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In this latest update, Lockton’s Retail Insurance experts analyse how the insurance industry can help alleviate some of these issues, including potential opportunities to reduce General Liability costs, exciting opportunities for Cyber insurance buyers, and more.

Retail Insurance Market Update - Q2 2023

As a result of the mounting energy prices, wage inflation, and dwindling sales volumes, the retail sector finds itself under increasing pressure. In this latest update, Lockton’s Retail Insurance experts analyse how the insurance industry can help alleviate so ...

Five years of GDPR: UK insurance considerations

The Information Commissioner’s Office (ICO) made it clear upon introduction of the UK GDPR, referred to as the Data Protection Act 2018 (DPA 2018), that the regulation was not a tool to punish, but rather its goal was “guiding, advising and educating organisations…preferring the carrot to the stick.” However, with significant maximum fines of 4% of annual turnover or GBP 17.5million, many businesses have sought to transfer this risk to insurance products.

The Information Commissioner’s Office (ICO) made it clear upon introduction of the UK GDPR, referred to as the Data Protection Act 2018 (DPA 2018), that the regulation was not a tool to punish, but rather its goal was “guiding, advising and educating organisations…preferring the carrot to the stick.” However, with significant maximum fines of 4% of annual turnover or GBP 17.5million, many businesses have sought to transfer this risk to insurance products.

People errors – how to alleviate insurers’ concerns

The ongoing talent shortage within the accountancy sector is increasing the workload for employees. In an industry where hybrid and remote working practices have become the norm, firms are facing new challenges arising from inadequate training, development and supervision. Professional indemnity insurers will be looking closely at how firms respond.

The ongoing talent shortage within the accountancy sector is increasing the workload for employees. In an industry where hybrid and remote working practices have become the norm, firms are facing new challenges arising from inadequate training, development and supervision. Professional indemnity insurers will be looking closely at how firms respond.

Cryptocurrency insurance – best practices for custodians

The advantages of cryptocurrencies continue to draw interest from investors and businesses, creating demand for crypto-related services. As the market evolves, underwriters are becoming increasingly sensitive to the risks involved in the custody and management of cryptocurrency and other digital assets. Firms seeking to insure themselves against such risks must ensure they have robust mitigation measures in place to alleviate concerns.

The advantages of cryptocurrencies continue to draw interest from investors and businesses, creating demand for crypto-related services. As the market evolves, underwriters are becoming increasingly sensitive to the risks involved in the custody and management of cryptocurrency and other digital assets. Firms seeking to insure themselves against such risks must ensure they have robust mitigation measures in place to alleviate concerns.

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