Reinsurers must up cyber modelling game

Reinsurers must up cyber modelling game

Reinsurers must up cyber modelling game

The reinsurance market faces a massive opportunity to grow the cyber market by teaming up with governments and the insurance-linked securities (ILS) market, in a similar manner to the property catastrophe reinsurance market in recent times. But to realise this potential, reinsurers must improve quantitative modelling and data quality to dodge the “iceberg threat” of silent cyber, according to a…

Insured losses from Hurricane Barry close to $300m, says KCC

Insured losses from Hurricane Barry close to $300m, says KCC

Insured losses from Hurricane Barry close to $300m, says KCC

Insured losses from Hurricane Barry will be close to $300m, according to a flash estimate by Karen Clark & Company (KCC). The modelling company said the estimate includes privately insured wind and storm surge damage to residential, commercial and industrial properties, as well as automobiles. It does not include National Flood Insurance Program losses. Barry made landfall near Intracoastal City…

Risk managers fear loss of innovation in hard market as CBI cover recedes

Risk managers fear loss of innovation in hard market as CBI cover recedes

Risk managers fear loss of innovation in hard market as CBI cover recedes

Risk managers fear that the hardening insurance market will impact innovation, with one warning he has already seen insurers more reluctant to supply contingent business interruption (CBI) cover. They also stressed that current market conditions are creating further challenges for insurance buyers, but presenting them with an opportunity to prove their worth. “My concern would be about asking the market…

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…

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