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Will insurance brokers need to restructure their operations once the UK leaves the European Union?

Will insurance brokers need to restructure their operations once the UK leaves the European Union?
Regardless of the type of deal obtained, broking firms will still need to adapt to the changes occurring around them, with one option being to restructure their business. There are of course many ways to restructure a business and many ways to restructure within Europe. As such, there isn’t one model solution that will suit all broking firms, as everyone’s operations and requirements are different. Establishing an EU presence is a potential solution that many firms are either considering or have already started implementing.
14th October 2019 marks the day that UK Parliament reopens, led by the Queen’s Speech. This occurs during a period of uncertainty where Boris Johnson was recently appointed as Prime Minister but suspended parliament, still without securing a deal. After this initial session, the EU Leaders will meet before a proposed session on 19th October, the first time the government has met on a Saturday in over 30 years. It will be decided during this session if the Prime Minister will ask the European Union for another extension to Brexit under the Benn Act, if no deal has been approved by Parliament and have not agreed to a no-deal situation.

How Will the Specter of Climate Change and Extreme Weather Reshape Reinsurance?

<div>How Will the Specter of Climate Change and Extreme Weather Reshape Reinsurance?</div>
The (re)insurance sector has a long history of responding to periods of change and is well-versed in navigating market-defining events such as Hurricane Andrew, the terrorist attacks of September 11 and Hurricane Katrina. Reinsurance has been a reliable and efficient source of contingent capital to insurance companies through these different market cycles, acting as an effective shock-absorber for the primary market. 

The years 2017 and 2018 were no different — a series of sizeable events led to the most costly two-year period ever for insured catastrophe losses. 

After years of strong capital growth, the reinsurance market has been resilient to these losses, and conditions remain largely favorable to cedents. But as recent developments have shown, events that challenge underwriting risk assumptions can still impact capacity deployment.

What types of insurance does a photography business need?

<div>What types of insurance does a photography business need?</div>
Which types of insurance are recommended?
We explore what you need in terms of photography insurance as a small business owner – whether you’re in the studio or on-location for a shoot.
Financial Lines

Time to police social media as workplace risk?

<div>Time to police social media as workplace risk?</div>
Clutch, a firm offering business-to-business data and consulting, surveyed 500 full-time workers on their thoughts regarding the intersection of social media and employment, and whether their company ought to have a say in what is said off the job and on the internet.

Younger workers under 35 want the hands-off approach: 45% of them oppose company efforts to regulate social media use at work, indicating that they view personal social media as completely separate from the office, according to the survey results.
Younger workers under 35 want the hands-off approach: 45% of them oppose company efforts to regulate social media use at work, indicating that they view personal social media as completely separate from the office, according to the survey results.

Meanwhile, the survey found that 36% of employees ages 18-34 think it's important to work for a company that aligns with its political views while just 20% of employees 35 and older share this opinion, according to the survey.

As TIFF 2019 kicks off, brokers dive into live event insurance.

<div>As TIFF 2019 kicks off, brokers dive into live event insurance.</div>
The Toronto International Film Festival (TIFF) is back with a bang. This year’s film industry extravaganza, kicking off in Toronto on Thursday (September 05), looks set to draw in some of the biggest names in the business, including the likes of Jennifer Lopez, Tom Hanks, and Matt Damon. There’s even a rumour that Hollywood’s golden girl Meryl Streep will make her first appearance at the premier of The Laundromat, in which she starts alongside Gary Oldman, and Antonio Banderas.

For two star-studded weeks, all eyes and cameras of the world media, film fanatics and celebrity-spotters will be fixed on Toronto’s most glamourous event of the year – making the stakes extremely high if something were to go wrong. To manage their exposures, TIFF organizers and planners will have exercised extensive risk transfer and mitigation with the help of their insurance partners.

How many TV films and series does Europe produce?

<div>How many TV films and series does Europe produce?</div>
From movie production to TV fiction production, discover the free report of the European Audiovisual Observatory

What hype? 10 insurers using insurtech to drive new business

<div>What hype? 10 insurers using&nbsp;<span style="font-size: 1.2rem;">insurtech to drive new business</span></div>
Insurtech means many things to investors, technology firms and the incumbent insurers. One area that is perhaps easy to understand is where technology is used simply to drive new business and premium growth.

