes remain major risk for insurance sector
Satoru Komiya, the Tokio Marine President and Group CEO, believes natural catastrophes rather than a systemic cyber-attack remains the “biggest risk” to the insurance sector. Komiya said the insurance company “cannot run away from” natural catastrophe risk despite deepening concerns among investors and policymakers over rising industry losses linked to climate change. After successive years […]
London market welcomes Government captive insurance consultation
W Denis and the London Market Group (LMG) have welcomed the Government’s pledge to launch a consultation next year into designing a new framework to help establish captive insurance companies in the UK. The commitment was included in Chancellor Jeremy Hunt’s Autumn Statement, which stated: “The government will consult on the design of a new […]
Multinational Companies and the need for Local D&O policies
Directors and Officers face significant challenges due to the ongoing impact of globalisation, technological advances and regulatory changes, particularly when the business has subsidiary companies in multiple jurisdictions. Whilst a D&O Liability Insurance policy may state on it that it provides ‘worldwide territorial limits and worldwide claims jurisdiction`, this is always subject to the insurer […]