May 2015

Spotlight – In international business, almost every market around the world does things in a different way. This often leads to misunderstandings and unfulfilled expectations. However, different does not need to mean difficult and knowledge of the needs and characteristics of specific geographic markets is an advantage to those who are active in the global economy. These articles help you understand different aspects of the insurance industry around the world, enabling those who do business there to feel more “at home, abroad.”

Wherever you look in the insurance press these days, you will come across Cyber Risk. A recent survey has placed it within the top ten risks threatening global firms; it is currently in ninth place and will rise. As computer and internet technology become more sophisticated, so will the risks and hazards of misuse and abuse increase. Cyber attacks have affected individuals, small firms, large firms, multinational corporations and government agencies. Little wonder, then, that brokers, carriers and risk management associations are pulling together to address the challenge. Even governments such as Singapore, US Congress and the UK, no less, are getting involved.

In March, a report was published on the joint initiatives between the UK government and the insurance sector to tackle cyber risk – see the attached press release issued on the 23rd March

There are calls for a comprehensive and functional regime of global cyber security and at ground level, the right questions in assessing risk need to be identified. But what actually constitutes cyber risk, what forms of insurance are there to protect oneself against such risks and how does one manage cyber risks? Two peerless organisations have joined up to address these issues and we are very pleased to provide links to their reports. This one document is available on the website of both of them. Lloyd’s ( and the Association of British Insurers (

We encourage our readers to study these and any questions or comments should be addressed to Lisa Hunter, Senior Manager, Media Relations, Lloyd’s, at or Malcolm Turling, Chief Media Relations Officer, ABI, at