Action on silent cyber risks will drive market growth: Fitch

Action on silent cyber risks will drive market growth: Fitch

Action on silent cyber risks will drive market growth: Fitch

New approaches led by insurers to tackle the threat of silent cyber risks will boost the cyber insurance market, according to Fitch Ratings. Recent actions by three major carriers on the growing and unquantified threat of silent cyber risk “will likely shape market direction”, the ratings agency said. “A more active approach by insurers to write affirmative coverage or more…

Five megatrends mean company directors face heightened D&O risk according to Allianz

Five megatrends mean company directors face heightened D&O risk according to Allianz

Five megatrends mean company directors face heightened D&O risk according to Allianz

Company executives are facing five “megatrends” that are set to create a heightened risk environment for D&O liability in 2020 and further challenge the profit margins of D&O insurers, according to Allianz Global Corporate & Specialty (AGCS), which said it has seen double-digit growth in D&O claims in the past five years. ‘Bad news’ or event-based claims have driven a…

French commercial insurance market has turned, finds annual AMRAE survey

French commercial insurance market has turned, finds annual AMRAE survey

French commercial insurance market has turned, finds annual AMRAE survey

France’s risk management association AMRAE says the commercial insurance market has turned and advised French companies to budget for between a 5% and 20% rise in insurance spend, while being be prepared to keep a higher volume of risks on their balance sheets. In its annual State of the Market report based on a survey of brokers, the association adds that…

Cyberattackers target IT vendors and clients: Beazley

Cyberattackers target IT vendors and clients: Beazley

Cyberattackers target IT vendors and clients: Beazley

Cyberattacks against IT vendors spiked in the third quarter of 2019 and accounted for 24% of all ransomware cases reported to Beazley Breach Response (BBR), the cyber team at insurer Beazley. BBR said cyberattacks against IT vendors or managed service providers (MSPs) “exploit weak security programmes to target both the vendor and their clients”, in a “cynical” tactic to widen…

AIR and Lloyd’s produce new quantitative model to help manage supply chain risk

AIR and Lloyd’s produce new quantitative model to help manage supply chain risk

AIR and Lloyd’s produce new quantitative model to help manage supply chain risk

AIR Worldwide and Lloyd’s have produced a new quantitative modelling framework to help risk managers and insurers better get to grips with supply chain risk. The new Hidden Vulnerabilities in Supply Chain Risk: A Quantitative Risk Modelling Framework report, produced by the two companies and supported by UK risk management association Airmic, explains that a scarcity of historical claims data and…

Businesses struggling to meet growing supply chain exposures: Airmic report

Businesses struggling to meet growing supply chain exposures: Airmic report

Businesses struggling to meet growing supply chain exposures: Airmic report

A new report by Airmic warns that supply chains are under growing strain, with businesses struggling to manage the new exposures. Published at Airmic’s fourth ERM Forum in London this week, it provides risk managers with practical guidance on how to inject resilience into entire supply networks. The Complex Supply Chains in a Complex World report says that “a potent” combination…

Typhoon Faxai insured loss estimate creeps up to potential $9bn

Typhoon Faxai insured loss estimate creeps up to potential $9bn

Typhoon Faxai insured loss estimate creeps up to potential $9bn

The forecast insured cost of Typhoon Faxai, which hit Japan on 9 September, continues to rise as catastrophe modelling firm RMS estimates the event will cost insurers between $5bn and $9bn. Rival modelling firm AIR Worldwide previously estimated that insured losses from Typhoon Faxai will be between $3bn and $7bn. The RMS estimate includes property damage and business interruption caused by…

Share price of companies hit by HIM hurricanes fell 5%, research shows

Share price of companies hit by HIM hurricanes fell 5%, research shows

Share price of companies hit by HIM hurricanes fell 5%, research shows

The share prices of companies affected by 2017’s Hurricanes Harvey, Irma and Maria (HIM) were knocked by 5%, according to new analysis commissioned by commercial insurer FM Global. A study conducted by Pentland Analytics on behalf of the company found 52 publicly-listed companies reporting losses as a result of the hurricanes. Collectively, they lost 5% of their shareholder value in…

New flood risk model promises to close coverage gaps

New flood risk model promises to close coverage gaps

New flood risk model promises to close coverage gaps

Flood risk management firm JBA Risk Management has launched a global flood model that it says will fill the gaps of existing cat models by allowing insurers and reinsurers to compare risk across their global portfolios. The model can be fully customised to users’ own book of risks, the company added. “The Global Flood Model opens up a whole world…

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