Insurance Business

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Insurance Business

 •  November 20

Cyber can be a difficult sell for brokers targeting small and medium-sized businesses. But what if the cyber products were geared specifically towards the industries you were selling to – making it easier for insurance buyers to understand? David Lewison, SVP and professional lines national practice leader at AmWINS Brokerage Group, said this...

Insurance Business

 •  November 17

Traditional underwriting models rely on the analysis of historical data to help forecast future risk, generate a fair expectation of loss and set adequate pricing. But there’s a limit to what historical data can do – especially in fast emerging and rapidly evolving markets like cyber insurance. A new company launched from stealth on Thursday with...

Insurance Business

 •  November 16

An official with the International Union of Marine Insurance (IUMI) said that as the shipping industry becomes more reliant on technology, the need for cyber insurance grows. IUMI secretary-general Lars Lange explained that marine insurers face a threefold challenge when it comes to cyber risks. Celebrate excellence in insurance. Join us at the...

Insurance Business

 •  November 15

Personal cyber insurance is the next frontier of cyber coverage. It’s a space where only a few companies are offering products – but the threats to individuals and families are very clear and very present. Wholesale insurance broker and underwriting manager Burns & Wilcox recently joined other pioneers in introducing a personal cyber insurance...

Insurance Business

 •  November 15

Specialist insurer Beazley has redesigned its market-leading cyber policy in response to the rapid evolution of cyber threats to small and mid-sized businesses. Beazley launched its Beazley Breach Response (BBR) cyber policy in 2009. Three years later, the company established BBR Services, an in-house unit created exclusively to help clients manage...

Insurance Business

 •  November 14

When a cyber breach occurs within a company, pace is the answer. A swift and efficient response can be the difference between a minor loss and a devastating one. Chubb has introduced a new Cyber Alert mobile application for US and Canadian commercial enterprises, which is designed to give customers rapid incident response actions and resources in...

Insurance Business

 •  November 14

In a recent statement, Travelers said that it intends to stick to its current growth pace for sales of cyber insurance, despite the market’s potential. “We feel like we’re just in the right spot,” Travelers bond and specialty insurance president Thomas Kunkel said during an investor meeting in Connecticut yesterday. Celebrate excellence in...

Insurance Business

 •  November 8

The mass media only reports the tip of the iceberg when it comes to cyberattacks. The real cost of a cyber claim remains drastically underreported, according to Scott Pidduck, senior underwriter at QBE Insurance Group. If a small to mid-sized company is exposed to a ransomware attack and is asked to cough up an extortion rate of $30,000, most...

Insurance Business

 •  November 8

Typically, cyber policies were designed for, and purchased by, organizations that held lots of valuable data and made numerous online transactions. Large corporations were the first to see the value in cyber coverage and, as more high profile hacks occurred, small and medium sized companies started to follow suit. But, with all of us spending more...

Insurance Business

 •  November 7

Success in the cyber insurance space requires bridging the gap between security experts and insurance experts. The complex industry will only thrive if serviced by people who’ve mastered both disciplines, according to Rotem Iram, CEO of stealth cyber insurance startup at-bay. Iram has a background in cyber security and most recently held the...