Mint Insurance Brokers

Festive seasons are a well-known period where cyber criminals are actively looking to take advantage of companies that have a skeleton staff and therefore we urge you and your team to be extra vigilant and particularly when opening suspect emails and clicking on links.

Mint's own Oliver Wharmby contributes to a great article, "You've been hacked" in The Negotiator December 2023 magazine.

Check out the full article in the (safe!) link
https://library.myebook.com/PropertyDrum/the-negotiator-magazine-december-january-2024/5195/ /23

With your support, Mint Insurance Brokers won "Best Insurance Broker" at The Compliance Register Platinum Awards® 2023 last night! The Mint team had an amazing night at the awards ceremony at the Millennium Hotel. Thank you for your vote!

Mint has been shortlisted for “Best Insurance Broker” in The Compliance Register Platinum Awards 2023! If you’d like to support us with a vote, the form is available on the link below! Thank you!!

https://www.mint-insurance.co.uk/mint-in-the-press/vote-for-mint-compliance-awards-2023

👏 Thank you to Mint Insurance Brokers Ltd for being an ⭐️ AGENTS GIVING CHARITY SUPPORTER FOR 2023 ⭐️ it means so much to us!

🌐 Become a supporter and help us to help UK charities this year!
https://loom.ly/X6w_3KE

Great article from InsuranceTimes on Terrorism risks and insurance.

Briefing: French riots provide further evidence of the potential systemic risks of civil unrest Violence has followed a pattern by swiftly propagating across the country and causing headaches for specialist insurers

"Ghost Landlords" in the news amidst a call for protection for rental tenants and property owners.

Source – BBC News

Court bid to protect against ‘ghost landlords’ fails Property owners welcome ruling that defines who a landlord is, but campaigners say it lets down tenants.

In a world that is putting increasing emphasis on corporate ESG, what are the dangers of "greenwashing" and how can businesses avoid this risk?

Great article below from Insurance Business UK.

'Greenwashing' – unveiling the effects of ecological virtue signaling Clyde & Co partner and associate offer insights on ESG's biggest foe

Team Mint feeling on top of the World! Amazing day trip to Brighton had by all!

Happy Valentine's Day! Love from Mint on our 9th anniversary!

Interesting read from The Guardian on Environmental issues affecting company Directors and Officers.

Shell directors personally sued over ‘flawed’ climate strategy Claimants ClientEarth say the oil company’s plan puts the company at financial risk as the world transitions to clean energy

"The cyber men are coming" - a great article by Oliver Wharmby (a Director at Mint Insurance) published in the February 2023 edition of The Negotiator.

Please click on the link to read the full article https://library.myebook.com/PropertyDrum/the-negotiator-magazine-february-2023-1/4608/ /29

Interesting article from Insurance Times on the changing priorities of business insurance.

"Business interruption insurance is one product that consumers are turning away from, says broker director

Insureds are prioritising cyber insurance as they cut or reduce other forms of cover to keep total insurance costs low, said cyber insurance consultant Richard Hodson."

Insureds prioritising cyber cover as they cut costs elsewhere Business interruption insurance is one product that consumers are turning away from, says broker director

"Last week, specialists from a range of insurance firms came together to discuss the spectre of underinsurance in the commercial lines market – emphasising the extent of the issue and the need for proactive discussions on this risk. In this follow-up feature, Insurance Business UK shares insights from these leaders on what’s impeding accurate pricing, how insurers can offset the challenge and the critical role of insurance brokers in battling underinsurance."

Commercial lines underinsurance – assessing the role of the insurance broker "Policyholders would benefit from more transparency from insurers and brokers"

"In December, the Financial Conduct Authority (FCA) issued a stark warning to insurance firms, cautioning them not to undervalue insured assets when settling insurance claims, particularly given the cost-of-living crisis. The FCA’s assertion that it has seen evidence of some consumers being offered a price lower than their vehicle’s market value by their insurance providers was heard loud and clear across personal lines...But what’s the message for commercial lines?"

Read the full Insurance Business UK below.

Underinsurance in the commercial lines sector – exploring the extent of the issue Chief commercial officer on why "brokers and insurers must work together"

What risks are UK business owners placing priorities on and how is this changing from the previous year? The Insurance Business UK article below also highlights the importance of adequate cover for businesses.

"Aviva has again surveyed senior business leaders in the UK to find out what risks they’re concerned about, all of which are outlined in the insurer’s Risk Insights Report for 2023."

Aviva publishes annual UK risk insights report Business leaders share "most pressing" risks

Interesting article from Insurance Times on EL claims mitigation.

"Insurers could find themselves facing an uptick in employers’ liability claims following a new year surge of Covid-19 and flu cases - dubbed the “twindemic”."

Insurers brace for employers' liability claims as Covid and flu ‘twindemic’ ramps up However, some market commentators believe this dynamic is an opportunity for innovation.

"To help policymakers and stakeholders better understand the issues of open insurance and the data sharing involved, the Global Federation of Insurance Associations (GFIA) has released a list of dos and don’ts to serve as a rough guideline."

Read the full Insurance Business UK article below.

GFIA shares tips on dos and don'ts for open insurance It offers up a draft of guidelines for policymakers to consider when approaching the topic

Happy New Year!
We came across this great article from Insurance Business UK on "Meeting compliance standards" for businesses. Start 2023 as you mean to go on.

Meeting compliance standards requires proactive mindset from businesses Expert shares tips on how businesses can keep up with rapidly changing regulatory standards

"Addressing the range of cyber risks that are presenting pressing challenges to UK businesses in a recent episode of IB Talk, Chris McMurray, cyber lead at Travelers Europe, highlighted how the threat is continuing to evolve. This represents a significant concern for businesses, he said, as it means they have to continue to adapt in order to keep pace with this constantly changing threat."

