Cyber Represents Growth Area for Reinsurers: Aon Report

Reinsurers see cyber risk as a necessary area to offer capacity to meet the growing demand on primary insurers from clients and despite the prevalence of data breaches, the reinsurance industry should be able to meet the need, according to a new report from Aon.

“While there is still headline risk from recent data breaches such as Anthem, Inc., Premera Blue Cross, Experian / T-Mobile, and Ashley Madison, it still remains an opportunity for many who are willing to invest in resources to understand the dynamics of cyber as a peril and product,” noted Aon in its report.

Read more at http://www.advisenltd.com/2016/01/12/cyber-represents-growth-area-for-reinsurers-aon-report/

Ayers, Erin. “Cyber represents growth area for reinsurers: Aon report.” Advisen. Advisen Store, 12 January 2016. Web. 18 January 2016.

European D&O Communication More Transparent, Informed

Increased interest by directors and officers in the level and scope of coverage provided by their D&O policy is changing the role of the European risk manager.

According to a panel of risk managers at Advisen’s virtual European Executive Risk Insights Conference (EERIC), there is increasingly a need to provide information.

“Besides being up to date about the technical aspects of D&O insurance, risk managers must provide much more education and explain how the D&O program is designed to respond,” explained Martine Hecq, manager in charge of financial lines, nuclear insurance and captive vehicles, ENGIE.

Read more at http://www.advisenltd.com/2016/01/12/european-do-communication-more-transparent-informed/

Bradford, Josh. “European D&O communication more transparent, informed.” Advisen. Advisen Store, 12 January 2016. Web. 15 January 2016.

US House Committee Seeks Advice From Private Sector on Battling Cyber Threats

Federal lawmakers last week sought to learn from the private sector how to better deal with cyber attacks during a hearing of a subcommittee of the US House of Representatives Committee on Science, Space, and Technology.

The key, according to those testifying, appears to be effort, commitment, and progress on improving, rather than good intentions.

Read more at http://www.advisenltd.com/2016/01/12/us-house-committee-seeks-advice-from-private-sector-on-battling-cyber-threats/

Ayers, Erin. “US House committee seeks advice from private sector on battling cyber threats.” Advisen. Advisen Store, 12 January 2016. Web. 13 January 2016.

Advisen's Loss Database Now Exceeds 300,000 Cases

The most expansive collection of loss data breaks new boundaries in the quest to showcase indicative loss examples and fuel predictive models.

Advisen recently announced that its proprietary loss data, available in Loss Insight, now provides access to more than 300,000 cases, events, or actions. This large volume of loss data is housed in a structured, relational database,and is mapped to 20 million insureds. Clients use Advisen’s loss data to power predictive models, contribute to insurance carrier strategy, inform the selection of insurance limits, and provide peer loss examples to brokers, risk managers, and corporate board members.

Advisen’s loss database contains more than 7,000 loss cases, events, or actions relating to property risks. The database includes losses from numerous risk categories, among them losses pertaining to manufacturing plants, buildings, and refineries. This data, in conjunction with the twice-weekly Front Page News summary of property related news, gives professionals specializing in property risks a more holistic view of the property risk landscape.

Read more at http://www.advisenltd.com/2015/12/09/advisens-loss-database-now-exceeds-300000-cases-property/

"ADVISEN’S LOSS DATABASE NOW EXCEEDS 300,000 CASES." Advisen. Advisen Ltd, 9 December 2015. Web. 11 January 2016

Quarterly D&O Claims Trends: 2015 Wrap Up

January 26, 2016

11:00 am - 12:00 pm ET 

Advisen will host a webinar and write a white paper that examines the D&O claims trends for the fourth quarter of 2015. On January 26, RT ProExec’s Kevin LaCroix, Advisen’s Jim Blinn and a panel of experts will discuss the frequency and severity of securities suits in Q4 2015 and share their insights on emerging trends on securities litigation.

Panelists

The following panelists will participate in the webinar:

Kevin LaCroix, RT ProExec, a division of RT Specialty, and author of the D&O Diary

Jim Blinn, Executive Vice President, Information & Analytics Division, Advisen (moderator)

Click here to register for the event: http://www.advisenltd.com/events/webinars/2016/01/26/quarterly-do-claims-trends-2015-wrap-up/

New Ways for Insurance Buyers to Evaluate Appropriate Limits

January 21, 2016

11:00 am - 12:00 pm ET 

How is Advisen changing the way insurance buyers evaluate and select appropriate limits? Which loss types would exceed your limits? What dollar amount can you attribute to the known losses that exceed your limits? By marrying Insurance Program Benchmarking with Loss Data, you can now point to specific losses that would penetrate any given limit.

