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  • January 2019
01

Cybercrime set to cost businesses $5.2trn over five years worldwide

Open-access content Monday 28th January 2019 — updated 5.50pm, Wednesday 29th April 2020

Cyber attacks could hit companies with $5.2trn (£4trn) in additional costs and lost revenue over the next five years, research by consultancy firm Accenture has found.

2


The firm revealed that insurance and banking are in the top ten sectors most at risk from cybercrime, potentially losing $305bn and $347bn respectively.

Read the full article on our predictions site here. 


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This article appeared in our January 2019 issue of The Actuary .
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UK and Switzerland agree post-Brexit insurance deal

The UK and Switzerland reached an agreement to allow free trade between each other’s insurance sectors post-Brexit at the World Economic Forum in Davos last Friday.
Monday 28th January 2019
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FCA proposes new 'investment pathways' for drawdown customers

Firms could be forced to offer a range of investment options to customers that enter pension drawdown without taking advice, the Financial Conduct Authority (FCA) has announced today.
Monday 28th January 2019
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US life insurers missing out on $70bn in premiums

The average life insurance policyholder in the US is massively underinsured, new research has found, with firms potentially missing out on almost $70bn (£53bn) in annual premiums.
Tuesday 29th January 2019
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New amendments proposed for IFRS 17

The International Accounting Standards Board (IASB) has agreed by a significant majority to discuss changing several key aspects of IFRS 17 insurance contracts.
Friday 25th January 2019
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Thousands of investors fall victim to pension scams

The UK government’s Insolvency Service has wound up 24 companies involved in pension scams since 2015, with 3,750 investors duped by fraudsters during that time.
Wednesday 23rd January 2019
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Insurers urged to offer discounts to climate-resilient companies

Insurance firms have been told to offer cheaper premiums to companies that are preparing for the impacts of climate change amid a growing frequency in extreme weather events.
Tuesday 22nd January 2019
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Latest from January 2019

Pension funds suffer biggest losses since financial crash

The average UK pension fund experienced its biggest loss since the financial crash last year, with less than one in ten generating positive investment returns.
Wednesday 30th January 2019
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Investors urge fast food giants to root out climate risks

More than 80 investors with $6.4trn (£5trn) in assets under management have told six of the world’s largest fast food companies to urgently tackle climate and water risks in their supply chains.
Wednesday 30th January 2019
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Business interruption ranked the joint top risk to companies in 2019

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Monday 21st January 2019
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A forum for actuaries has been launched to help the profession come together and learn how best to respond to the deadly coronavirus sweeping the world.
Wednesday 25th March 2020
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Travel insurers expect record payouts this year

UK travel insurers expect to pay a record £275m to customers this year as coronavirus grounds flights across the world, the Association of British Insurers (ABI) has revealed.
Wednesday 25th March 2020
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Grim economic forecasts made as countries lockdown

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Tuesday 24th March 2020
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Wednesday 25th March 2020
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Grim economic forecasts made as countries lockdown

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Tuesday 24th March 2020
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Pension funds suffer biggest losses since financial crash

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Wednesday 30th January 2019
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Investors urge fast food giants to root out climate risks

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Business interruption ranked the joint top risk to companies in 2019

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Monday 21st January 2019
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