“And the attacks are only going to get more sophisticated. So, this is creating a new protection gap because technology is creating a whole new set of risks that nobody has figured out how to protect against yet.” The insurance solutions required to mitigate these risks are an opportunity for those providers able to think innovatively and move fast, but, as it stands, he said, there are probably relatively few, if any, businesses or individuals out there who feel 100% protected from cyber risk.
The findings, compiled in partnership with the M&A Research Centre at Bayes Business School, reflect a shift after seven consecutive quarters of underperformance for acquirers. Long-term data indicates that, since the global financial crisis, M&A transactions have outpaced the market by an average of one percentage point.
“There’s a lot of interest when it comes to the Middle East, with the regulator, whether it be DFSA, and also the Saudi regulator, looking to enhance and find a proposition that encourages people to come to the jurisdiction, to create an MGA platform that can serve the UAE, but also Africa and Asia. So, there’s a lot of stuff going on there, and likewise, in one or two other jurisdictions as well.”
“The business reached a crossroads,” said Laura Hancock, now managing director. “With two founding shareholders stepping away, we faced a clear choice — sell the company, or take full control of its future. Kevin and I knew that this wasn’t the time to walk away.”
For that to happen, the market needs to understand what’s causing the problem. With Baker Tilly having handled in excess of 200,000 cyber BI claims, it has a wealth of experience at its disposal, he said, and what it has found is that in a significant number of these claims, it is having to work directly with the policyholder to explain the cover that is available.
As Dawson points out, such incidents are frequent in nightclub environments, where low lighting, drink spillages, and crowded spaces increase the likelihood of accidents: “[Slip and trips] are what we call high frequency, low severity claims.. we’ve seen an increase of these, no win, no fee type claims. So that’s one of the biggest risks,” Dawson explained.
For Previsico, the third element is around its Intercasting suite of products, which uses the market’s most accurate observed, rather than predicted, rainfall data to predict surface water flood risk. By using such a tool you can essentially access a “playback” as to how flood developed in that area and where it’s impacting that area most, which means you can enable clients to respond faster and with greater certainty, she said. “This allows them to understand a bit better where their pinch points are and gives them that educational insight to understand, if it does happen again, how the water will move in a flood.”
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Finally, the subject of reporting came up in a meeting I had with the City minister, Emma Reynolds, recently. I genuinely believe that now is the time to overhaul reporting requirements, without delay, all of course helping to implement the ‘Radical action plan to cut red tape and kickstart growth’.
Unfortunately, many of these people may be unprepared to manage anaphylaxis, the severe, rapid-onset reaction to an allergen that can be life-threatening if not swiftly addressed. When someone experiences anaphylaxis, their body releases chemicals that cause their airways to swell, blood pressure to drop, and organs to struggle for oxygen. The injection of adrenaline is critical in the minutes following a reaction, and works like a life-saving reset button, quickly tackling the symptoms of anaphylaxis.
Pricing practitioners are valuable assets for insurance companies, Swain said, but they often prove quite hard to retain. That’s for several reasons, including that these tend to be very analytical, curious-minded people who prefer stimulating, fast-changing work. “I also think they’re quite easily frustrated by inefficient processes, or tools that aren’t up to date – anything that prevents them from doing what really interests them, which is pricing analytics and solving interesting problems with interesting tools and techniques.”
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