While the current COVID-19 pandemic has emptied city centres, life will eventually get back to normal.
Crime insurance premium rates are on the rise as criminals exploit new opportunities created by the COVID-19 pandemic. Businesses need to make sure that appropriate security measures are in place and are followed by staff across the organisation not least because the expected economic downturn following the outbreak is likely to drive crime insurance premium rates up further.
The threat of Friday Afternoon Fraud causes chaos and leaves a trail of financial and reputational destruction in the legal sector. More information and warnings to clients are needed to help mitigate the problem.
The COVID-19 crisis has forced a shift in working practices for all organisations. With the vast majority of organisations managing and operating their businesses from the home environment, managing risk involves a whole new set of challenges, particularly from a cyber security and data protection perspective.
Pandemic bonds as issued by the World Bank were hailed as a great innovation when first launched in 2017. They were supposed to offer relief funding to some of the poorest countries in the world to fight large-scale, cross-border pandemics. The COVID-19 outbreak has exposed the weaknesses of the instrument.
The experience of self-isolating at home for weeks during the COVID-19 pandemic is likely to mark society.
Having worked in insurance since the early 1980’s, the one thing hard markets have taught me is that they rarely have the same trigger but the fundamental effects are fairly similar: Property classes suffer in the short term but liability classes suffer for longer. The consequences of the COVID-19 outbreak will most likely follow this pattern.
The spread of the new coronavirus and the resulting disease, COVID-19, has created immense challenges and hardships for individuals and companies. Unfortunately, some of those challenges are in the cyber arena.
Following on from a handful of cases where employers have been held vicariously liable for the unlawful acts of their employees, there has been a noticeable trend in Claimant law firms casting their nets as far as possible when suing medical professionals and providers by pleading vicarious liability.