Fewer businesses report cyberattacks but costs soar, finds Hiscox survey

Fewer businesses report cyberattacks but costs soar, finds Hiscox survey

Fewer businesses report cyberattacks but costs soar, finds Hiscox survey

The cost of cyberattacks to businesses has spiked almost six-fold to an average $57,000 per event in the past year, according to a new global study from Hiscox. Total cyber losses reported by almost 5,600 companies polled rose to $1.8bn from $1.2bn. But the proportion of surveyed businesses targeted by cyberattacks also fell significantly from 61% to 39%. Some 51% of…

EU continues fight against rising protectionism and clarifies sanctions

EU continues fight against rising protectionism and clarifies sanctions

EU continues fight against rising protectionism and clarifies sanctions

The European Union’s efforts to tackle rising protectionism worldwide managed to generate some €8bn in additional exports during 2019. But trade barriers continue to grow and threaten the recovery from Covid-19, warns the EC. The Commission’s annual Trade and Investment Barriers report, published this week, reveals some notable successes in tackling protectionism, particularly in the food sector. Coordinated efforts by the…

EC approves Dutch state support for trade credit cover

EC approves Dutch state support for trade credit cover

EC approves Dutch state support for trade credit cover

The European Commission has approved a Dutch guarantee scheme to support the trade credit insurance market in the face of the coronavirus outbreak. This follows similar state support schemes in France, Germany, the UK and Belgium. The Dutch scheme means the state would share the risk with insurers and provide up to €1bn of capacity. European Commission executive vice-president Margrethe Vestager,…

Europe tops FM Global’s resilience ranking

Europe tops FM Global’s resilience ranking

Europe tops FM Global’s resilience ranking

European countries are some of the most resilient business environments in the world, according to FM Global’s 2020 ranking, which puts them ahead of the pack in staging a recovery from the current Covid-19 pandemic. FM Global says resilience “is never more critical than in a world shocked by pandemic”. It adds that the higher-ranked countries in its 2020 Resilience…

Airmic welcomes delayed UK government credit insurance scheme

Airmic welcomes delayed UK government credit insurance scheme

Airmic welcomes delayed UK government credit insurance scheme

UK risk management association Airmic has welcomed the news that its government has agreed to provide reinsurance support for trade credit insurers to ensure that companies can maintain critical cover against insolvency in the supply chain during the current Covid-19 pandemic. But the UK has been slow off the blocks to support its exporters. The scheme, which will be operational…

Covid-19 contributes to higher prices and capacity pressures, Aon says in Q1 report

Covid-19 contributes to higher prices and capacity pressures, Aon says in Q1 report

Covid-19 contributes to higher prices and capacity pressures, Aon says in Q1 report

Insurance rate hardening accelerated in Q1 with Covid-19 impacting some regions, according to a new report from Aon that found Europe recorded rate increases of more than 10% in the first few months of 2020. The market has also tightened on terms and capacity, Aon says, with higher risk placements “very challenging” in Europe. Aon adds that insurers have retreated…

Covid-19 to hit European insurance markets’ GWP

Covid-19 to hit European insurance markets’ GWP

Covid-19 to hit European insurance markets’ GWP

Total premiums for 2020 are expected to fall in various European insurance markets as a result of the Covid-19 pandemic, according to GlobalData. Insurance markets in Belgium, Austria and Denmark are all expected to see falls in gross written premium (GWP) in 2020, according to the latest forecasts from the data analytics company. The Belgian insurance industry is expected to…

RMS develops European convective storm model

RMS develops European convective storm model

RMS develops European convective storm model

RMS has launched a new model for convective storms in Europe, which caused €12bn of insured losses between 2013 and 2019. The model covers a range of severe convective storm events, including localised tornadoes and hailstorms. It models property and motor policy losses. The European Severe Convective Storm High Definition Model covers 17 countries where the risk of severe convective…

Report highlights global legal, regulatory and socioeconomic issues facing insurers

Report highlights global legal, regulatory and socioeconomic issues facing insurers

Report highlights global legal, regulatory and socioeconomic issues facing insurers

Global Insurance Law Connect (GILC), an alliance of insurance law firms, has launched the second edition of its annual Risk RADAR report, a global review of the important legal, regulatory and socioeconomic issues facing insurers across the globe. The report highlights a number of key issues, common across many countries, including the impact of climate change and the global contraction…

Covid-19 to impact insurance markets’ growth rates

Covid-19 to impact insurance markets’ growth rates

Covid-19 to impact insurance markets’ growth rates

Growth rates of insurance markets in Switzerland, the Netherlands and Australia will all be negatively affected by Covid-19, according to a series of reports from data and analytics firm GlobalData. The total Swiss insurance market is set to grow at a compound annual growth rate (CAGR) of 2.1% between 2020 and 2023, from £52.0bn in 2020 to £54.3bn in 2023.…

1 2 3 23