Beazley has revamped its cyber policy for large businesses to cover the latest threats of cyberattack, in a bid to keep pace with the ever-changing methods of cybercriminals. Beazley said the new offering is an enhanced version of its InfoSec policy. InfoSec was first launched in 2006 to address third-party exposures from loss of customers’ personal data, but now covers…
XL Catlin is offering a coverage extension to its UK general liability product that provides cyber insurance for mid-sized and large companies that do not currently buy standalone cyber cover. The extension, in the form of an endorsement, covers key costs and liabilities associated with a data breach or cyberattack. Essentially, it adds first-party cyber and business interruption to UK…
UK telecommunications retailer Dixons Carphone has reported the first significant data breach since the introduction of the General Data Protection Regulation (GDPR). The case could put the UK’s new GDPR regime to the test, although the first hurdle will be to establish whether the breach will fall under the updated law or be dealt with under the old 1998 Data…
Cyber risk is now a top concern for Airmic members but many believe the ability of their organisations to respond is falling short. According to Airmic’s latest member survey, cyber business interruption and data breach are the second and third most concerning risks for risk managers, just behind reputation. However, risk managers expect cyber to move to the top spot…
Cyber risk awareness is rising in the UK but concern has yet to translate into board engagement or companies taking out more insurance, according to a recent report by the UK Government. One year on from the WannaCry and NotPetya global malware attacks, and with the EU’s General Data Protection Regulation now enforced, cyber certainly appears high on the corporate…
he insurance market is flattening out but there are no signs of hardening apart from select, generally loss-hit, lines, according to UK risk and insurance managers. They do not expect conditions to change much during the rest of 2018. The insurance buyers taking part in our European Risk Frontiers survey agreed there is ample capacity for most risks but flagged…
There will be more than $2bn of event cancellation insurance in place to cover risks at the 2018 Fifa World Cup, with terrorism property protection estimated at $1bn and top players each insured for up to $200m, according to specialty insurer Beazley. The World Cup kicks off this month on June 14 in Moscow. While teams prepare ahead of the…
The International Underwriting Association (IUA) has issued a report highlighting a number of factors that may drive up both the volume and cost of claims against general liability policies as a result of the General Data Protection Regulation (GDPR). As a result of this potential increase in insurance claims for data breaches, insurers should carefully consider whether policy limits and…
The biggest emerging risks faced by the re/insurance industry and society include emerging geopolitical risks, the re-emergence of asbestos, and risks from new technologies such as cyber, biased algorithms and the erosion of risk diversification. This is according to Swiss Re’s 2018 SONAR report which features 18 emerging risk themes and seven emerging trend spotlights that the re/insurance industry needs…
Industry veteran Brian O’Hara, former head of XL Capital, has been appointed to London-headquartered cyber insurance firm Envelop Risk’s board of directors. Jonathan Spry, CEO of Envelop Risk, said Mr O’Hara is a perfect fit for the developing cyber insurance market. “Brian helped form the excess casualty market back in the ‘80s while the market was hopelessly unprofitable. Cyber risk…