Top

Tag: risk management


Cyber Risks, Risk Management

Lloyd’s of London Requires Insurers to Add Exclusions to Limit Coverage for State-Backed Cyberattacks

May 9, 2023

Via: JD Supra

As discussed in a previous post, cyber insurance demand and premiums have significantly increased in recent years. Fitch Ratings forecasts that cyber-related premiums could balloon to $22.5 billion by 2025. Those increases presumably reflect considerable claims activity, including in connection […]


Cyber Risks, Risk Management

Relay revolutionizes cyber insurance quotes for brokers

April 28, 2023

Via: Insurance Business

In a Press release, the multi-carrier platform Relay has announced its latest update to help wholesale brokers and retail agents scale their businesses by offering a quick and easy onboarding process. This allows brokers and agents to secure cyber quotes […]


Cyber Risks, Risk Management

Cybersecurity Fail: Top 10 Passwords Used by the Insurance Industry

April 27, 2023

Via: Insurance Journal

Despite cybersecurity experts’ repeated warnings, the insurance sector, along with other industries, is not doing a great job when it comes to creating secure passwords, says new research by password manager NordPass. Though employees are repeatedly warned to take better […]


Cyber Risks, Risk Management

Aon warns BESS operators to boost resilience against emerging cyber threats

April 25, 2023

Via: Reinsurance News

Aon, a global professional services firm, has urged asset owners and operators in the battery energy storage system (BESS) market to enhance their cyber resilience against emerging cyber threats, identifying operational technologies used in BESS control systems as an ‘invisible’ […]


Cyber Risks, Risk Management

Restaurants Affected by Ransomware Attack on Payment System Firm NCR

April 18, 2023

Via: Insurance Journal

Atlanta-based NCR Corp., one of the largest makers of payment systems, self-checkout technology and ATMs, said it had been targeted this week by a ransomware attack, affecting some customer restaurants. An NCR data center was disabled by the attack, which […]


Brokers

PCF Insurance at ‘a moment of convergence’

March 24, 2023

Via: Insurance Business

PCF Insurance Services (PCF) is at a “moment of convergence” after investing heavily in data and technology capabilities last year. The independent commercial insurance brokerage, one of the fastest growing in the US, is ready to fuel its organic growth […]


Cyber Risks, Risk Management

Insurer Spots Cybersecurity Weakness With Model Simulating Catastrophic Attacks

March 22, 2023

Via: Insurance Journal

Coalition Inc., a cyber-insurance provider that tries to curb digital risk, has designed technology that simulates large-scale attacks to help insurers identify potential weaknesses in their portfolios and prevent widespread losses. The San Francisco-based company’s model measures cyber risks in […]


Risk Management, Trends

Amwins CEO: banking turmoil could reverse softening insurance markets

March 21, 2023

Via: Insurance Business

The Silicon Valley Bank (SVB) collapse is increasing awareness of risks in the financial system and could reverse some of the softening in insurance markets this year, according to Amwins CEO Scott Purviance. “When you’re allocating capital and taking risk […]


Cyber Risks, Risk Management

Cyber recovery firm lands $5 million investment

March 20, 2023

Via: Insurance Business

Cyber disaster recovery firm Fenix24 has announced a $5 million investment by insurtech investor Eos Venture Partners. Zach Powell, general partner at Eos Venture Partners, will join Fenix24 as a board member. Fenix24 is a cybersecurity firm focused on restoring […]


Risk Management, Trends

Insurance must rethink its role as ‘traditional premise’ no longer enough – survey

March 17, 2023

Via: Insurance Business

The insurance industry has for decades lived up to its value proposition of providing capital to cover risk and reimburse losses. But a new survey shows this traditional premise of insurance is not enough for consumers anymore. Instead, attitudes and […]


Cyber Risks, Risk Management

Cyber cat bond a welcome tool for balance-sheet protection: Miller, DAC Beachcroft

March 10, 2023

Via: Artemis BM

The recently launched cyber catastrophe bond from specialist insurer and reinsurer, Beazley, is a welcome innovation and an important addition to insurer’s “armoury against systemic risk,” according to Julian Miller, a London-based Partner at law firm DAC Beachcroft. In early […]


Cyber Risks, Risk Management

Volume of ransomware & extortion attacks to continue in 2023: CyberCube

March 7, 2023

Via: Reinsurance News

In a new report from CyberCube, the risk analytics specialist anticipates that there will be further attempts to compromise IT supply chains and geopolitical targets such as government agencies and non-government organizations​. In CyberCube’s Global Threat Briefing, the firm identifies […]


Geo-Political, Risk Management

World Bank puts economic cost of Turkey quakes at $34bn

February 28, 2023

Via: Reinsurance News

Analysts at the World Bank have estimated that the recent devastating earthquakes that occurred in Turkey will result in some $34 billion of economic costs, based on direct physical damages. At this level, losses from the February quakes would be […]


Cyber Risks, Risk Management

Coalition expands cyber risk protection to US-based large enterprises

February 15, 2023

Via: Insurance Business

Coalition, which has been hailed as the first active insurance provider preventing digital risks before they strike, has announced an expansion of its cybersecurity offering to large US enterprise businesses with annual revenues of up to $5 billion. In a […]


Cyber Risks, Risk Management

Liberty Mutual Launches Global Cyber Office to Better Manage Complex Cyber Risks

February 13, 2023

Via: Insurance Journal

Liberty Mutual Insurance announced the formation of a Global Risk Solutions (GRS) Global Cyber Office and the appointment of a leadership team. The office aims to build and scale Liberty Mutual’s cyber capabilities around the world, bringing a multi-disciplinary approach […]


Regulatory / Legal

Firearm insurance – amended bill submitted to Senate

February 1, 2023

Via: Insurance Journal

An amended bill was submitted by two California senators last week which will require gun owners in the state to secure liability insurance for their firearms. Introduced by Senators Nancy Skinner, D-Oakland and Catherine Blakespear, D-Encinitas, the amended Senate Bill […]


Risk Management, Trends

High inflation & spikes in interest rates cause challenging renewal season: Aon

January 31, 2023

Via: Reinsurance News

Aon’s January Reinsurance Market Dynamics report: Macro Conditions: Extreme Volatility, cites 2022 as being tricky for the industry, with inflation hitting multi-decade highs, as well as interest rates rising to an almost “unprecedented pace”. The report also noted that equities […]


News

AXA XL Re names Dan Bryan Head of Asia, Reinsurance

January 31, 2023

Via: Reinsurance News

AXA XL Reinsurance has appointed Dan Bryan as Head of Asia, Reinsurance, effective February 1st. Previously, Bryan held the role of Head of Treaty Underwriting for Asia. In this new role, he will continue to work with AXA XL Reinsurance’s […]


Financial, Risk Management

Stone Ridge launches blockchain & digital asset risk MGA, Proof Insurance

January 31, 2023

Via: Artemis BM

Stone Ridge Asset Management, the New York based asset manager an alternative risk premia focus, including reinsurance and insurance-linked securities (ILS), has launched Proof Insurance Solutions, a managing general agent (MGA) with a focus on underwriting risks from the blockchain […]


Risk Management, Trends

S&P Predicts Reinsurers Will Continue Pricing Momentum During 2023

January 30, 2023

Via: Insurance Journal

A hard market in short-tail lines – such as property and property catastrophe – across global geographies is likely to continue throughout 2023, after beginning the year with multi-decade-high pricing increases during the January 2023 reinsurance renewals, according to a […]