To Avoid a Race to the Bottom, Transaction Insurance Players Need to ‘Stay in their Lanes’

NEW YORK—Are carriers involved in the transaction insurance marketplace participating in a race to the bottom? Is this the year the rapid growth levels off?

The “two Craigs,” Schioppo and Warnke , both from Marsh, said they have had a bet each year on whether the incredible pace of the transaction insurance market will slow. Craig Warnke, managing director of the broker’s transactional risk practice, admits he’s never won the bet.

“At some point, you figure the market reaches its natural equilibrium,” Warnke said during Advisen’s Transaction Insurance Insights Conference here on April 20.

Warnke’s logic seems sound enough. This can’t go on forever. But the fact is the market has seen significant growth. In 2010, Marsh placed $387 million in transaction insurance limits. The broker placed slightly more than $6 billion in limits in 2016.

Read more at http://www.advisenltd.com/2017/04/21/avoid-race-bottom-transaction-insurance-players-need-stay-lanes/

Chad Hemenway, To avoid a race to the bottom, transaction insurance players need to ‘stay in their lanes’ (April 21, 2017), available with subscription at Advisen Professional Front Page News.

The Digital Ecosystem – How to Manage Cyber Effects on Your Supply Chain

Webinar Date: June 7, 2017 at 11:00 A.M. ET

Businesses are investing heavily in assessing and testing their own cyber security strategy. But what do you know about your partners, suppliers and service providers?

Although, you are less able to control their cybersecurity adequacy, you can certainly be better-equipped at influencing their level of protection and how much of a risk they pose to your business.

This webinar will address why and how a company’s digital ecosystem is vulnerable to cyberattack.

For more info and registration about this upcoming event, visit http://www.advisenltd.com/2017/06/07/digital-ecosystem-manage-cyber-effects-supply-chain/

Advisen Ltd. | TSC Advantage. (2017). The Digital Ecosystem – How to Manage Cyber Effects on Your Supply Chain [Webinar].

2017 Transaction Insurance Insights Conference – London

At Advisen’s Transaction Insurance Insights Conference in London, leading experts in this field will outline current trends in M&A, and discuss European issues around deal-making, including cross border transactions, the due diligence process and the need for speed in completing deals. This session will explain how those issues can be addressed, including the use of transaction insurance products such as - Warranty & Indemnity and M&A Tax Liability – so that deals can close. This program will inform executives and business owners planning a transaction on what to expect and how to mitigate risks. Insurance brokers, buyers and carriers will learn what products are available, how they work, the state of the market and the latest product developments.

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

http://www.advisenltd.com/events/conferences/09/26/2017-transaction-insurance-insights-conference-london/

Measuring Cyber Risk – Understanding the Right Data Sources

Webinar Date: Wednesday, May 31, 2017 at 11:00 A.M. ET

Insurers have a multifaceted challenge to quantify cyber risk for their customers and it’s critical to identify the right data sources. Cyber insurance represents a newer reality of risk and unlike fire or earthquake insurance, it is far more complex to measure cyber risk owing to the lack of historical data.

Sponsored by Symantec, this one-hour webinar will help risk professionals understand the most important data sources cyber insurers need to consider to accurately and efficiently assess cyber risk.

For more info and registration about this upcoming event, visit http://www.advisenltd.com/2017/05/31/measuring-cyber-risk-understanding-right-data-sources/

Advisen Ltd | Symantec. (2017). Measuring Cyber Risk – Understanding the Right Data Sources [Webinar].

The Globalization of the Cyber Market

Webinar Date: May 25, 2017 at 11:00 A.M. ET

With interest in cyber insurance on the rise, some attention may turn to the implications this risk trend may have worldwide, begging a variety of questions to explain similarities, differences, and obstacles across markets. What is the value of cyber insurance worldwide? Who is buying it? Why are they buying it? How do motivations to buy vary across geographic market? How do policies differ based on location?

On May 25, join Cyberscout’s Tom Spier, Advisen’s Chad Hemenway, and other experts as they discuss how the world is responding to the rise in need for cyber insurance. Sponsored by Cyberscout, the one-hour webinar will offer insights into the questions listed above. Panelists will also take time to answer some questions from the audience.

For more info and registration about this upcoming event, visit http://www.advisenltd.com/2017/05/25/globalization-cyber-market/

Advisen Ltd. | Cyberscout. (2017). The Globalization of the Cyber Market [Webinar].

