Insurance & risk news from around the world
British authorities have announced an independent review into building regulations after new tests identified 82 apartment towers whose cladding system failed to meet fire safety tests after the west London tower block blaze that killed at least 80 people. Britain …
Read more here:: Claims Journal USA
Vermont has no direct safety oversight of the rides at the fairs, carnivals and field days held across the state every summer and fall, and efforts to require such oversight have gone nowhere, officials said. The state does require amusement …
Read more here:: Claims Journal USA
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Arizona transportation officials are moving forward with a first-in-the-nation pilot program that will use thermal camera technology to curb the wrong-way driving problem plaguing the state. The detection system will illuminate a sign that notifies the wrong-way driver and immediately …
Read more here:: Claims Journal USA
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The driver of a van that plowed into a group of people dining on a Los Angeles sidewalk¸ striking and injuring at least eight people¸ was arrested Sunday on suspicion of hit-and-run¸ authorities said. A witness told The Associated Press the van jumped a curb and careened into a group of people eating outside The Fish Spot restaurant in the city’s Mid-Wilshire neighborhood. The vehicle knocked down a white picket fence that served as a barrier between diners and pedestrians on the sidewalk. “Everyone was eating¸ enjoying life and out of nowhere this van ran them over¸” Courtney Crump said.
Read more here:: The Claims Page USA
A new Massachusetts law signed Thursday by Republican Gov. Charlie Baker assures that women won’t be forced to choose between a healthy pregnancy and keeping their jobs, according to advocates for working women. The measure approved by the Legislature requires …
Read more here:: Claims Journal USA
Law firm Clyde & Co has opened an office in Los Angeles and hired Jim Koelzer, a lawyer with considerable expertise in representing domestic and international insurers in connection with complex claims and coverage litigation. The opening of the office brings the number of Clyde & Co offices in the US to nine, with nearly 50 partners and 200 legal…
Read more here:: Commercial Risk Online
HSBC promised a new slug of buybacks, and there could be more where that comes from.
Read more here:: Wall Street Journal
Dale Underwriting Partners, which is managed by Lloyd’s third-party managing agency Asta, has been granted in principle approval by the Lloyd’s Franchise Board to establish a special purpose arrangement (SPA). The SPA will support a portfolio of contingency and specialty property business, led by Tom Phillipson, who joins Dale from Swiss Re in September. Dale Syndicate 1729 will cede a…
Read more here:: Commercial Risk Online
A small low pressure area located about 90 miles west of Tampa¸ Florida¸ has a 40 percent chance of developing into a tropical cyclone in the next 48 hours¸ the U.S. National Hurricane Center said on Monday. The system is expected to produce gusty winds and locally heavy rainfall across portions of the Florida peninsula during the next couple of days¸ the Miami-based weather forecaster said. “Environmental conditions are marginally conducive for some additional development before the low moves inland over the central Florida peninsula later today or tonight¸” the forecaster added.
Read more here:: The Claims Page USA
Specialty lines boosted Aspen Insurance’s interim performance. The Bermuda group reported net income after tax of $75.8m for the second quarter of 2017 on the back of gross written premiums of $822.1m, an increase of 2.5% compared with the second quarter of 2016. Most of the insurance expansion in the second quarter came from financial and professional lines, according to…
Read more here:: Commercial Risk Online
In the world of “data everywhere”, Data Governance is becoming even more important. Organizations that develop a data warehouse ‘single source of truth’ need data governance to ensure that a Standard Business Language (SBL) is developed and agreed to, and the various sources of data are integrated with consistent and reliable definitions and business rules. Decisions around who can use what data and validations that the data being used and how it’s used meets regulatory and compliance requirements are important.
As the enterprise data management solutions grow and broaden, incorporating Enterprise Application Integration (EAI), Master Data Management (MDM), increasing use of external data, real time data solutions, data lakes, cloud, etc. Data Governance is even more important. While there may be value in having data, if it’s not accurate, no-one can use it and it isn’t managed, then the value of the data, wherever it resides, diminishes greatly.
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Read more here:: CIO.com
Today’s young adults missed the blogging boom, with many of them opting to share their thoughts through photos, videos, and short status updates. For businesses, however, blogging is an essential way to keep fresh content on their websites, ensuring they rank well in the search results that often send customers their way.
But those born between the mid-1990s and the mid-2000s are a serious force in the retail landscape. Also known as Generation Z and centennials, post-millennials currently occupy our nation’s high schools and colleges, soon to follow millennials into the workplace. For the retailers who have been chasing the $65 billion in yearly buying power that millennials bring, this means it’s time to shift focus. How do entrepreneurs reach out to a generation that spends more leisure time on apps like Snapchat and Instagram than conducting Google searches on a computer?
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Read more here:: CIO.com
No question about it, ransomware is on the rise, and the majority of enterprises remain vulnerable to inbound phish emails that often are the originators of ransomware attacks.
One recent ransomware outbreak, Petya, appears to have originated in the Ukraine. Like WannaCry before it, once it has infected a computer it attempts to spread through local area networks. But according to the Romanian national CERT (Computer Emergency Readiness Team) Petya’s initial point of entry is often a phishing email that contains a Trojan-horse document which, if opened, will infect the target computer. “Initial infection of systems is achieved through documents attached to phishing email messages that users are urged to open,” according to the Romanian publication Business Review.
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Read more here:: CIO.com
The Institute of Risk Management South Africa (IRMSA) has a new president. Berenice Francis has served as a vice-president of the IRMSA for the past year and was elected as the new president at the executive committee meeting held earlier this week. IRMSA said: “We would like to congratulate her on this appointment. Berenice has been actively involved with IRMSA…
Read more here:: Commercial Risk Online
Ask 10 CIOs how they define digital transformation and you’re likely to get 10 different answers with one common theme: a laundry list of technology projects intended to foster sweeping business changes. Even so, digital transformation isn’t so easily defined. Surely, digital transformation involves a radical rethinking of how an organization uses technology in pursuit of new revenue streams or new business models. And it also requires cross-departmental collaboration in pairing business-focused philosophies with rapid application development models. But for many organizations, digital transformation is really digital optimization in disguise, as new digital initiatives merely augment existing services. In the end, many who struggle to define digital transformation resort to the old adage: “They know it when they see it.”
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Read more here:: CIO.com
Every nine days, vehicular heatstroke kills a child in the United States. Check out these tips on how to prevent a tragedy.
Read more here:: Property Casualty 360
Sales Cloud projects are the bread-and-butter of most consultancies’ Salesforce.com work, so there probably isn’t an issue of general competence and ability to execute. However, there is a huge range of business models and sales channels out there, and it is critical that the consultant understand how your sales function works, and the difference between one of your profit-driving deals and a break-even “sustainer.” If the consultant doesn’t get it, the system they build for you will be clunky or just get in the way.
This brief set of questions is designed to help you evaluate the suitability of a Salesforce.com (SFDC) consultancy. It is not meant to be delivered as a questionnaire for the consultancy to fill out in the RFP. Instead, use the questions conversationally so you can see their flinches and know where to probe.
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Read more here:: CIO.com
Consultants offer tips on eligibility framework for new internal models approach
Read more here:: Risk.net
There could be some value in purchasing political violence and terrorism insurance only, but political risk insurance can offer broader coverage.
Read more here:: Property Casualty 360
If injured workers’ rehabilitation is not addressed from the inception of the claim, they can travel down catastrophic paths leaving them unnecessarily stuck in a detrimental and expensive “vortex of failure.”
Read more here:: Property Casualty 360