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N EWS
Updated rehabilitation code 2015
An updated version of the Rehabilitation code has been published and
became operational 1 December 2015. The objective of the code is to
ensure that injured people receive the rehabilitation they need to restore
quality of life and earning capacity as soon as possible. Although the
code is voluntary, it is part of the pre-action protocol prior to the start of
legal proceedings.
The 2015 revision of the code recognises there are differences in the
handling of claims values and now includes a section for lower-value
claims (less than £25k). The publication recommends that for these,
a more streamlined process is put in place. It also includes for the
first time, a separate guide for rehab case managers and people who
commission them.
To view the 2015 Rehabilitation Code and Case Management Guide,
please visit the International Underwriting Associations webpage.
Construction Part 1:
Market Outlook and Issues
After a tough recession, the construction sector is showing strong signs
of recovery. As activity increases, insurance has an important part to play
in its future success and it will be essential for our industry to understand
the issues affecting the construction market.
Cyber Risk –
a major threat to business
Cyber risk connected: The many ways in which a business can be exposed
Public and Fiscal Authorities
Have access to offices, networks and systems
including critical access rights. Are these rights set
correctly? Can the business monitor their activities?
Professional
Hackers
Espionage
Professional hackers target businesses to make money.
Hacktivists attack interfaces resulting in damage. Espionage of
intellectual property rights is common.
Telecommunications Service Provider
If a communication line goes down this can impact
customers, partners, supply chain management and
remote maintenance.
Customers
Banks and Insurers
Data
Center
Possess confidential information about a business’
strengths and weaknesses. If a cyber incident occurs
such information could fall into the wrong hands.
Administration
Businesses depend on their customers and must
protect IT facilities where sensitive and confidential
data is located.
CONNECTED
Direct Purchase / Sale
Global
Repairs
Factory
Many machines can be repaired online today. During
repairs access to facilities can be hard to restrict. This
could be abused to gain access to IT networks.
Logistics and
Suppliers
A factory can face a number of potential perils
stemming from IT, growing use of cloud computing
and increasing interconnectivity.
Critical in today’s just-in-time business. This is
mostly managed by internet-connected interfaces
which can be easily attacked. Can the business send
out a product if this happens?
Company
Private
Supply Chain
Supply chain management is critical but it’s also
interconnected via public-accessible interfaces, with
hackers looking for vulnerabilities 24/7. What happens
if a denial of service attack paralyzes the supply chain?
Credit Card Provider
Employees
Service Providers
Accidental
In partnership with Euler Hermes, we have published the first of our
two part white paper series on Construction. The paper provides:
Hacktivists
Deliberate
Cyber risk is a major threat to clients’ businesses.
Companies increasingly face new exposures
including first and third-party damage, business
interruption (BI) and regulatory consequences.
Allianz Global Corporate & Specialty has
published ‘A Guide to Cyber Risk’, which
examines global trends and developments in
cyber, while also identifying the emerging risks
that will significantly impact the industry in the
near future.
Electronic Payment Process
Cyber incidents can be caused by service
providers. Over-dependency can result in an
inability to monitor actions.
- a market outlook including housing, commercial and civil sectors
- an overview and analysis of market issues.
Employees can easily create outages (intended or unintended)
or cause data leakages. Improving employee awareness of the
risks involved is crucial.
Gaining access to credit card data is a quick win for
cyber criminals. Businesses are liable for the
non-disclosure of such data.
Visit Allianz Global Corporate & Specialty’s
website to download the full report,
executive summary and the cyber risk
exposure infographic.
ACOM6588 01.16
To view a copy of our construction white paper please click here.
Part 2 of the Construction white paper, will examine some of the
associated regulatory changes and risk management topics, highlighting
the insurance related issues. Available from February 2016, please
contact your insurance advisor to view a copy.
Property and Casualty Newsletter
20
Allianz Insurance plc. Registered in England number 84638. Registered office: 57 Ladymead, Guildford, Surrey, GU1 1DB, United Kingdom.
Allianz Insurance
plc. Registered
in Englandof
number
84638. Registered
office: 57plc
Ladymead,
Guildford,
GU1Regulation
1DB, United Kingdom. Allianz Insurance plc is a member of the Association of British Insurers.
Allianz Insurance
plc is a member
of the Association
British Insurers.
Allianz Insurance
is authorised
by the Surrey,
Prudential
Insurance
authorised
by theAuthority
Prudentialand
Regulation
Authority
and regulated
by the
Financial
Conduct
Authority and the Prudential Regulation Authority. Financial Services Register number 121849.
AuthorityAllianz
and regulated
byplc
theisFinancial
Conduct
the Prudential
Regulation
Authority.
Financial
Services
Register
number 121849.
21