Almost $9 billion premium revenue at risk from Brexit
The UK’s decision to leave the European Union puts an estimated U$9 billion of premium revenue at risk.
A report from the International Underwriting Association calculates that overall premium income for the London market for 2015 was $26.4 billion (at current exchange rates) with $18.65 written in London.
Almost $9 billion is estimated to potentially be affected by regulatory changes from the UK’s withdrawal from the EU.
“Our statistics report this year clearly highlights the importance of an open trading relationship between the London Market and Europe. It is vital that a level playing field is maintained, so that companies can operate freely without any need for local licences, regulatory collateral obligations or other special requirements,” said Dave Matcham, chief executive of the IUA.
He added that Brexit raises concerns about the ability of international insurers to write risks that flow into the London market and could affect London’s unique position as an insurance and reinsurance hub.
If you have a law firm client, they should probably get cyber cover
Law firms handle some of the most sensitive data but many are not offering robust enough defenses against the threat of cyber attack.
A report from ALM Intelligence shows that many law firms are expecting to hire more cyber-focused lawyers in the next year but highlights weaknesses in firms’ own cyber security with more than half failing to carry out regular tests on their defense systems.
"Many firms' confidence in their own cyberattack preparedness seems misguided. Our research indicates that most remain surprisingly unprepared for the threat," says Daniella Isaacson, co-author of the report and ALM Intelligence Senior Legal Analyst. "For example, many never test their cybersecurity protocols. This means that on the day of a breach, those firms are using an unproven response plan."
Almost three quarters of respondents said that clients had exerted pressure on them to increase internal data security.
InforcePro adds universal life policy management for brokers
Online policy management software provider InforcePro has announced the addition of universal life insurance policy management to its cloud-based solution.
The Austin, TX start-up’s platform, which is aimed at brokers and agents, was previously only able to support term life insurance policies. The system provides a single, web-based view of all in-force policies managed across all relevant carriers. The policies are prioritized based on needs or opportunities, flagging those with greatest urgency.
