Sent on January 20, 2016

News
U.S., 17 Automakers Reach Agreement on Cybersecurity, Safety
20 JAN 2016 | The U.S. Transportation Department and 17 automakers have reached agreement on efforts to enhance safety, including sharing information to thwart cyber-attacks on their increasingly wired vehicles. Automakers including General Motors Co., Ford Motor Co. and Toyota Motor Corp. also agreed to reform the way they report fatalities, injuries and warranty claims to the government. The companies agreed to keep meeting regularly to exchange information and identify emerging safety issues.
Here come the accountants — the codification of cyber risk
20 JAN 2016 | Headline writers and producers of “Shark Tank” want us to believe that all new products and ideas come from rising stars and Silicon Valley grads. While many deserve the attention, we must also look to the explosion of new products, services and capabilities resulting from innovations emerging from disciplines such as marketing, accounting or finance. A compelling product that has risen out of corporate America is the entrée of the insurance industry as a major player in the development and deployment of cyber technology.
Big data increases political risk, says report
20 JAN 2016 | The Chartered Insurance Institute (CII) and Cicero Group have launched a report stating that a combination of factors has increased political risk for the insurance industry. The document, Disruptive Influences: Technology, politics and change in the financial sector, listed cyber security, privacy and data protection, automation of labour of services, driverless cars and Fintech among the risks. At the launch event in London, panellists discussed the impact of big data on the insurance sector.
Nuclear terrorism and cyberattacks on nuclear facilities a risk
20 JAN 2016 | The third edition of the Nuclear Threat Initiative (NTI) Nuclear Security Index has found that progress on reducing the threat of catastrophic nuclear terrorism has slowed and major gaps remain in the global nuclear security system. The 2016 NTI Index, also finds troubling shortfalls in areas assessed for the first time: how well countries are protecting nuclear facilities against sabotage, as well as the emerging threat of cyberattacks.
Biba teams up with government on cyber
20 JAN 2016 | The British Insurance Brokers' Association (Biba) has teamed up with the government to help members reduce the risk of cybercrime. The trade body said it is to sponsor members to join the Government Computer Emergency Response Team (Cert) UK's Cyber-Security Information Sharing Partnership (Cisp). Graeme Trudgill, executive director at Biba said: "In our 2016 Manifesto Fairness For All the Rt. Honourable Matthew Hancock, MP and Minister for the Cabinet Office said that "cyber-security is a significant and growing threat to the UK".
RMS CEO Hemant Shah: Cyber Risk Models are Coming Soon
20 JAN 2016 | RMS CEO Hemant Shah said his company plans to launch its first cyber risk models in February. It is the first salvo of what Shah said he sees as a “pretty significant opportunity for the industry.” Shah spoke with Carrier Management Editor Mark Hollmer about some of RMS’s cyber risks plans on Jan. 12, during the Property/Casualty Insurance Joint Industry Forum in New York City.
Asia: Cyber insurance expected to grow by 50% by 2018 in the region
20 JAN 2016 | Almost a third of Asian insurers are expecting the market for cyber insurance to grow by 50% over the next three years, according to a survey conducted by the world's largest reinsurer, Munich Re. Some 83% of insurance managers who took part in the survey are already seeing increased demand for cyber insurance coverage. Yet only about 10% of the Asian respondents offer coverage for cyber risks. That is the outcome of a non-representative survey conducted by Munich Re among some 140 participants at the Singapore International Reinsurance Conference (SIRC) in November 2015.
Lloyd’s Develops Standardized Data Requirements for Cyber Risks
20 JAN 2016 | Lloyd’s of London announced that a set of common core data requirements for cyber risks has been agreed by collaborating with modeling firms AIR Worldwide and RMS, along with RMS’ partner, the Cambridge Centre for Risk Studies. Both AIR and the RMS/Cambridge team have agreed to highlight common elements when they publish their data schemas later this month and most importantly each has agreed to use similar terminology and precise definitions, Lloyd’s said in a statement.
Cyber Threats, Competition Top Business Concerns in 2016 Allianz Risk Barometer
19 JAN 2016 | The impact of disruptive events, fierce market competition and cyber incidents ranked as top concerns, according to the fifth annual survey on corporate risks published by Allianz Global Corporate & Specialty (AGCS), which surveyed over 800 risk managers and insurance experts from more than 40 countries. The findings indicate the risk landscape for businesses is substantially changing in 2016.
Big data increases political risk, says report
19 JAN 2016 | The Chartered Insurance Institute (CII) and Cicero Group have launched a report stating that a combination of factors has increased political risk for the insurance industry. The document, Disruptive Influences: Technology, politics and change in the financial sector, listed cyber security, privacy and data protection, automation of labour of services, driverless cars and Fintech among the risks. At the launch event in London, panellists discussed the impact of big data on the insurance sector.
Cyber risk concerns continue to grow for risk managers
19 JAN 2016 | Risk managers are becoming increasingly concerned about cyber risks, a new survey has found. Business interruption, including supply chain disruption, remained the biggest concern for corporate risk managers for the fourth year in a row, according to the study by Allianz Global Corporate & Specialty (AGCS), But cyber incidents were an increasing worry for risk managers, the insurer's fifth annual Risk Barometer survey found, rising to the number three concern globally from fifth last year.
