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. […]
Global insurance already facing £39billion climate change losses in 2023
Climate change is being blamed for the severe thunderstorms, earthquakes, extensive flooding and heatwaves that have led to the global insurance industry already suffering £39billion ($50bn) in losses in 2023. Heading into 2023, Deloitte, warned climate change risk was a pressing issue for insurance regulation with insurers’ and reinsurers’ rates exacerbated by inflation and the […]