Premiums are beginning to decline due to the growing rarity of major cyber attacks Cyber insurance premiums are beginning to fall thanks to a decline in the number of major data breaches that have been reported. Major data breaches have made headlines in the past few years, but the frequency at which these digital attacks are occurring has fallen. As a result, cyber insurance rates have fallen during the first three months of this year for several high-risk industries, such as the retail and health care spaces. Large companies have…
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Hurricane Sandy expected to lead to higher insurance rates
Hurricane Sandy likely to boost property insurance rates in the future Hurricane Sandy is receding, but has solidified its status as a “superstorm.” The hurricane made landfall earlier this week and has since caused widespread damage throughout much of the northeastern U.S. Massive storm surges caused major flooding in heavily populated cities such as New York City and power outages that have affected millions of people. Hurricane Sandy has caused a significant amount of damage, but some of the storms impact may linger well into the future in the form…
Read MoreAon Study reveals an increase in average long term care liability claims
Aon Risk Solutions has released the results of research in its 2011 Long term Care General Liability and Professional Liability Actuarial Analysis, which showed that even though the frequency of claims is declining, the costs of long term care liability are on the rise as a result of an increasing average size of the claims. When compared to 2010, this year has shown a rise in the average size of claims that equals approximately 4 percent. Across the country, the severity and size of the liability claims saw a steady…
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