Daily Market Update

Daily Market Update | Insurance Business America

Daily Market Update
Millennials demand more ethical businesses
The next generation of business leaders want a more ethical approach to business. A new survey by Deloitte asked people in the 20s and 30s from over 100 countries for their views on business and while the majority said that business had a positive impact on society through job and wealth creation, they also believe that there is more to be done to tackle some key issues. The millennials said that scarcity of resources, climate change and income inequality are the biggest challenges that need to be addressed. Half of those surveyed said they wanted to work for employers that operate ethical policies. The respondents said that management attitude is the biggest barrier to creative thinking in their current workplace and most felt that businesses should be judged on more than just financial success. Read the full report.
 
Insurance commissioners focus on cyber security in the sector
Cyber security is a key initiative for the insurance sector according to the National Association of Insurance Commissioners. It has set up the Cybersecurity Task Force to monitor emerging risks, how they affect the industry and whether they require regulatory action. NAIC president Monica Lindeen says: “We're hoping to propose additional guidance to insurance examiners to assure the nation's insurers are using the best risk management practices available to manage their risk of cyber loss.” The Association is also considering collecting detailed data from insurers that offer cyber insurance coverage that can be shared with businesses to enable them to assess the cyber risks.
 
Terrorist attacks are more likely now say Canadians
New research from Nanos reveals that Canadians have become more concerned about the threat of terrorist attacks on home soil than they were a year ago. After recent attacks the figures are perhaps lower than you’d expect; 46 per cent say attacks are more likely. Two-thirds of respondents agree to some extent that Canada is at war with terrorist groups and less than half believe the judicial system is well placed to deal with homegrown terrorism. Most support government powers to remove websites or posts online that support terrorism although almost two-thirds are concerned about security agencies having too much power. Read the full report.