Daily Market Update - October 9, 2014

Factory owners advised on steps to tackle fire risk… Wearable technology could be a huge opportunity for insurers… Lawyers to get free training in cyber crime…

Risk Management News

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Factory owners advised on steps to tackle fire risk

It’s National Fire Week in the US and Canada and Zurich is recommending that factory owners take five steps to improve fire safety in their premises. It says that “creating a basic pre-fire plan can help a manufacturing facility prevent injuries, loss of life and production downtime.” The steps include; gathering information to ensure accurate data on everything from alarm systems and hydrants to the location of any hazardous materials; turning that information into clear and accessible documents including maps; hosting walk-throughs with the local fire department so they know your building and can advise on hazards; holding regular training and fire drills so employees know how to evacuate safely; and assigning tasks, such as fire wardens from within the staff.
 
Wearable technology could be a huge opportunity for insurers

The approaching boom in wearable technology could present huge opportunity for the insurance industry. Apart from users wanting to cover their high-tech property, wearable technology offers the chance for insurers to collect real-time data on many factors of clients’ lives. From the behaviour of motorists to eating and exercise habits, the information gained will be enlightening. For commercial lines there could be individual or industry-wide data available to assist with risk assessment, for example Google Glass would give a workers-eye-view of potential hazards in the workplace. It’s even possible to measure the impact of accidents on the human body. The opportunities are there; it’s up to the industry to embrace them. Read the full story.
 
Lawyers to get free training in cyber crime

In recognition of the growing concern of governments about the threat of cyber attacks, the legal and accountancy professions in the UK are to receive free online training to help them understand and combat the threat or cyber attacks. The initiative which is backed by the UK government, will aim to strengthen law firms’ own defences against cyber threats but also give them confidence and resources to advise their clients on how to protect themselves.
 
HealthCare.gov ‘won’t crash’ says Obama administration

Officials from the Obama administration have promised that the healthcare.gov website won’t crash during this fall’s enrolment. Those using the site for the first time will find a simplified registration process with 16 screens to click through rather than the 76 that had to be worked through last year. The site has also been adapted for use on smartphones. Those who are already enrolled will automatically continue on their current or similar health plan if they decide not to shop around for cover. For those who struggled with proving their identity and immigration process last time there is little suggestion of any changes there; the contractor Experian will be using the same process to check data this year. Read the full story.

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