Obama calls for cyber threat legislation
In his State of the Union address yesterday President Obama called on Congress to pass legislation to tackle the “evolving threat of cyber attacks.” The President said that "No foreign nation, no hacker, should be able to shut down our networks, steal our trade secrets, or invade the privacy of American families, especially our kids. He said that there needs to be a unified approach to combating cyber risks similar to how we deal with terrorism. Some in the private sector have expressed concern about sharing information with government departments and intelligence agencies while others agree that co-operation is essential to provide the strongest defenses against cyber attacks. Insurers Marsh & McLennan Companies issued a statement in response to the President’s speech: “[The company] recognizes that cyber security is a race without a finish line. We look forward to continuing to work with the Administration and Congress on public-private solutions that help to safeguard the nation's cyber infrastructure.”
Investors demand climate change plan from oil giant
Shareholders of oil giant BP have demanded that the firm test whether its business model is in line with the international commitments on global warming. Around 150 investors have challenged the company to demonstrate how it will adapt to targets that mean only a quarter of the world’s fossil fuel reserves are burnable. The shareholder resolution also calls for a ban on corporate bonuses for climate-harming activities and has been published today. A similar resolution has been tabled by shareholders of Shell.
Health plans are prepared for emergency scenarios
A new report shows that US health plans are well prepared for emergency scenarios. The American Health Insurance Plans study in conjunction with the University of Pennsylvania found that 82 per cent of plans regularly carry out emergency preparedness drills with 59 per cent having set benchmarks to monitor preparedness. Around 85 per cent of respondents have protocols to extend claim times and 71 per cent have procedures to suspend rules on prior medical authorization for a temporary period. With growing threat of cyber and weather-related incidents the health plan sector appears well placed for business continuity in the event of emergencies.
Colombian insurance sector outlook rated as stable
Ratings agency Fitch has given the insurance industry in Colombia a stable rating for the year ahead. The agency believes that Colombia has the financial stability to deal with any challenges that it may face this year. Fitch also says that the industry will grow by 8 to 10 per cent nominally but that a highly competitive environment will put pressure of profitability.
