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Insurance Research Letter – April 2017

US & International Business Insurance News & Articles

The April 2017 edition of the Insurance Research Letter has been posted – subscriber login. Editor’s Letter / Prefatory Note

  • April is RIMS Month
  • 'One-way follow' social apps
  • Recalling the good old days
  • Highlights

Risk Management SpotlightBlindsided By A Crisis Learn what senior leadership risk and crisis management professionals do when called in to assist our clients in crisis, and leadership’s role when “blindsided” by a crisis on page 17 Looking the Other Way? Read some thought provoking ideas to transform the Argentine insurance market. Changes in regulation and buyers behavior are two trends that should be carefully reviewed. And what if regulatory changes increase capital demands on reinsurance. Read more on page 19 Is your lawyer the weakest link in your data security? Law firms pose a uniquely attractive target for hackers. A hacker who attacks a single company might obtain valuable information about that company; the same hacker can obtain valuable information about dozens or even hundreds of companies by hacking a single law firm. And, the scope of the information that a law firm possesses can be staggering. Plaintiffs’ lawyers are beginning to take note. The law is also beginning to catch up. Recently, the New York State Department of Financial Services issued new regulations… Read more on page 20 Why crisis management is central to protecting brand and reputation So what is a crisis? British Standard 11200:2014 defines a crisis as an “inherently abnormal, unstable and complex situation that represents a threat to the strategic objectives, reputation or existence of an organisation.” Crises are inherently unpredictable in their timing and nature. They have the potential to significantly damage an organisation’s reputation and could be terminal in their effects. See what a crisis looks and feels like in the internet-enabled 21st century by way of a case study on page 23 How the UK insurance industry is addressing the prospective loss of passporting rights It now seems highly likely that a UK insurance firm’s right to passport will – as it currently exists – be lost upon Britain’s exit from the European Union (EU). The passporting system allows those financial services firms established in the EU to operate freely throughout the union’s 28 member states without the need for a separate license in each country. Where from here? Some considerations before re-domiciling, and more on page 24 Trump: Insurers keep their heads down Nervous and tight-lipped, insurers in London and across Europe are fearful of the consequences of a Trump Presidency. They are in one of the least comfortable places for an insurer as they have no models or past experience to tell them what might happen. Markets, commentators and financial institutions have been turning somersaults trying to come to terms with the implications of the Trump Presidency. They had better get used to doing so as the new President is busy tearing up the rulebooks, especially the ones entitled Global Trade and Financial Regulation. Read what Dame Inga Beale, chief executive of Lloyd’s, said after hearing Chinese President Xi Jinping – the first Chinese leader to ever attend the WEF speak in Davos at the World Economic Forum on page 26

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Posted by Alex Hodges
Alex has 40+ years of experience in the industry with a specific interest in the international P&C business. Alex began his career with Rollins Burdick Hunter Co in Chicago; moved to New York with the firm; then back to Chicago HQ after the acquisition of RBH by Aon. As part of Aon’s global acquisition team, he moved to The Netherlands to help with the integration of Hudig-Langeveldt and Frank B. Hall in Europe, Scandinavia, United Kingdom and the Middle East. Alex has expertise managing large multinational insurance programs. His last position with Aon was managing the Aon-owned Strategic Underwriters International MGA for Kidnap, Ransom & Extortion, Workplace Violence and Political Risk. Alex is the founder of Insurance Services Network Corporation and Editor-in-Chief of the IRL – Insurance Research Letter.

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