Insurers moving to weed out silent cyber

Insurers moving to weed out silent cyber

Insurers moving to weed out silent cyber

Following regulatory pressure and large losses, a number of insurers, most notably Allianz and AIG, are pressing ahead with plans to remove silent cyber coverage from traditional P&C policies, which will lead to significant changes in the way cyber risks are underwritten. Last year’s global malware attacks generated a number of large, unexpected cyber losses for property insurers. According to…

Netherlands, Germany and UK record most GDPR breach notices

Netherlands, Germany and UK record most GDPR breach notices

Netherlands, Germany and UK record most GDPR breach notices

More than 59,000 personal data breaches have been reported across Europe since the introduction of the General Data Protection Regulation (GDPR), with the Netherlands, Germany and UK most affected, according to new analysis from DLA Piper. Despite this, only 91 GDPR fines have been imposed, but the law firm expects higher numbers in 2019. DLA Piper said the number and…

Consumers see viruses and insurers as weak points in fight against cyber risk

Consumers see viruses and insurers as weak points in fight against cyber risk

Consumers see viruses and insurers as weak points in fight against cyber risk

Insurers are less trusted by consumers than banks and credit card companies to protect against cyber risk, according to a new survey from Europ Assistance conducted by LEXIS. In Europe, 62% of respondents trusted insurers in the fight against cybercrime, behind credit card providers at 65% and banks at 71%. Across all European countries surveyed – Italy, France, Spain, Switzerland,…

Time to take cyber seriously with more risk budget

Time to take cyber seriously with more risk budget

Time to take cyber seriously with more risk budget

There is a distinct whiff of uncertainty and volatility in the air as 2019 gets underway and the big European insurance and reinsurance renewal has completed. As Europe’s risk managers returned to their desks after a short but hopefully relaxing Christmas and New Year break, they will have no doubt looked at their in-trays in a state of mild panic.…

Power companies face climate change insurance backlash

Power companies face climate change insurance backlash

Power companies face climate change insurance backlash

Traditional power and energy companies face significant disruption to their business in 2019, with risks ranging from withdrawal of insurance cover as carriers help tackle climate change, to the threat of cyberattacks, according to Willis Towers Watson in its latest market review. Risk managers at renewable energy companies also have a lot on their plate, with insurers cautious about covering…

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