Read the full Insurance Business UK article below.

What pressing cyber risks are currently facing UK businesses? "We are equally as affected as anywhere else in the world"

"The protest action highlights the need for art collections to be sufficiently insured, says head of private clients

Climate change protestors from Just Stop Oil threw two cans of Heinz tomato soup over Vincent van Gogh’s iconic Sunflowers painting last week (14 October 2022), highlighting the risks of displaying art."

Check out the full Insurance Times below.
https://www.insurancetimes.co.uk/news/van-goghs-sunflowers-incident-highlights-need-for-proper-cover/1442678.article?utm_source=adestra&utm_term=H5%20EDITORIAL%20HEADLINE%20THREE&utm_medium=email&utm_campaign=26639

Mint press release in Estate Agent Today!

"Agency-backed risk management platform Thirdfort has partnered with insurance brokers Mint to provide policyholders with access to anti-money laundering (AML) and know your customer products.

Mint provides products to agents such as professional indemnity cover and the partnership means its clients can access Thirdfort’s AML offering."

AML platform secures Mint partnership for agents Agency-backed risk management platform Thirdfort has partnered with insurance brokers Mint to provide policyholders with access to anti-money laundering (AML) and know your customer products.

"The UK has been experiencing the hottest summer since 1976 – the fifth driest on record – leading to the highest levels of subsidence claims over the last 20 years. Fortunately, weather risk management provider EuroTempest has found that the surge in subsidence claims will likely revert to its normal levels for the rest of this year.

The high rainfall levels recorded in mid-August, along with shorter daylight and lower temperatures, have been easing dry ground conditions that often result in subsidence."

Read the full Insurance Business UK article: https://www.insurancebusinessmag.com/uk/news/home-property/subsidence-claims-uk--what-happens-next-422176.aspx

SMEs face significant levels of uninsured risk amid ‘tumultuous’ times – Aviva

"Brokers are therefore vital for providing advice to protect businesses through economic headwinds

Small to medium-sized enterprises (SMEs) are being left open to significant levels of uninsured risk due to the UK’s challenging economic environment, Aviva has warned."

“SMEs will obviously be paying close attention to their expenditure as a result. But cutting corners on insurance leaves them exposed to considerable risk – we estimate that 50% of UK businesses are underinsured to some degree and 45% of policies with buildings have at least one premises suspected to be underinsured by 20%.”

Check out the full Insurance Times article below.

SMEs face significant levels of uninsured risk amid ‘tumultuous’ times – Aviva Brokers are therefore vital for providing advice to protect businesses through economic headwinds

"The Financial Conduct Authority has delivered its recommendations and potential remedies to reform the multi-occupancy buildings insurance market including a cross industry pool and lowering commissions. In January Michael Gove, then the Secretary of State for Levelling Up, Housing and Communities, called on the FCA to review the insurance market for multiple-occupancy residential buildings."

Read the full Insurance Age article below.

FCA sets out pooling and lower commission in flats insurance review - Insurance Age The Financial Conduct Authority has delivered its recommendations and potential remedies to reform the multi-occupancy buildings insurance market including a

"Last week the latest report from the Department for Digital, Culture, Media & Sport (DCMS) found that half of UK businesses only recognise cyber threats after an attack and today a Freedom of Information (FOI) request from Gallagher has revealed that UK councils have been hit by 10,000 cyberattacks every day so far in 2022."

Check out this Cyber risk article from Insurance Business UK and mitigating measures.

Revealed – UK councils being hit by 10,000 cyber incidents every day However, only 23% of them currently hold a cyber insurance policy

"There appears to be a noticeable lack of engagement from UK business leadership when it comes to cybersecurity matters, a new report from the Department for Digital, Culture, Media & Sport (DCMS) has found."

Read the full Insurance Business UK article with key findings on company related Cyber risks.

Half of UK businesses only recognising cyber threats after an attack - report Most IT personnel were unsure if their leadership fully understood the scale of the threat

Mint are proud to be exhibiting at this year's CCR exhibition at ExCel London. Register for your free ticket at https://www.mint-insurance.co.uk/mint-in-the-press/mint-exhibits-at-ccr-2022-stand-d77 and meet our team at Stand D77! We look forward to seeing you there!

"CCR is the only event that connects the surgical and non-surgical medical aesthetics communities to learn best practice from world-leading practitioners. You can look forward to two days filled with high-level education, innovation and networking with a focus on raising industry standards." (CCR - 2022)

"Research by Zurich has revealed that two-fifths of London businesses are at risk of being hit by flash floods as heavy rainfall is predicted to hit the capital. Parts of London are already experiencing flash flooding after this week’s thunderstorms, with more rainfall forecast in the coming days and weeks.

Zurich’s research has shown that flooding from torrential rain threatens 42% of the capital’s 301,000 commercial buildings, while nearly half of London’s 33,200 basements in commercial use are at risk of flooding."

Two-fifths of London businesses at risk of flash flooding - Insurance Age Research by Zurich has revealed that two-fifths of London businesses are at risk of being hit by flash floods as heavy rainfall is predicted to hit the capital.

"Home insurer LV= General Insurance (LV=GI) is currently facing claims costs totalling £1.2m following the UK’s extreme heat wave for related fire incidents between 17-20 July 2022."

Check out this Insurance Times article.

Fire claims soar to £1.2m due to UK heatwave, warns LV=GI One specific case was caused by a mirror in a garden reflecting off the sun and subsequently setting a wheelie bin alight