2017 Survey of Cyber Insurance Market Trends

October 2017

PartnerRe and Advisen are proud to release a white paper that features the results of a comprehensive survey of the evolution of the market for cyber insurance, both first- and third-party coverage, and the factors and trends impacting that evolution. The 14-page paper also highlights how players view key events and issues such as the impact of the general data protection regulation (GDPR) on the take-up rate for cyber liability insurance, the Dyn DDOS attack, and the WannaCry ransomware attack.

Read more at https://www.advisenltd.com/2017/10/25/2017-survey-cyber-insurance-market-trends/

This story is an excerpt of the original. The content originally appeared in Advisen Media White Papers.

PartnerRe | Advisen Ltd. October 2017. 2017 Survey of Cyber Insurance Market Trends [White Paper].

2017 Information Security and Cyber Risk Management Survey

Advisen and Zurich released a white paper that highlights the results of a survey conducted among risk professionals to get their view of corporate attitudes and strategies around cyber risk and cyber security in general. The 11-page white paper concluded that recent developments warrant a greater need for guidance in developing cyber risk management programs and improving cyber risk policies in general.

Read more at https://www.advisenltd.com/2017/10/25/2017-information-security-cyber-risk-management-survey/

This story is an excerpt of the original. The content originally appeared in Advisen Media White Papers.

Zurich | Advisen Ltd. October 2017. 2017 Information Security and Cyber Risk Management Survey [White Paper].

Quarterly D&O Claims Trends: 2017 Wrap-Up

On Wednesday, January 24 Advisen will host a webinar that examines the D&O claims trends for the fourth quarter of 2017. Advisen’s Jim Blinn and a panel of experts will discuss the frequency and severity of securities suits in Q4 2017 and share their insights on emerging trends on securities litigation.

This is a free, one-hour webinar.

For more info and registration of this upcoming webinar, visit https://www.advisenltd.com/2018/01/24/quarterly-claims-trends-q4-2017/

Advisen Ltd. January 2018. Quarterly D&O Claims Trends: 2017 Wrap-Up [Webinar].

Silent Cyber – The New Catastrophe Risk: CIAB Round-Up

A fierce spotlight has been thrown on cyber exposures by senior insurance industry leaders concerned about the catastrophe nature of the risk and the hidden aggregation issues posed by so-called silent cyber cover in policies.

Cyber exposures are rapidly being framed as the “new catastrophe risk” by insurance executives, as losses such as the June 27 global ransomware attack, which affected numerous businesses including Merck Pharmaceuticals, and Equifax data breach are rumored to potentially cost the insurance market around $1 billion each.

Advisen spoke to senior insurance executives at the CIAB Insurance Leadership Forum in Colorado Springs this week and most expressed deep concern with the aggregation of losses across multiple insureds and lines of coverage from a single event.

Read more at https://www.advisenltd.com/2017/10/12/silent-cyber-new-catastrophe-risk-ciab-round/

Rebecca Bole, Silent cyber – the new catastrophe risk: CIAB round-up (October 12, 2017), available with subscription at Advisen Cyber Front Page News.

2017’s ‘Recipe for Disaster’ Set to Turn Commercial P&C Market: CIAB Round-Up

A confluence of weather-related disasters, economic factors and market conditions are likely to drive the commercial P&C market to increase rates next year, according to executives at the CIAB Industry Leader’s Forum (ILF).

A spate of catastrophe events in the US, including hail, fire, convective storms and this season of hurricanes are expected to compound a sustained period of rate reductions across P&C lines of business to create a hardening market in the property sector – and beyond into casualty lines – many executives said.

Advisen canvassed opinion from a number of industry executives on expected market conditions for 2018. The ILF conference was taking place in Colorado Springs, CO, just as Hurricane Nate was making landfall and as news was breaking of the wildfires in Northern California. Please note that in such a dynamic natural catastrophe season, comments on market conditions may appear outdated very quickly. These interviews took place between Monday October 2 and Monday October 9 2017.

Read more at https://www.advisenltd.com/2017/10/11/2017-recipe-disaster-set-turn-commercial-pc-market-ciab-round/

Rebecca Bole, 2017’s ‘recipe for disaster’ set to turn commercial P&C market: CIAB round-up (October 11, 2017), available with subscription at Advisen Professional Front Page News.

