Hurricane Matthew Losses Unlikely to Turn the Commercial Property Market

The commercial insurance industry may be looking to buck a trend of falling rates, but losses from Hurricane Matthew seem less likely to be the kind of catastrophic event to turn the market.

As Hurricane Matthew approached Florida late last week, some catastrophe modelers estimated losses of $30 billion from what was a raging Category 4 storm.

Read more at http://www.advisenltd.com/2016/10/17/hurricane-matthew-losses-unlikely-to-turn-the-commercial-property-market/

Erin Ayers, Hurricane Matthew losses unlikely to turn the commercial property market (October 17, 2016), available with subscription at Advisen Professional Front Page News.

Cyber Attacks on Banks Prompt Guidelines From G7 Regulators

In response to costly and frequent cyber attacks on banks, global financial regulators this week released recommended cybersecurity practices for public and private financial organizations to follow.

The Group of Seven (G7), consisting of financial supervisors from the US, Canada, France, Germany, Italy, Japan, and the UK, indicated its hope that the guidelines will help combat the global nature of cybercrime and promote resiliency of banks.

Read more at http://www.advisenltd.com/2016/10/17/cyber-attacks-on-banks-prompt-guidelines-from-g7-regulators/

Erin Ayers, Cyber attacks on banks prompt guidelines from G7 regulators (October 17, 2016), available with subscription at Advisen Cyber Front Page News.

D&O Claims Trends: Q3 2016

October 2016

Advisen wrote a report that examines all sources of securities-related suits that impact thq3-do-paper-2016-250x324e underwriting and placement of management liability insurance other than ERISA liability suits. In addition to securities class action suits, the report encompasses a much broader set of suits, including securities fraud, breach of fiduciary duties, derivative actions, collective actions, and Ponzi scheme cases.

The free, 8-page paper is sponsored by Allianz.

Read and download the free, 8-page paper @ http://www.advisenltd.com/2016/10/12/do-claims-trends-q3-2016/

Advisen Ltd. (October 2016). D&O Claims Trends: Q3 2016 [White Paper]. Retrieved from www.AdvisenLtd.com

Healthcare: A Growing Cyber Sickness

October 2016

A number of reports have shown that cyber attacks are costing the healthcare industry billions of dollars annually. Criminals are increasingly going after medical records and healthcare databases owing to their value. Cyber security risks in healthcare have drawn attention to the vulnerability of hospitals, clinics, and other healthcare providers.

What was the frequency of Health Insurance Portability and Accountability Act violations over the past five years? How much was the median loss in healthcare cyber attacks? What was the percentage increase of Protected Health Information (PHI) losses between 2006 and 2011 for printed records, servers, laptops, desktop, website, portable data storage device, and other sources?

This infographic, which forms part of a series of infographics released by Advisen and Hiscox, responds to these questions. It also looks into which revenue groups suffered more PHI losses, as well as the size of breaches that occurred more frequently.

Click here to download the full infographic: http://www.advisenltd.com/2016/10/12/healthcare-a-growing-cyber-sickness/

Hiscox Ltd. Advisen Ltd. October 2016. Healthcare: A Growing Cyber Sickness. [Infographic].

2016 Cyber Risk Insights Conference – New York

The WORLD’S LARGEST Cyber Risk event for P&C Professionals is a one-day program that has become a crucial feature of the cyber calendar. We expect more than 1,000 people to register to hear from over 75 speakers who are top experts in the cyber insurance space.

This flagship Advisen event not only offers a full day of learning, networking and business at the conference, but a range of dinners, workshops and social gatherings in the surrounding days as the cream of the global cyber market descend on New York.

Our multi-track conference will feature the hottest topics including cyber extortion and how to handle it, cyber modelling and insight into policy developments and the market response. Our day begins with a View from the Top session featuring two insurance company CEOs and will conclude with a Keynote Address from Robert Greifeld, CEO of Nasdaq.

