Vector premiums increase as demand for cyber BI grows

Vector premiums increase as demand for cyber BI grows

Vector premiums increase as demand for cyber BI grows

Vector, the high-limit cyber insurance joint venture from Beazley and Munich Re, has experienced a sizeable jump in premium as demand for cyber business interruption (BI) insurance continues to grow. A number of industrial and critical infrastructure companies were hit hard by the 2017 WannaCry and NotPetya contagious malware attacks. Shipping company Maersk, pharma group Merck and food manufacturer Mondelez…

Swiss Re report highlights emerging risks for insurers

Swiss Re report highlights emerging risks for insurers

Swiss Re report highlights emerging risks for insurers

The latest Swiss Re Institute SONAR report has highlighted a number of key risks including digital technology’s clash with legacy hardware, new risks emerging from the spread of 5G mobile networks, increasingly limited fiscal and monetary policy flexibility, and genetic testing and its effects on the insurance industry. The report also examines ‘slowburner’ emerging risks such as the effects of…

Supply chain focus needed as threat from reliance on technology rises

Supply chain focus needed as threat from reliance on technology rises

Supply chain focus needed as threat from reliance on technology rises

Senior managers must wake up to the risk of contagion within the supply chain as their companies become increasingly reliant upon technology and need a rapid response when incidents occur. But while the technology and data-based global economy may lead to more vulnerable supply chains, those companies that manage these risks more effectively using rich data and information available, will…

Pool Re and BIBA launch terrorism insurance guide for brokers and SMEs

Pool Re and BIBA launch terrorism insurance guide for brokers and SMEs

Pool Re and BIBA launch terrorism insurance guide for brokers and SMEs

The British Insurance Brokers’ Association (BIBA) and Pool Re have collaborated with a number of government departments and other industry experts to launch a new guide on terrorism insurance. It is designed to improve brokers’ understanding of this fast-growing risk class and boost sales of this line of insurance among small and medium-sized enterprises (SMEs) in the UK. Pool Re…

US April storm season hits new record, exposes protection gap

US April storm season hits new record, exposes protection gap

US April storm season hits new record, exposes protection gap

Storms in the US set a new record for April – one of the busiest storm months of the year – with almost 250 tornadoes touching down in the country last month; the highest number in April since 2011, according to Aon. Publishing its Global Catastrophe Report for April, Aon said the storms added to multibillion-dollar losses in the US.…

Lack of understanding and cost holding back use of ART for emerging risks: RIMS study

Lack of understanding and cost holding back use of ART for emerging risks: RIMS study

Lack of understanding and cost holding back use of ART for emerging risks: RIMS study

There is growing interest in the c-suite about using alternative risk transfer (ART) and capital markets tools to tackle emerging risks such as cyber, according to fresh research published by RIMS and Marsh, released at the society’s annual conference in Boston this week. But a lack of understanding about what ART has to offer among executives and risk managers, coupled with concerns about costs, is holding back this potentially game-changing development…

Brazil dam failure pushes up mining rates in 2019

Brazil dam failure pushes up mining rates in 2019

Brazil dam failure pushes up mining rates in 2019

The Córrego do Feijão dam failure in Brazil, which tragically claimed the lives of more than 300 people in January, has had an immediate impact on capacity for mining sector casualty risks, with rates driven upwards by the loss, according to Marsh in its latest mining sector report. Tailings dams are at particular risk of increased premium rates, Marsh said.…

New business interruption cover offered at no cost to South African firms

New business interruption cover offered at no cost to South African firms

New business interruption cover offered at no cost to South African firms

South African insurer MiWay has added business interruption cover to its commercial insurance bundles, at no extra cost. Christiaan Steyn, head of business insurance at MiWay, said this cover compensates for times when usual activities must be suspended and is seen as an important addition, given South Africa’s unpredictable business environment. “There are a number of eventualities which could cause a business’s operations to be…

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