Pirates and clouds were much more fun when I was five
The insurance industry has left me feeling rather dejected this week I am afraid to say. Has the absence of the much anticipated hard market finally worn me down? No- it is more crushing than that. Two issues I have been covering this week have encouraged me to conjure up nostalgic memories from my childhood only to cruelly dash them with a harsh and sometimes rather dry reality.I don't know whether it is the Goonies' fault, if I read Treasure Island too many times or whether my desire for Johnny Depp has blinded me to all reason but I love pirates. I think they are swashbucklingly cool. Given a fancy dress opportunity, I will always consider the pirate option and I don't think I am alone. Therefore, being exposed to what is happening with modern day pirates has really sunk my galleon.
A recent report has shown that piracy attacks have been on the increase in the last 15 years. But, since 2006, the level of attacks has increased by an average of 125% and this is almost entirely due to the attacks by Somali pirates. But pirates aren't supposed to be real, the inner child in me screamed! They make cameo appearances in pantomimes and hang around the Mary Rose at theme parks saying things like "shiver me timbers" and donning rather fetching peg legs. The idea that pirates pose a real threat and are out there stealing cargo in the here and now ruins everything for me.
On a separate occasion this week when cloud computing crossed my path I immediately thought of marshmallows and care bears. I imagined files and spreadsheets merrily bobbing their way across the skyline, perhaps arriving at their destination via the odd sunbeam or rainbow. The reality is not nearly so magical. In fact it is downright disappointing. Cloud computing seems to merely be a term to describe outsourcing data storage to third parties so firms don't have to house big bulky servers on site. Rubbish.
The reason why it was flagged up is that people seem to be fretting about controlling data and, with the advent of Solvency II, are questioning whether farming it out to third parties is a risk they are prepared to take. It may allow for flexibility but, as with all new concepts in technology, the insurance industry is being fairly hesitant about dipping its toe in the virtual pool. I have been told by techie experts that the banking industry seems to love bunging data in the cloud but I guess where it leads insurers may be understandably reticent to follow.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Broker
Howden grows presence in Wales with Cardiff office
Howden has opened an office in Cardiff as it seeks to be a prominent force in the commercial broking sector in South and West Wales.
Market Movement Index: should I stay or should I go?
New research from analyst Broker Insights shows there is plenty of commercial policy movement – particularly in lower premium classes – which indicates strong competition and adequate capacity. But do brokers agree? Rachel Gordon reports.
Biba Conference 2024 countdown: SSP Broker’s Martyn Matthews
With the Biba Conference just weeks away, Martyn Mathews, managing director of SSP Broker, quotes psychologist Carl Jung and recollects getting his kids foam swords and shields.
Bartlett grows turnover in 2023 as profits remain stable
Bartlett Group increased annual turnover in 2023 to £17.87m from £16.08m amid stable profits of £1.79m, according to its latest Companies House filing.
Gallagher maintains organic growth in Q1
Gallagher has posted 6% organic growth in its UK and Ireland retail division for the first quarter of 2024.
Aon completes NFP deal
Aon has completed the $13bn (£10.4bn) acquisition of NFP.
The growing role for brokers in fighting insurance fraud
With reports of fraud escalating in terms of value or number, the role of brokers in combatting these crimes should not be underestimated. Edward Murray looks at the controls, validation tools and processes being implemented to support both detection and prevention.
Dual to open two UK offices as McGinn’s regional push gathers pace
Howden-owned managing general agent Dual will be opening two offices in the UK within a year, aiming for 12 to 15 staff in each to build its regional broker business, Insurance Age can reveal.
Most read
- Zurich strikes five-year capacity deal with MGA Freedom Services
- Aviva to open branches in Chelmsford and Southampton
- Dual to open two UK offices as McGinn’s regional push gathers pace