Specialist principal designer insurance vital to manage risks

Chancellor Rachel Reeves has recently announced significant reforms aimed at revitalising the UK’s financial sector.  One of these reforms involves private companies considering participation in the “Private Intermittent Securities & Capital Exchange System” (Pisces). Consequently, W Denis recommend that private companies considering this source of new capital, to reassess their Directors & Officers (D&O) insurance […]

Specialist principal designer insurance vital to manage risks

The Building Safety Act 2022 (BSA 2022) redefined the role of the principal designer making it essential to have the right insurance in place to manage the broad range of risks inherent in the position and ensure long-term protection against claims. Principal designers influence how risks to health and safety are managed throughout a project […]

Economic and Social inflation challenges insurance sector

Businesses often query what influences the cost of their insurance and one major factor is ‘inflation’. However, there are different types of inflation that impact the insurance sector; Social Inflation and Economic Inflation. Whilst UK economic inflation has been reported to have fallen to below 2% as at 16 Oct 2024, rates of economic inflation […]

Risk evaluation key to carbon capture storage projects as Government launches funding support

The Government has announced up to £21.7bn of support for the UK’s first carbon capture and storage (CCS) projects in Merseyside and Teesside with the aim of creating thousands of jobs, attracting private investment and helping meet climate goals. Carbon capture is recognised internationally as an indispensable key technology for mitigating climate change but companies […]

London ExCel appeal victory establishes COVID-19 compensation precedent

The owners of London’s ExCel conference centre have won an appeal brought by insurers over pandemic-related losses which establishes a precedent for policyholders seeking COVID-19 related compensation and highlights the importance of clear and precise policy wording. The Court of Appeal handed down its decision in London International Exhibition Centre Plc v Allianz Insurance Plc […]

London tower block fires focus attention on potential insurance claims

Two tower block fires in London have focused attention on building safety and potential claims under the The Building Safety Act 2022 (BSA) .  Building safety issues were brought sharply into focus by the Grenfell tragedy in  2017 which killed 72 people. The blaze spread rapidly, allegedly due to the cladding on the block’s outside walls. A […]

Advanced faces £6.09m fine for failing to protect against cyber-attack

The Information Commissioner’s Office (ICO), the UK’s data protection watchdog , has announced a provisional decision to impose a fine of £6.09M on Advanced Computer Software Group Ltd (Advanced) for its failure to protect the personal information of nearly 83,000  people when it was hit by ransomware attack in 2022. Advanced, an IT service and hosting […]

AM Best rating confirms Lloyd’s world leading position

Lloyd’s, the world’s oldest insurance and reinsurance marketplace, has confirmed its global leadership with its financial strength rating (FSR) upgraded by AM Best to A+ (superior) from A (excellent). Additionally, AM Best has revised the Lloyd’s long term issuer credit rating to ‘AA-’ (superior) with a stable outlook from ‘A+’ (excellent) with a positive outlook. […]

Riots focus attention on Political Violence insurance cover

Businesses and households across the United Kingdom are facing losses of more than £200m following riots, looting and arson attacks, according to the Association of British Insurers (ABI). The UK riots began after three girls were killed in an attack at a Taylor Swift-themed dance class in Southport. Protests have been held across the UK, […]

Government launches new bill to enhance UK cyber-resilience

The British government is to enhance the nation’s cyber-resilience with a new bill which will hand more power to regulators around cybersecurity incidents and mandate reporting for ransomware attacks. The Cyber Security and  Resilience Bill was announced in the King’s Speech in response to attacks on the United Kingdom’s digital economy by both cybercriminals and […]