The latest issue of Post Magazine is now available for Post subscribers. Download the latest Post iOS App Edition on the App Store or read the Post Digital Edition online.
In this issue, the mooted creation of a government-backed risk-pooled arrangement for cyber crime would likely take the form of a market facility to provide reinsurance against systemic risk, according to market insiders.
Asked at the CFC Cyber Symposium if government would be interested in a risk-pooled arrangement for cyber insurance, Cabinet Office minister Francis Maude MP said: "We will look at it. It is not obvious at this stage that a Pool Re-type arrangement is needed but I don't want to rule anything out in advance."
Also in the news, broking and risk management representative bodies have launched a last-ditch attempt to restore axed clauses to the Insurance Bill, following the re-wording of two disputed clauses by the Law Commissioner; insurers risk further sullying their reputation with claimants by failing to address communication inefficiencies within their supply chains; industrial deafness, household claims and the regulation of solicitors have been highlighted by industry players as being among the key areas the newly launched government fraud taskforce should focus on; and insurers are increasingly looking to invest in or acquire digital start-ups to provide the expertise they need to pursue their ambitions in this sector.
Direct Line Group’s Angela Morrison is in the C-Suite, talking up how technological advances mean the insurance industry is on the cusp of something new and exciting. DWF’s Jamie Taylor is in the Fraud Focus seat, asking what the new government taskforce specifically looking at insurance fraud will actually do.
Mairi MacDonald meets Paul Anscombe. The James Hallam managing director's decision to set up the Insurance Brokers’ Standards Council has caused something of a stir within the broking community – but he tells Post the group is exactly what the industry needs.
And finally, we continue our review of the year with a look back at how Lloyd’s and health have fared in 2014.
Enjoy the read!
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