Equifax Breach Renews Calls for National Data Breach Standards

A series of congressional hearings focused on the Equifax data breach came with a call for a national data breach notification from the head of the US House of Representatives Financial Services Committee.

“If you are hearing my voice, you are either the victim of the breach or you know someone who is. That`s how massive this breach was,” said Rep. Jeb Hensarling (R-TX). “The criminals got basically everything they need to steal your identity, open credit card accounts in your name and cause you untold frustration and financial calamity.

Read more at https://www.advisenltd.com/2017/10/09/equifax-breach-renews-calls-national-data-breach-standards/

Erin Ayers, Equifax breach renews calls for national data breach standards (October 9, 2017), available with subscription at Advisen Cyber Front Page News.

US Relationship Status with GDPR: It’s Complicated

The time for US companies to get ready for the EU’s General Data Protection Regulation is now and it’s all hands on deck.

“Who shouldn’t?” answered Liz Walker when asked who within an organization should prepare for the directive, which will transform how businesses process and handle data. It is scheduled to go into effect May 25, 2018.

“This isn’t just a legal department or compliance issue, or a risk management issue,” said Walker, head of enterprise risk and global insurance at Groupon Inc., during a recent Advisen webinar sponsored by CyberScout. “This is going to touch every aspect of your business.”

Read more at https://www.advisenltd.com/2017/10/05/us-relationship-status-gdpr-complicated/

Chad Hemenway, US relationship status with GDPR: It’s complicated (October 5, 2017), available with subscription at Advisen Cyber Front Page News.

M&A Insurance Market Told to ‘Avoid a Race to the Bottom’: Aon’s Lester

LONDON – The M&A insurance marketplace has been urged to recognize the economic value of its insurance products and stop fierce price competition.

Alastair Lester, the new CEO of Aon M&A Solutions for EMEA, cited rate decreases of 40 percent in 2017, adding “you don’t need to do this”.

“Transaction insurance is a financial instrument with real value. Don’t under-value our value,” Lester explained, while speaking at Advisen’s Transaction Insurance Insights Conference in London on September 26.

Read more at https://www.advisenltd.com/2017/09/27/M&A-insurance-aon

Rebecca Bole, M&A insurance market told to ‘avoid a race to the bottom’: Aon’s Lester (September 27, 2017), available with subscription at Advisen Professional Front Page News.

2018 Property Insights Conference in New York

Advisen’s annual Property Insights Conference in New York City offers a full-day program that identifies and explores the burning issues facing the US property market today. The conference will offer insight and debate on risk issues such as flood, cyber, building codes and the issues of managing property multinationally. Insurance issues will include capacity, competition, coverage issues, and changing client expectations and demands. Taking place before July renewals, this seminar will take the pulse of this crucial market at a pivotal time in its development.

For more info and registration about this upcoming event, visit the link below:

https://www.advisenltd.com/events/conferences/06/13/2018-property-insights-conference-new-york/

Private Asset Manager Risk: Small Firm Does Not Mean Small Claim

October 2017

Advisen and CNA are pleased to announce the release of a white paper/infographic that looks into the management liability risks faced by smaller asset managers. The 4-page publication highlights the many options available as sound risk management tools, such as management liability insurance, to provide coverage for the vulnerabilities that arise in this industry.

Read more at https://www.advisenltd.com/2017/10/05/private-asset-manager-risk-small-firm-not-mean-small-claim/

This story is an excerpt of the original. The content originally appeared in Advisen Media White Papers.

CNA | Advisen Ltd. October 2017. Private Asset Manager Risk: Small firm does not mean small claim [White Paper].

Claims Satisfaction Survey Report

Pre-order the 2017 report to get $80 off  AND receive a digital copy of the 2015 version for free.

2015 Claims Satisfaction Survey Report

The Advisen Claims Satisfaction Survey Report is a hard-copy report that examines how insureds and brokers view insurance companies via their claims. The report will rank the best claims services across property, casualty, and management liability carriers. Released in 2015, this report is be based on a survey of risk managers & insurance buyers and brokers conducted during the Summer of 2015.

Read more at https://www.advisenltd.com/media/reports/claims-satisfaction-survey-report/

Advisen Ltd. (2017). Claims Satisfaction Survey Report. Retrieved from Advisen Website: https://www.advisenltd.com/