Daily Market Update

Daily Market Update

Daily Market Update Hospitality industry warned of risks during the holiday season
With hotels and resorts filling up for the Christmas holidays the ACE Group is reminding owners of the risks associated with their industry and how to mitigate them. The insurer’s newly-released advisory “Hospitality Risks: Keeping Pace with Emerging Exposures,” was co-authored by Joseph Fobert, Senior Vice President, ACE Excess Casualty, and Brooks W. Chase, President, National Specialty Underwriters Hospitality. “As regulations and trends change, owners and managers of hospitality properties constantly face a number of liability risks, and even familiar exposures may present heightened challenges,” observed Mr. Fobert. “It is important for hospitality owners to review their primary and excess insurance coverage and develop a proactive, comprehensive risk management strategy in order to protect customers as well as their business and reputation.” The publication highlights emerging risks from food-borne illness, indoor air quality, liquor liability, transportation access for the disabled and cyber security.  
 
Silver Tsunami gains pace as last US baby boomer turns 50
The last US baby boomer will turn 50 at the end of this year and insurer Allianz says there are challenges ahead as a ‘Silver Tsunami’ rolls into retirement. The firm’s survey of 18 countries including the US, Canada, Australia, New Zealand, UK and Germany found that pension expenditures will rise by 29 per cent when boomers retire and the older generation will outweigh the younger workers. “The baby boomers did not get enough children themselves” said Brigitte Miksa, Head of Allianz International Pensions.
 
Bank of England warns bankers to take cyber threat seriously
Top executives at banks and other financial institutions need to take the risk of cyber attack more seriously. Policymakers at the Bank of England are warning that financial sector firms too often see cyber threats as a technical issue and senior management do not get involved or weigh up the wider risk to their business. With cyber attacks costing the global economy an estimated $445 billion annually according to the Center for Strategic and International Studies, there can be no complacency especially in the wake of the Sony hack. The BoE is working with financial institutions on a scheme whereby hired attackers test the strength of their computer networks.