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…

AGCS sees 2018 profits double despite ‘relatively high’ claims

AGCS sees 2018 profits double despite ‘relatively high’ claims

AGCS sees 2018 profits double despite ‘relatively high’ claims

Allianz Global Corporate & Specialty’s (AGCS) profits more than doubled in 2018 to €282m and gross written premiums rose by 10% to €8.2bn, despite “relatively high” claims. The unit’s combined ratio improved to 101.5% in 2018 from 105.2% the previous year. But this is still higher than the group-wide P&C figure of 94% and above the 100 mark. AGCS said…

Bryant named head of financial lines in continental Europe at Chubb

Bryant named head of financial lines in continental Europe at Chubb

Bryant named head of financial lines in continental Europe at Chubb

Chubb has appointed Kyle Bryant to the newly-created position of head of financial lines for continental Europe. Mr Bryant was previously Chubb’s cyber underwriting manager for Europe, Eurasia and Africa, and takes up his new role immediately. He will continue to be based in London and will report to Adrian Matthews, chief operating officer, head of property and casualty in…

Allianz profits hit record high as P&C delivers strong results

Allianz profits hit record high as P&C delivers strong results

Allianz profits hit record high as P&C delivers strong results

Allianz has delivered a 4% increase in operating profit to €11.5bn for full-year 2018, driven by P&C business where profit was up 13% to €5.7bn. P&C business hit its target combined ratio of 94% in 2018, improved from 95.2% a year earlier. Its revenues were up 2.6% to €53.6bn. Allianz said P&C numbers were based on strong underwriting results and…

Asian SMEs overconfident about cyber risk: survey

Asian SMEs overconfident about cyber risk: survey

Asian SMEs overconfident about cyber risk: survey

The majority of small and medium-sized businesses (SMEs) in Asia-Pacific believe they are in a better position than larger companies to deal with cyber risk, despite having a larger exposure to the risk and fewer resources to manage the exposure. The potential perception gap was uncovered in a survey by insurer Chubb of 1,000 SMEs in the region’s three most-developed…

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,…

TT Club appoints senior underwriter in UK, Benelux and Nordics

TT Club appoints senior underwriter in UK, Benelux and Nordics

TT Club appoints senior underwriter in UK, Benelux and Nordics

Transport and logistics insurer TT Club has named Andrew Peers as senior underwriter for its UK, Benelux and Nordic team. Mr Peers joins from RSA, where he worked for 17 years and led the marine liability and marine property unit. He will report to TT Club’s EMEA regional director Mark Argentieri. In his new role, Mr Peers will head up…

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