Commercial insurance rates rose by an average 4% in continental Europe during the third quarter of 2019 and 12% in the UK, according to the latest Global Insurance Market Index from Marsh. As previously reported by Commercial Risk Europe, global increases of 8% were the largest since the survey began in 2012 and the eighth consecutive quarter of average price…
Private equity firms are likely to require companies to buy cyber insurance, according to a survey by insurance contract adviser Mactavish, which also found that adequate cyber due diligence in the sector is lacking. Just under a third (27%) of private equity professionals surveyed by Mactavish said cybersecurity due diligence was “poor”, while 30% described it as “average”. Only 23%…
A single cyberattack on major ports across Asia-Pacific could cost $110bn, which is roughly equivalent to half of all losses from natural catastrophes globally in 2018, according to new research released by Lloyd’s. Under the extreme scenario, a huge 60% of the losses would be from business interruption and contingent business interruption (CBI) claims and 57% would be silent cyber…
Asian risk and insurance managers need to prepare for some challenging converations with their insurers in coming renewals, as the leading global players seek to tackle the so-called silent cyber problem and shift the risk from traditional lines into dedicated affirmative cyber policies. The need for the carriers to take swift action on this potentially catastrophic exposure was laid bare…
Willis Towers Watson has launched three new cyber insurance policies for clients across the US, Canada, the UK and western Europe. According to the broker: “The policies provide innovative, tailored solutions for large enterprise and mid-market clients, enabling them to fully assess, protect and recover losses related to cyber risk.” Peter Foster, chairman, global FINEX cyber and cyber risk solutions,…
The growing focus of insurers and reinsurers on the potentially catastrophic impact of so-called silent cyber cover held within traditional policies is fully justified, because a single coordinated cyberattack could significantly reduce the surplus capital base of the world’s leading reinsurers and may massively reduce risk appetite, according to experts. Peter Hacker, cybersecurity expert and public speaker with experience of…
Moves to address silent cyber in the property insurance market are overreaching and could leave buyers with gaps in coverage, Marsh JLT Specialty has warned. Prompted by the UK regulator, London market insurers are reviewing cyber exposures under traditional insurance. They are taking action to clarify wordings as they move from silent, or non-affirmative, cyber cover to affirmative. These actions,…
Beazley has extended its myBeazley broker e-trading platform, which already operates in the UK and France, to Spain. Spanish brokers will now be able to access specialist insurance products online, including management liability, professional liability and cyber. The latter includes Beazley Breach Response to help firms deal with data breaches or cyberattacks. Francisco Antonio Alcaide, specialty lines underwriter and lead…
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…
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…