Daily Market Update

Daily Market Update | Insurance Business

Daily Market Update
Typhoon reminds us to be prepared for weather risks

The full force of the weather is back in the headlines this week as Typhoon Phanfone battered Japan, sweeping four people including three US airmen into the sea. The 130 mph winds caused widespread disruption in Tokyo and across the country and over a million people were advised to take to emergency shelters. Mudslides and flooding will continue for some time. Meanwhile a second storm, Typhoon Vongfong has left Guam and is highly likely to sweep back round to cause Japan more devastation. Although Vongfong hit Guam with winds of around 70mph citizens were well prepared and avoided the worst by taking steps such as securing items in yards so they were unable to cause damage to property and heeding warnings to use emergency shelters.
 
Texas governor calls for tougher border screening for Ebola

A US governor has called for the federal government to introduce tougher screening measures in a bid to avoid undetected Ebola cases entering the country. Rick Perry has suggested fully staffed quarantine stations at all entry points to the US and more information gathering from those arriving from affected areas. Perry has created a Texas task force to ensure that the state is well prepared to deal with any outbreak. Critics of measures such as checking for fevers among inbound passengers say that won’t necessarily work. The Dallas case for example would have shown a negative result for fever as the patient only fell ill a few days after arriving in the US.
 
Survey shows weakness in approach to compliance risk

A survey by PricewaterhouseCooper shows that companies do not always put enough resources into compliance. The poll of chief compliance officers in the healthcare industry found that 43 per cent said it was not their only role in the company and often the other duties took precedence over compliance. Around half of the CCO’s said that their budgets were not increasing; 10 per cent have seen decreases. The healthcare compliance risks are led by privacy and confidentiality and include security, fraud and conflicts of interest. Read the full story.
 
Are self-driving cars a terrorism threat?

As more companies get involved in the field of driverless cars there are concerns over their potential use for criminal activities including terrorism. While the burgeoning industry is keen to highlight the benefits including those to the insurance industry from ‘fewer accidents’ others including the FBI are fearful that the vehicles could be used for disrupting cities, cyber warfare and even terrorism. With predictions that the sector could make up half of all auto sales in the US by 2035, there are certainly questions that need to be addressed sooner rather than when it’s too late. Read the full story.