A Crisis in Cyber Confidence

Webinar Date: May 9, 2017 at 11:00 A.M.

Advisen and Experian partnered on a study to better understand what companies rate as their highest cybersecurity concerns for the remainder of 2017. Respondents were also asked about the general areas where they could improve their overall cyber risk preparedness and cyber response levels.

In order to get a comprehensive viewpoint, Advisen surveyed three groups: (1) agents/brokers, (2) risk managers/insurance buyers, and (3) law firms.

Join us as we discuss the key findings of the study and examine how they impact the cyber insurance community.

This is a free, one-hour webinar sponsored by Experian.

For more info and registration about this upcoming event, visit http://www.advisenltd.com/2017/05/09/crisis-cyber-confidence/

Advisen Ltd | Experian. (2017). A Crisis in Cyber Confidence [Webinar].

Product Recalls Can Be Costly, But Many Businesses Do Not Buy Coverage

From vehicles to mobile phones to nut butter, product recalls have the potential to seriously affect businesses’ bottom lines, but many organizations don’t realize the need for product recall insurance, according to Florian Beerli, senior vice president at Chubb.

“There’s a lack of education and understanding of what the coverage does cover,” Beerli said in a recent interview with Advisen. Some manufacturers may feel they have coverage for costs related to recalling and replacing products along with financial loss through their product liability coverage. This common mistake leaves businesses open to increased risk, according to Beerli.

“They underestimate the cost,” he said. “A recall can put a company out of business. It becomes a risk management tool.”

Read more at http://www.advisenltd.com/2017/04/10/product-recalls-can-be-costly-but-many-businesses-do-not-buy-coverage/

Erin Ayers, Product recalls can be costly, but many businesses do not buy coverage (April 10, 2017), available with subscription at Advisen Professional Front Page News.

Congress Paying Close Attention to Cyber Risk to Federal Networks, Critical Infrastructure

Both the US House of Representatives and the Senate have held numerous hearings on cyber issues. The general consensus? The federal government must do more to protect data and systems from an increasingly aggressive cyber threat landscape.

Earlier this week, the House Homeland Security Committee met to discuss the Department of Homeland Security’s efforts to secure federal networks. Chairman Rep. Michael McCaul (R-Texas) commented that legislation would soon be drafted to centralize cybersecurity defense within the DHS.?

Read more at http://www.advisenltd.com/2017/04/10/congress-paying-attention-to-cyber-risk-to-federal-networks/

Erin Ayers, Congress paying close attention to cyber risk to federal networks, critical infrastructure (April 10, 2017), available with subscription at Advisen Cyber Front Page News.

Cyber Risk Carries Over Into Other Liability Lines: Allianz Report

Within the broader insurance world of liability losses, cyber risk stands to become a significant worry in other lines of business including product liability and recall risk, according to a new global claims review from Allianz Global & Corporate Specialty (AGCS).

“Cyber claims are becoming more relevant. This is a huge area of growth for insurers,” said Peter Oenning, global head of claims liability for AGCS.

Read more at http://www.advisenltd.com/2017/04/10/cyber-risk-carries-over-into-other-liability-lines/

Erin Ayers, Cyber risk carries over into other liability lines: Allianz report (April 10, 2017), available with subscription at Advisen Cyber Front Page News.

Insurers See Growth Potential for Cyber in Personal Lines Market

As interest in cyber coverage from commercial organizations ramps up and concerns grow over the security of internet-connected devices, the insurance industry hopes to expand the market to individuals facing cyber risk.

While identity theft products have existed in personal lines for many years, several insurers have recently introduced coverage that responds to cyber extortion, breach notification costs, financial fraud, personal cyber liability, and cyber bullying. NAS Insurance, American International Group (AIG), and Hartford Steam Boiler (HSB) are among those companies targeting personal lines customers as potential buyers of cyber insurance. The industry may find itself boosted by the vulnerability-riddled smart devices, ransomware demands aimed at individuals and consumer privacy concerns.

Read more at http://www.advisenltd.com/2017/04/10/insurers-see-growth-potential-cyber-personal-lines-market/

Erin Ayers, Insurers see growth potential for cyber in personal lines market (April 10, 2017), available with subscription at Advisen Cyber Front Page News.