On Thursday, January 21 at 11am EST, join Daniel Hobbs & Jeff Cohen to discuss how Advisen upticks the conventional ways that limits are evaluated. Learn how you can use Loss Benchmarking to evaluate how your peer group’s loss experience compares to your current limit and how those events would impact your financial position.

Click here to register for the event: http://www.advisenltd.com/events/webinars/2016/01/21/new-ways-to-evaluate-appropriate-limits/

2016 Predictive Modeling Insights Conference – New York

January 14, 2016

8:00 am - 6:00 pm ET 

New York Law School 

185 West Broadway

New York, NY, 10013

USA

212.431.2100

Our first Predictive Analytics Conference in 2015 looked at empowering decision-makers in insurance organizations to make strategic decisions on using analytics in their business.

In its second year, this conference digs deeper and looks at turning information into insights, getting your data working for you and reaping the rewards of driving your business forward with a data-informed strategy.

Click here for more information about this event: http://www.advisenltd.com/events/conferences/01/14/2016-predictive-modeling-insights-conference-new-york/

Business Interruption Losses Increasing in Frequency, Severity, Allianz Report Finds

Corporate risk managers cite business interruption as the most significant risk they face these days, due to the interconnected nature of systems, industries, and supply chains, according to a new report, “Global Claims Review 2015: Business Interruption In Focus,” from Allianz Global Corporate & Specialty (AGCS).

AGCS found that business interruption losses now account for the majority of nearly all large property insurance claims, at an average of $2.38 million, 36 percent higher than the related average direct property damage loss. In the last five years, BI claims have been a primary loss driver for large losses following fires, storms, floods, and earthquakes, according to AGCS’ review of over 1,800 large BI claims from 68 countries.

Read more at http://www.advisenltd.com/2015/12/10/business-interruption-losses-increasing-in-frequency-severity-allianz-report-finds/

Ayers, Erin. ‘Business interruption losses increasing in frequency, severity, Allianz report finds’. ©2015 Advisen Ltd. 18 December 2015.

Wyndham Agrees to Settle Landmark Legal Battle with FTC over Data Breaches

Wyndham Worldwide Corp. will set up a wide-ranging information security program to protect cardholder data as part of a settlement reached with the US Federal Trade Commission to end a case, filed in 2012, that effectively clarified the commission’s authority to regulate data security practices.

Wyndham is not required to pay any monetary fine but its obligations under the settlement will last for 20 years. The settlement does not apply to any other categories of personally identifiable information

“We chose to defend against this litigation based on our strong belief that we have had reasonable data security in place, and that the FTC’s position could have had a negative impact on the franchise business model,” said Wyndham, in a statement. “This settlement resolves these issues, and sets a standard for what the government considers reasonable data security of payment card information.

Read more at http://www.advisenltd.com/2015/12/10/wyndham-agrees-to-settle-landmark-legal-battle-with-ftc-over-data-breaches/

Hemenway, Chad. ‘Wyndham agrees to settle landmark legal battle with FTC over data breaches’. ©2015 Advisen Ltd. 16 December 2015.

DOJ Collects More than $3.5 Billion in Fraud Settlements in 2015

The U.S. Department of Justice last week announced more than $3.5 billion False Claims Act (FCA) recoveries for fiscal year 2015. According to the department’s fraud statistics, total recoveries exceeded $3.5 billion for the fourth consecutive year, but were the lowest since 2011.

“The False Claims Act has again proven to be the government’s most effective civil tool to ferret out fraud and return billions to taxpayer-funded programs,” said DOJ’s Principal Assistant Attorney General Benjamin C. Mizer, in a December 3, 2015 press release.  “The recoveries announced today help preserve the integrity of vital government programs that provide health care to elderly and low income families, ensure our national security and defense, and enable countless Americans to purchase homes.”

Read more at http://www.advisenltd.com/2015/12/08/doj-collects-more-than-3-5-billion-in-fraud-settlements-in-2015/

Bradford, Josh. ‘DOJ collects more than $3.5 billion in fraud settlements in 2015’. ©2015 Advisen Ltd. 14 December 2015.