The Continuing Evolution of Cyber Insurance Coverages
By Judy Selby
As discussed here and here (links only appear in document), cyber insurance policies are continually being updated to provide new and innovative coverages in light of today’s new and increasing cyber risks. I highlight some of the latest cyber coverage offerings here.
Post-Breach Cyber Mitigation Coverage
At least one insurer is now helping its insureds reduce the risk of future cyber events. This carrier offers coverage for 1) an information security risk assessment; 2) an information security gap analysis; 3) development of an information security document set; and 4) an information security awareness training session. The coverage is available after an insured has suffered a covered cyber event under the policy form.
Cryptojacking and Botnetting Coverage
Coverage is now available under at least one policy for losses resulting from cryptojacking and battening, two of today’s most rampant cyber exposures. Cryptojacking means the unauthorized use of the insured’s computer system to mine cryptocurrency. Botnetting means the unauthorized use of the insured’s computer system to launch a denial of service or hacking attack against a third party. Login or sign up to read more…
What DARPA Technologies can offer the Insurance Industry – In the last decade, many of the giant humming brains of technology have migrated to government projects for the Defense Advanced Research Projects Agency (DARPA) because the work there has been super fun – their instructions were simply “build whatever massive tool you want to, and then turn it over to our analysts to use or not use as they choose.”
The Insurance Research Letter has been published monthly since 1966 making it the oldest and most venerable source of business insurance articles and information
M&A: No feeding frenzy but activity is up
Marsh’s recent marriage proposal to JLT was the first biggie of the year from my perspective. I thought this would prompt others to step up and that’s just what happened with last week’s engagement announcement between Brown & Brown and Hays Companies. You can read more about this affair later in this issue with an old friend Jim Hays weighing in on the whys. But here’s a hint: ‘culture’.
I am writing this article from InsureTech in Las Vegas, where the newest and brightest technology companies launch their solutions. The top question posed this year is: “Are humans replaceable in insurance.”
During disasters and emergencies people are affected by the stresses and challenges of these events. These stresses can sometimes be quite traumatic. We should be attentive to the ways in which such events affect and change those who are working, living, enduring, and surviving during a high-stress crisis. In addition to recognizing and adapting to the dynamics of those with whom we work or manage who are under tremendous pressures during crises, we ourselves as crisis managers are likewise affected by the stresses of these events.
At the time of writing, July 31st 2018, there stands approximately 11 weeks between the deadline by which the United Kingdom (UK) and the European Union (EU) must reach some agreement as to what their post-brexit relationship will be. While the date of Britain’s departure from the EU is 29th March 2019 (with a proposed transition period lasting until 31st December 2020), a deal must be agreed by this October because it will require ratification in the individual parliaments of the 27 other EU member states, a process which will at its very least take 6 months.
Does Size Matter?
I may be coloring outside of the lines, but the broker landscape seems to be shrinking once again. Back in my earlier days as a broker with Chicago-based Rollins Burdick Hunter Co, the firm made strategic acquisitions – a good many in California during the early days of chip manufacturing. This made sense because the firm wasn’t going to continue growing in the transportation (mostly rail and airlines) business – we already had many of the major railways (Alexander & Alexander had a good rail group in Baltimore as well); and bus transport (Greyhound) was still a meaningful business. New areas of expertise were needed. We had to be tactical as well as strategic which brought…
Are US Health Insurers Doomed?
I never did fully understand and probably still don’t get what health insurance is all about in the United States. The term encompasses more than just insurance to help defray costs when you get sick – disability and long-term care insurance would be examples. But we will stick with health insurance here. With the alphabet soup of types of plans (HMOs, PPOs, POS, HDHP/SOs and conventional) nobody who isn’t on the sales or administration side of the business could possibly understand what’s going on. This is intentional.
Though health insurance is sometimes thought of being developed post World War II as a way to keep and attract good employees since wages were frozen and the labor market tight, the concept was first introduced around 1850 through the…
Brexit – A Bridge Too Far
Be sure to read London Insurance Market braces itself for Brexit chaos and Theresa May or Theresa Cannot, this is but one question in our United Kingdom section. In our opinion Brexit is a train wreck waiting to happen. Also, a must read from our EC3 London law firm correspondent John Small – Brexit Update2
Pioneering insurance protection for an autonomous world
By Nancy Bewlay, Global Chief Underwriting Officer, Casualty, XL Catlin
Is society ready for living in an autonomous world? Ready or not, it’s here. In fact, it’s been with us for a while. The better question for those of us in the insurance industry to ask is whether we’re ready for it. While society is getting acquainted with the advantages and the risks of piloting and adopting autonomy and its implications, we need to be ready to address the risks and liabilities associated with it.