Amid the chatter that surrounds the insurtech phenomenon, it can be easy to lose sight of the very tangible benefits technology can offer insurers.
In this exclusive report by Intelligent Insurer, you’ll discover:

• How insurance propositions are evolving to respond to new risks and emerging customer segments.

• The incumbent-insurtech collaborations that are already delivering new products, via new channels, to new customer segments today.

• The emerging growth areas insurers are exploiting to deliver premium growth and profitable returns.

Data protection gets serious

Data protection gets serious
Any risk managers in doubt about the significance of the EU’s new data protection rules got a rude awakening this week with the news that British Airways faces a record £184 million (US$230 million) fine after the theft of data from 500,000 customers.

The proposed fine relates to a cyber incident that started in June 2018 and was disclosed in September, after hackers diverted BA website visitors to a fraudulent site and harvested customer details. An investigation by the UK’s information commissioner’s office (ICO) found that “poor security arrangements” at the company led to the exposure of log in, payment card and travel booking details, as well name and address information.
“People’s personal data is just that — personal,” said Elizabeth Denham, the UK’s information commissioner. “When an organisation fails to protect it from loss, damage or theft it is more than an inconvenience. That’s why the law is clear — when you are entrusted with personal data you must look after it. Those that don’t will face scrutiny from my office.”

The fine represents around 1.5% of BA’s annual turnover, and while it may look significant — the previous record fine for a data breach was US$55 million paid by Google — the General Data Protection Regulation (GDPR) allows for much bigger penalties.

“We are still far from the maximum, which could potentially reach 4% of global annual turnover,” said Timothee Grange, loss adjuster and Asia Pacific managing director for GM Consultant. “This type of fine’s size could act as a wake-up call and hopefully raise concern and awareness for companies with GDPR exposure everywhere in the world.”

Cancellations, controversies and refunds: how to programme a music festival

<div>Cancellations, controversies and refunds: how to programme a music festival</div><div><br></div>
This weekend, more than 200,000 people will fill the fields of Somerset’s Worthy Farm for Glastonbury, the world’s largest greenfield festival.

For attendees, there’s a lot to think about – have you packed enough socks? How early should you arrive to find the best tent pitch? But it’s festival organisers who are under increasing pressure to get things right, faced with the unique challenges of offering a diverse, eye-catching and concrete line-up.
Less than 14 hours before Glastonbury’s gates opened on Wednesday morning, Snow Patrol cancelled their performance on the festival’s Other Stage, after band members Johnny McDaid and Nathan Connolly’s both recently sustained significant physical injuries. “We have hardly ever cancelled shows in 25 years together and we don’t do it lightly,” the band said.

Snow Patrol are far from the only band to cancel a festival appearance at such short notice. Earlier this month, Jess Glynne pulled out of her headline slot at the Isle of Wight Festival just ten minutes before she was due on stage. The musician, who holds the record for the most number-one singles by a female artist in the UK, wrote on Twitter: “I am so so gutted, sorry and upset that I couldn’t perform yesterday. I came all the way I got ready and was about to head to stage but I just couldn’t do it. I was incredibly weak and full of anxiety.”

Terrorism Risk Is Declining, but a Closer Look Shows an Ominous, Evolving Threat.

<div>Terrorism Risk Is Declining, but a Closer Look Shows an Ominous, Evolving Threat.</div>
Between 2018 and 2019, plenty of evidence surfaced to underline this positive trend. The Islamic State (IS), which once controlled territory roughly equivalent in size to Portugal, no longer controls any land. In 2018, the number of people globally killed in terrorist attacks dropped by more than a quarter compared to 2017, and the number of total attacks around the world also fell by nearly a third. In 2014, the economic costs of terrorism peaked at almost $100 billion in tandem with the rise of IS; since then, the costs have fallen by nearly half.
But there’s also bad news: Terrorism remains a dynamic risk and a serious threat to people and organizations. The biggest problem areas identified in 2018, such as Afghanistan, saw little improvement in the past year — and new threats are on the rise. Lone wolf and small group attacks in public spaces and workplaces are becoming more prevalent, and extreme right-wing violence, bolstered by far-right political successes in the West, has created new problems for states, security services and civilians.