Weekly News Update – 19th January

The conflict in the Red Sea is escalating and forcing a rise in ship insurance costs. During the Treasury Select Committee’s sexism inquiry “FCA executives responded to concerns about use of NDAs during incidents of bullying and sexual harassment to silence victims and protect the perpetrators”. Allianz have flagged cyber incidents as the top business risk for 2024. Lastly, we’re delighted to share some recent news from our broker client Augment.

Augment snares ~$400mn LLA parametric account from Aon (Source: Insurance Insider)
Said to be one of the largest parametric accounts in the industry, Aon has lost out to start-up broker Augment.

Allianz Risk Barometer: A cyber event is the top global business risk for 2024 (Source: Allianz)
Allianz drills down on the most important corporate concerns for the year ahead with cyber incidents “such as ransomware attacks, data breaches and IT disruptions being the biggest worry”.

Red Sea war insurance rises with more ships in firing line (Source: Reuters)
After a number of ship attacks by Houthis, war risk premiums have risen to around 1% of the value of a ship, up from 0.7% last week.

FCA: NDAs should not deter whistleblowers from reporting non-financial misconduct (Source: Investment Week)
In the latest Sexism in the City enquiry the FCA has said that individuals should report non-financial misconduct, even if NDAs have been signed.

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