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"Crime Insurance"
Not only are liability losses increasing but they are getting more expensive, particularly in relation to global product recalls, corporate liability, cyber and environmental incidents, according to a new report by Allianz Global Corporate & Specialty (AGCS). Global Claims Review: Liability in Focus identifies defective product or work, crash and human error incidents as the largest causes of liability loss for businesses, based on analysis of insurance claims. Continue reading
(Bloomberg) — The potential for terrorists to pack small consumer drones with explosives or to use them as weapons has become a “tangible reality” in the U.S. that keeps security teams awake at night, two officials said. Continue reading
Captive insurers will help fill the coverage gaps that exist for emerging technologies, such as new entertainment and social platforms, driverless cars, drone delivery, and more, according to captive experts. Continue reading
Like other New Yorkers, Alex Story occasionally rents out her home through Airbnb, relinquishing her East Village townhouse to strangers who sleep in her bed, eat in her kitchen and lounge on her sofa. But she has found a less intrusive way to profit from her property: She rents it out by the hour, instead. Continue reading
Maybe the automation of jobs will eventually create new, better jobs. Maybe it will put us all out of work. But as we argue about this, work is changing. Continue reading
Business interruption is a top global corporate risk for the fifth year in a row. But worries about Brexit and incoming U.S. President Donald Trump also made the list of companies’ 2017 fears and uncertainties in a new Allianz report.
About 37 percent of respondents rated business interruption as their biggest risk worry, essentially even with 2016, the latest annual Allianz Risk Barometer noted. This year’s report – Allianz’s sixth annual – was based on a survey of 1,237 risk experts from 55 countries. Continue reading
ATLANTA — Cyber liability insurance is offered by most big-name insurers, but it remains, and will continue to remain for the foreseeable future, largely an excess and surplus lines product.
The changing nature of the coverage and the size of the risks involved make it a natural for the nonadmitted market, experts say. However, admitted insurers have made inroads into the cyber liability insurance sector and will likely grow their share, they say.
David J. Bresnahan, Boston-based executive vice president of Berkshire Hathaway Specialty Insurance Co., said he estimates that some 90% of cyber insurance business is in the nonadmitted market. Continue reading
U.S. bank regulators on Wednesday outlined cyber security standards meant to protect financial markets and consumers from online attacks against the nation’s leading financial firms.
Leading banks will be expected to use the most sophisticated anti-hacking tools on the market and to be able to recover from any attack within two hours, said officials briefing reporters on the plan. Continue reading
