Following the demise of England’s worst prime minister in July 2019, the country was confronted with a problem: Parliament had become more powerful than the Government. The Conservatives, with a minority in the House of Commons, had to rely on a reluctant Northern Irish Democratic Unionist Party for support. Who would, or rather, could, lead the government out of the Brexit mess?
Insurance Research Letter publishes this monthly newsletter – news, analysis and commentary by insurance experts from many fields
Brexit has broken the British political system. The absence of a written constitution has meant that almost daily conventions that have been respected for decades – even centuries – have been tossed aside, especially by the new Prime Minister Boris Johnson.
Understanding Blockchain, Part 2
In part one of this article, published in the June 2019 issue of the Insurance Research Letter, we provided an overview of how blockchain technology works and how smart contracts are employed to make this technology relevant in this modern economy. Here in part two, we discuss the broader and more global risks of the technology as a whole, and by way of example, the risks as they may present themselves for more specific lines of business. We also present issues to consider as it pertains to the restriction or refinement of policy terms and conditions.
Don’t put an Idiot in Charge (A short story about AI)
Raise your hand if you’ve heard some version of this lately: “In the next 10 years, robots with Artificial Intelligence will replace all rote jobs.” Now, raise your OTHER hand if you heard this same thing in 2005, 2000 and 1990. Learn why this has been a constant drumbeat since the 1950s on page 11
Chinese Tourists in the Hermit Kingdom: From Flux to Inflection
By William A. Hodges
The North Korean government’s recent prioritization of tourism not only demonstrates its attempt to attract more foreign currencies to solve the problems caused by economic sanctions, but also shows its desire to showcase a positive image of itself to the world. In this lies an issue that must balance national concerns of pragmatism and idealism, as well as visibility and invisibility. The current inflectionary status of inbound Chinese tourism comes after years of flux in tourism numbers to the DPRK. This has mostly been as a result of uncertainty surrounding North Korea’s pursuit of nuclear weapons and its treatment under consequent Western sanctions.
A Mission Unclear
By William A. Hodges
The Best and the Brightest, David Halberstam’s widely acclaimed examination of the supposed technocracy behind the American war in Vietnam, focuses heavily on the types of characters within the administration that surrounded President Johnson. Concerned about the war’s impact on his domestic initiatives within the Great Society, worried about the legacy of a Democrat’s overseeing of the loss of China, and concerned about upholding American credibility, Johnson was particularly susceptible to the theories of control espoused by many of his civilian and military advisors alike. Rejecting the notion that foreign policy missions in places like Vietnam could be uncontaminated by domestic concerns, Halberstam states that, “The truth, in sharp contrast, was that all those critical decisions [in Vietnam] were primarily driven by considerations of domestic politics, and by political fears.” (Halberstam)
Brexit – whatever next?
The ever-changing journey of Brexit in British politics and the news has caused many people in this country to feel punch-drunk and helplessly resigned to months if not years of upsets and uncertainties.
The Continuing Evolution of Cyber Insurance Coverages
By Judy Selby
As discussed here and here (links only appear in document), cyber insurance policies are continually being updated to provide new and innovative coverages in light of today’s new and increasing cyber risks. I highlight some of the latest cyber coverage offerings here.
Post-Breach Cyber Mitigation Coverage
At least one insurer is now helping its insureds reduce the risk of future cyber events. This carrier offers coverage for 1) an information security risk assessment; 2) an information security gap analysis; 3) development of an information security document set; and 4) an information security awareness training session. The coverage is available after an insured has suffered a covered cyber event under the policy form.
Cryptojacking and Botnetting Coverage
Coverage is now available under at least one policy for losses resulting from cryptojacking and battening, two of today’s most rampant cyber exposures. Cryptojacking means the unauthorized use of the insured’s computer system to mine cryptocurrency. Botnetting means the unauthorized use of the insured’s computer system to launch a denial of service or hacking attack against a third party. Login or sign up to read more…