Geopolitical risks in 2016: Middle East issues dominate
18 JAN 2016 | The Eurasia Group, the world's largest political risk consultancy, has announced its closely watched annual list of top risks. Among them, the Middle East causes most concern, being the most vulnerable to a leadership vacuum, with several failed states, oil economies under strain, more refugees than ever recorded and posing terrorist threats in the form of ISIS. These problems are expected to worsen in 2016.
Brokers must commit to helping clients on cybercrime
15 JAN 2016 | At the recent Una conference, one of our guest speakers was Charlie McMurdie who delivered a fascinating talk about cybercrime. What became immediately apparent are the scale and invisibility of cybercrime and the criminals involved, and the fact that the crime agencies do not have the resources to tackle the problem.
Israel Emerges as Leader in Developing Cyber Defenses for Cars
15 JAN 2016 | Building on its expertise in technology, Israel is emerging as a leader in the race to keep cars secure and prevent the nightmare scenario of a hacker commandeering your vehicle. Most cars today are equipped with some level of connectivity and self-driving vehicles are being developed. Given this level of sophistication, protecting cars from contamination with malicious software has become big business.
Insights
Insuring the Uninsured: Insurance Summit 2016
13 JAN 2016 | The re/insurance industry is undergoing perhaps its greatest-ever transformation. As traditional practices and norms are washed away by a tidal wave of disruptors amid fast-paced economic and social change, The Insurance Summit 2016, hosted by The Economist, aims to unravel the complex issues that are shaping tomorrow’s industry. Speakers include an accomplished group of experts from across the re/insurance spectrum, from the innovators to regulators and industry leaders, who will share their insights on the key issues that everyone in the re/insurance sector ought to be talking about. They will explore topics ranging from the ways in which the digital revolution is shaping the firms of the future, to how new capital and global M&A creates disruption and opportunities, through to ways in which the industry can use data and expertise to be a true force for good by supporting the sustainable growth in underdeveloped economies.
INSURANCE INTERNET OF THINGS INDUSTRY SURVEY
15 JAN 2016 | At the beginning of the year, everyone is looking at how to identify the crucial elements of change that will affect their business in the next twelve months. Discussions from CES 2016 showed that the attention for a lot of companies has turned to connected devices and the internet of things.
Agenda
The Insurance Summit 2016: Guardians of the Future
25 FEB 2016 | With the overall theme being “Insuring the Uninsured” the Insurance Summit 2016 will focus on the disruptive forces shaping the future of the industry and delve into the commercial and new growth opportunities arising from market consolidation and a closer alignment with the sustainable development agenda. Key topics and confirmed speakers include: The role of insurance as a risk manager in society Lise Kingo, Executive Director Global Compact, United Nations examines the findings of the “Insurance 2030” UN report. In order to provide universal access to insurance and prevent the uninsured from the impact of climate change and natural disasters, is there a need to establish Insurance Development Goals, in line with the UN’s SDGs? New opportunities through consolidation Bart de Smet, Chief Executive Officer, Ageas examines how western insurance companies can continue to grow through joint ventures and contextualises this with Ageas’ experience entering new markets particularly in Asia. Michel Khalaf, President EMEA, Metlife will present the company’s strategy for thriving in the Middle East and Africa. The evolution of risk through technology From the rapid spread of the Internet of Everything through to the Internet of Things and the rise of smart cities, driverless cars, and artificial intelligence, Maurice Tulloch, Chairman, Aviva Global General Insurance and Chief Executive Officer, Aviva UK and Florian Herzog, Chief Engineer and Founder, swissQuant will elaborate on what priorities should the insurance sector have in order to remain relevant and connected to its clients in a technological world? Who should attend: • Directors and senior business decision-makers responsible for business strategy, development, risk management, regulation, legal and marketing (COO, CTO, CRO) • Economists • Investment advisors • Insurance specialists/intermediaries • Fund Managers • Actuaries/Accountants/Auditors From industries including: General Insurance and Re-Insurance, Insurance Brokers, Life, Medical Insurance and Healthcare cover, Loss Adjusters & Claims Service providers, Specialists/intermediaries(accountants, actuaries, consultants, lawyers and software providers, Government and Regulators, policy makers, professional associations, academia, media Why attend the Insurance Summit 2016? • Learn about new growth prospects, where to find them and how to close the global protection gap • Challenge the adequacy of current business models and discover what the insurance company of the future looks like • Explore the opportunities consolidation offers and whether it will drive expansion into new markets • Gain insights on disruptive technologies that will transform the insurance industry • Discuss how to tackle climate change, foster sustainable development and the industry's relevance for these global endeavours Insurtech News subcribers are entitled to a 20% discount on the delegate registration fee of £995 + VAT. Contact me today for your booking code. Contact: Laurence Allen, Marketing Manager Email: laurenceallen@economist.com Tel: 0044 (0) 207 576 8118 About Economist Events: Economist Events gather the world’s top thinkers to build insight and exchange views on the issues that define our world. With a uniquely global perspective, we create over 100 unusually high level and engaging live and virtual events each year. Our aim is to bring clarity to complex problems, inspire ideas and to help our audiences make better decisions.
Asia Conference on Big Data and Analytics for Insurance
27 FEB 2016 | The siren call of Big Data resounds throughout the globe. Data – big and small – now is at the heart of strategy development throughout industry as organisations seek new strategies in the pursuit of profit. The insurance industry sits on a rich vein of data, however unfortunately static, and historically under-exploited. In an increasingly data-driven business environment, it is time now for insurers to embark on the broader picture and leverage the insight it offers to gain and sustain a competitive advantage. Is your organisation ready for that data journey?