Emerging risks

There will always be new, emerging risks that brokers need to respond to for their clients’ protection. The development of non-damage business interruption (NDBI) covers is to be encouraged to address interruptions from events such as cyber-attack, regulatory shut down, political risk, strikes/blockades, and non-damage denial of access as illustrated by the disruption in Whaley Bridge as result of the possibility of the dam being breached. Similarly, we see risks changing with businesses needing to guard their reputational risk and the rise of the sharing and gig economies and the need for more short term and pay as you go insurance policies.

At the same time there has been a sea change in how the assets of the global economy are classified with an inexorable shift to intangibles such as brand, intellectual property, data and goodwill. BIBA member AON suggests that only 16% of intangible assets are covered by insurance.


  • For HM Treasury to give Insurance Premium Tax relief on cyber insurance policies for small businesses to encourage greater uptake.
  • For the Department for Digital, Culture, Media and Sport (DCMS), to highlight the need for adequate cyber insurance as part of its initiative to improve risk management of and resilience to cyber threats.
  • To work with the DCMS, stakeholders, insurer partners and Lloyd’s to respond to the needs of clients facing new exposures; to address the barriers to the purchase of adequate cyber insurance; and increase awareness around the protection gap facing many. 
  • To raise awareness about newer insurance solutions like intellectual property and reputational harm.
  • To work across the sector to encourage development of more insurance products to suit the needs of the sharing and gig economies.
  • To produce guidance for brokers and SMEs on the importance of identifying and protecting intangible assets in order to close the protection gap.

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