ACE Gallagher’s Post

Financial crime is on the rise, posing serious risks to your micro-finance business. 🛡️ Stay protected by understanding the key compliance obligations necessary for FIC compliance. Learn more here: https://loom.ly/fkpW4uQ Let’s strengthen your insurance solutions together! 📞 012 021 0111 📧 [email protected] #UniversalChoices #BusinessProtection #FICCompliance #InsuranceSolutions

Failure to invest in compliance and audit functions exposes insurance brokers to significant financial risks, as evidenced by substantial fines imposed by the Financial Conduct Authority, highlighting the necessity for adequate resource allocation to mitigate financial crime risks and ensure regulatory compliance. Read more here: https://lnkd.in/d-Z_4HXS #FinancialCrime #InsuranceBrokers #RegulatoryCompliance

The revelation of insurance fraud primarily by dishonest financial advisors, as reported by Asisa, highlights the critical need for ethical practices in the advisory industry. Ensuring your financial advisor is registered and complies with the Fais Act's standards for integrity, competence, and financial soundness is crucial. The emergence of financial planners as professionals, often with postgraduate qualifications and adherence to a professional code, represents a shift towards more client-focused advice, emphasizing the importance of selecting an advisor who prioritizes your goals over selling products. #FinancialEthics #AdvisorTrust #FinancialPlanning 🧐💼📈

Financial institutions are among the top targets for cyberattacks, meaning that adhering to compliance regulations is now more important than ever. Read more about the most crucial regulations in our blog, Protecting Financial and Insurance Data: Key Compliance Mandates to Know. https://loom.ly/PAv8x5c #semshred #finance #FinancialData #IdentityTheft #data #DataBreach #CyberAttacks #compliance

With Cribl Stream, Cribl continues to emerge as a crucial tool in helping financial and insurance institutions align with DORA regulations. This latest blog by Danny Adamson, highlights the key areas where Cribl Stream can make a significant difference to meet the Digital Operational Resilience Act requirements.

Best was heavily criticized in the 1980s and 1990s for exactly the opposite reason -- being too easy on insurers – after some well-publicized failures like Mission, Integrity, Transit Casualty, Executive Life, Monarch Capital and Confederation Life. In response, competing rating agencies came into the insurance market to provide alternative views. I was hired by S&P Ratings in 1990 specifically to expand its coverage, but S&P discontinued that service after about 10 years, putting Best back in the driver’s seat.  Moody’s and Fitch also chimed in, but only on the largest insurers. Demotech has broader coverage than any NRSRO other than A.M. Best and has been around for decades, but agents, brokers and lenders don’t always seek alternative opinions, ceding monopoly power to Best.  [Disclosure: I have done consulting work for Demotech, Inc.]   Another contributing factor is the increased influence of capital models on ratings, even though when insurers fail it is almost always before weakness shows up in a capital model.

"It's not unlike Blackmail"... Major insurance companies are starting to vent their frustrations against the world's oldest Credit Rating Agency, AM Best. The insurance-specialist is regarded as the standard for insurance-related ratings. Insurance companies have bemoaned the agency's revised methodology since 2017 and suggest that the methodology forces them to hold too much reserve, amongst other complaints. https://lnkd.in/eeXaeCNT It is obviously not uncommon for the rated to be unhappy with the rater, but as more and more complaints surface, on the back of litigation recently, the pressure will continue to build on AM Best... The Credit Rating Research Initiative #creditratings #insurance #business #US #risk

Operational resilience has been a challenge for many firms due to the perceived costs and effort. However, the insurance sector now has a deadline to be compliant The Bank of England has set 2024 as the year for insurance supervision priorities. If you're in the insurance industry, it's time to start planning for operational resilience. Check out the link for more details.

🔒 Protect Your Business Finances with Funds Protect Insurance! 🔒 In today's digital age, the risk of funds being transferred to the wrong bank account, whether through authorized or unauthorized transactions, is a growing concern for businesses. The impact of such errors can lead to significant financial losses and operational disruptions. Introducing Funds Protect Insurance – your shield against financial losses caused by incorrect fund transfers. Our comprehensive policy ensures that your business is safeguarded against fraudulent activities, giving you the peace of mind to focus on what you do best. Why choose Funds Protect Insurance? - Coverage for losses due to incorrect fund transfers - Protection against both authorized and unauthorized transactions - Financial security against the fraudulent conduct of third parties Don't let your business become another statistic. Secure your financial assets and transact with confidence. 👉 Learn more about how Funds Protect Insurance can keep your business safe. Get in touch with us today and discover the peace of mind that comes with robust financial protection. #BusinessSecurity #FinancialProtection #FundsProtect #Insurance #FraudPrevention #PeaceOfMind #BusinessGrowth

The wealth report: Closing the protection gap in a time of increasing risk Great work (as usual) from the team at Chubb. This report speaks to the dynamic period our industry and clients are experiencing. As wealth grows, so do the risks around it. It is our responsibility to understand those risks and tailor protective solutions to each person’s unique circumstances. Download the report: https://lnkd.in/gUFkmp3R #insurance #risk #wealth