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Energy firms must learn from past loss events
Energy companies need to learn from the major loss events of the past if they are to reduce the risk of property damage losses. According to a new report from Marsh, oil and petrochemical companies have heightened the risk profile of the sector by extending their global footprints, building more capital-intensive assets and deploying more [...]

Finance & Insurance top for mental health IP claims
Group income protection (GIP) claims for mental health are at their highest in the “Finance and Insurance” sector, according to Legal & General. The insurer has recently published an analysis of its GIP claims since 2000 with the figures showing that overall, 31% of claims were for mental health issues such as stress and depression, [...]

JLT Specialty to open Nottingham office
JLT Specialty (JLTS) has confirmed that it will be opening new UK regional offices in Nottingham in the Spring. The firm provides specialist insurance broking, risk management and claims consulting services to medium enterprises through to large and international companies. Commenting on the expansion, JLTS managing director regional partnership division, Warren Downey, says: “Our strategic [...]

Northcourt bolsters global nuclear insurance capacity
A new coverholder has launched at Lloyd’s, dedicated to providing the first new capacity to the global nuclear insurance market in thirty years. Northcourt says it is responding to a shortage of capacity in the nuclear market, and the fact that the territory-based structure of existing programmes has made life difficult for today’s global industry. [...]

Black Swans demand risk management review
The risk management practices of many organisations are “worryingly incomplete” and being outpaced by an era of catastrophic “Black Swan” events, claims a new paper from PricewaterhouseCoopers (PwC). Black Swan events are events that are nigh impossible to predict yet appear to be happening more frequently, and PwC is urging firms to be more agile [...]

Cost of fraud up 50%
The value of reported fraud in the UK rocketed to £2.095 billion in 2011, according to BDO’s latest FraudTrack report. The figure is up 50% on 2010 and the highest ever recorded by the accountancy firm. The analysis, which is based on reported fraud cases over £50,000, also shows a dramatic rise in the average [...]

Church metal theft hits all-time high
Chelmsford Diocese has topped the league for the worst place in the UK for theft of lead and other valuable metals from churches. According to Ecclesiastical, churches across the diocese made over 90 claims with the insurer in 2011, while the dioceses of Lincoln and Lichfield took joint second place with over 80 claims each. [...]

RBS highlights data security weaknesses
New research from Royal Bank of Scotland (RBS) has found that nearly one in five technology firms surveyed in the Thames Valley area have suffered a data security breach in the past 12 months. While just over half of respondents had a crisis strategy in place in case of a serious security breach, a quarter [...]