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

http://www.advisenltd.com/events/conferences/2016/10/27/2016-cyber-risk-insights-conference-new-york/

Cybersecurity Preparedness and Response: A Middle Market Risk Management Perspective

September 2016

Advisen and The Hartford released a white paper which presents the results of a comprehensive survey of middle market professionals on their views about cyber preparedness. The study was conducted to gain insight into the cybersecurity preparedness and response strategies of businesses with revenues/ budgets between $15 million to under $1 billion. It revealed interesting views on cyber risk, cyber risk insurance management, cyber incident response plan, and cyber liability coverage. It also offers practical steps on how middle market businesses can mitigate privacy and security risks. The free, 17-page paper is sponsored by The Hartford.

Read and download the white paper at http://www.advisenltd.com/2016/09/30/cybersecurity-preparedness-and-response-a-middle-market-risk-management-perspective/

Advisen Ltd. (2016). Cybersecurity Preparedness and Response: A Middle Market Risk Management Perspective [White Paper]. Retrieved from www.AdvisenLtd.com

Allied World’s Glasgow Advises Close Eye on Cyber Regulatory Environment

Advisen executive interview: Jason Glasgow, Allied World

September 2016

Advisen Editor Erin Ayers interviewed Jason Glasgow, head of Allied World’s privacy and network security group, about the rapidly evolving cyber insurance market and what the insurance industry is doing to meet the challenges of ever-changing cyber risks and cybersecurity regulatory developments.

Their Q&A is featured in the free, 2-page interview written by Advisen.

Read and download the full interview with Allied World’s Jason Glasgow at http://www.advisenltd.com/2016/09/30/allied-worlds-glasgow-advises-close-eye-on-cyber-regulatory-environment/

Jason Glasgow, Allied World. (2016, September). Advisen Executive Interview.

Spotlight on Innovation in the Transaction Insurance Market

September 2016

Advisen executive interview: Dennis Kearns, QBE

What are the drivers of growth in the Transaction Insurance market? How big can the Transaction Insurance market get? How is the market responding to new risks? Where is the innovation coming from? How do you account for cyber exposure? How can the market make the representations and warranties (R&W) product more relevant?

Advisen EVP and Editor-in-Chief Rebecca Bole interviewed Dennis Kearns, leader of QBE North America’s Transactional Liability and Financial Institutions practices, about the factors driving the market to grow at a fast pace.

Read more and download the full Executive Interview with Dennis Kearns at http://www.advisenltd.com/2016/09/15/spotlight-on-innovation-in-the-transaction-insurance-market/

Dennis Kearns, QBE. (2016, September). Advisen Executive Interview.

Russia Suspected in Reported NY Times Hack; Attacks on Journalists Ramped Up

News broke this week that FBI officials are investigating a cyber attack on the New York Times, allegedly by Russian hackers.

First reported by CNN, the hack is thought to be connected to other high-profile cyber events, such as the hacking of the Democratic National Committee (DNC) and release of sensitive emails during the Democratic National Convention.

The FBI did not comment further on the case, nor did the unnamed officials cited by CNN add any details. The Times denied that the hackers were able to infiltrate the paper’s system in any meaningful way.

Read more at http://www.advisenltd.com/2016/09/14/russia-suspected-in-reported-ny-times-hack-attacks-on-journalists-ramped-up/

Erin Ayers, Russia suspected in reported NY Times hack; attacks on journalists ramped up (September 14, 2016), available with subscription at Advisen Cyber Front Page News.

Cyber Insurance Community Mourns, Celebrates ‘Cyber Jedi’ Toby Merrill

In June 2015 Toby Merrill walked up to the podium to receive the Advisen Cyber Risk Award for Cyber Risk Industry Person of the Year in the US. As soon as his name was called, Toby’s peers honored him with a standing ovation.

“I love it,” Toby said of the cyber-risk insurance community as he accepted the award. “I love what we do. I love this group. I think we’re all blessed to be a part of this part of the industry.”

The moment was not one the industry will soon forget. We knew Toby had cancer. But we also knew, more importantly, that the award was well-deserved. Toby more than earned it.

Read more at http://www.advisenltd.com/2016/09/14/cyber-insurance-community-mourns-celebrates-cyber-jedi-toby-merrill/

Chad Hemenway, Cyber insurance community mourns, celebrates ‘Cyber Jedi’ Toby Merrill (September 14, 2016), available with subscription at Advisen Cyber Front Page News.