A spate of cyber attacks has rocked some British retail stalwarts over the past two weeks, with M&S still grappling with the aftereffects. New BIBA research shows “further evidence of the disproportionate costs of regulation that insurance brokers face”. Creativity in underwriting will define the underwriter of the future according to Hiscox Group CUO.
Co-op is latest British retailer to be hit by cyberattack (Source: Insurance Journal)
Hackers tried to access the Co-op’s systems this week and have caused significant disruption.
Regulation costs 5.2% of insurance premiums (Source: BIBA)
New research commissioned by BIBA and undertaken by London Economics, “reveals, for the first time, the impact of regulation costs in relation to insurance premiums paid by clients”.
Matt Brewis interview – Regulation innovation (The Journal)
“We want to ensure our regulatory framework remains effective while removing or refining elements that aren’t providing value” says the director of insurance at the FCA.
Hiscox Group CUO on the underwriter of the future (Source: Insurance Business Magazine)
The underwriter of today looks very different to the underwriter of 10-20 years ago and “the development of new, digital skills and traits will be important for underwriters to truly harness these technological advancements” says Joanne Musselle at Hiscox.
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