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"Cyber Insurance"
Global shipping is still feeling the effects of a cyber attack that hit A.P. Moller-Maersk two days ago, showing the scale of the damage a computer virus can unleash on the technology dependent and inter-connected industry.
About 90 percent of world trade is transported by sea, with ships and ports acting as the arteries of the global economy. Ports increasingly rely on communications systems to keep operations running smoothly, and any IT glitches can create major disruptions for complex logistic supply chains. Continue reading
A rise in cyber attacks on U.S. public sector targets so far has had little impact in the $3.8 trillion municipal debt market, with no issuer as yet hit by a downgrade or higher borrowing costs because of a cyber security threat. Continue reading
As more bots handle claims and perform underwriting tasks, should human employees be concerned? Human industry experts say there’s no need to worry. Continue reading
A South Dakota meat processor’s $5.7 billion defamation lawsuit against American Broadcasting Companies Inc., which opens Monday, pits big agriculture against big media, and is a first major court challenge against a media company since accusations of “fake news” by U.S. President Donald Trump and his supporters have become part of the American vernacular. Continue reading
While everyone talks about blockchain, also known as mutual distributed ledger technology, just a few people actually know what this technology can do and how it could someday revolutionize the re/insurance industry, just by streamlining back-office processes. Continue reading
Understanding insurance can be tricky especially when it comes to understanding the wording in your policy. A insurance policy is a contact between the policy holder and the insurance company providing the insured, insurance. A few common sections of a policy include a declaration page, definitions, insuring agreement, exclusions, conditions, exclusions, and riders. Continue reading
When it comes to obtaining or renewing business insurance policies such as general liability, workers’ compensation, commercial automobile coverage, property etc., typically the business, policy coverage and risk associated with the policy will go through what is called underwriting. Each insurance company has it’s own set of underwriting guidelines when determining if they are willing to take the risk of the insured. Continue reading
The takeup rate for cyber insurance is increasing, although still less than one-third of firms are buying it, says a survey issued Thursday by the Washington-based Council of Insurance Agents & Brokers. Continue reading
