In a world fraught with uncertainties, understanding the landscape of microinsurance has become paramount.   The Microinsurance Network (MiN), in partnership with the United Nations Development Programme’s Insurance and Risk Finance Facility (UNDP IRFF), presents the latest benchmark ‘Landscape of Microinsurance Study’, offering insights into this evolving sector. Published annually, this report serves as a tool to comprehend global risks, from climate change to food insecurity and social instability. Drawing from data collected in 2022, it sheds light on emerging trends aimed at bridging ..read more

On International Workers’ Memorial Day (28 April), industrial disease experts rallied for a crucial change to legislation to ensure all victims of asbestos-related lung cancer contracted at work receive full compensation, equal to those suffering from mesothelioma. Asbestos continues to pose a significant threat in the workplace, with it being the leading cause of work-related deaths in the UK. Daniel Easton, an industrial disease expert from the Association of Personal Injury Lawyers (APIL), highlights the challenges faced by victims, stating, “It can be many years after contact with asbestos ..read more

Kennedys, a global law firm specialising in litigation and dispute resolution, is marking another year of growth and success. Kennedys has welcomed a new cohort of partners and expanded its international presence over the past 12 months. Nick Thomas, senior partner at Kennedys, attributes the firm’s success to the exceptional talent within its ranks. Nick stated; “The success of the firm is down to the exceptional talent of our people. We are committed to developing our people and rewarding their contribution to our success.” Alan Demirkaya, chief people officer, stated, “We place a real empha ..read more

Cyber insurance market trends The cyber insurance landscape is undergoing a transformative phase, marked by steady growth and an evolving market. The recently released 2024 Global Market Report (GMR) by the QualRisk Cyber Insurance Center (QCC) sheds light on key trends and future projections. According to the report, global cyber insurance premiums experienced a 6% growth in 2023. This is the slowest rate since 2019, yet it still reached a substantial $14.4 billion globally. Daniel Kasper, CEO of QCC, emphasised the shifting geography of this growth. He stated, “The bulk of the future gr ..read more

Simon Hoskin, director of travel/A&H, Gallagher Bassett.   Travel insurance costs in the UK have been steadily rising, presenting challenges for both insurers and travellers. Several factors have contributed to this surge, including medical cost inflation, repatriation struggles, increased fraud and the UK cost of living crisis. These combined pressures have pushed premiums higher, leaving travellers with a greater financial burden.   Medical costs are escalating One of the primary reasons for the rise in travel insurance claims costs is the escalating medical expenses in certain ..read more

The UK’s economic landscape is navigating through a blend of optimism and challenges, as revealed in a recent report by Atradius. The report highlights a promising reduction of 18% in payment defaults for UK businesses overall compared to the previous year. However, beneath this overall improvement lie significant sector-specific struggles. One sector experiencing a substantial increase in defaults is the paper and packaging industry, with a staggering 400% surge year-on-year. Energy claims also saw a notable uptick of 75%. These figures underscore the lingering impacts of economic turbulence ..read more

The Cyber Monitoring Centre (CMC), has announced the appointment of Gaven Smith to its technical committee.   Gaven is an internationally recognised technology and cyber leader with more than 30 years of experience in UK national security. Until late 2023, he was the director general for technology and chief technology officer at GCHQ. During this time he was responsible for the research and development of a wide range of critical UK national security capabilities.   Chair of the CMC technical committee and former head of the UK’s National Cyber Security Centre, Ciaran Mart ..read more

A personal assistant to ultra-high net worth families must pay over £11,000 in legal costs after she claimed twice for the same set of minor injuries.   Monique Jayasuriya, 34, of Hanwell, West London, was involved in two car accidents in one month, only one of which resulted in injuries. However, she submitted two claims for injuries after failing to disclose all the facts to medical examiners, resulting in hefty legal costs. Judge Ross sitting at Brentford County Court said that Ms Jayasuriya had been fundamentally dishonest and should pay the costs of insurance company Aviva.   Wh ..read more

Insurtech Sprout.ai has released findings from its survey of UK and US insurance claims handlers, revealing 95% of claims handlers are confident technology will significantly impact claims processing in the next five years. The report reveals that – contrary to common fears about AI and automation displacing human workers – claims handlers see technology as an opportunity to improve processes, both for themselves and their customers. The research uncovers the most tedious elements of the claims processing role across the US and UK: 55% of respondents struggle with reviewing and processing cla ..read more

SmartSearch, a UK provider of digital compliance and anti-money laundering (AML) solutions, has announced the appointment of Phil Cotter to the position of chief executive officer. This follows the completion of a majority investment by Triple Private Equity, as the business looks to continue its growth plans. Triple announced its intention to invest in March 2024. Phil Cotter brings a wealth of compliance, risk, and leadership expertise to the role, having held senior positions at the London Stock Exchange Group, Refinitiv, Thomson Reuters, and Experian. Following the decision of outgoing CEO ..read more