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Over a quarter of firms have suffered data breaches costings millions: PwC

12th October 2022

A new report from PwC says that 27% of companies have suffered a data breach leading to costs between $1m and $20m in the last three years. The survey, which the financial giant says was conducted amongst 3,500 senior executives in sixty-five countries, found that 34% of North American firms reported ... Read the full article

Lipman outlines opportunities for development in Lloyd’s Canada market update

12th October 2022

Marc Lipman, Attorney in Fact in Canada for Lloyd’s Underwriters and president of Lloyd’s Canada, provides a market update outlining opportunities for growth and development in the region's (re)insurance sector. At the end of 2021, premium income to Lloyd’s from Canada grew by 22%, with Lipman noting that Lloyd's underwrote over ... Read the full article

CFC partners with Farillio on professional liability digital platform

20th July 2022

CFC, the specialist insurance provider, has partnered with Farillio to launch a digital platform for its professional liability and management liability policyholders in the UK. Designed for small business owners, the platform delivers practical tools and resources to help customers grow and scale their businesses – from employment ... Read the full article

Booming tech M&A deals present unique insurance risks, says CFC

29th June 2022

Specialist insurance provider CFC has encouraged brokers to play a greater role in helping their tech clients mitigate the unique risks they face when considering any merger or acquisition deal. The cites the top three risks within tech M&A deals as intellectual property, data protection and cyber security. “The tech sector saw ... Read the full article

US P&C industry’s net incurred losses increases by 12%: AM Best

14th June 2022

According to a new AM Best report, despite witnessing a growth of more than 9% in both direct (DPW) and net premiums (NPW), US property & casualty (P&C) insurers still incurred an $3 billion underwriting loss in 2021. The underwriting loss was largely attributable to a 12.6% increase in net incurred ... Read the full article

“Hard market likely to continue into 2023” – Goldman Sachs

13th June 2022

Goldman Sachs says that the industry is currently in the hardest part of a market cycle that is set to continue into next year. The firm wrote a new note reflecting on the Twenty-Sixth Annual European Financials Conference. In it, it said that claims inflation, geopolitical uncertainty, and natural catastrophe are ... Read the full article

Impact of Russia-Ukraine on British insurers is ‘profound’

27th April 2022

British insurers being profoundly impacted by Western sanctions on Russia has been the message given to UK MPs. On Monday, the Commons Treasury Committee sat with insurers and other financial economic experts to hear about the impact of sanctions on London’s insurance sector. According to reports, Neil Roberts, head of marine and ... Read the full article

Russia-Ukraine conflict driving more exclusions into re/insurance

12th April 2022

The Russia-Ukraine conflict is driving more exclusions into re/insurance, with Munich Re reportedly planning new wordings within its cyber insurance policies to exclude war, to avoid disputes over what is covered, according to Reuters. The war in Ukraine has raised fears of cyber attacks, with the risk that Western businesses or ... Read the full article

S&P sees worst-case Russia insured loss of $35bn+ across aviation, specialty

31st March 2022

Analysts at S&P Global Ratings have looked at a range of potential loss scenarios for re/insurers arising from the conflict between Russia and Ukraine, with its worst case scenario carrying a potential loss of more than $35 billion across aviation, specialty and cyber business. There has been much speculation about how ... Read the full article

Insurers face exposure to Ukraine invasion in multiple areas: analysts

25th February 2022

The insurance industry is counting the cost of Russia’s invasion of Ukraine. According to multiple analysts, the market is exposed in a number of areas, including political risk insurance (PRI), aviation war, trade credit, and marine cargo/war. It is understood that the credit and energy insurance markets will also come under ... Read the full article

Ransoms demanded to ransoms paid on the decline: Corvus

1st December 2021

Corvus Insurance has released a new report, showing the insights and tools used by risk managers, IT departments, security researchers, and solution providers to hone their offerings and approaches to keeping organisations safe from evolving cyber threats. The report looked at ransomware which has quickly become a dominant force in cyber ... Read the full article

Climate change a growing concern for global re/insurers: PwC

8th November 2021

The PwC Insurance Banana Skins 2021 survey shows that cybercrime is ranked as the number one risk by carriers globally, while climate change tops the list for reinsurers amid a rise in natural catastrophe events. The latest global edition of the biennial survey includes responses from more than 600 industry leaders ... Read the full article

COVID fixation compromising insurers’ long-term goals: Aon

27th October 2021

A new study by Aon has warned that a focus on resolving the immediate challenges posed by the COVID-19 pandemic may be compromising re/insurers’ longer-term plans and goals. The 2021 edition of Aon’s Global Risk Management Survey found that cyber risk topped the list as the number one current and predicted ... Read the full article

Kovrr launches CRIMZON framework

8th October 2021

Cyber risk modeller Kovrr has launched its CRIMZON framework for comparing and managing accumulations of systemic cyber risk. Formerly named CRA-Zones, the CRIMZON framework expands re/insurance applications beyond identifying risk accumulation to include cyber threat assessment and trend analysis, deeper risk management and monitoring, as well as event response. The CRIMZON framework divides ... Read the full article

EIOPA sees “signs of deterioration” among reinsurers since pandemic

7th July 2021

The European Insurance and Occupational Pensions Authority (EIOPA) has observed “signs of deterioration” in the European reinsurance sector, which it says could have long-term implications for the EU protection gap. The comments came as part of a new Financial Stability Report from EIOPA that addresses key financial stability risks in the ... Read the full article