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"Cyber Insurance"
As the fastest growing coverage in the country, cyber insurance is certainly an exciting and dynamic space in which to operate. But, exponential growth also brings challenges and unexpected roadblocks. With that in mind, IBA sat down with Kari Stern, Claims Manager at NAS Insurance Services, to find out how she’s managing the rapidly evolving industry, her biggest challenges of 2016, and to ask what major trends she foresees impacting the cyber space in 2017. 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
Top cyber threats during 2017 are expected to include nation state cyber espionage, a rise in data integrity attacks and an increase in attacks harnessing Internet of Things (IoT) devices, according to a report published by Stroz Friedberg, an Aon company.
Cyber attacks will intensify this year as “exploit techniques become more cunning,” said the report, titled “2017 Cybersecurity Predictions.” Continue reading
Insurance carriers and agents have come to learn that increased data can lead to greater risk for insureds, and they are increasingly advising businesses to disclose data collection practices while seeking to gain insurance coverage, according to David Garrett, president of CISO Advisory & Investigations LLC.
“It is not unusual now for insurance applications to include specific questions about applicants’ data collection practices,” Garrett said. Continue reading
A boom in consumer drone sales has spawned a counter-industry of start-ups aiming to stop drones flying where they shouldn’t by disabling them or knocking them out of the sky. Continue reading
Nearly 40% of policyholders who have purchased cyber insurance over the past six months have increased their coverage levels, according to a survey by the Council of Insurance Agents & Brokers issued Wednesday.
Meanwhile, the average takeup rate for cyber insurance increased to about 29%, compared with the 25% reported in the Washington-based council’s semiannual April 2016 survey. Continue reading
The marketplace for commercial insurance will continue to favor insurance buyers in 2017, particularly those with strategic risk management and risk transfer strategies, according to Willis Towers Watson’s 2017 Marketplace Realities report.
The report points to strong marketplace capacity as a key driver in market conditions and contends that this ample capacity will likely allow insurers to absorb any natural catastrophe losses in 2016, including those from Hurricane Matthew and the Atlantic hurricane season. 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
