European commercial rates fall despite first global increase for five years: Marsh

European commercial rates fall despite first global increase for five years: Marsh

European commercial rates fall despite first global increase for five years: Marsh

Global commercial insurance rates rose for the first time in five years during the last quarter of 2017, almost exclusively due to a rise in property premiums, according to Marsh’s Global Insurance Market Index. But while rates were up 0.9% in the UK, they fell by 1.1% on average in continental Europe despite the pace of decline slowing. Marsh said…

Environmental and cyber risks rise to prominence in WEF’s 2018 risk report

Environmental and cyber risks rise to prominence in WEF’s 2018 risk report

Environmental and cyber risks rise to prominence in WEF’s 2018 risk report

Environmental and cyber risks are two of the most significant threats facing businesses and economies, according to the World Economic Forum’s (WEF) Global Risk Report 2018. The report, published today ahead of the World Economic meeting in Davos next week, highlights the growing importance of environmental and cyber risks, underlining the systemic natures of these threats. The WEF Global Risks…

Extortion claims could rise under GDPR and blockchain problems ahead, experts warn

Extortion claims could rise under GDPR and blockchain problems ahead, experts warn

Extortion claims could rise under GDPR and blockchain problems ahead, experts warn

The General Data Protection Regulation (GDPR) may well bring higher extortion for compromised data because its potential for huge fines could give criminals more bargaining power, warned an expert at CRE’s supply chain conference this week. Others at the event suggested that blockchain technology will not be the panacea some expect, as its scalability problem potentially limits its uses. Speaking…

Fitch warns insurers to remain cautious over cyber growth

Fitch warns insurers to remain cautious over cyber growth

Fitch warns insurers to remain cautious over cyber growth

Insurers that aggressively grow their cyber risk liabilities are likely to fall foul of ratings agencies, according to Fitch Ratings. Following a conference on cyber insurance in New York, Fitch said cyber insurance business would be credit-neutral for most underwriters, but it added that a high concentration of cyber risk, or rapid growth, would outweigh the earnings benefits of accessing…

Only 15% of cyber losses covered by insurance, finds Aon survey

Only 15% of cyber losses covered by insurance, finds Aon survey

Only 15% of cyber losses covered by insurance, finds Aon survey

New research from Aon reveals that only 15% of potential cyber losses are covered by insurance, and only 30% of survey respondents from the EMEA region are fully aware of the potential legal and economic consequences of the EU’s forthcoming General Data Protection Regulation (GDPR). The EMEA Cyber Risk Transfer Comparison Report by Aon and the Ponemon Institute shows that…

AGCS partners with Cyence to boost cyber expertise and modelling

AGCS partners with Cyence to boost cyber expertise and modelling

AGCS partners with Cyence to boost cyber expertise and modelling

Allianz Global Corporate & Specialty (AGCS) has partnered with Silicon Valley’s Cyence, a cyber risk analytics and modelling firm, with the promise of offering large corporate clients tailored cyber cover while developing an automated, self-service route for medium-sized firms. The partnership also plans to develop a new model for cyber business interruption risk, to better deliver for clients. AGCS said…

Wills Re poll shows concern over silent cyber exposure

Wills Re poll shows concern over silent cyber exposure

Wills Re poll shows concern over silent cyber exposure

The risk transfer industry is increasingly concerned by “silent” or unknown cyber exposures that fall under policies not specifically designed to cover cyber risk, according to a survey by Willis Re. The reinsurance broker believes the results reinforce the need for a holistic cyber risk insurance strategy and tailored insurance policies to adequately address growing threats. Revealing the results of…

Companies underestimate financial cost of cyber attacks says Lloyd’s

Companies underestimate financial cost of cyber attacks says Lloyd’s

Companies underestimate financial cost of cyber attacks says Lloyd’s

Businesses underestimate the financial impact of cyber attacks by failing to include holistic costs, according to Lloyd’s, as it published new research that coincided with the latest global ransomware attack that disabled corporates’ computer networks this week. Lloyd’s’ research, in association with KPMG and DAC Beachcroft, says businesses must be better prepared to guard against the widespread costs of a…

Standalone cyber policies becoming the norm

Standalone cyber policies becoming the norm

Standalone cyber policies becoming the norm

Cyber insurance policies are set to become a leading growth area for insurers as they change the way in which they are sold. A new report from AM Best states: “With the increasing frequency and severity of cyber attacks during the past couple of years, insurers have become more aware of the risks and rewards of this line of business.”…

New warning that boards are unprepared for cyber attack

New warning that boards are unprepared for cyber attack

New warning that boards are unprepared for cyber attack

Key decision makers do not have confidence in their boards’ ability to manage cyber security threats, according to analysis from Control Risks. The global Cyber Security Landscape survey of IT and business decision makers found almost half of respondents reporting their organisation’s board-level executives do not take cyber security as seriously as they should. This is despite 77% of respondents…

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