Chubb’s data sees professional services overtake healthcare as top cyber risk in North America

Chubb’s data sees professional services overtake healthcare as top cyber risk in North America

Chubb’s data sees professional services overtake healthcare as top cyber risk in North America

Professional services has overtaken the healthcare sector as the most at risk of cyber insurance claims in North America, according to new data from Chubb. It shows that professional services accounted for 32% of the insurer’s cyber claims in 2020, up from 22% on average between 2016 and 2018. Healthcare cyber claims fell from 28% in 2016-2018, to 12% in…

Howden acquires cyber specialist Safeonline

Howden acquires cyber specialist Safeonline

Howden acquires cyber specialist Safeonline

Howden has acquired specialist cyber broker and Lloyd’s coverholder Safeonline. Howden said Safeonline boosts its presence in US wholesale and gives it a greater share of the fast-growing cyber market. The company added that deal is in line with its ambition to grow through targeted acquisitions and strengthen its position as an independent broker. Howden acquired UK specialist broker A-Plan…

Aon and HSCM Bermuda roll out new alt capacity for catastrophic cyber risk

Aon and HSCM Bermuda roll out new alt capacity for catastrophic cyber risk

Aon and HSCM Bermuda roll out new alt capacity for catastrophic cyber risk

Aon has partnered with (re)insurer HSCM Bermuda to roll out a new product backed by capital markets that covers insurers for systemic and catastrophic cyber events. The first transaction has already been completed with a retrocession contract for an anonymous cedant. HSCM Bermuda, part of private investment firm Hudson Structured Capital Management, will provide alternative capital capacity for limits of…

BI drives 60% of cyber losses as average costs spiral, says AGCS

BI drives 60% of cyber losses as average costs spiral, says AGCS

BI drives 60% of cyber losses as average costs spiral, says AGCS

Business interruption (BI) losses accounted for 60% of cyber insurance claims in the past five years, according to new analysis from Allianz Global Corporate & Specialty (AGCS). AGCS’s analysis of more than 1,700 cyber insurance claims worth €660m in the past five years also reveals that the average cost of cybercrime for organisations has increased 70% to $13m. Meanwhile, the…

Buberl calls for focus on public-private partnership for systemic risk

Buberl calls for focus on public-private partnership for systemic risk

Buberl calls for focus on public-private partnership for systemic risk

AXA CEO Thomas Buberl used the closing CEO debate at the Pan Asia Risk & Insurance Management Association (Parima) Resilience Week to call again for the creation of public-private partnerships at national and possibly regional levels to cope with future systemic risks such as the current Covid-19 pandemic. A number of schemes to help cope with future crises have been…

Beazley projects 2020 underwriting loss as claims mount

Beazley projects 2020 underwriting loss as claims mount

Beazley projects 2020 underwriting loss as claims mount

Lloyd’s insurer Beazley expects to post an underwriting loss for full-year 2020, but market hardening has increased the insurer’s appetite for directors and officers (D&O) cover. Beazley anticipates a full-year combined ratio of about 110%, assuming normalised claims levels for the remainder of 2020. The underwriting loss reflected third-quarter catastrophe claims of $80m from Hurricanes Laura and Sally, and the…

Q3 insurance prices up 20% globally, 34% in UK and 15% in Europe: Marsh

Q3 insurance prices up 20% globally, 34% in UK and 15% in Europe: Marsh

Q3 insurance prices up 20% globally, 34% in UK and 15% in Europe: Marsh

Global insurance prices rose 20% in Q3, with increases of 34% in the UK and 15% in continental Europe, according to Marsh’s latest index, which saw the biggest jump since it began tracking figures back in 2012. The broker said it expects this rising trend to continue into 2021. Marsh’s third-quarter Global Insurance Market Index shows that all regions around…

ICO slashes Marriott GDPR fine to £18.4m

ICO slashes Marriott GDPR fine to £18.4m

ICO slashes Marriott GDPR fine to £18.4m

UK regulator the Information Commissioner’s Office (ICO) has slashed its proposed GDPR fine of almost £100m against hotel group Marriott International to just £18.4m, after it took into account the impact of Covid-19 on the business and mitigation measures put in place after the breach was identified. The reduced penalty was anticipated after the ICO reduced a record fine of…

Paragon teams with CyberCube to help clients manage cyber risk

Paragon teams with CyberCube to help clients manage cyber risk

Paragon teams with CyberCube to help clients manage cyber risk

Paragon International Insurance Brokers has teamed up with CyberCube to roll out the firm’s cyber risk platform, Broking Manager, to its broker network and clients. Broking Manager quantifies the financial exposure of cyber risks to help clients manage coverages and limits. It also generates information on potential sources of loss, recent cyber events and peer-to-peer benchmarking. Paragon’s partnership with CyberCube…

H&M’s €35m GDPR fine highlights growing enforcement trend

H&M’s €35m GDPR fine highlights growing enforcement trend

H&M’s €35m GDPR fine highlights growing enforcement trend

H&M’s recent €35m GDPR fine, based on a new model formula in Germany, reflects a trend for higher penalties and more investigations under the regulation across many parts of Europe, according to leading lawyers. Swedish clothing retailer H&M was fined just over €35m by Hamburg’s data protection commissioner, for GDPR breaches. The company was found to have unlawfully collected and…

1 2 3 87