Cyber insurers in the US are currently profitable, but are wary of tomorrow’s risks, according to AM Best. Overall, underwriting performance on this line of business remains strong, as insurers have significantly increased their writings, said Best. The ratings agency called the US cyber insurance market “rapidly evolving”, with total claims growing 39% in 2018. First-party claims remain the primary…
Belgian aviation manufacturer Asco has confirmed a “large-scale” ransomware attack that has taken down all business activities and its communications. Confirming the attack almost a week after reports first emerged, Asco said it has shut down activities at all sites in Belgium, Germany, Canada and the US. All systems have been “quarantined”, it added. Asco said it is working with…
The insurance industry could face large losses from the Australian Royal Commission’s probe into misselling in the country’s financial services sector, but coverage disputes are likely, according to experts. Widespread misconduct in the financial services market has dominated the news in Australia. In particular, the misselling of products by banks and insurers highlights the growing problem of cultural and conduct…
BGC Insurance Group, part of global brokerage BGC Partners, has launched a specialist global aviation and aerospace insurance and reinsurance brokerage to take on the big three market players. Marcel Chad has joined from JLT Aerospace, where he was a partner, to head up the new business. BGC Insurance said its client-focused approach and use of advanced technology to keep…
Specialist insurer Hiscox has developed an online calculator to quantify businesses’ exposure to cyberattack and boost mitigation. The Cyber Exposure Calculator uses a business’s location, sector and revenue to understand the value of data they hold and the potential financial impact of an attack. Hiscox said the calculator reveals a huge differential in exposure and risk between business types and…
Cyber premiums for US insurers have more than doubled in the last four years, from $993m in 2015 to more than $2bn in 2018, according to Aon’s latest US Cyber Market Update. The report states that cyber insurance has been profitable for the large majority of insurers, in spite of the industry seeing cyber catastrophe losses from NotPetya in 2017,…
Allianz Global Corporate & Specialty SE (AGCS) has appointed Tom Fadden as AGCS global head of aviation, with immediate effect. On 1 July 2019, Ulrich Kadow will be appointed as AGCS global head of marine. Both will report directly to chief underwriting officer specialty Paul O’Neill, who will directly oversee the energy line of business on an interim basis. Mr…
Fitch Ratings expects deregulation in commercial motor insurance premium rates in China to hamper the ability of insurers to improve underwriting margins. But the credit ratings agency expects the regulator’s control of motor insurance policy acquisition costs to curb the ongoing rise in insurers’ expense ratios. Fitch noted that smaller motor insurers still reported underwriting deficits in 2018. “While the…
Two further torpedo attacks on oil tankers in the Gulf of Oman today that left one vessel ablaze and both adrift are likely to drive insurance rates up and persuade marine and energy insurers to tighten conditions, according to international law firm DWF. The likely total value of goods involved in the latest attacks is about $65m, according to risk…
The Monetary Authority of Singapore (MAS), the Bank of England and the UK Financial Conduct Authority (FCA) have announced that they will work together to strengthen cybersecurity in their financial sectors. The authorities will start work towards a memorandum of understanding to signify this enhanced collaboration. The MAS has also signed agreements with the City of London to cooperate in…