Daily Market Update

Daily Market Update

Daily Market Update Businesses Must Be Prepared for Global Risks

Businesses are not doing enough to protect themselves from global risks; including those presented by extreme weather and economic crises. That’s one of the conclusions of a report called ‘Responding to Global Risks’ which has been written by John Hurrell of Airmic; the UK’s association for insurance and risk management professionals. Mr Hurrell says that companies need to assess all the issues that could affect their business from global risks, including people, supply chains and technology. Although businesses may have robust assessment and management in place for day to day risks, it is also important to consider those exceptional external situations and how they could impact on the business. Read the full report.
Trade Credit Claims Increase

The number of companies claiming on trade credit policies has increased in Europe, the Middle East and Africa, according to a new report. The quarterly report from Marsh LLC shows that in several countries, there was an increase in claims, following three quarters of declining claims in 2013. The prediction is that this increase will continue and see a rise in premiums in 2015. Some of the greatest risks are in Eastern Europe due to political uncertainty and insolvency, although competition is keeping premiums lower in Turkey. Read the full story.  
Call for Better Auto Insurance

The head of the Insurance Bureau of Canada has called for strong leadership to pave the way for a better insurance system for motorists. Don Forgeron says that politicians need to better understand the industry and work with insurers and others involved in motoring to reduce the cost of premiums. Measures he is proposing include closing down weaknesses in the system that allows fraud and abuse to take place. Read the full story.
Insurance Fraud Arrests

City of London Police has arrested 11 people across the UK for suspected false travel insurance claims. The Insurance Fraud Enforcement Department says the arrests send a clear warning to those who may try to make a bit of extra cash from fraudulent claims; in some cases people have reclaimed the entire cost of their holiday. Police say anyone using false travel insurance claims as a way to boost their bank balance should expect a knock on the door from them. Read the full story.
Why Event Organizers Have Sore Necks

I’m not a doctor but I would suggest that most organizers of outdoor events have a greater risk of neck problems than the population as a whole. Why? Because they spend a disproportionate amount of time looking to the skies; watching for any sign of inclement weather. It doesn’t even need to rain to impact on footfall for an outdoor event, but when the weather does its worst, having the right insurance cover is vital. Sporting events tend to have a lot at stake; including increasingly popular and lucrative corporate hospitality; and cancellation can be costly. Insurers are seeing an increase in cancellation cover and are seeking greater information from event organisers regarding their procedures and contingency plans for managing bad weather. Read the full story.