Beazley has revamped its cyber policy for large businesses to cover the latest threats of cyberattack, in a bid to keep pace with the ever-changing methods of cybercriminals. Beazley said the new offering is an enhanced version of its InfoSec policy. InfoSec was first launched in 2006 to address third-party exposures from loss of customers’ personal data, but now covers…
The UK has seen its highest level of trade credit insurance claims since 2009 with the £54m paid out in the first quarter of this year the largest of any quarter on record, according to the Association of British Insurers (ABI). The number of claims made by UK firms to cover non-payment of debt was up 50% on the previous…
XL Catlin has launched a global terrorism product for commercial motor fleet operators, helping plug a gap that currently exists in cover. Recent years have seen terror attacks in Europe and North America where vehicles have been used as a weapon, causing bodily injury, physical damage and business interruption. Last year, a terror suspect killed eight people by driving a…
XL Catlin is offering a coverage extension to its UK general liability product that provides cyber insurance for mid-sized and large companies that do not currently buy standalone cyber cover. The extension, in the form of an endorsement, covers key costs and liabilities associated with a data breach or cyberattack. Essentially, it adds first-party cyber and business interruption to UK…
UK telecommunications retailer Dixons Carphone has reported the first significant data breach since the introduction of the General Data Protection Regulation (GDPR). The case could put the UK’s new GDPR regime to the test, although the first hurdle will be to establish whether the breach will fall under the updated law or be dealt with under the old 1998 Data…
Manufacturers in the auto industry need to focus on supply chain risks posed by tier-two and tier-three suppliers because, together, they pose a bigger threat than core tier-one companies, according to latest research from global broker JLT Specialty. The broker recently created its Global Automotive division, designed to help risk managers in the sector cope with the rapidly-changing risk landscape…
Andrew Coutts has been appointed as global practice leader for cargo at XL Catlin’s insurance operations. According to XL Catlin, he will be responsible for managing a global underwriting team and one of the largest cargo insurance portfolios in the London market. Mr Coutts joins XL Catlin from Brit Global Specialty, where he worked for nearly ten years as cargo…
Cyber risk is now a top concern for Airmic members but many believe the ability of their organisations to respond is falling short. According to Airmic’s latest member survey, cyber business interruption and data breach are the second and third most concerning risks for risk managers, just behind reputation. However, risk managers expect cyber to move to the top spot…
Cyber risk awareness is rising in the UK but concern has yet to translate into board engagement or companies taking out more insurance, according to a recent report by the UK Government. One year on from the WannaCry and NotPetya global malware attacks, and with the EU’s General Data Protection Regulation now enforced, cyber certainly appears high on the corporate…
he insurance market is flattening out but there are no signs of hardening apart from select, generally loss-hit, lines, according to UK risk and insurance managers. They do not expect conditions to change much during the rest of 2018. The insurance buyers taking part in our European Risk Frontiers survey agreed there is ample capacity for most risks but flagged…