Cybercrime gaining ground dangerously

Cybercrime gaining ground dangerously

Cybercrime gaining ground dangerously

Companies must buy more cyber insurance protection as the figures for financial crime escalate rapidly. The latest figures show that in Africa, financial institutions and governments incurred a massive $3bn–$5bn loss to a wave of cybercrime attacks in 2017. “If you use technology you need cyber insurance,” warned Suresh Balakrishnan, of Anand Rathi insurance brokers, as he urged the sector…

Cyber tops risk ranking in Europe and North America: WEF report

Cyber tops risk ranking in Europe and North America: WEF report

Cyber tops risk ranking in Europe and North America: WEF report

Cyber security is the top threat facing European businesses in 2018, followed by asset bubble and failure of national governance, according to a new report and survey from the World Economic Forum (WEF). Globally, cyberattack recorded a rise from eighth position to fifth place in 2018, but of the 19 countries where businesses ranked cyberattack as their number one risk over the next 10 years, 12 were in Europe…

Aon, Chubb and Lloyd’s team up for $500m global terrorism policy

Aon, Chubb and Lloyd’s team up for $500m global terrorism policy

Aon, Chubb and Lloyd’s team up for $500m global terrorism policy

Aon, Chubb and Lloyd’s have collaborated to bring a new terrorism and political violence insurance product to multinational buyers. The companies said the new Platinum policy offers buyers “unprecedented” limits of up to $500m per policy on standalone terrorism coverage. Insureds can also add liability, non-damage business interruption and cyber cover. Aon said the policy will provide globally-admitted cover using…

Chubb expands cyber response network

Chubb expands cyber response network

Chubb expands cyber response network

Chubb has expanded its global network of cyber incident response firms, increasing service to cover more than 50 countries in Europe, North and South America, Asia-Pacific and Africa. Chubb said the expansion will meet the growing threat of cyber risks faced by commercial policyholders. The insurer has launched a mobile app and a website for policyholders to report cyber breaches…

Emerging risk landscape hots up as law firms seek opportunities

Emerging risk landscape hots up as law firms seek opportunities

Emerging risk landscape hots up as law firms seek opportunities

Litigation funders are travelling the world looking for fertile ground to bring claims and finding success in an increasing number of places, warns Tricia Hobson, Norton Rose Fulbright global chair and head of its Australia and Asia-Pacific insurance practice. Speaking in London recently, she said much of the pattern of behaviour follows the US, but claimant lawyers and litigation funders…

European commercial rates fall despite first global increase for five years: Marsh

European commercial rates fall despite first global increase for five years: Marsh

European commercial rates fall despite first global increase for five years: Marsh

Global commercial insurance rates rose for the first time in five years during the last quarter of 2017, almost exclusively due to a rise in property premiums, according to Marsh’s Global Insurance Market Index. But while rates were up 0.9% in the UK, they fell by 1.1% on average in continental Europe despite the pace of decline slowing. Marsh said…

Environmental and cyber risks rise to prominence in WEF’s 2018 risk report

Environmental and cyber risks rise to prominence in WEF’s 2018 risk report

Environmental and cyber risks rise to prominence in WEF’s 2018 risk report

Environmental and cyber risks are two of the most significant threats facing businesses and economies, according to the World Economic Forum’s (WEF) Global Risk Report 2018. The report, published today ahead of the World Economic meeting in Davos next week, highlights the growing importance of environmental and cyber risks, underlining the systemic natures of these threats. The WEF Global Risks…

Extortion claims could rise under GDPR and blockchain problems ahead, experts warn

Extortion claims could rise under GDPR and blockchain problems ahead, experts warn

Extortion claims could rise under GDPR and blockchain problems ahead, experts warn

The General Data Protection Regulation (GDPR) may well bring higher extortion for compromised data because its potential for huge fines could give criminals more bargaining power, warned an expert at CRE’s supply chain conference this week. Others at the event suggested that blockchain technology will not be the panacea some expect, as its scalability problem potentially limits its uses. Speaking…

Fitch warns insurers to remain cautious over cyber growth

Fitch warns insurers to remain cautious over cyber growth

Fitch warns insurers to remain cautious over cyber growth

Insurers that aggressively grow their cyber risk liabilities are likely to fall foul of ratings agencies, according to Fitch Ratings. Following a conference on cyber insurance in New York, Fitch said cyber insurance business would be credit-neutral for most underwriters, but it added that a high concentration of cyber risk, or rapid growth, would outweigh the earnings benefits of accessing…