This article explores key strategies that small businesses can use to manage financial risk effectively, backed by relevant numbers, insights, and quotes from industry experts.

For small businesses, effective financial risk management is crucial to ensure stability, growth, and resilience against uncertainties. Managing financial risk involves identifying potential threats, assessing their impact, and implementing strategies to mitigate them. This article explores key strategies that small businesses can use to manage financial risk effectively, backed by relevant…

InsurTech combines ‘insurance’ and ‘technology’; InsurTech includes technology innovations to bring savings and efficiency to the insurance industry model. The InsurTech concept represents the commitment to innovation and development of new products and services within the insurance sector. The use of the latest technologies to expand and optimise the business model of an entire industry.

The role of insurance is evolving; it is increasingly becoming embedded into platforms and coupled with other services, from repairs and maintenance to health services and prevention. Insurance is therefore moving beyond pure risk transfer to risk management and prevention, fueled by an exponential increase in data availability.

The UK government has lost over £250 billion in 13 years by giving generous tax breaks to North Sea oil companies, according to an expert report.

Increasingly lax tax regimes by successive Westminster governments have also left taxpayers with a £23 billion bill for decommissioning old oil rigs, it says.

Campaigners are demanding a “just transition” away from climate-wrecking oil and gas in order to end a “crazy spiral of catastrophe”. The industry, however, highlights the multi-billion pound taxes that it has paid and the hundreds of thousands of jobs it supports...

...Boué, a former oil industry executive, government adviser and research associate at the Oxford Institute for Energy Studies, points out that much tougher oil taxes have been imposed by other countries exploiting oil from the North Sea. He calculates that the “effective tax ratio” in the UK has been significantly lower than in Norway, Denmark, The Netherlands and the German state of Schleswig-Holstein since 1989.

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Should I buy that insurance?

Insurance originated as a tool for risk transfer. It works on the concept of risk pooling where a group of people with a common risk put in a little sum of money together and should there be a financial loss due to that risk, the money that is pooled together will be used to compensate the financial loss.

As market evolves and product manufacturers get more innovative, there are many types of…