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Your search for “cyber attack”

Global economic output at risk from man-made events larger than nat cats: Lloyd’s

7th June 2018

A collaborative study by Lloyd’s of London and Cambridge University suggests man-made risks like cyber-crime, interstate conflicts and market crashes are a bigger threat to global economic output than natural disasters such as hurricanes, floods, earthquakes and volcanoes. Lloyd's City Risk Index, mapping 22 threats across 279 cities - the "key ... Read the full article

Swiss Re report highlights most significant emerging risks facing re/insurers

31st May 2018

The release of Swiss Re’s SONAR report, a crowdsourcing tool leveraging the firm’s internal risk management experience, highlights what they believe to be the most compelling emerging risks re/insurers face globally. Emerging risks are volatile and hard to quantify due to the pace at which they evolve but have the potential ... Read the full article

Changing terror risk landscape pressures re/insurers to broaden appetites: JLT

2nd May 2018

The emergence of new terror-related risks continues to drive an increasingly complex and diverse terror risk landscape, adding pressure to insurers and reinsurers to develop new solutions and adopt new approaches to tackle the threat, according to insurance and reinsurance broker JLT. JLT has launched a new Viewpoint Report, which explores ... Read the full article

Reinsurance demand will rise as terror risk landscape shifts: A.M. Best

16th April 2018

In a recent special report, A.M. Best has predicted that insurers will increasingly rely on reinsurance as the nature of terrorism changes and expands, and as the future of federal backstops become uncertain. In recent years, the nature of high-profile attacks has shifted from property damage to ‘lone wolf’ attacks designed ... Read the full article

Commercial property rate increases ease following sharp rises: Willis

16th April 2018

Insurance and reinsurance broker Willis Towers Watson has reported that rate increases for commercial property re/insurance are easing after sharp rises in response to 2017’s record-breaking natural catastrophe losses, although it predicts that buyers will continue to face upward pricing pressure over 2018. In its 2018 Insurance Marketplace Realities report, the ... Read the full article

Artificial Intelligence risks may outweigh benefits, reports Allianz

29th March 2018

In a new report, Allianz Global Corporate & Specialty (AGCS), a division of global insurer Allianz, has claimed that the advantages offered by increasingly integrated Artificial Intelligence (AI) applications in the re/insurance industry may be outweighed by the potential threats they bring. AGCS claims that increased vulnerability to malicious cyber-attacks and ... Read the full article

InsurTech may carry consumer protection risks for re/insurance industry

28th March 2018

Emerging technologies and innovative business models are already disrupting the re/insurance industry and bringing many advantages in terms of product design, risk assessment, cost, and efficiency, but InsurTech may also be increasing the risk of cyber-attacks and excluding lower income and higher risk consumers. InsurTech is generally considered to provide greater ... Read the full article

Lloyd’s Inga Beale warns of climate change impact on re/insurers

26th March 2018

Lloyd's Chief Executive Officer Inga Beale has added her voice to industry experts who warn of climate change having altered the risk landscape after Lloyd's paid out £4.5 billion last year for large claims net of reinsurance. Beale said the re/insurance industry is seeing the impact of climate change, and ... Read the full article

Pool Re terror cover to expand as UK Gov changes law

22nd March 2018

Pool Re has commended the UK Government on its commitment to amend the 1993 Reinsurance (Acts of Terrorism) Act to allow the company to cover non-damage business interruption losses that result from acts of terrorism. Currently, in the event of a terrorist attack, Pool Re is only able to reimburse businesses ... Read the full article

Liability insurers’ D&O rates set to decline further in 2018: Fitch

21st March 2018

Property/casualty insurers active in the directors & officers (D&O) liability market could have difficulty maintaining underwriting performance in 2018 as market pricing remains highly competitive, and claims' trends point to challenges ahead, according to Fitch Ratings. As a niche segment in the U.S. insurance market D&O insurance has seen a trend ... Read the full article

Reinsurance one of the most promising professions: Denis Kessler, SCOR

28th February 2018

Denis Kessler, Chairman of the Board of Directors and Chief Executive Officer (CEO) of reinsurer SCOR, recently highlighted a promising future for the global reinsurance industry, driven by the expanding risk landscape, technological advances, and rising demand for protection across the world. Speaking during the France domiciled reinsurer's Q4 2017 earnings ... Read the full article

PCS launches Global Terror loss aggregation service

24th January 2018

In response to significant and growing demand from the global insurance and reinsurance market for a third-party view of industry loss estimates for terror events, Property Claim Services (PCS) has launched its latest solution outside of the property catastrophe space, PCS Global Terror. The new loss aggregation service for worldwide terror events ... Read the full article

Extreme weather seen as top 2018 global risk: WEF

17th January 2018

Environmental risks are at the top of the World Economic Forum's (WEF) Global Risk Perception Survey for the second year running, though the interconnected nature of risks observed in 2018 are believed to threaten the system on which economies and international relations are based. The WEF's Global risks report highlighted the ... Read the full article

Nearly a third of U.S. businesses experienced a data breach: Survey

13th December 2017

According to a recent survey for The Hartford Steam Boiler Inspection and Insurance Company (HSB), a division of global reinsurer Munich Re, 29% of U.S. businesses experienced a data breach in the previous year. The survey was conducted by Zogby Analytics for HSB, as part of a continuing effort by HSB ... Read the full article

WEF & re/insurers work to close emerging risks protection gap

19th October 2017

In a new World Economic Forum-led initiative, re/insurers, tech firms, and government representatives will collaborate to develop strategies for the management of emerging risks from fourth industrial revolution innovations. Innovations such as drones and driverless cars have the potential to unleash a new set of uninsured risk on societies in the ... Read the full article