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Munich Re partners with Curv on digital asset insurance

10th May 2019

Munich Re has announced a new partnership with Curv, a cryptography firm for the digital economy, to provide insurance protection of up to $50m for digital assets in Curv's Institutional Digital Asset Wallet Service. The arrangement will provide Curv with the financial capability to pay for losses of crypto assets, with ... Read the full article

AXA XL and Assurely partner on crowdfunding investor protection

7th March 2019

AXA XL has partnered with insurtech firm Assurely on an insurance product for issuers and investors that safeguards new online capital formation strategies, including equity crowdfunding and security token offerings (STOs). The product, called CrowdProtector, provides issuers protection against investor complaints and lawsuits, and communicates to investors that they may have ... Read the full article

CFC expands cyber policy to include business interruption

9th January 2019

London-headquartered specialist insurer CFC has expanded its cyber insurance offering to include business interruption triggered by an IT system failure as well as a malicious event. Also included in the updated policy is full supply chain business interruption cover, extending to events that impact the insured’s systems, the systems of technology ... Read the full article

Blockchain not understood by enough insurers: PwC

11th September 2018

Blockchain is not understood by a sufficient number of insurers and is therefore obstructing its progression, says PwC in a new report. The firm says that, while blockchain is proving an excellent system for transparent, real-time customer experience for early adopters, the gains will be greatest if insurers focus their experimentation ... 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

Insurance Europe welcomes European Commission’s Fintech Action Plan

15th March 2018

Insurance Europe has welcomed the European Commission’s latest FinTech Action Plan which sets out how the Commission plans to assist Europe in becoming a global hub for FinTech, with EU businesses and investors able to take advantage of the single market, while protecting customers' interests. The plan includes a pan-European label for platforms that will ... Read the full article

Companies’ uptake of standalone cyber insurance to surge in 2018

12th January 2018

In 2018 uptake of standalone cyber insurance policies is expected to surge as companies respond to the growing cyber threat and regulators more strictly enforce and coordinate cybersecurity regulations, according to Aon's 2018 Cybersecurity Predictions report. As firms increasingly feel the heat of cyber attacks with reduced earnings, operational disruption and ... Read the full article

WannaCry could be a catalyst for a new approach to cyber risks: Sciemus

17th May 2017

The global cyber attack caused by the virulent new strain of self-replicating ransomware known as Wanna Decryptor, WannaCry, or WCry, could be just the catalyst that the insurance and reinsurance market needs to stimulate a new approach to cyber risks, according to experts at Sciemus. The WannaCry ransomware has impacted more ... Read the full article

SCOR & ChainThat test blockchain proof-of-concept for reinsurance

23rd January 2017

French reinsurance giant SCOR has been working on testing a blockchain based proof-of-concept for digitalising certain reinsurance market processes with start-up ChainThat. As the insurance technology (InsurTech) trend continues to accelerate, the majority of major reinsurance firms have been involved in testing blockchain technology (the distributed ledger style database that underpins ... Read the full article